第03章财务报表PPT课件

1、3.1财务报表的功能 财务报表: 为股东和债权人提供企业现状和历史业绩的信息 为股东和债权人设定企业业绩目标和约束企业行为提供便利方法 提供财务计划的便利模板1第1页/共35页3.2 财务报表概述2第2页/共35页资产负债表 某一时点（年末）上企业资产、负债和股东权益的总括性信息 基于历史价值获得的数据 在美国资产负债表的编制要根据GAAP的规定, Generally Accepted Accounting Principles GAAP modified occasionally by the Financial Accounting Standards Board 在美国上市的公司要遵守S

2、ecurities and Exchange Commission (SEC) 的规则3第3页/共35页资产负债表 主要部分: 资产 流动资产 (少于一年) 长期资产 (长于一年） 折旧 负债和股东权益 负债 流动负债 长期债券 股本4第4页/共35页5G P C B a la n c e S h e e t a t D e c 3 1 , 2 x x 12 x x 02 x x 1C h a n g eA s s e tsC a s h & m k tb le s e c s1 0 0 .0 1 2 0 .0 2 0 .0 R e c e iv a b le s5 0 .0 6 0

3、.0 1 0 .0 In v e n to rie s1 5 0 .0 1 8 0 .0 3 0 .0 *C u rre n t a s s e ts3 0 0 .0 3 6 0 .0 6 0 .0 P p & e4 0 0 .0 4 9 0 .0 9 0 .0 A c c d e p re c ia tio n(1 0 0 .0 ) (1 3 0 .0 ) (3 0 .0 ) *N e t p p & e3 0 0 .0 3 6 0 .0 6 0 .0 *T o ta l A s s e ts6 0 0 .0 7 2 0 .0 1 2 0 .0 L ia b ilitie s

4、 & E q u ityA c c o u n ts p a y a b le6 0 .0 7 2 .0 1 2 .0 S h o rt-te rm d e b t9 0 .0 1 8 4 .6 9 4 .6 *C u rre n t lia b ilitie s1 5 0 .0 2 5 6 .6 1 0 6 .6 L o n g -te rm d e b t1 5 0 .0 1 5 0 .0 - *T o ta l lia b ilitie s3 0 0 .0 4 0 6 .6 1 0 6 .6 P a id -in c a p ita l2 0 0 .0 2 0 0 .0 - R

5、e ta in e d e a rn in g s1 0 0 .0 1 1 3 .4 1 3 .4 *S h a re h o ld e rs e q u3 0 0 .0 3 1 3 .4 1 3 .4 L ia b + S h a re h o ld e r6 0 0 .0 7 2 0 .0 1 2 0 .0 第5页/共35页损益表 公司在一定时期（一年）盈利的综合信息 主要部分: 销售收入与销售成本 毛利 综合管理、销售和管理支出 (GS&A) 营业收入 利息支出 税前收入 公司税收支出 净收益6第6页/共35页损益表 重要提醒: 留存收益在资产负债表中反映在股东权益，而不是现金余

6、额中 会计报表反映历史价值，而不是市场价值. 帐面上股东价值与股票市场价值可能会存在很大的区别. 如公司不动产价值可能会发生很大变化，但是不会反映在公司会计报表中7第7页/共35页8G P C In co m e S ta te m e n t fo r Y e a r E n d in g 2 xx1S ales rev enues200.0 C ost of goods sold(110.0) *G ro ss m arg in90.0 G en sell, & adm in ex p(30.0) *O p eratin g in co m e60.0 Interest ex pe

7、nse(21.0) *T axab le in co m e39.0 Incom e tax(15.6) *N et in co m e23.4 A llocation to div s(10.0) *C h g retain ed earn13.4 第8页/共35页现金流量表 提供一定时期内（一年）现金流流入和流出企业的信息 关注企业在一段时期内现金头寸的变化 一个赢利性的企业可能会出现现金短缺 回避了损益表中对收入与费用的确认。损益表以权责发生制为基础，而现金流量表来受权责发生制的影响。9第9页/共35页10GPC Cash Flow Statement, forthe Year endi

8、ng Dec 31, 2xx0Net income23.4 + Depreciation30.0 - Increase in acc rec(10.0) - Increase in invent(30.0) + Increase in acc rec12.0 *Total cash from operations25.4 - Invest in new ppe(90.0) *Cash flow invest activities(90.0) -Div paid(10.0) + Inc short-term debt94.6 *Cash flow from financing84.6 *Chng

9、 cash & mkt securities20.0 第10页/共35页11GPC Balance Sheet at Dec 31, 2xx12xx02xx1ChangeAssetsCash & mktble secs100.0 120.0 20.0 Receivables50.0 60.0 10.0 Inventories150.0 180.0 30.0 *Current assets300.0 360.0 60.0 Pp&e400.0 490.0 90.0 Acc depreciation(100.0) (130.0) (30.0) *Net pp&e300

10、.0 360.0 60.0 *Total Assets600.0 720.0 120.0 Liabilities & EquityAccounts payable60.0 72.0 12.0 Short-term debt90.0 184.6 94.6 *Current liabilities150.0 256.6 106.6 Long-term debt150.0 150.0 - *Total liabilities300.0 406.6 106.6 Paid-in capital200.0 200.0 - Retained earnings100.0 113.4 13.4 *Sha

11、reholders equ300.0 313.4 13.4 Liab + Shareholder600.0 720.0 120.0 GPC Income Statement for Year Ending 2xx1Sales revenues200.0 Cost of goods sold(110.0) *Gross margin90.0 Gen sell, & admin exp(30.0) *Operating income60.0 Interest expense(21.0) *Taxable income39.0 Income tax(15.6) *Net income23.4

12、 Allocation to divs(10.0) *Chg retained earn13.4 GPC Cash Flow Statement, forthe Year ending Dec 31, 2xx0Net income23.4 + Depreciation30.0 - Increase in acc rec(10.0) - Increase in invent(30.0) + Increase in acc pay12.0 *Total cash from operations25.4 - Invest in new ppe(90.0) *Cash flow invest acti

13、vities(90.0) -Div paid(10.0) + Inc short-term debt94.6 *Cash flow from financing84.6 *Chng cash & mkt securities20.0 第11页/共35页3.3市场价格与帐面价值 公司股票的市场价格不等于其帐面价值 帐面价值没有包含公司所有的资产与负债 良好的声誉 企业研发投入或培训员工建立的知识基础 企业卷入法律诉讼（或有负债） 公司正式的资产负债表中的资产与负债（绝大部分）是按历史成本扣除折旧计价，而不是按目前的市场价格计价 会计计量与经济计量 EVA经济附加值P6912第12页/共3

14、5页3.4 股东总收益率和股权收益率（ROE） 股东投资的总收益率：持有期收益率13187.2-200+102001.4(GPC 期末价格期初价格现金股利收益率期初价格公司）第13页/共35页Returns to Shareholders v. Return on Equity (Continued) 传统上，公司业绩用净资产收益率（ROE）来衡量14$2 3407.8%$30 000R O E 净 收 益股 东 权 益，万，万第14页/共35页财务比率分析之一：盈利率15%6 . 72/4 .3133004 .23sEquityrStockHoldeNetIncome (RoE)Equity

15、 on Return %1 . 92/72060060alAssetsAverageTotEBIT (RoA) Assetson Return %3020060SalesEBIT (RoS) Saleson Return 第15页/共35页财务比率分析之二：资产周转率16Times 3 . 02/720600200Assets Total AverageSales Turnover Asset Times 7 . 02/180150110Inventory AverageSold Goods ofCost Turnover Inventory Times 6 . 32/6050200sRece

16、ivable AverageSales Turnover sReceivable第16页/共35页财务比率分析之三：财务杠杆17Times 9 . 22160ExpenseInterest EBIT Earnt Interest Times%577206 .406Assets TotalDebt Total Debt 第17页/共35页财务比率分析之四： Liquidity18Current AssetsCurrent Current Liabilities3601.4 Times256.6CashReceivablesor Current Liabilities1800.7 Times256

17、.6速动比率酸性测验第18页/共35页财务比率分析之五：市场价值196 . 04 .31320.187Shareper ValueBook Shareper Price Book Market to0 . 84 .232 .187Shareper EarningsSharePer Price Earnings toPrice第19页/共35页公司财务比率的比较 比较的视角 股东 雇员、经理、工会 债权人 潜在并购者、客户、供应商、竞争者、同业协会等, 比较标准 其他公司的比率 公司历史比率 从金融市场获得的数据20第20页/共35页财务比率之间的关系 分析各个比率之间关系可以获得公司金融状况的

18、更多信息，如:21TurnoverAsset * saleson Return *AssetsSalesSalesEBITAssetsEBITRoA第21页/共35页财务杠杆的效应 考虑两家公司，其区别只有Nodebt公司的资金全部来自与股本 $1,000,000 ， Halfdebt 公司的资金 $500,000 来自于股本， $500,000 来自于债务。 假设两家公司的营业收入（ EBIT）同样为 $120,000 ，即资产收益率为12%。 公司税率同样为 40%。22第22页/共35页Case: 借款利率为 10%23NodebtHalfdebtEBIT120,000120,000In

19、terest050,000Taxable Income120,00070,000Tax 48,00028,000Net Income72,00042,000Equity1,000,000500,000ROE7.20%8.40%第23页/共35页Case: 借款利率为 15%24NodebtHalfdebtEBIT120,000120,000Interest075,000Taxable Income120,00045,000Tax 48,00018,000Net Income72,00027,000Equity1,000,000500,000ROE7.20%5.40%第24页/共35页Case:

20、 借款利率为 10%:商业周期对 ROE的影响25EconomicROAROEROEConditionsNodebtHalfdebt Bad Year1%0.6%-4.8% Normal Year12%7.2%8.4% Good Year30%18.0%30.0%第25页/共35页26GPC Financial Statements, Years xxx1 - xxx3 (Nearest $ Million) (Percent of Years Sales)Yearxxx0 xxx1xxx2xxx3xxx1xxx2xxx3Income StatementSales200240288100.0%

21、100.0%100.0%Cost of goods sold11013215855.0%55.0%55.0%Gross margin9010813045.0%45.0%45.0%Selling, general & admin. expenses30364315.0%15.0%15.0%EBIT60728630.0%30.0%30.0%Interest expences30456415.0%18.8%22.2%Taxes121196.0%4.5%3.1%Net income1816139.0%6.7%4.7%Dividends5542.7%2.0%1.4%Change in share

22、holders equity131196.3%4.7%3.3%Balance SheetAssets: Cash & equivalents101214176.0%6.0%6.0% Receivables4048586924.0%24.0%24.0% Inventories5060728630.0%30.0%30.0% Property, Plant & equipment500600720864300.0%300.0%300.0% Total Assets6007208641037360.0%360.0%360.0%Liabilities: Payables303643521

23、8.0%18.0%18.0% Short-term debt120221347502110.7%144.6%174.2% Long-term debt15015015015075.0%62.5%52.1% Total Liabilities300407540704203.7%225.1%244.3%Shareholders equity300313324333156.3%134.9%115.7%第26页/共35页27GPC Financial Statements, Years xxx1 - xxx3 (Nearest $ Million) (Percent of Years Sales)Ye

24、arxxx0 xxx1xxx2xxx3xxx1xxx2xxx3F(sales)?xxx4Income StatementSales200240288100.0% 100.0% 100.0% N/A346Cost of goods sold11013215855.0%55.0%55.0% Yes190Gross margin9010813045.0%45.0%45.0% N/A(Yes)156Selling, general & admin. expenses30364315.0%15.0%15.0% Yes52EBIT60728630.0%30.0%30.0% N/A104Intere

25、st expences30456415.0%18.8%22.2% No87Taxes121196.0%4.5%3.1% N/A7Net income1816139.0%6.7%4.7% N/A10Dividends5542.7%2.0%1.4% N/A3Change in shareholders equity131196.3%4.7%3.3%7Balance SheetAssets: Cash & equivalents101214176.0%6.0%6.0% Yes21 Receivables4048586924.0%24.0%24.0% Yes83 Inventories5060

26、728630.0%30.0%30.0% Yes104 Property, Plant & equipment500600720864300.0% 300.0% 300.0% Yes1037 Total Assets6007208641037360.0% 360.0% 360.0% N/A(Yes)1244Liabilities: Payables3036435218.0%18.0%18.0% Yes62 Short-term debt120221347502110.7% 144.6% 174.2% No Long-term debt15015015015075.0%62.5%52.1% No Total Liabilities3004075