【上财会计】财务报告分析课件（靳庆鲁）lecture 4

第四讲 损益（利润）表,损益表汇报的内容是在一个期间内，企业运做资产负债表上的经济资源为股东创造新财富的业绩。盈余信息的重要性资产负债表与损益表的联系,1,Income Statement,Revenues (Net Sales) Less: Cost of goods sold (COGS)= Gross ProfitLess: Expenses = Operating Income (OI)Add: Other Income= Income Before Interest and Taxes (EBIT)Less: Net Interest=Income Before Taxes (EBT)Less: Tax = Net Income (NI),2,Income Statement,The purpose of firm is to earn income for investors through selling goods or providing services to customers. Income statement measures how much income is earned during a specific period, such as a year, a quarter, or a month.,3,4,Definitions,5,6,Cash Accounting,Revenues: recognized at the time that cash is receivedExpenses: recognized at the time that cash is disbursedAn example: A toy retailer starts business on November 1, 19x0, He pays two months rent on his store, $2,000, on that day, and also purchases and pay for $35,000 toys. However, he sells nothing in November. In December, he sells all the toys with a sales price of $40,000 and collects $5,000 in cash,7,Cash Accounting Income Statement,8,Problems with Cash Accounting,Mismatch the cost of efforts (expenses) with the output of the efforts (revenues)Delay recognition of revenuesProvide opportunities to manage earnings,9,Accrual Accounting,应计收入(Accrued Revenue)预收收入(Unearned Revenue)Revenue recognition (follow realization principle):,10,营业收入的性质和特点,1.营业收入从企业的日常活动中产生，而不是从偶发的交易或事项中产生。2.营业收入可能表现为企业资产的增加。3.营业收入能导致企业所有者权益的增加。,11,营业收入的分类,按照营业收入的性质，可以分为：1. 商品销售收入2. 劳务收入3.提供他人使用本企业的资产而取得的收入按照企业经营业务主次分类，可以分为：1.主营业务收入2.其他业务收入,12,商品销售收入确认原则,1.企业已将商品所有权上的主要风险和报酬转移给买方2.企业不再对该商品实施继续管理权和实际控制权3.与交易相关的经济利益能够流入企业4.相关的收入和成本能够可靠地计量,13,商品销售收入的确认时点,1.交款提货-货款收到时2.预收款销售-产品交付时3.委托代销-代销单位售出商品后,代销清单开出时4.托收承付或委托收款销售-商品发出后,办妥托收手续时5.分期收款-收款日或合同约定收款日6.出口-取得并向银行办理出口交单后,14,劳务收入的确认原则,1在同一会计年度内开始并完成的劳务，应在劳务完成时确认，确认的金额为合同或协议总金额，确认方法可参照商品销售收入的确认原则。2.如劳务的开始和完成分属不同的会计年度，且在资产负债表日能对该项交易的结果作出可靠的估计，应按完成百分比法确认收入。,15,劳务收入的确认原则,完成百分比法是指按照劳务的完成程度确认收入和费用的方法。在按照完工百分比法确认相关劳务收入时，应同时满足以下三个条件：1.合同总收入和总成本（即至资产负债表日止已经发生的成本和完成劳务将要发生的成本）能够可靠地计量；2.与交易相关的经济利益能够流入企业；3.劳务的完成程度能够可靠地确定。,16,长期建造合同收入的确认,长期建造合同收入的确认方法有两种：1.完成合同法2.完成百分比法,17,保险行业收入的确认,保险企业可以把保险费在收到当期就确认为收入，并同时按照大数定律确认估计的保险产品成本。,18,授权经营行业收入的确认,肯德基、麦当劳1.类似大型建设项目的完成百分比法2.成本回收法,19,收入确认是一个很复杂的过程，会受到所在国家法律法规、行业惯例以及企业自身制定的财务政策的影响。所以我们在分析损益表的时候，应该首先从报表附注及其他渠道了解企业的收入确认政策。,20,Accrual Accounting,应计费用(Accrued Expense)预付费用(Prepaid Expense),21,Accrual Accounting,Expense recognition: When an asset is used directly to generate revenues, the used asset becomes expense. E.g., A sold books, the cost to purchase the sold books become COGS, a part of expenses. This is called matching principle（配比原则） of accounting.When an used asset is indirectly related to the current, and only the current, period revenues, we treat the used asset as expense. E.g., salary for the CEO.When an asset is used to benefit both the current and the future period, the benefit, nevertheless, not matter current or future, is hard to identify and measure, we treat the used asset as expense. E.g., cash used to pay research and development for pharmaceutical companies. This is conservative principle（稳健原则） of accounting.,22,Expense Recognition,Matching Principle（配比原则）：直接材料、直接人工机器设备、建筑物等固定资产折旧管理机构支出坏账费用Conservative Principle（稳健原则）:存货跌价准备固定资产减值准备广告支出研发支出,23,Accrual Accounting Income Statement,24,Expensing vs. Capitalization of Expenditures,A firm pays employee salaries, we say the firm expense employee salaryExpensed expenditures go to income statementExpensed expenditures help generate revenues in current periodIf a firm expenses the expenditure, current earnings will be lower by that amount,A firm buy a building, we say the firm capitalize the building as asset.Capitalized expenditures go to balance sheetCapitalized expenditures help generate revenues in current and future periodsIf a firm capitalizes the expenditure, current earnings will not be lowered by that amount,25,Expensing vs. Capitalization of Expenditures,But life is not so simple and straightforward. Sometimes it is difficult to determine whether the expenditures benefit future periods, and if it benefits future periods, it is difficult to determine which future period will benefit. Therefore, firms expense some expenditures that may otherwise be capitalized. This is a conservative treatment of the expenditures by GAAP.Marketing expendituresResearch and DevelopmentStock options,26,The Worldcom scandal,June 26, 2002, Worldcom reports it overstated earnings by $3.8 billion in the past few years. It quickly asked for chapter 11 protectionWhat did they do? Capitalize expenditures that should have been expensed. That is, $3.8 billion should not be on balance sheet, but go through income statement as expense.In 2001, the company reports earnings of 1.4 billion, which should have been a loss year.,27,28,29,Time Series analysis of common-size income statement,30,Cross section analysis of common-size income statement,31,世通公司2001年1月1日至2002年7月29日股票价格与市场价值变动,32,分析师盈余预测,33,Earnings Management-Why,For managers: earnings-based bonusFor shareholders: earnings-based bond covenantFor the company: Better IPO priceAvoid government regulationAvoid paying employee high salaries,34,Earnings Management-How,Accelerate or delay revenues Accelerate or delay expensesTake one-time losses or charges: big bath,35,Earnings management Who gain, who lose?,Enron caseWorldcom case,36,Price-to-earnings ratio P/E,P/E is a ready yardstick for valuation Use comparable firms P/E to price IPO stocksP/E is a rough indicator of relative over-valuation or under-valuationAverage P/E ratio of all stocks on a market indicates the level of valuation of the market,37,P/E anomaly,High P/E stocks (glamour stocks, growth stocks) earn lower return in the one-year-ahead period; low P/E stocks (value stocks) earn higher stock returns in the same period. The return differential is not explained by risk.Fama and French Journal o