CMA考試新考綱官方-pa(2)

1、可編輯ppt,1,CMA學(xué)習(xí)系統(tǒng) 第二部分：財(cái)務(wù)決策 CMA Learning System Part 2: Financial Decision Making,主講：張宇 CMA,可編輯ppt,2,第一章：財(cái)務(wù)報(bào)表分析 Section A: Financial Statement Analysis,可編輯ppt,3,第一節(jié)：基本的財(cái)務(wù)報(bào)表分析 Topic 1: Basic Financial Statement Analysis,可編輯ppt,4,4,百分比式財(cái)務(wù)報(bào)表 Common-Size Statements,百分比式財(cái)務(wù)報(bào)表 某一報(bào)表項(xiàng)目的百分比 可作如下之用 比較同一財(cái)務(wù)報(bào)表中的不同

2、元素，分析某企業(yè)在若干年間的發(fā)展趨勢，比較同一行業(yè)內(nèi)不同規(guī)模的企業(yè)，將公司績效與行業(yè)平均水平相比 Common-size statements percentage of a selected item on the statement Used in several way - compare elements in a single year, analyzes trends across a number of years, compare business of differing sizes within an industry, compare performances and p

3、osition within an industry,可編輯ppt,5,垂直的百分比式財(cái)務(wù)報(bào)表 垂直的百分比式財(cái)務(wù)報(bào)表 基本數(shù)額（資產(chǎn)負(fù)債表中的總資產(chǎn)或者損益表中的凈銷售額），圖表2A-1, 2A-2, 2A-3, 582-584頁 Vertical Common-Size Statements Vertical Common-Size Statement base amount (total assets on the balance sheet and net sales on the income statement), figure 2A-1, Figure 2A-2, page 4,

4、 Figure 2A-3, page 5,百分比式財(cái)務(wù)報(bào)表 Common-Size Statements,可編輯ppt,6,6,水平的百分比式財(cái)務(wù)報(bào)表 水平的百分比式財(cái)務(wù)報(bào)表 變化分析或趨勢分析，同一公司不同期間的主要財(cái)務(wù)報(bào)表和關(guān)系，基準(zhǔn)年份金額的一定百分比，2A-4, 585頁 Horizontal Common-Size Statements Horizontal common-size statements variation analysis or trend analysis, key financial statement values and relation for the s

5、ame company over a period of years, as a percentage of the base year amount, figure 2A-4, page 7,百分比式財(cái)務(wù)報(bào)表 Common-Size Statements,可編輯ppt,7,7,現(xiàn)金流量表 Statement of Cash Flows,現(xiàn)金流量表的構(gòu)成和分類 經(jīng)營活動(dòng) 調(diào)整到凈利中的非現(xiàn)金費(fèi)用和收入事項(xiàng)包括：折舊費(fèi)用和無形資產(chǎn)的攤銷；抵延成本的攤銷；抵延所得稅的變化；應(yīng)付債券溢價(jià)和折價(jià)的攤銷；來自使用權(quán)益法核算的被投資方的收益 Component and Classifications Op

6、erating activities noncash expense and revenue items added back to net income: depreciation and amortization of assets, amortization of deferred cost, changes in deferred income taxes, amortization of a premium or discount on bonds payable, income from an equity method investee,可編輯ppt,8,8,現(xiàn)金流量表的構(gòu)成和分

7、類 投資活動(dòng) 長期資產(chǎn)賬戶的變化有關(guān)，投資現(xiàn)金流入的事項(xiàng)有出售PPE的現(xiàn)金流入，出售對其他實(shí)體的債券或股權(quán)的投資；收回對其他實(shí)體的貸款本金（利息屬于營運(yùn)現(xiàn)金流）。投資現(xiàn)金的流出有夠買PPE；其他公司的債券和股票；以及向其他實(shí)體提供貸款。 Component and Classifications Investing activities come from changes in long-term asset, cash inflow from sales of PPE, investments in another entitys debt or equity securities, col

8、lection of the principal on loans to another entity, cash outflow result from purchases of PP&E, other companies debt or equity securities and granting loan to other entities,現(xiàn)金流量表 Statement of Cash Flows,可編輯ppt,9,9,現(xiàn)金流量表的構(gòu)成和分類 籌資活動(dòng) 與長期負(fù)債或權(quán)益帳戶的變化有關(guān)?；I資現(xiàn)金流入包括出售本實(shí)體的股權(quán)或發(fā)行債券與票據(jù)。現(xiàn)金流出包括向股東支付股利；回收股份或贖回企業(yè)的債券

9、。 Component and Classifications Financing activities come from changes in long-term liability or equity amount, cash inflow from sales of entitys equity securities or issuance of debt , cash outflow from payments to stockholders for dividends, reacquire capital stock or redeem outstanding debt,現(xiàn)金流量表

10、 Statement of Cash Flows,可編輯ppt,10,10,間接法和直接法 間接法 圖表2A-5，588頁 直接法 圖表2A-6，588頁 附注 披露重大的非現(xiàn)金投資和籌資活動(dòng)，在間接法中披露支付的利息和所得稅 Indirect and Direct Methods Indirect Method figure 2A-5, page 10 Direct Method figure 2A-6, page 10 Footnotes disclose significant non-cash investing and financing activities, and disclo

11、se interest paid and income taxes in indirect method,現(xiàn)金流量表 Statement of Cash Flows,可編輯ppt,11,11,現(xiàn)金流量表舉例 現(xiàn)金流量表 - 圖表2A-7，589頁 Example of a Statement of Cash Flows Statement of Cash Flows Indirect Method, Figure 2A-7, page 11,現(xiàn)金流量表 Statement of Cash Flows,可編輯ppt,12,12,第二節(jié)：財(cái)務(wù)績效指標(biāo) - 財(cái)務(wù)比率 Topic 2: Financi

12、al Performance Metrics Financial Ratios,可編輯ppt,13,13,流動(dòng)性和償付能力比率 Liquidity/Solvency Ratios,償付能力 向債權(quán)人償付到期債務(wù)的能力，或長期內(nèi)的債務(wù)償還能力 流動(dòng)性 資產(chǎn)轉(zhuǎn)換為現(xiàn)金的速度能在多大程度上滿足到期債務(wù)的現(xiàn)金還款需求。揭示公司的短期償債能力 Solvency ability to pay creditors when amounts due, or debt paying ability in long term Liquidity proximity to cash of the asset and

13、 liabilities, an indication of companys ability to meet its short term obligation,可編輯ppt,14,14,營運(yùn)資本分析 Working Capital,營運(yùn)資本 公司短期內(nèi)的償付能力，短期內(nèi)的財(cái)務(wù)健康狀況；營運(yùn)資本 = 流動(dòng)資產(chǎn) 流動(dòng)負(fù)債 流動(dòng)資產(chǎn) 現(xiàn)金或其他短期投資 流動(dòng)負(fù)債 一年之內(nèi)償付的債務(wù)，案例，592頁 Working capital companys ability in the short run to pay its obligation, short-term financial health

14、 Working capital = current assets current liabilities Current assets cash or other liquid investments Current liabilities obligation paid within a year, examples, page 16,可編輯ppt,15,15,營運(yùn)資本分析 Working Capital,流動(dòng)比率 流動(dòng)比率 = 流動(dòng)資產(chǎn)/流動(dòng)負(fù)債，案例，593頁 速動(dòng)（酸性測試）比率 速動(dòng)比率 = （流動(dòng)資產(chǎn) 存貨）/流動(dòng)負(fù)債 Current ratio Current Ratio =

15、current assets/current liability , example, page 16 Quick (Acid-Test) Ratio Quick Ratio = (Current Assets inventory)/current liability,可編輯ppt,16,16,營運(yùn)資本分析 Working Capital,現(xiàn)金比率 現(xiàn)金比率 = （現(xiàn)金+有價(jià)證券）/流動(dòng)負(fù)債，案例，594頁 現(xiàn)金流比率 現(xiàn)金流比率 = 營業(yè)現(xiàn)金流/流動(dòng)負(fù)債 Cash Ratio Cash Ratio = (cash + marketable securities)/current liabil

16、ities Cash Flow Ratio Cash Flow Ratio = Operation Cash Flow/Current Liabilities,可編輯ppt,17,17,流動(dòng)性比率的敏感性分析 Sensitivity Analysis on the Liquidity Ratio,流動(dòng)性比率的敏感性分析 比率中的具體組成元素發(fā)生變化時(shí)，比率本身對這種變化的敏感性，案例，595頁 Sensitivity Analysis on the Liquidity Ratios How sensitive these ratios are to changes in their compo

17、nents, for examples, page 19,可編輯ppt,18,18,對償付能力的度量 Measuring the Ability to Pay,應(yīng)付賬款周轉(zhuǎn)天數(shù) 應(yīng)付賬款周轉(zhuǎn)天數(shù) = 365 平均應(yīng)付賬款/賒購額 Days Purchase in Accounts Payable Days Purchase in Accounts Payable = 365 average accounts payable /credit purchases,可編輯ppt,19,19,資本結(jié)構(gòu)分析 Capital Structure Analysis,資本結(jié)構(gòu) 長期負(fù)債與權(quán)益的組合 財(cái)務(wù)杠桿

18、利用負(fù)債來提高對公司所有者（股東）的回報(bào) 債務(wù)杠桿 營運(yùn)杠桿 固定營業(yè)成本的存在 Capital structure mix of long-term debt and equity Financial leverage use of debt to increase return to owners Debt as Leverage Operating leverage existence of fixed operating costs,可編輯ppt,20,20,財(cái)務(wù)杠桿比率 Financial Leverage Ratio,財(cái)務(wù)杠桿比率 財(cái)務(wù)杠桿比率 資產(chǎn)/權(quán)益 財(cái)務(wù)杠桿 對公司的盈余具

19、有放大的作用 Financial Leverage Ratio Financial leverage ratio = assets/equity Financial leverage magnifying effect on earning,可編輯ppt,21,21,與負(fù)債/債務(wù)相關(guān)的比率分析 Ratio Analysis on Debt/Liabilities,負(fù)債對總資產(chǎn)的比率 負(fù)債對總資產(chǎn)的比率 = 總負(fù)債/總資產(chǎn) 債務(wù)對權(quán)益比率 債務(wù)對權(quán)益比率 = 總負(fù)債/權(quán)益 長期債務(wù)對權(quán)益比率 = （總負(fù)債-流動(dòng)負(fù)債）/權(quán)益 Debt to Total Assets Ratio Debt to T

20、otal Assets Ratio = Total Debt/Total Assets Debt to equity ratio Debt to equity ratio = Total Debt/Equity Long-term Debt to Equity Ratio = (Total Debt Current Liability)/Equity,可編輯ppt,22,22,與負(fù)債/債務(wù)相關(guān)的比率分析 Ratio Analysis on Debt/Liabilities,利息倍數(shù)（利息覆蓋）比率 利息倍數(shù)比率 = 息稅前收益/利息費(fèi)用 Time Interest Earned (Intere

21、st Coverage) Ratio Times Interest Earned Ratio = Earning Before Interest and Taxes/Interest Expense,可編輯ppt,23,23,資本機(jī)構(gòu)和風(fēng)險(xiǎn) Capital Structure and Risk,資本結(jié)構(gòu)與風(fēng)險(xiǎn) 資本結(jié)構(gòu)與風(fēng)險(xiǎn)相關(guān)，高風(fēng)險(xiǎn)轉(zhuǎn)換為更高的利率或資本成本 Capital Structure and Risk Capital structure is related to the risk, high risk translate into higher interest rates o

22、r cost of capital,可編輯ppt,24,24,表外融資 Off-Balance Sheet Financing,應(yīng)收賬款讓售 使用應(yīng)收賬款作抵押進(jìn)行貸款，避免相應(yīng)的應(yīng)付或負(fù)債記錄 特殊目的實(shí)體 便于租賃活動(dòng)、貸款證券化、研發(fā)活動(dòng)或者金融衍生交易 租賃 營運(yùn)租賃，資本租賃 合資企業(yè) Factoring of accounts receivables borrowing using accounts receivable as collateral, avoid recording a payable or liability Special Purpose Entities fa

23、cilitate leasing activities, loan securitization, R&D activities, trading in financial derivatives Leases operating lease, capital lease Joint ventures hold less than 50% of outstanding share (off-balance sheet financing),可編輯ppt,25,25,營運(yùn)活動(dòng)分析 Operating Activity Analysis,經(jīng)營周期 = 應(yīng)收賬款周轉(zhuǎn)天數(shù) + 存貨周轉(zhuǎn)天數(shù) 應(yīng)收賬款周

24、轉(zhuǎn)率 = 賒銷額/平均總應(yīng)收帳款 應(yīng)收帳款周轉(zhuǎn)天數(shù) = 365/應(yīng)收賬款周轉(zhuǎn)率 存貨周轉(zhuǎn)率 = 銷貨成本/平均存貨 Operating Cycle = Days Sales in Accounts Receivable + Days Sales in Inventory Account Receivable Turnover Ratio = Credit Sales/Average Gross Accounts Receivables Days Sales in Receivable = 365/Accounts Receivable Turnover Inventory Turnover R

25、atio = Cost of Goods Sold/Average Inventory,可編輯ppt,26,26,營運(yùn)活動(dòng)分析 Operating Activity Analysis,存貨周轉(zhuǎn)天數(shù) = 365/存貨周轉(zhuǎn)率 其他周轉(zhuǎn)率 總資產(chǎn)周轉(zhuǎn)率 = 銷售額/平均總資產(chǎn) 固定資產(chǎn)周轉(zhuǎn)率 = 銷售額/平均凈PP&E Days Sales in Inventory = 365/Inventroy Turnover Ratio Other Turnover Ratios Total Asset Turnover Ratio = Sales/Average Total Assets Fixed Ass

26、et Turnover Ratio = Sales/Average net PP&E,可編輯ppt,27,27,第三節(jié)：獲利能力分析 Topic 3: Profitability Analysis,可編輯ppt,28,28,每股收益 Earning per Share,每股收益 = （凈收益 優(yōu)先股股利）/發(fā)行在外的加權(quán)平均普通股數(shù)量，案例，608頁 稀釋后每股收益 稀釋后每股收益 = （凈收益 優(yōu)先股）/稀釋后發(fā)行在外的加權(quán)平均普通股數(shù)量，案例，609頁 Earning per Common Share = (net income Perferred Dividends)/Weighted

27、Average Number of Common Shares Outstanding, for example, page 33 Diluted Earning per Share Diluted Earning per Share = (Net income Preferred dividends)/Diluted weighted average number of common shares outstanding, for example, page 34,可編輯ppt,29,29,每股收益 Earning per Share,股利支付率 股利支付率 = 普通股股利/可供普通股股東分

28、配的盈余 股利收益 股利收益率 = 每股年股利/每股現(xiàn)行市價(jià) Dividend Payout Ratio Dividend payout ratio = common dividends/Earning available to common shareholders Dividend Yield Dividend yield = annual dividends per share/Market price per share,可編輯ppt,30,30,可持續(xù)增長率 Sustainable Equity Growth,可持續(xù)的增長率 = ROE（1-股利支付率） Sustainable Gr

29、owth Rate = ROE (1- Dividend Payout Ratio),可編輯ppt,31,31,資本投資回報(bào)率 Return on Capital Investment,資本投資回報(bào)率的組成要素 ROI 與公司所動(dòng)用的資本有關(guān)的利潤率 ROA 指標(biāo)上涉及的要素基本上與ROI相似 ROE 與權(quán)益相關(guān)的利潤率 投資資本的定義 非生產(chǎn)性資產(chǎn)，應(yīng)折舊資產(chǎn)，優(yōu)先股股東的賬面價(jià)值 Components of Return on Capital Investment ROI essentially the degree of profit in relation to the capital

30、 deployed ROA same set of factor as ROI ROE degree of the profit in relation to equity Definition of Invested Capital unproductive assets, depreciable assets, preferred shareholders book value,可編輯ppt,32,32,資本投資的回報(bào)率 Return on Capital Investment,獲利能力分析 毛利率 = （銷售 銷貨成本）/ 銷售 營運(yùn)利潤率 = 營業(yè)收益/銷售 凈利潤率 = 凈收益/銷售

31、 Profitability Analysis Gross profit margin percentage = (Sales Cost of Sales)/Sales Operating Profit Margin Percentage = Operating Income/Sales Net Profit Margin Percentage = Net Income/Sales,可編輯ppt,33,33,資本投資的回報(bào)率 Return on Capital Investment,費(fèi)用分析 主要費(fèi)用 = 銷售，管理費(fèi)用，折舊費(fèi)用，攤銷費(fèi)用，維護(hù)，財(cái)務(wù)費(fèi)用，所得稅 Expense Analys

32、is Major expense selling, administrative expenses, depreciation expense, amortization, maintenance, financing expenses, income taxes,可編輯ppt,34,34,資本投資的回報(bào)率 Return on Capital Investment,投資回報(bào)率 投資回報(bào)率（ROI）= 業(yè)務(wù)單位的凈利潤/業(yè)務(wù)單位的資產(chǎn) 資產(chǎn)的回報(bào)率（ROA） ROA = 凈收益/平均總資產(chǎn) Return on Investment Return on Investment (ROI) = Net

33、 Profit of Business Unit/Assets of Business Unit Return on Assets (ROA) ROA = Net Income/Average Total Assets,可編輯ppt,35,35,資本投資的回報(bào)率 Return on Capital Investment,杜邦模型 ROA = 凈收益/銷售 銷售/平均總資產(chǎn)，案例，616頁 普通股權(quán)益回報(bào)的計(jì)算 ROE = 凈收益/平均權(quán)益 財(cái)務(wù)杠桿比率=資產(chǎn)/權(quán)益 DuPont Model ROA = Net Income/Sales Sales/Average Total Assets, f

34、or example, page 42 Calculating Return on Common Equity ROE = Net Income/Average Equity Financial Leverage Ratio = Assets/Equity,可編輯ppt,36,36,收入分析 Revenue Analysis,收入 從其客戶處所獲得的資源 收入的來源 收入的來源 業(yè)務(wù)活動(dòng)在實(shí)質(zhì)上必須已經(jīng)完成，所有權(quán)風(fēng)險(xiǎn)必須有效地轉(zhuǎn)移給購買者，收入以很高的準(zhǔn)確性進(jìn)行度量和估計(jì)，帶來現(xiàn)金、應(yīng)收款或者其他資產(chǎn)的增加，或則負(fù)債的下降，必須是與外部獨(dú)立實(shí)體進(jìn)行的交易 Revenue resources

35、generated by a business from customer Source of Revenue Recognition of revenues activities must be substantially completed, risk of ownership effectively passed on to the buyer, the revenue measured or estimated with substantial accuracy, either increased in cash, receivables, or other asset or decr

36、ease in a liability, business action must be at arms length,可編輯ppt,37,37,收入分析 Revenue Analysis,收入趨勢和穩(wěn)定性 重要考慮 產(chǎn)品需求的彈性，需求趨勢作出預(yù)測的能力，競爭程度，客戶集中度，對少數(shù)銷售代表的依賴程度，市場區(qū)域多樣化的程度 收入、存貨與應(yīng)收賬款之間的相互關(guān)系 Revenue Trends and stability Important consideration elastically of demand for products, ability to anticipate demand

37、trends, level of competition, degree of customer concentration and dependence on a single industry or a single customer, degree of dependence on sales associate, degree of geographical diversification of markets Inter-relationships Between Revenue, Inventory, and Receivables,可編輯ppt,38,38,收益度量分析 Inco

38、me Measurement Analysis,收益的量度出于很多原因 確定有把握的收益，以預(yù)測受益的大小，確定收益主要構(gòu)成元素的穩(wěn)定性，量度企業(yè)的收益獲取能力 考慮以下幾種原因 估計(jì)，會(huì)計(jì)方法，披露激勵(lì)，使用者的不同需要 Income measured for a number of reasons determine what income can be relied on for purposes of income forecasting, determine how stable the major elements of income are, measure the earnin

39、g power of the business Following factors needed to be considered estimates, accounting methods, disclosure incentives, different needs of users,可編輯ppt,39,39,比率分析的局限性 Limitations of Ratio Analysis,內(nèi)部因素 強(qiáng)調(diào)綜合指標(biāo)，基于過去的財(cái)務(wù)信息，包含非營運(yùn)項(xiàng)目的信息，理解會(huì)計(jì)準(zhǔn)則，數(shù)據(jù)的合理性，因素之間的相互關(guān)系 外部因素 企業(yè)的狀況，在行業(yè)中的地位 其他局限性 使用不同的會(huì)計(jì)方法使相互比較變得困難，季節(jié)

40、性波動(dòng)，分析企業(yè)集團(tuán)是困難的 Internal factors emphasis on summary indicators, based on past financial information, contain non-operating items, understanding of the accounting principles, validity of number, correlation within factors External factors business condition, industry position Other limitation use of

41、different accounting make comparability difficult, seasonal fluctuation, analyzing conglomerates is difficult,可編輯ppt,40,40,第四節(jié)：財(cái)務(wù)會(huì)計(jì)中的分析性問題 Topic 4: Analytical Issues in Financial Accounting,可編輯ppt,41,41,經(jīng)濟(jì)利潤和會(huì)計(jì)利潤 Economic Profit and Accounting Profits,經(jīng)濟(jì)利潤 在生命期內(nèi)實(shí)現(xiàn)盈利的凈現(xiàn)值 會(huì)計(jì)利潤 一般公認(rèn)會(huì)計(jì)準(zhǔn)則設(shè)定的規(guī)則，需要用估計(jì)值 Eco

42、nomic Profit net present value of its earning over its lifetime Accounting profit follow the rules set by GAAP, approximation are needed,可編輯ppt,42,42,收益質(zhì)量 Earning Quality,會(huì)計(jì)原則的選擇 表外融資及其對財(cái)務(wù)報(bào)表的影響 關(guān)于資產(chǎn)維護(hù)和未來獲利能力的規(guī)定 經(jīng)濟(jì)力量對收益的影響 Selection of Accounting Principles Off-balance Sheet Financing and Its Effect

43、on the Financials Provision for Maintenance of Assets and Future Earning Power Effect of Economic Forces on Earnings,可編輯ppt,43,43,收益質(zhì)量 Earning Quality,收益的持久性 重新構(gòu)建損益表 圖表2-9，630頁 每股賬面價(jià)值 = （總權(quán)益 優(yōu)先股權(quán)益）/發(fā)行在外的普通股股數(shù)，案例，631頁 Earning Persistence Recast income statement figure 2-9, page 58 Book Value Per Shar

44、e = (Total Equity Preferred Stockholders Equity)/Number of Common Shares of Outstanding, for example, page 60,可編輯ppt,44,44,收益質(zhì)量 Earning Quality,收益的持久性 市場價(jià)值與賬面價(jià)值的比率 = 現(xiàn)行股價(jià)/每股賬面價(jià)值 市盈率 = 每股市價(jià)/EPS 收益率 = EPS/每股普通股的現(xiàn)行市價(jià) Earning Persistence Market-to-book Value Ratio = Current Stock Price/Book Value per Sh

45、are Price Earning Ratio = Market Price per Share/EPS Earning Yield = EPS/Current Market Price per Common Share,可編輯ppt,45,45,價(jià)格變化和通貨膨脹的影響 Effects of Changing Price and Inflation,通過膨脹 重要考慮，案例，633頁 Inflation important consideration, for example, page 61,可編輯ppt,46,46,公允價(jià)值標(biāo)準(zhǔn) Fair Value Standards,公允價(jià)值衡量 資產(chǎn)或負(fù)債通過市場參與者之間的有序交易進(jìn)行交換，如果存在主市場，則該市場的價(jià)格就是公允價(jià)格，如果存在多個(gè)市場，則根據(jù)最有利市場中的價(jià)格來確定公平價(jià)值 Fair value measurement assumed asset or liability exchanged in an orderly transaction between market par