会计报表和财务管理ppt课件.ppt

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 Stock sbeta ORKi KRF KM KRF biNote KM requiredrateofreturnonaportfolioconsistingofallstocks CAPMModel SML 2 Beta bi Ameasureoftheextenttowhichthereturnsonagivenstockmovewiththestockmarket Betaisthetheoreticallycorrectmeasureofthestock sriskness 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 andifC svalueexceedsthatofA Btakenseparately thensynergyissaidtoexist OperatingEconomiesEconomicsofScalesinmanagement marketing production ordistributionFinancialEconomiesLowertransactioncost bettercoverageDifferentialManagementEfficiencyMoreefficiencyofthemanagementmoreproductivityoftheweakerfirm sassetIncreasedmarketpowerReducedcompetition Synergycouldarisefrom TaxconsiderationAprofitablefirmacquiresafirmwithlargeaccumulatedtaxlossesPurchaseofassetbelowtheirreplacementcost economicchoice DiversificationManager sPersonalincentives Theotherreasonsofmergers AhorizontalmergerInthesameindustry suchastwoICPAverticalmergerSupplier buyer suchasIntel DellAcongenericmergerTherelatedenterprises suchasMicrosoft IBMAconglomeratemergerTheunrelatedenterprises suchasAmericanOnline Time Warner TypeofMergers Analysisofapotentialmerger TheAcquiringFirmV STheTargetFirmValuingthetargetfirmSettingthebidpricePostmergercontrolStructuringthetakeoverbidNote thegoalofmergervaluationistovaluethetargetbusiness sequitybecauseabusinessisacquiredfromitsowners notfromitscreditors Mergerexample Theacquringfirm HightechThetargetfirm ApexCorporationStep1 ValuingthetargetfirmDiscountedCashFlowApproach DCF GordenModelandCAPMStep2 SettingthebidpriceThedifferencebetweenApex sMVAandtheevaluatedpriceOffercashorsecuritiesThenegotiatingskillsofthebothsidesThebargainingpositionsasdeterminedbyfundamentaleconomicsituation Step3PostmergercontrolHowtore positiontheoldmanagementStep4TakeoverAction MergerCase