財(cái)務(wù)管理--運(yùn)用財(cái)務(wù)報(bào)表(中英文)(ppt 24)

1、財(cái)財(cái) 務(wù)務(wù) 管管 理理 i financial management i 運(yùn)用財(cái)務(wù)報(bào)表運(yùn)用財(cái)務(wù)報(bào)表 working with financial statementssec.1 現(xiàn)金流量與財(cái)務(wù)報(bào)表現(xiàn)金流量與財(cái)務(wù)報(bào)表 cash flow and financial statementslsources of cash：公司產(chǎn)生現(xiàn)金的活動(dòng)。* 資產(chǎn)減少(現(xiàn)金以外)：應(yīng)收帳款收回，出售固定資產(chǎn)* 負(fù)債增加：發(fā)行債券，向銀行借款* 權(quán)益增加：增資，營(yíng)業(yè)收入luses of cash：公司現(xiàn)金支出的活動(dòng) * 資產(chǎn)增加(現(xiàn)金以外)：購(gòu)買原料或進(jìn)貨，購(gòu)買固定資產(chǎn)* 負(fù)債減少：償還債券，償還借款* 權(quán)益減少：

2、發(fā)放股利，營(yíng)業(yè)費(fèi)用2sec.2 現(xiàn)金流量表 the statement of cash flows l目的：為了比較不同公司或同一公司不同年度財(cái)務(wù)報(bào)表，所面臨的基本規(guī)模不同而無(wú)法逕行比較。la common-size statement is a standardized financial statement presenting all items in percentage terms.lcommon-size balance sheet：每一個(gè)項(xiàng)目都以總資產(chǎn)的百分比來(lái)表示。lcommon-size income statement：每一個(gè)項(xiàng)目都以銷貨的百分比來(lái)表示。3sec.2 現(xiàn)金流

3、量表(續(xù)）lcommon-base year financial statements：trend analysisit is a standardized financial statement presenting all items relative to a certain base-year amount.lcombined common-size and base-year analysis* 目的：消除資產(chǎn)或銷貨不同所導(dǎo)致各帳戶呈現(xiàn)的成長(zhǎng)或衰 退現(xiàn)象。* 先做共同比分析，再根據(jù)各項(xiàng)目的比率進(jìn)行趨勢(shì)分析。 4sec.3 比率分析比率分析 ratio analysisl短期償債能力(

4、流動(dòng)性)比率 short-term solvency, or liquidity, measures l長(zhǎng)期償債能力(財(cái)務(wù)槓桿)比率long-term solvency, or financial leverage, ratios l資產(chǎn)管理(週轉(zhuǎn))率asset management, or turnover, ratiosl獲利能力 profitability ratiosl市場(chǎng)價(jià)值比 market value ratios51.短期償債能力(流動(dòng)性)指標(biāo)short-term solvency，liquidity，measuresl流動(dòng)比率：l速動(dòng)比率：quick ( acid-test )

5、 ratio =l現(xiàn)金比率：l淨(jìng)營(yíng)運(yùn)資金比：nwc to total assets ratio = l期間衡量： sliabilitiecurrentassetscurrentratiocurrentsliabilitiecurrentinventoryassetscurrentsliabilitiecurrentcashratiocashassetstotalnwctsoperatingdailyaverageassetscurrentmeasureintervalcos6流動(dòng)比率：lunit：dollars or times.lfor creditors：該比率愈高愈好。lfor firm

6、：比率高固然穩(wěn)健，然亦表示未充分利用流動(dòng)資產(chǎn)。l流動(dòng)比率至少應(yīng)為1，若小於1則表示ncw0。lbe affected by various types of transactions：l借長(zhǎng)資短，則流動(dòng)比率。l保留大量舉債能力(特別是長(zhǎng)期負(fù)債額度)者，低流動(dòng)比率未必是壞現(xiàn)象。sliabilitiecurrentassetscurrentratiocurrent7速動(dòng)比率 quick ( acid-test ) ratio = linventory：least liquid current asset.book values are least reliable. quality isnt co

7、nsidered.l剃除存貨係為避免錯(cuò)估短期流動(dòng)性。l以現(xiàn)金購(gòu)買存貨，流動(dòng)性應(yīng)降低。但流動(dòng)比率未變，速動(dòng)比率則降低。sliabilitiecurrentinventoryassetscurrent8其他流動(dòng)性比率l現(xiàn)金比率：（極短期債權(quán)人所關(guān)心之比率）lnwc to total assets ratio =（短期流動(dòng)性） l衡量期間：衡量一旦員工罷工，現(xiàn)金流入中斷，公司可維持之天數(shù)。average daily operating costs = sliabilitiecurrentcashratiocashassetstotalnwccostsoperatingdailyaverageasse

8、tscurrentmeasureinterval天365interest&ondepreciatiexcludingcoststotal92.長(zhǎng)期償債能力指標(biāo) long-term solvency measures (亦稱財(cái)務(wù)結(jié)構(gòu)，財(cái)務(wù)槓桿比率 financial leverage ratio ) l總負(fù)債比 total debt ratio = l長(zhǎng)期負(fù)債比 long-term debt ratio = l利息保障倍數(shù) times interest earned ( tie ) = l現(xiàn)金涵蓋比率cash coverage ratio = assetstotalequitytotalasse

9、tstotalequitytotaldebttermlongdebttermlonginterestebitinterestebditinterestondepreciatiebit10總負(fù)債比 total debt ratio = l總負(fù)債比高低孰優(yōu)，取決於資本結(jié)構(gòu)政策。l同類比率：debt-equity ratio = equity multiplier = lequity multiplier =l total debt ratio assetstotalequitytotalassetstotalequitytotaldebttotalequitytotalassetstotalrat

10、ioequitydebtequitytotaldebttotalequitytotalequitytotalassetstotal/1multiplierequityassetstotalequitytotal11111long-term debt ratio = l財(cái)務(wù)分析師較關(guān)心長(zhǎng)期債務(wù)，因?yàn)閟hort-term debts 受交易實(shí)務(wù)(慣例)影響而常變動(dòng)，較不受債務(wù)管理政策影響。ltotal capitalization 資本總額 = long-term debt + total equitytotal assets 總資產(chǎn) = total capitalization + short-

11、term debts (current liabilities) ldifferent people ( and different books ) mean different things by the term debt ratio.equitytotaldebttermlongdebttermlong12利息保障倍數(shù) 與 現(xiàn)金涵蓋比率 ltimes interest earned ( tie ) = * 衡量公司對(duì)利息費(fèi)用之保障能力* 亦稱利息涵蓋比率 interest coverage ratio。 lcash coverage ratio = * 為改進(jìn) tie ratio 而設(shè)*

12、 ebit + depreciation 代表的償付利息能力較符合 cash flow 觀念。 interestebitinterestebditinterestondepreciatiebit133.資產(chǎn)管理 or 週轉(zhuǎn)率 asset management，or turnover，measures l目的：衡量資產(chǎn)使用效率，運(yùn)用資產(chǎn)所能產(chǎn)生的銷貨金額。又稱資產(chǎn)利用比率 asset utilization ratios。( sales 為核心)linventory turnover = receivables turnover = total asset turnover = l其他：paya

13、bles turnover , nwc turnover , fixed asset turnover inventorysoldgoodsofcostsreceivableaccountsalesassetstotalsales14存貨週轉(zhuǎn)率與庫(kù)存天數(shù) inventory turnover and days sales in inventorylinventory turnover = 只要無(wú)缺貨情形，inventory turnover 愈高愈好ldays sales in inventory = 代表存貨在出貨前平均存在天數(shù)。linventory 若關(guān)心過(guò)去 以平均值計(jì)算為佳 若關(guān)心未來(lái)

14、 以期末值計(jì)算即可inventorysoldgoodsofcostturnoverinventory天36515應(yīng)收帳款週轉(zhuǎn)率與應(yīng)收帳款回收天數(shù) receivables turnover and days sales in receivables lreceivables turnover =ldays sales in receivables = ( 亦稱 average collection period ，acp )l應(yīng)付帳款週轉(zhuǎn)率與付款天數(shù) payables turnover = 付款天數(shù) = sreceivableaccountsalesturnoverceivablesre365天

15、payablesaccountsoldgoodofcostturnoverpayables天36516其他 asset turnover ratio：l衡量每1元 的各種 assets 可創(chuàng)造多少 sales。 lnwc turnover =lfixed asset turnover =ltotal asset turnover = nwcsalesassetsfixednetsalesassetstotalsales174.profitability measures 獲利能力 l目的：measure how efficiently the firm uses its assets and

16、how efficiently the firm managers its operations.l重心在於 net income l邊際利潤(rùn) profit margin = return on assets ( roa ) = return on equity ( roe ) = salesincomenetassetstotalincomenetequitytotalincomenet18邊際利潤(rùn) profit margin = l衡量每元之 sales 可產(chǎn)生之 net income。l假如其他條件相同，則邊際利潤(rùn)愈高代表費(fèi)用率愈低。l影響邊際利潤(rùn)之其他條件常不同，例如降低售價(jià)格可增加銷

17、貨量，邊際利潤(rùn)固然降低，但可擴(kuò)增市場(chǎng)占有率。salesincomenet19資產(chǎn)報(bào)酬率與股東權(quán)益報(bào)酬率 roa roe lroa= roe= l公司目標(biāo)在會(huì)計(jì)觀點(diǎn)上，roe係基本的績(jī)效衡量指標(biāo)。lroa與roe之差異係因債務(wù)融資而產(chǎn)生。lroa與roe均係會(huì)計(jì)報(bào)酬，並非以市場(chǎng)價(jià)值為基礎(chǔ)，故不宜與市場(chǎng)報(bào)酬相比較。 assetstotalincomenetequitytotalincomenet205.market value measures 市場(chǎng)價(jià)值指標(biāo)lpublicly traded co.適用：因?yàn)樨?cái)務(wù)報(bào)表不含市場(chǎng)價(jià)值資訊。l每股盈餘 eps = l本益比 pe ratio = * 衡量投

18、資者願(yuàn)以多少價(jià)格購(gòu)買目前1元之盈餘。* (虧損公司不適用)* 盈餘極低公司會(huì)有極高之本益比，應(yīng)留意其適當(dāng)性。庫(kù)藏股發(fā)行股數(shù)-goutstandinnisharesincomenetepsshareperprice215.市場(chǎng)價(jià)值指標(biāo)(續(xù))l市價(jià)對(duì)帳面價(jià)值比 market-to-book ratio = * mv代表公司投資之市價(jià)，bv代表公司投資之成本* 本比率為衡量公司之投資市價(jià)與投入成本比。shareperbvvaluebooksharepermvvaluemarket)()(22sec4. 杜邦恆等式杜邦恆等式 the du pont identityl公式：l= profit margin total assets turnover equity multiplier = operating efficiency assets use efficiency financial leverage eaassnieaanisss