新华信1asdfedcvawse会计报表和财务管理

新华信1-asdfedcvawse-会计报表和财务管理2023/5/26新华信1asdfedcvawse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EVA&MVA;CAPM&SML;GordenModel企业兼并Why(Synergy),WhichTypesHow(Example,CaseStudy)会计报表和财务管理新华信1asdfedcvawse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EVA&MVA;CAPM&SML;GordenModel企业兼并Why(Synergy),WhichTypesHow(Example,CaseStudy)会计报表和财务管理新华信1asdfedcvawse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EVA&MVA;CAPM&SML;GordenModel企业兼并Why(Synergy),WhichTypesHow(Example,CaseStudy)会计报表和财务管理新华信1asdfedcvawse会计报表和财务管理Cash7,28257,600AR632,160351,200Inventories1,287,360715,200TotalCA1,926,8021,124,000GrossFA1,202,950491,000Less:Deprec.263,160

146,200NetFA939,790

344,800TotalAssets2,866,5921,468,80019971996BalanceSheet:Assets新华信1asdfedcvawse会计报表和财务管理19971996Acctspayable524,160145,600Notespayable720,000200,000Accruals489,600136,000TotalCL1,733,760481,600Long-termdebt1,000,000323,432Commonstock460,000460,000Retainedearnings(327,168)203,768Totalequity132,832663,768TotalL&E2,866,5921,468,800BalanceSheet:LiabilitiesandEquity新华信1asdfedcvawse会计报表和财务管理Sales5,834,4003,432,000COGS5,728,0002,864,000Otherexpenses680,000340,000Deprec.116,960

18,900Tot.op.costs6,524,9603,222,900EBIT(690,560)209,100Interestexp.176,000

62,500EBT(866,560)

146,600Taxes(40%)(346,624)

58,640Netincome(519,936)

87,96019971996IncomeStatement(P/LSheet)新华信1asdfedcvawse会计报表和财务管理(523,936)OPERATINGACTIVITIESNetincome(519,936)Add(sourcesofcash):Depreciation116,960IncreaseinAccts.Payable378,560Increaseinaccruals353,600Subtract(usesofcash):IncreaseinAccts.Receivable(280,960)Increaseininventories(572,160)Netcashprovidedbyops.StatementofCashFlow(1997)新华信1asdfedcvawse会计报表和财务管理StatementofCashFlows(1997)L-TINVESTINGACTIVITIESInvestmentinfixedassets(711,950)FINANCINGACTIVITIESIncreaseinnotespayable520,000Increaseinlong-termdebt676,568Paymentofcashdividends(11,000)Netcashfromfinancing1,185,568NETCHANGEINCASH(50,318)Plus:Cashatbeginningofyear57,600Cashatendofyear7,282新华信1asdfedcvawse会计报表和财务管理TheDuPontsystemfocuseson:ExpensecontrolAssetutilizationDebtutilization新华信1asdfedcvawse会计报表和财务管理DuPontEquationsROA=Profitmargin*TotalassetsturnoverROE=ROA*EquitymultiplierROE=(Profitmargin)(Totalassetturnover)(Equitymultiplier)=Netincome/sales*sales/TotalAssets*Totalassets/Commonequity新华信1asdfedcvawse会计报表和财务管理TheotherkeyratiosP/Eratio=Themarketpriceofstock/EPSEPS=Earnings/ThesharesoutstandingWhatisyouridea?新华信1asdfedcvawse会计报表和财务管理MVA&EVA(1)MVA:MarketValueAddedThedifferencebetweenthemarketvalueofequityandtheamountofequitycapitalthatinvestorssuppliedMVA=Marketvalueofequity-Equitycapitalsuppliedbyinvestors=(Sharesoutstanding)(StockPrice)-Totalcommonequity新华信1asdfedcvawse会计报表和财务管理MVA&EVA(2)MVAExample

Coca-Colain1995MarketvalueofEquity:$69bTotalcommonequity:$8bMVA:$61bEPS:$8.63GMin1995MarketvalueofEquity:$69bTotalcommonequity:$87bMVA:$18bEPS:$0.79新华信1asdfedcvawse会计报表和财务管理MVA&EVA(3)EVA:EconomicValueAddedValueaddedtoshareholdersbymanagementduringagivenyearTomeasuretheeffectsofmanagerialactionsEVA=After-taxoperatingprofit-After-taxcostoftotalcapital=EBIT(1-Corporatetaxrate)-After-taxcostoftotalcapitalTotalcapitalincludes:Long-termdebt,preferredstock,andcommonequity新华信1asdfedcvawse会计报表和财务管理MVA&EVA(4)EVAcasestudyCSXCorporationin1988,stockprice$28BU:Locomotive,containers,trailer,railcarsEVAapproachlost$70MSellingoff,increasingvolumeTill1993,stockprice$82.5新华信1asdfedcvawse会计报表和财务管理MVA&EVA(5)Securityanalysts:ThestockpricestrackEVAfarmorecloselythanotherfactorssuchasEPS,ROEandOperatingMargin新华信1asdfedcvawse会计报表和财务管理CAPMModel&SML(1)CAPMCapitalAssetPricingModelSMLTheSecurityMarketLineSMLEquationRequiredreturnOnStockI=Risk-freerate+(Marketriskpremium)(Stock’sbeta)ORKi=KRF+(KM-KRF)biNote:KM,requiredrateofreturnonaportfolioconsistingofallstocks新华信1asdfedcvawse会计报表和财务管理CAPMModel&SML(2)Beta(bi):Ameasureoftheextenttowhichthereturnsonagivenstockmovewiththestockmarket.Betaisthetheoreticallycorrectmeasureofthestock’sriskness.新华信1asdfedcvawse会计报表和财务管理CAPMModel&SML(3)Thebetaofsomestocks Stock BetaAmericaOnline 2.10BallyEntertainment 1.55MicrosoftCorp 1.20GeneralElectric 1.15Procter&Gamble 1.05Coca-Cola 1.00Heinz 0.90EmpireDistrictElectric0.55Source:ValueLine,August16,1996新华信1asdfedcvawse会计报表和财务管理.T-billsSMLkM=15kRF=8-1 0 1 2 SML:ki=8%+(15%-8%)bi.ki(%)Risk,biCAPMModel&SML(4)新华信1asdfedcvawse会计报表和财务管理CAPMModel&SML(5)SML1OriginalsituationRequiredRateofReturnk(%)SML20 0.5 1.0 1.5 2.01815118NewSMLInvestorsraiseinflation

expectationsby3%新华信1asdfedcvawse会计报表和财务管理CAPMModel&SML(6)1.0kM=18%kM=15%SML1OriginalsituationRequiredRateofReturn(%)SML2AfterincreaseinriskaversionRisk,bi18158新华信1asdfedcvawse会计报表和财务管理GordenModel（ConstantGrowthModel）Toevaluatethestockpricewiththeconstantgrowthrate.P0=D0(1+g)/(Ks-g)P0 theexpectedpriceofthestocktodayD0 dividendthestockholderexpectstoreceivetodayKs requiredreturnrateg expectedgrowthrate 新华信1asdfedcvawse会计报表和财务管理Whydomergersoccur?Synergy“2Plus2Equals5Effect” IfcompaniesA&Bmergetoform CompanyC,andifC’svalueexceedsthatofA&Btakenseparately,then synergyissaidtoexist.新华信1asdfedcvawse会计报表和财务管理OperatingEconomiesEconomicsofScalesinmanagement,marketing,production,ordistributionFinancialEconomiesLowertransactioncost,bettercoverageDifferentialManagementEfficiencyMoreefficiencyofthemanagementmoreproductivityoftheweakerfirm’sassetIncreasedmarketpowerReducedcompetitionSynergycouldarisefrom新华信1asdfedcvawse会计报表和财务管理TaxconsiderationAprofitablefirmacquiresafirmwithlargeaccumulatedtaxlossesPurchaseofassetbelowtheirreplacementcost(economicchoice)DiversificationManager’sPersonalincentivesTheotherreasonsofmergers新华信1asdfedcvawse会计报表和财务管理AhorizontalmergerInthesameindustry,suchastwoICPAverticalmergerSupplier-buyer,suchasIntel&DellAcongenericmergerTherelatedenterprises,suchasMicrosoft&IBMAconglomeratemergerTheunrelatedenterprises,suchasAmericanOnline&Time-WarnerTypeofMergers新华信1asdfedcvawse会计报表和财务管理AnalysisofapotentialmergerTheAcquiringFirmV.STheTargetFirmValuingthetargetfirmSettingthebidpricePostme