公司理财第九版-第二章ppt课件

1、Chapter 2Financial Statements,Taxes, and Cash FlowMcGraw-Hill/IrwinCopyright 2019 by The McGraw-Hill Companies, Inc. All rights reserved.Key Concepts and Skills Know the difference between book value and market value Know the difference between accounting income and cash flow Know the difference bet

2、ween average and marginal tax rates Know how to determine a firms cash flow from its financial statements2-2Chapter Outline The Balance Sheet The Income Statement Taxes Cash Flow2-3Balance Sheet The balance sheet is a snapshot of the firms assets and liabilities at a given point in time Assets are l

3、isted in order of decreasing liquidity Ease of conversion to cash Without significant loss of value Balance Sheet Identity Assets = Liabilities + Stockholders Equity2-4The Balance Sheet - Figure 2.12-5Net Working Capital and Liquidity Net Working Capital = Current Assets Current Liabilities Positive

4、 when the cash that will be received over the next 12 months exceeds the cash that will be paid out Usually positive in a healthy firm Liquidity Ability to convert to cash quickly without a significant loss in value Liquid firms are less likely to experience financial distress But liquid assets typi

5、cally earn a lower return Trade-off to find balance between liquid and illiquid assets2-6US Corporation Balance Sheet Table 2.1Place Table 2.1 (US Corp Balance Sheet) here2-7Market Value vs. Book Value The balance sheet provides the book value of the assets, liabilities, and equity. Market value is

6、the price at which the assets, liabilities ,or equity can actually be bought or sold. Market value and book value are often very different. Why? Which is more important to the decision-making process?2-8Example 2.2 Klingon CorporationKLINGON CORPORATIONBalance SheetsMarket Value versus Book ValueBoo

7、kMarketBookMarketAssetsLiabilities and Shareholders EquityNWC$ 400$ 600 LTD$ 500$ 500NFA 700 1,000 SE6001,1001,1001,6001,1001,6002-9Income Statement The income statement is more like a video of the firms operations for a specified period of time. You generally report revenues first and then deduct a

8、ny expenses for the period Matching principle GAAP says to show revenue when it accrues and match the expenses required to generate the revenue2-10US Corporation Income Statement Table 2.2Insert new Table 2.2 here (US Corp Income Statement)2-11Work the Web Example Publicly traded companies must file

9、 regular reports with the Securities and Exchange CommissionSEC These reports are usually filed electronically and can be searched at the SEC public site called EDGAR Click on the web surfer, pick a company, and see what you can find!2-12 纳斯达克纳斯达克 nasdaq 是全美证券商协会自动报价系统是全美证券商协会自动报价系统National Associat

10、ion of Securities Dealers Automated Quotations英英文缩写，始建于文缩写，始建于1971年，是一个完全年，是一个完全采用电子买卖、为新兴产业提供竞争舞采用电子买卖、为新兴产业提供竞争舞台、自我监管、面向全球的股票市场台、自我监管、面向全球的股票市场,纳斯达克是全美也是世界最大的股票电纳斯达克是全美也是世界最大的股票电子买卖市场。子买卖市场。hkex.hk 也称联交所、港交所大陆A股：上交所、深交所网站；也可经过和讯网、搜狐网、新浪网等查上市公司历年信息。Taxes The one thing we can rely on with taxes is

11、that they are always changing Marginal vs. average tax rates Marginal tax rate the percentage paid on the next dollar earned Average tax rate the tax bill / taxable income Other taxes2-14Example: Marginal Vs. Average Rates Suppose your firm earns $4 million in taxable income. What is the firms tax l

12、iability? What is the average tax rate? What is the marginal tax rate? If you are considering a project that will increase the firms taxable income by $1 million, what tax rate should you use in your analysis?2-15 已由中华人民共和国第十届全国人民代表大会第五次会议于2019年3月16日经过，自2019年1月1日起施行。 目录 第一章 总那么 第二章 应纳税所得额 第三章 应纳税额 第

13、四章 税收优惠 第五章 源泉扣缴 第六章 特别纳税调整 第七章 征收管理 第八章 附那么 The Concept of Cash Flow Cash flow is one of the most important pieces of information that a financial manager can derive from financial statements The statement of cash flows does not provide us with the same information that we are looking at here We wi

14、ll look at how cash is generated from utilizing assets and how it is paid to those that finance the purchase of the assets2-17Cash Flow From Assets Cash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to Stockholders Cash Flow From Assets = Operating Cash Flow Net Capital Spending Chang

15、es in NWC 推导：仅供参考 CA+折旧=CL+L+E+NI 折旧2-18Example: US Corporation Part I OCF (I/S) = EBIT + depreciation taxes = $547 NCS ( B/S and I/S) = ending net fixed assets beginning net fixed assets + depreciation = $130 Changes in NWC (B/S) = ending NWC beginning NWC = $330 CFFA = 547 130 330 = $872-19Example

16、: US Corporation Part II CF to Creditors (B/S and I/S) = interest paid net new borrowing = $24 CF to Stockholders (B/S and I/S) = dividends paid net new equity raised = $63 CFFA = 24 + 63 = $872-20Cash Flow Summary - Table 2.52-21Example: do exercise Balance Sheet and Income Statement Information: C

17、urrent Accounts 2021: CA = 3625; CL = 1787 2019: CA = 3596; CL = 2140 Fixed Assets and Depreciation 2021: NFA = 2194; 2019: NFA = 2261 Depreciation Expense = 500 Long-term Debt and Equity 2021: LTD = 538; Common stock & APIC = 462 2019: LTD = 581; Common stock & APIC = 372 Income Statement E

18、BIT = 1014; Taxes = 368 Interest Expense = 93; Dividends = 2852-22Example: Cash Flows OCF = 1,014 + 500 368 = 1,146 NCS = 2,194 2,261 + 500 = 433 Changes in NWC = (3,625 1,787) (3,596 2,140) = 382 CFFA = 1,146 433 382 = 331 CF to Creditors = 93 (538 581) = CF to Stockholders = 285 (462 372) = 195 CF

19、FA = + 195 = 331 The CF identity holds.2-23Quick Quiz What is the difference between book value and market value? Which should we use for decision-making purposes? What is the difference between accounting income and cash flow? Which do we need to use when making decisions? What is the difference between average and marginal tax rates? Which should we use when making financial decisions? How do we determine a firms cash fl