公司理财Chap002ppt课件.ppt

Chapter2FinancialStatements Taxes andCashFlow McGraw Hill Irwin Copyright 2010byTheMcGraw HillCompanies Inc Allrightsreserved KeyConceptsandSkills KnowthedifferencebetweenbookvalueandmarketvalueKnowthedifferencebetweenaccountingincomeandcashflowKnowthedifferencebetweenaverageandmarginaltaxratesKnowhowtodetermineafirm scashflowfromitsfinancialstatements 2 2 ChapterOutline TheBalanceSheetTheIncomeStatementTaxesCashFlow 2 3 BalanceSheet Thebalancesheetisasnapshotofthefirm sassetsandliabilitiesatagivenpointintimeAssetsarelistedinorderofdecreasingliquidityEaseofconversiontocashWithoutsignificantlossofvalueBalanceSheetIdentityAssets Liabilities Stockholders Equity 2 4 TheBalanceSheet Figure2 1 2 5 NetWorkingCapitalandLiquidity NetWorkingCapital CurrentAssets CurrentLiabilitiesPositivewhenthecashthatwillbereceivedoverthenext12monthsexceedsthecashthatwillbepaidoutUsuallypositiveinahealthyfirmLiquidityAbilitytoconverttocashquicklywithoutasignificantlossinvalueLiquidfirmsarelesslikelytoexperiencefinancialdistressButliquidassetstypicallyearnalowerreturnTrade offtofindbalancebetweenliquidandilliquidassets 2 6 USCorporationBalanceSheet Table2 1 PlaceTable2 1 USCorpBalanceSheet here 2 7 MarketValuevs BookValue Thebalancesheetprovidesthebookvalueoftheassets liabilities andequity Marketvalueisthepriceatwhichtheassets liabilities orequitycanactuallybeboughtorsold Marketvalueandbookvalueareoftenverydifferent Why Whichismoreimportanttothedecision makingprocess 2 8 Example2 2KlingonCorporation 2 9 IncomeStatement Theincomestatementismorelikeavideoofthefirm soperationsforaspecifiedperiodoftime YougenerallyreportrevenuesfirstandthendeductanyexpensesfortheperiodMatchingprinciple GAAPsaystoshowrevenuewhenitaccruesandmatchtheexpensesrequiredtogeneratetherevenue 2 10 USCorporationIncomeStatement Table2 2 InsertnewTable2 2here USCorpIncomeStatement 2 11 WorktheWebExample PubliclytradedcompaniesmustfileregularreportswiththeSecuritiesandExchangeCommissionThesereportsareusuallyfiledelectronicallyandcanbesearchedattheSECpublicsitecalledEDGARClickonthewebsurfer pickacompany andseewhatyoucanfind 2 12 Taxes TheonethingwecanrelyonwithtaxesisthattheyarealwayschangingMarginalvs averagetaxratesMarginaltaxrate thepercentagepaidonthenextdollarearnedAveragetaxrate thetaxbill taxableincomeOthertaxes 2 13 Example MarginalVs AverageRates Supposeyourfirmearns 4millionintaxableincome Whatisthefirm staxliability Whatistheaveragetaxrate Whatisthemarginaltaxrate Ifyouareconsideringaprojectthatwillincreasethefirm staxableincomeby 1million whattaxrateshouldyouuseinyouranalysis 2 14 TheConceptofCashFlow CashflowisoneofthemostimportantpiecesofinformationthatafinancialmanagercanderivefromfinancialstatementsThestatementofcashflowsdoesnotprovideuswiththesameinformationthatwearelookingathereWewilllookathowcashisgeneratedfromutilizingassetsandhowitispaidtothosethatfinancethepurchaseoftheassets 2 15 CashFlowFromAssets CashFlowFromAssets CFFA CashFlowtoCreditors CashFlowtoStockholdersCashFlowFromAssets OperatingCashFlow NetCapitalSpending ChangesinNWC 2 16 Example USCorporation PartI OCF I S EBIT depreciation taxes 547NCS B SandI S endingnetfixedassets beginningnetfixedassets depreciation 130ChangesinNWC B S endingNWC beginningNWC 330CFFA 547 130 330 87 2 17 Example USCorporation PartII CFtoCreditors B SandI S interestpaid netnewborrowing 24CFtoStockholders B SandI S dividendspaid netnewequityraised 63CFFA 24 63 87 2 18 CashFlowSummary Table2 5 2 19 Example BalanceSheetandIncomeStatementInformation CurrentAccounts2009 CA 3625 CL 17872008 CA 3596 CL 2140FixedAssetsandDepreciation2009 NFA 2194 2008 NFA 2261DepreciationExpense 500Long termDebtandEquity2009 LTD 538 CommonstockDividends 285 2 20 Example CashFlows OCF 1 014 500 368 1 146NCS 2 194 2 261 500 433ChangesinNWC 3 625 1 787 3 596 2 140 382CFFA 1 146 433 382 331CFtoCreditors 93 538 581 136CFtoStockholders 285 462 372 195CFFA 136 195 331TheCFidentityholds 2 21 QuickQuiz Whatisthedifferencebetweenbookvalueandmarketvalue Whichshouldweusefordecision makingpurposes Whatisthedifferencebetweenaccountingincomeandcashflow Whichdoweneedtousewhenmakingdecisions Whatisthedifferencebetweenaverageandmarginaltaxrates Whichshouldweusewhenmakingfinancialdecisions Howdowedetermineafirm scashflows Whataretheequations andwheredowefindtheinformation 2 22 EthicsIssues Whyismanipulationoffinancialstatementsnotonlyunethicalandillegal butalsobadforstockholders 2 23 ComprehensiveProblem CurrentAccounts2009 CA 4 400 CL 1 5002008 CA 3