会计报表和财务管理(1)

会计报表和财务管理,会计报表资产负债表，损益表，现金流量表常用会计指标DuPontChart流行财务模型介绍EVAGordenModel企业兼并Why(Synergy),WhichTypesHow(Example,CaseStudy),会计报表和财务管理,BalanceSheet:Assets,BalanceSheet:LiabilitiesandEquity,IncomeStatement(P/LSheet),StatementofCashFlow(1997),StatementofCashFlows(1997),L-TINVESTINGACTIVITIES,Investmentinfixedassets,(711,950),FINANCINGACTIVITIES,Increaseinnotespayable,520,000,Increaseinlong-termdebt,676,568,Paymentofcashdividends,(11,000),Netcashfromfinancing,1,185,568,NETCHANGEINCASH,(50,318),Plus:Cashatbeginningofyear,57,600,Cashatendofyear,7,282,TheDuPontsystemfocuseson:,ExpensecontrolAssetutilizationDebtutilization,DuPontEquations,ROA=Profitmargin*TotalassetsturnoverROE=ROA*EquitymultiplierROE=(Profitmargin)(Totalassetturnover)(Equitymultiplier)=Netincome/sales*sales/TotalAssets*Totalassets/Commonequity,Theotherkeyratios,P/Eratio=Themarketpriceofstock/EPSEPS=Earnings/ThesharesoutstandingWhatisyouridea?,MVA&EVA(1),MVA:MarketValueAddedThedifferencebetweenthemarketvalueofequityandtheamountofequitycapitalthatinvestorssuppliedMVA=Marketvalueofequity-Equitycapitalsuppliedbyinvestors=(Sharesoutstanding)(StockPrice)-Totalcommonequity,MVA&EVA(2),MVAExample,Coca-Colain1995MarketvalueofEquity:$69bTotalcommonequity:$8bMVA:$61bEPS:$8.63,GMin1995MarketvalueofEquity:$69bTotalcommonequity:$87bMVA:$18bEPS:$0.79,MVA&EVA(3),EVA:EconomicValueAddedValueaddedtoshareholdersbymanagementduringagivenyearTomeasuretheeffectsofmanagerialactionsEVA=After-taxoperatingprofit-After-taxcostoftotalcapital=EBIT(1-Corporatetaxrate)-After-taxcostoftotalcapitalTotalcapitalincludes:Long-termdebt,preferredstock,andcommonequity,MVA&EVA(4),EVAcasestudyCSXCorporationin1988,stockprice$28BU:Locomotive,containers,trailer,railcarsEVAapproachlost$70MSellingoff,increasingvolumeTill1993,stockprice$82.5,MVA&EVA(5),Securityanalysts:ThestockpricestrackEVAfarmorecloselythanotherfactorssuchasEPS,ROEandOperatingMargin,CAPMModel&SML(1),CAPMCapitalAssetPricingModelSMLTheSecurityMarketLineSMLEquationRequiredreturnOnStockI=Risk-freerate+(Marketriskpremium)(Stocksbeta)ORKi=KRF+(KM-KRF)biNote:KM,requiredrateofreturnonaportfolioconsistingofallstocks,CAPMModel&SML(2),Beta(bi):Ameasureoftheextenttowhichthereturnsonagivenstockmovewiththestockmarket.Betaisthetheoreticallycorrectmeasureofthestocksriskness.,CAPMModel&SML(3),ThebetaofsomestocksStockBetaAmericaOnline2.10BallyEntertainment1.55MicrosoftCorp1.20GeneralElectric1.15Procter&Gamble1.05Coca-Cola1.00Heinz0.90EmpireDistrictElectric0.55Source:ValueLine,August16,1996,CAPMModel&SML(4),CAPMModel&SML(5),CAPMModel&SML(6),GordenModel（ConstantGrowthModel）,Toevaluatethestockpricewiththeconstantgrowthrate.P0=D0(1+g)/(Ks-g)P0theexpectedpriceofthestocktodayD0dividendthestockholderexpectstoreceivetodayKsrequiredreturnrategexpectedgrowthrate,Whydomergersoccur?,Synergy“2Plus2Equals5Effect”IfcompaniesA&BmergetoformCompanyC,andifCsvalueexceedsthatofA&Btakenseparately,thensynergyissaidtoexist.,OperatingEconomiesEconomicsofScalesinmanagement,marketing,production,ordistributionFinancialEconomiesLowertransactioncost,bettercoverageDifferentialManagementEfficiencyMoreefficiencyofthemanagementmoreproductivityoftheweakerfirmsassetIncreasedmarketpowerReducedcompetition,Synergycouldarisefrom,TaxconsiderationAprofitablefirmacquiresafirmwithlargeaccumulatedtaxlossesPurchaseofassetbelowtheirreplacementcost(economicchoice)DiversificationManagersPersonalincentives,Theotherreasonsofmergers,AhorizontalmergerInthesameindustry,suchastwoICPAverticalmergerSupplier-buyer,suchasIntel&DellAcongenericmergerTherelatedenterprises,suchasMicrosoft&IBMAconglomeratemergerTheunrelatedenterprises,suchasAmericanOnline&Time-Warner,TypeofMergers,Analysisofapotentialmerger,TheAcquiringFirmV.STheTargetFirmValuingthetargetfirmSettingthebidpricePostmergercontrolStructuringthetakeoverbidNote:thegoalofmergervaluationistovaluethetargetbusinesssequitybecauseabusinessisacquiredfromitsowners,notfromitscreditors,Mergerexample,Theacquringfirm:HightechThetargetfirm:ApexCorporationStep1:ValuingthetargetfirmDiscountedCashFlowApproach(DCF)GordenModelandCAPMStep2:SettingthebidpriceThedifferencebetweenApexsMVAandtheevaluatedpriceOffercashorsecuritiesThenegotiatingskillsofthebothsidesThebargainingpositionsasdeterminedbyfundamentaleconomicsituation.Step3PostmergercontrolHowtore-positiontheoldmanage