(简体)某公司的股票是否值得买.ppt

13-1 問題 某公司的股票是否值得買？ 公司計劃擴廠、研發新商品，資金將如何調 度？ 某公司欲賒購商品，其是否有短期償債的能力 ？ 賣得多，賺得多？ 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ The Production executive said, “Remember, nothing happens in this place until we produce something.” The director of research and development said, “Wrong. Nothing happens until we design something.” The marketing executive said, “Nothing happens here until we sell something.” The accounting manager said, “It doesnt matter what you produce, design, or sell. No one knows what happens until we tally up the results!” 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ Good financial management is critical to any business firms success. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-4 Open-book management(公開化管理方式) Meaning Sharing operating and financial information with employees. Advantage To show employees how their work directly influences the companys overall financial performance To increase employees feelings of “ownership” in the firm 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-5 Uses of accounting information Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental To calculate a firms tax liabilities; To ensure that investors have accurate information on a firm to make investment decisions Governmen t agencies To assess a firms ability to pay for material and supplies Suppliers To determine a firms ability to provide competitive wages and benefits; To use in contract negotiationsUnion officials To assess the risk involved in lending money to a firm Creditors To calculate returns to stockholders; To determine a firms growth prospects Investors To assess and reduce costs and determine profitability; To calculate pay and benefits Employees To plan and control operations Managers Use of accounting information Stakeholder Internal stakeholdersExternal stakeholders 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-8 Internal & external Accounting information problem Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero- based budgets External stakeholders problem Is the stock worthy to buy? How about the sales, profits and expenses? Internal stakeholders problem What is the cost of production, marketing project? 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-9 Internal & external Accounting information Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero- based budgets Financial accounting Information that serves external stakeholders. Managerial accounting Information that serves internal users. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-10 Balance sheet & income statement Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Balance sheet Income statement Summarizes a firms financial position at a particular date like a photograph Reports how a firm performed during the periods represented and shows whether the firm made a profit like a motion picture 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-11 Accounting equation (會計方程式) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Assets Any economic resource expected to benefit a firm or individual who owns it = Liabilities Debts or amounts owed to an outside individual or organization + Owners equity Legal and economic claims against assets Excess of assets after subtracting liabilities The accounting equation 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-12 Balance sheet the asset side Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Meaning of asset (資產) Any economic resource expected to benefit a firm or an individual who owns it. A firms assets are listed on the balance sheet in descending order of liquidity that is, in terms of the ease with which they can be converted into cash. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-13 Balance sheet liabilities and owners equity Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Liabilities (負債) Debts or amounts owed to an outside individual or organization. Owners equity (業主權益) The excess of assets after subtracting liabilities. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ Balance sheet (資產負債表) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE $ 12,450 DIVIDENDS PAYABLE 2,514 ACCRUED LIABILITIES 31,297 INCOME TAXES PAYABLE 7,123 TOTAL CURRENT LIABILITIES $ 53,384 LONG-TERM LIABILITIES DEFERRED INCOME TAXES 9,014 HEALTH CARE &LIFE INSURANCE 6,145 INDUSTRIAL DEVELOP. BONDS 7,500 DEFERRED COMPENSATION 14,923 TOTAL LONG-TERM LIABIL. $ 37,582 TOTAL LIABILITIES $ 90,966 OWNERS EQUITY SHAREHOLDERS EQUITY COMMON STOCK $ 243,301 RETAINED EARNINGS 153,156 TOTAL SHAREHOLDERS EQUITY $ 396,457 TOTAL LIABILITIES & EQUITY $ 487,423 ASSETS CURRENT ASSETS CASH $ 80,744 INVESTMENTS 83,176 ACCOUNTS RECEIVABLE 22,434 INVENTORY 36,520 PREPAID EXPENSES 3,081 DEFERRED INCOME TAXES 2,584 TOTAL CURRENT ASSETS $228,539 FIXED ASSETS PROPERTY, PLANT, EQUIP. $ 83,024 LAND 7,774 BUILDINGS 22,226 MACHINERY/EQUIP. 133,601 ACCUM. DEPREC. (80,577) TOTAL FIXED ASSETS $ 83,024 OTHER ASSETS INTANGIBLE ASSETS $ 87,843 INVESTMENTS 59,252 CASH CURR. VALUE 28,765 TOTAL OTHER ASSETS$ 175,860 TOTAL ASSETS$ 487,423 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-15 Income statement (profit and loss statement) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets It reports on how a company performed during the periods presented and shows whether the firms operations made a profit. The income statement matches the revenues earned against all the costs and expenses incurred to operate the firm. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-16 Content of Income statement1 Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Revenue The primary source of revenue earned by a firm from its customers for goods sold or services rendered. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-17 Content of Income statement2 Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero-based budgets Cost of goods sold1 All the costs a firm incurs to purchase raw materials and supplies and then to convert them into the finished goods that it sells. Cost of goods sold2 Components Direct materials Direct labor Production overhead costs 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-18 Content of Income statement3 Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero-based budgets Operating expenses Other costs incurred in producing a good or service, including selling and administrative costs, amortization, and income taxes. Gross vs. net earnings 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-19 Income statement (損益表) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets NET SALES $ 388,659 COST OF GOODS SOLD (187,617) GROSS PROFIT $ 201,042 SELLING, MARKETING, AND ADMINISTRATIVE EXPENSES (97,070) AMORTIZATION OF INTANGIBLE ASSETS (2,706) PROFIT FROM OPERATIONS$ 101,265 OTHER INCOME, NET 4,798 PROFIT BEFORE TAXES $ 106,063 PROVISION FOR INCOME TAXES (38,537) NET PROFITS$ 67,526 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-20 NET SALES $ 388,659 COST OF GOODS SOLD (187,617) GROSS PROFIT $ 201,042 SELLING, MARKETING, AND ADMINISTRATIVE EXPENSES (97,070) AMORTIZATION OF INTANGIBLE ASSETS (2,706) PROFIT FROM OPERATIONS$ 101,265 OTHER INCOME, NET 4,798 PROFIT BEFORE TAXES$ 106,063 PROVISION FOR INCOME TAXES (38,537) NET PROFITS$ 67,526 OTHER EARNINGS, NET OF TAX UNREALIZED GAINS (LOSSES) ON SECURITIES 976 FOREIGN CURRENCY ADJUSTMENTS (30) OTHER COMPREHENSIVE EARNINGS 946 TOTAL NET INCOME$ 68,472 Net earnings (income) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Net Profit = Gross profit minus operating expenses and income taxes Net earnings = net profit with adjustments for gains and losses on securities, foreign currency fluctuations, or extraordinary items (like losses due to fire) Net profit = gross profit minus operating expenses and income taxes 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ If a firm doesnt have enough cash on hand, it cant pay its rent, meet its payroll, or fund its day-today operations. There are companies, in fact, that are profitable but still end up filing for bankruptcy because they dont have the cash to pay their bills. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-22 Cash flow statement (現金流量表) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Operating activities Identifies where cash came from and where it was spent Investing activities Financing activities Revenues and expenses from the firms major line of business Includes purchase or sale of capital assets (land, buildings) and securities Includes issuing stock, notes, bonds payable, treasury stock, & dividends 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-23 Financial ratio analysis Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Financial ratios Quantitative measure that assesses the relationship between financial statement variable. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-24 Liquidity ratios 流動性比率 current ratio (流動比率) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Current ratio = Current assets Current liabilities Liquidity ratios: Measures the ability of the firm to meet its short-term financial obligations. Is there a sufficient amount of current assets to pay off current liabilities? What is the cushion of safety? Accountants rule: 2:1 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-25 Liquidity ratios acid-test ratio (速動比率) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Acid-test ratio = Current assets - inventory Current liabilities What happens to the firms ability to repay current liabilities after the least liquid of the current assets is subtracted? Accountants rule: 1:1 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-26 Discussion Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets 汽車經銷商 vs. 電腦零售商流 動比率 vs. 速動比率 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-27 Leverage ratios (槓桿比率) debt-equity ratio (負債對淨值比率或負債比率) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Debt-equity ratio = Total liabilities owners equity What proportion of the firms equity are financed with debt? Leverage ratios: Measures of the degree to which a firm relies on borrowed funds in its operations. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-28 Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Leverage ratios times interest earned ratio (利息保障倍數) Times interest earned ratio = Ebit _ Interest expense lWhat is the margin of safety in the ability to repay interest payments? lIts a measure of safety in that it tells management how far profits can decline before it would be unable to meet its interest expenses. lThe higher the ratio, the greater the margin of safety. (Earnings before interest & taxes, ebit) 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-29 Profitability ratios (獲利性比率) return on sales ratio (銷售報酬率或營業淨利率) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Return on sales ratio = Net income Net sales What is the amount of net profit for each dollar of sales? Are total costs too high? Profitability ratios: Measures of how effective a firm is at using its resources to achieve profits. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-30 Profitability ratios return on equity ratio (淨值報酬率) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Return on equity ratio = Net income Owners equity What is the relationship between investment and profits? Is the firm cost efficient and productive? 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-31 Profitability ratios earnings per share (每股盈餘) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Earnings per share = Net income # Of shares Has large influence on a stocks market price 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-32 Activity ratios (經營比率) inventory turnover ratio (存貨週轉率) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Inventory turnover ratio = Cost of goods sold Average inventory Compare to industry norms. Is the current level of inventory appropriate, given the firms current level of sales? Activity ratios: Measures how effectively the firm is utilizing its resources to generate sales volume 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-33 Activity ratios asset turnover ratio (總資產週轉率) Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Asset turnover ratio = Net sales Total assets Compare to industry norms. Is the firm using all of its assets effectively to generate sales? 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-34 重要財務比率與說明 獲利能力分析 項目說明 營業淨利率=(營業淨利/ 營業收入淨額)100% 檢測企業營運活動的營業獲利，佔 營收淨額的比率，以了解企業的獲 利況。通常，比率越高越好。 淨值報酬率=(稅後淨利/ 股東權益總額) 100% 檢測公司以自有資金從事營利活動 ，所獲得的利潤比率。此項指標反 應股東淨值的酬率高低，通常，比 率越高越好。 總資產報酬率=(稅前淨 利/總資產) 100% 檢測公司所動用的總資產，與整體 營運活動獲利之間的關係，藉以顯 示企業營運活動的利潤創造能力高 低，通常，愈高愈好。 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 重要財務比率與說明 經營效能分析 項目說明 存貨週轉率 =銷貨成本/ 平均存貨成 本 檢測企業營運過程中，所需建立的存貨 規模比率。愈小，表示需要愈多旳存貨 來維持企業的營運，通常，比率愈大愈 好。 應收款項週 轉率=營業 收入/(應收 帳款+應收 票據) 檢測企業營運過程中，為順利銷貨而延 後收款的規模，佔總營收的規模大小。 規模愈大，次數越小，表示帳款的回收 速度愈慢。 固定資產週 轉率=營業 收入/固定 資產 檢測企業用於營運活動的固定資產規模 與營收規模之間的關係，比率愈大，表 示固定資產的使用效能愈高，企業績愈 高。 淨值週轉率 =營業收入/ 股東權益總 額 檢測企業用於營運活動的自有資本規模 與營收規模之間關係，比率愈大，表示 自有資本的使用效能愈高，企業績效應 愈高。 總資產週轉 率=營業收 入/總資產 檢測企業於營運活動的總資產規模與營 收規模之間關係，比率愈大，表示總資 產的使用效能愈高，企業績效應愈高。 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-36 重要財務比率與說明 償債能力分析 項目說明 流動比率=(流動資產/流 動負債)100% 檢測企業清償短期負債的能力高低 ，比率越高，表示能在短期將流動 資產變換為現金，以清償負債的能 力越強。 速動比率=(流動資產- 存貨)/流動負債) 100% 檢測企業清償短期負債的能力高低 ，比率越高，表示清償負債的能力 越強。 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-37 重要財務比率與說明 財務結構分析1 項目說明 流動資產佔總資產 比率=(流動資產/總 資產)100% 檢測企業的資產結構中，屬於短期可以 迅速變現的資產比重高低。流動資產比 重愈高，顯示資產變現能力愈高。 固定資產佔總資產 比率=(固定資產/總 資產)100% 檢測企業的資產結構中，屬於長期不易 變現的資產比重高低。固定資產比重愈 高，顯示資產變現能力愈低。 流動負債佔總資產 比率=(流動負債/總 資產)100% 檢測企業的資產結構中，屬於短期可能 要迅速償還的負債比重高低。流動負債 比重愈高，顯示短期還款的壓力愈高。 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-38 重要財務比率與說明 財務結構分析2 項目說明 長期負債佔總資產 比率=(長期負債/總 資產)100% 檢測企業的資產結構中，屬於還款期間 較長的負債比重高低。長期負債比重愈 高，顯示企業長期還款的壓力愈高。 淨值佔總資產比率 =(股東權益總額/總 資產)100% 檢測企業的資產結構中，屬於股東權益 之比重高低。淨值比重愈高，顯示股東 權益比例愈高，財務槓桿效果愈小。 負債比率=(負債總 額/股東權益總額) 100% 檢測企業的資產結構中，屬於債權資金 之比重高低。負債比重愈高，顯示債權 資金比例愈高，財務槓桿效果愈大，財 務風險愈高。 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-39 問題 小明向我借一百萬，期限二個月，他是否有 能力還？(流動比率或速動比率) 融資建立高度自動化之生產線，但是利息負 擔沉重!(利息保障倍數) 天天都便宜是否是個好對策？(銷售報酬率) 研究所選世選新還是選大葉？(資產報酬率) 股票是否值得買？(淨值報酬率) 股票會不會突爆跌？(本益比) 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ The power of ratios lies in comparing them with past ratios for the firm itself and comparing the firms ratios to other companies in its industry. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-41 Budgets Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets Meaning A quantitative plan for allocating resources to specific activities. 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-42 Types of budgets Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets 1. Revenue budgets 2. Expense budgets 3. Profit budgets 4. Cash budgets 5. Capital expenditure budgets Projects future sales Lists the primary activities undertaken and allocates a dollar amount to each Combine revenue and expense budgets into one Forecasts how much cash the business will have on hand and how much it will need Assess capital needs and prioritize capital projects 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-43 Budgets example Accounting information Stakeholders Financial Statement Financial Ratio analysis Budget types Incremental & zero -based budgets 導入ERP所需之金額為何？(資 本支出預算) 教育訓練的費用為何？(支出預 算) 擴充產品線可帶來的實質效益 為何？(收入預算) 交易的付款方式為何？是否有 足夠資金？(現金預算) 股票配资软件外汇喊单网， 职业操盘手带你赚钱！ 13-44 The downside of budgets Accounting information Stakeholders Financial State