毕业 财务报表分析与运用.docx

《毕业 财务报表分析与运用.docx》由会员分享，可在线阅读，更多相关《毕业 财务报表分析与运用.docx（9页珍藏版）》请在淘文阁 - 分享文档赚钱的网站上搜索。

1、The analysis and use of financial statementChapter 1 FRAMEWORK FOR FINANCIAL STATEMENT ANALYSIS NEED FOR FINANCIAL STATEMENT ANALYSISThe United Sates has the most complex financial reporting system in the word. .Detailed ac-counting principles are augmented by extensive disclosure requirements .The

2、financial state-ments of large multinationals add up to dozens of pages, and many of these firms voluntarily publish additional 叶act books” for dissemination to financial analysis and other interested users.Financial reporting in other major developed countries and many emerging markets has also evo

3、lved substantially in recent years .with an increasing emphasis on providing information useful to both domestic and foreign creditors and equity investors. International Accounting Standards have become a credible rival to U.S. standards.In an ideal word, the user of financial statements could focu

4、s only on the bottom lines financial reporting: net income and stockholders equity. If financial statements were comparable among companies (regardless of country),consistent over time , and always fully reflecting the economic position of firm , financial statement analysis would be simple , and th

5、is text a very short one.The financial reporting system is not perfect. Economic events and accounting entries do not correspond precisely; they diverge across the dimensions of timing, recognition, and measurement. Financial analysis and investment decisions are further complicated by variations in

6、 accounting treatment among countries in each of these dimensions.Economic events and accounting recognition of those events frequently take place at different times. One example of phenomenon is the recognition of capital gains and losses only upon sale in most cases. Appreciation of a real estate

7、investment, which took place over a period of many years, for example, receives income statement recognition only in the period management chooses for its disposal.Similarly, long-lived assets are written down. Most of time. In the fiscal period of managemenfs choice. The period of recognition may b

8、e neither the period in which the impairment took place nor the period of sale or disposal. Accounting for discontinued operations. In the same manner. Results in recognition of loss in a period different from when the loss occurred or the disposal is consummated.In addition, many economic events do

9、 not receive accounting recognition at all. Most contracts, for example, are not reflected in financial statements when entered into, despite significant effects on financial condition and operating and financial risk .Some contracts, such as某些经济实体减去他的债务以后，在净资产中的剩余权益。在实务上，一些金融工具既有债务的特点又有股东权益的特点，从而更难

10、对其进行分类。可转换债券和可赎回优先股是第10章研究的两个常见的例子。那一章也讨论了 FASB的征 求意见稿，它针对具有债务和股东权益双重特点的金融工具进行确认和计量。利润表利润表报告公司业绩，即它的经营活动的成果。它解释了两个连续的资产负债表日之间， 公司在资产、负债和股东权益上的一些变化，而不是全部变化。采用权责发生制概念，意味 着利润表和资产负债表是相互关联的。利润表编制要求遵循配比原则，该原则规定惟独在收入和相关成本在统一会计期间进行 会计确认时，才干对业绩进行评估。这就要求姜维获取收入所发生的费用和相关收入在同一 期间确认。例如，机器的成本在他的经济寿命期内（当他被用于生产过程中）被

11、且认为费用 折旧，而不是在他被购买时就被确认为费用。利润表的构成要素在SFAC 6，收入被定义为：一个经济实体因交付或者生产商品，提供服务或者其他作为企业正在进行的重大 或者中心经营业务的活动而流入的现金费用被定义为：因交付或者生产商品，提供服务或者其他作为企业正在进行的重大或者中心经营业务 的活动而流出的现金。这些定义清晰的排斥了利得（和亏损），他们的定义为：由于边缘的或者偶然的交易导致股东权益（净资产）的增加（减少）因此利得或者亏损是非经营事项。如资产出售、法律诉讼和市场价值变化（包括汇率变 化）所产生的利得或者损失。像SFAC 6中其它定义一样，这些定义正如他们所表述的那样易于被接受，但

12、实践起来 确有难度。例如，投资活动对金融机构而言是中心”活动，但对创造型企业而言是边缘 活动。类似的资产（比如汽车）的销售对于一个零售商而言是偶然的，但对于一家汽车 租赁公司而言却是中心”活动。存货由于报废对其进行的注销是更难描述其特征：这是 一项营业费用还是亏损？在某种程度上，一方面要区分收入和费用，另一方面要区分利得和 损失，这是关于时常性与非时常性活动、”经营与非经营活动以及非常项目等争 议的先兆。从分析师的角度看，披露比分类更重要，在许多情况下，分析师更喜欢自己对经 营和非经营活动进行区分。然而从数据库使用者的角度看，该争议的结果是很重要的。更重要的是对何时对收入、费用进行确认的问题作

13、出裁决。该确认裁决是报告的收入的 主要决定因素，特别对技术类和其他新经济”企业而言。leases and hedging activities, are recognized in the financial statements by some companies, but disclosed only in footnotes by others. Disclosure requirements for derivatives and hedging activities are in place in many jurisdictions, but recognition and mea

14、surement is only recently required in the United Stated.Further, generally accepted accounting principles (GAAP) in the United States and elsewhere permit economic events that do receive accounting recognition to be recognized in different ways by different financial statement prepares. Inventory an

15、d depreciation of fixed assets are only two of the significant areas where comparability may be lacking.Financial reports often contain supplementary data that, although not included in the statements themselves, help the financial statement user to interpret the statements or adjust measures of cor

16、porate performance (such as financial ratios) to make them more comparable, consistent overtime, and more representative of economic reality. When making adjustments to financial statements, we will seek to discern substance from form and exploit the information contained in footnotes and supplement

17、ary schedules of data in the annual report and SEC filings. The analytic treatment of “off-balance-sheet” financing activities is a good example of this process. We also illustrate the use of reconciliations to U.S. GAAP in foreign registrants Form 20-F filings.Finally, information from outside the

18、financial reporting process can be used to make financial data more useful. Estimating the effects of changing prices on corporate performance, for example, may require the use of price data from outside sources.FOCUS ON INVESTMENT DECISIONSThis book is concerned with the concepts and techniques of

19、financial analysis employed by users of financial statements who are external to the company. Principal emphasis is on the financial statements of companies whose securities are publicly traded. The techniques described are generally applicable to the analysis of financial statements prepared accord

20、ing to U.S. GAAP. However, we w川 also discuss the pronouncements of the International Accounting Standards Board (IASB) and standard setters in other countries, compare them to U.S. GAAP, and analyze financial statements prepared in accordance with these other reporting standards.Classes of UsersExt

21、ernal users of financial information encompass a wide range of interests but can be classified into three general groups:Credit and equity investorsGovernment (executive and legislative branches), regulatory bodies, and tax authoritiesThe general public and special interest groups, labor unions, and

22、 consumer groupsEach of these user groups has a particular objective in financial statement analysis, but, as theFASB stated, the primary user are equity investors and creditors. However, the information supplied to investors and creditors is likely to be generally useful to other user groups as wel

23、l. Hence, financial accounting standards are geared to the purposes and perceptions of investors and creditors. That is the group for whom the analytical techniques in this book are intended.The underlying objective of financial analysis is the comparative measurement of risk and return to make inve

24、stment or credit decisions. These decisions require estimates of the future, be it a mouth, a year, or a decade. General-purpose financial statements, which describe the past, provide one basis for projecting future earnings and cash flows. Many of the techniques used in this analytical process are

25、broadly applicable to all types of decisions, but there are also specialized techniques concerned with specific investment interests or, in other words, risks and returns specific to one class of investors or securities.The equity investor is primarily interested in the long-term power of the compan

26、y, its ability to grow, and, ultimately, its ability to pay dividends and increase in value. Since the equity investor bears the residual risk in an enterprise, the largest and most volatile risk, the require analysis is the most comprehensive of any user and encompasses techniques employed by all o

27、ther external user.Creditors need somewhat different analytical approaches. Short-term creditors, such as banks and trade creditors, place more emphasis on the immediate liquidity of the business because they seek an early payback of their investment. Long-term earning power of the company investors

28、 in bonds, such as insurance companies and pension funds, are primarily concerned with the long-term asset position and earning power of the company. They seek assurance of the payment of interest and the capability of retiring or refunding the obligation at maturity. Credit risks are usually smalle

29、r than equity risks and may be more easily quantifiable.More subordinated or junior creditors, especially owners of “high-yield debt, however, bear risk similar to those of equity investors and may find analytic techniques normally applied to equity investments more relevant than those employed by c

30、reditors.Financial Information and Capital MarketsThe usefulness of accounting information in the decision-making processes of investors and creditors has been the subject of much academic research over the last 35 years. That research has examined the interrelationship of accounting information and

31、 reporting standards in financial markets in great detail. At times, the research conclusions are highly critical of the accounting standard-setting process and of the utility of financial analysis. This criticism is based on research performed in a capital market setting. These findings do not nega

32、te the usefulness of financial analysis of individual securities that may be mispriced or of decisions made outside a capital market setting.PRINCIPAL FINANCIAL STATEMENTSThe Balance SheetThe balance sheet (statement of financial position) reports major classes and amounts of assets (resources owned

33、 or controlled by the firm), liabilities (external claims on those assets), and stockholder equity (owners capital contributions and other internally generated sources of capital) and their interrelationships at specific points in time.Assets reported on the balance sheet are either purchased buy th

34、e firm or generated through operations: they are, directly or indirectly, finances by the creditors and stockholders of the firm. The fundamental accounting relationship provides the basis for recording all transactions in financial reporting and is expressed as the balance sheet equation:Assets (A)

35、 = Liabilities (L) + Stockholders Equity (E)In the United States firm issue balance sheets at the end of each quarter and the end of the fiscal. Annual or semiannual reporting in the norm in most other countries.Elements of the Balance SheetSFAC 6 discusses the elements of financial statements. Alth

36、ough this statement also deals with nonprofit organizations, we restrict our comments to business enterprises.Assets are defined in SFAC 6 asProbable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.This definition seems to be noncontr

37、oversial. Its weakness is its lack of reference to risk. It seems to us that an enterprise that retains the risk of ownership stiH “owns” the asset. This issue is important, for example, as it relates to the sale of assets (such as accounts receivable, loans, and mortgages; see chapter 11) when the

38、seller retains some risk of loss.Liabilities are defined, similarly asProbable future sacrifices of economic benefits arising from present obligations of particular entity to transfer assets or provide services to other entities in the future as a result of pa transactions or events.Again, the defin

39、ition reads well. Yet it permits the nonrecognition of contractual obligation such as operating leases (see chapterll). The interpretation of present obligation and “result of past transactions or events is key to accounting for all such contracts; some believe that only payments immediately due as

40、a consequence of completed transactions create liabilities. Others believe that all long-term contacts should be recognized as long-term liabilities. Another important problem area is the derecognition of liabilities that have been prefunded but remain outstanding.As required by the fundamental acco

41、unting equation. Stockholder9 equity is thereforeThe residual interest in the net assets of an entity that remains after deducting its liabilities.In practice, some financial instruments have characteristics of both liabilities and equities, making them difficult to categorize. Convertible debt and

42、redeemable preferreds are two common examples examined in chapter 10. That chapter also discusses the FASB Exposure Draft (ED) on recognition and measurement of instruments with equity and liability characteristics.The Income StatementThe income statement (statement of earnings) reports on the perfo

43、rmance of the firm, the result of its operating activities. It explains some but all of the changes in the assets, liabilities, and equity of the firm between two consecutive balance sheet dates. Use of the accrual concept means that income and the balance sheet are interrelated.The preparation of t

44、he income statement is governed by the matching principle, which states that performance can be measured only if revenues and related costs are accounted for during the same time period. This requires the recognition of expenses incurred to generate revenues in the same period as the related revenue

45、s. For example, the cost of a machine is recognized as an expense (it is depreciated) over its useful life (as it is used in production) rather than as an expense in the period it is purchased.Elements of the Income StatementRevenues are defined in SAFC 6 asInflows . of an entity .from delivering or

46、 producing goods, rendering services, or other activities that constitute the entity ongoing major or central operationsExpense are defined asOutflows. from delivering or producing goods, rendering services, or carrying out other activities that constitute the entitys ongoing major or central operat

47、ions.These definitions explicitly exclude gains (and losses), defined asIncreases (decreases) in equity (net assets) from peripheral or incidental transactions .Gains or losses are, therefore, nonoperating events. Examples would include gains and losses from asset sales, lawsuits, and changes in mar

48、ket values (including currency rates).These definitions are, like the other in SFAC 6, easy to accept as stated. The difficulties come in practice. For example, investment activities may be “central” to a financial institution but “peripheral to manufacturing company. Similarly, sales of assets such

49、 as automobiles may be “incidental to retailer but “central to a car rental firm. The write-down of inventories due to obsolescence is more difficult to characterize: is this an operating expense or a loss? To some extent, the distinction between revenue and expense on the one hand and gains and losses on the other is a precursor of the controversies over the characterizations of “recurring versus nonrecur