财务分析与证券定价(英文)chapter8(17页PPT).pptx

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1、Chapter 8The Analysis of the Statement of ShareholdersEquityLinksChapter 7 gave a design for financial statements that prepares them for analysis.Link to Previous ChapterThis chapter reformulates the statement of owners equity according to the design in Chapter 7.The reformulation highlights compreh

2、ensive income.This ChapterChapters 9 continues the reformulation with the balance sheet and the income statement.Link to Next ChapterLink to Web PageHow is the statement of owners equity reformulated to highlight the information it contains?How is dirty-surplus income treated in the reformulation?Wh

3、at is hidden dirty-surplus income?What you will learn from this chapterHow statements of shareholders equity are reformulated to distinguish comprehensive income from transactions with shareholdersHow dirty-surplus statements are placed on a clean-surplus basisThe ratios that are calculated from the

4、 reformulated statement of shareholders equity.How GAAP accounting misses some of the value effects on shareholders altogether so called hidden dirty surplus accountingAccounting issues that arise with respect to stock compensation and convertible securitiesStandard Statement of Shareholders EquityR

5、eformulated Statement of Stockholder EquityDirty Surplus Accounting in the USA Reformulation:VF Corporation,1998Reformulation for VF Corporation(continued)A Further Example:VF Corporation,1991-1994An Example:VF CorporationRatio AnalysisPayout and Retention RatiosRatio Analysis(continued)Shareholder

6、Profitability RatioGrowth RatiosA Hidden Dirty Surplus ItemShareholders lose when shares are issued at less than the market price(e.g.exercise of options)This loss,however,is not recorded as expense.What is the nature of this loss?If options are part of a compensation package,this loss is an employe

7、e compensation expense.If from a conversion of a bond,preferred stock or warrants,the loss is a financing expense.What is the amount of the loss?Market price-exercise price.Special case:options granted in the money are recorded as deferred compensationFASB Statement No.123Statement 123 requires an e

8、xpense to be recognized at option grant date,equal to the value of the option that dateA pro forma net income,including the expense,is reported in footnotes.The expense can be reported in the income statement,but rarely is.No expense recorded as the option moves into the money or at exercise date.Fi

9、rms record a tax benefit for(non-qualified options)at exercise date and credit this to shareholders equity.VF Corporation:Stock Option Footnote,1998The Analysts ChecklistYou should understand the following from this chapter:How GAAP statements of shareholders equity are typically laid outWhy reformu

10、lation of the statement is necessaryWhat is reported in other comprehensive income and where it is reportedWhat dirty-surplus items appear in the statement of shareholders equityHow stock options work to compensate employeesHow stock options and other contingent equity claims result in a hidden expe

11、nseHow management can create value for shareholders with share transactions You should be able to do the following after reading this chapter:Reformulate a statement of shareholders equityDistinguish the creation of value from the distribution of value in the equity statementCalculate the net payout

12、 to shareholdersCalculate comprehensive income and comprehensive ROCE from the equity statementCalculate payout and retention ratiosCalculate a growth rate for common shareholders equity and analyze its componentsCalculate the compensation expense from exercise of stock options 1、每一个成功者都有一个开始。勇于开始，才

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