財務管理--運用財務報表(中英文)(ppt 24)

1、財財 務務 管管 理理 i financial management i 運用財務報表運用財務報表 working with financial statementssec.1 現(xiàn)金流量與財務報表現(xiàn)金流量與財務報表 cash flow and financial statementslsources of cash：公司產(chǎn)生現(xiàn)金的活動。* 資產(chǎn)減少(現(xiàn)金以外)：應收帳款收回，出售固定資產(chǎn)* 負債增加：發(fā)行債券，向銀行借款* 權益增加：增資，營業(yè)收入luses of cash：公司現(xiàn)金支出的活動 * 資產(chǎn)增加(現(xiàn)金以外)：購買原料或進貨，購買固定資產(chǎn)* 負債減少：償還債券，償還借款* 權益減少：

2、發(fā)放股利，營業(yè)費用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務報表，所面臨的基本規(guī)模不同而無法逕行比較。la common-size statement is a standardized financial statement presenting all items in percentage terms.lcommon-size balance sheet：每一個項目都以總資產(chǎn)的百分比來表示。lcommon-size income statement：每一個項目都以銷貨的百分比來表示。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)或銷貨不同所導致各帳戶呈現(xiàn)的成長或衰 退現(xiàn)象。* 先做共同比分析，再根據(jù)各項目的比率進行趨勢分析。 4sec.3 比率分析比率分析 ratio analysisl短期償債能力(

4、流動性)比率 short-term solvency, or liquidity, measures l長期償債能力(財務槓桿)比率long-term solvency, or financial leverage, ratios l資產(chǎn)管理(週轉)率asset management, or turnover, ratiosl獲利能力 profitability ratiosl市場價值比 market value ratios51.短期償債能力(流動性)指標short-term solvency，liquidity，measuresl流動比率：l速動比率：quick ( acid-test )

5、 ratio =l現(xiàn)金比率：l淨營運資金比：nwc to total assets ratio = l期間衡量： sliabilitiecurrentassetscurrentratiocurrentsliabilitiecurrentinventoryassetscurrentsliabilitiecurrentcashratiocashassetstotalnwctsoperatingdailyaverageassetscurrentmeasureintervalcos6流動比率：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資產(chǎn)。l流動比率至少應為1，若小於1則表示ncw0。lbe affected by various types of transactions：l借長資短，則流動比率。l保留大量舉債能力(特別是長期負債額度)者，低流動比率未必是壞現(xiàn)象。sliabilitiecurrentassetscurrentratiocurrent7速動比率 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估短期流動性。l以現(xiàn)金購買存貨，流動性應降低。但流動比率未變，速動比率則降低。sliabilitiecurrentinventoryassetscurrent8其他流動性比率l現(xiàn)金比率：（極短期債權人所關心之比率）lnwc to total assets ratio =（短期流動性） 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.長期償債能力指標 long-term solvency measures (亦稱財務結構，財務槓桿比率 financial leverage ratio ) l總負債比 total debt ratio = l長期負債比 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總負債比 total debt ratio = l總負債比高低孰優(yōu)，取決於資本結構政策。l同類比率：debt-equity ratio = equity multiplier = lequity multiplier =l total debt ratio assetstotalequitytotalassetstotalequitytotaldebttotalequitytotalassetstotalrat

10、ioequitydebtequitytotaldebttotalequitytotalequitytotalassetstotal/1multiplierequityassetstotalequitytotal11111long-term debt ratio = l財務分析師較關心長期債務，因為short-term debts 受交易實務(慣例)影響而常變動，較不受債務管理政策影響。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 ) = * 衡量公司對利息費用之保障能力* 亦稱利息涵蓋比率 interest coverage ratio。 lcash coverage ratio = * 為改進 tie ratio 而設*

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 週轉率 asset management，or turnover，measures l目的：衡量資產(chǎn)使用效率，運用資產(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存貨週轉率與庫存天數(shù) inventory turnover and days sales in inventorylinventory turnover = 只要無缺貨情形，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 若關心過去 以平均值計算為佳 若關心未來

14、 以期末值計算即可inventorysoldgoodsofcostturnoverinventory天36515應收帳款週轉率與應收帳款回收天數(shù) receivables turnover and days sales in receivables lreceivables turnover =ldays sales in receivables = ( 亦稱 average collection period ，acp )l應付帳款週轉率與付款天數(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 profit margin = return on assets ( roa ) = return on equity ( roe ) = salesincomenetassetstotalincomenetequitytotalincomenet18邊際利潤 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，則邊際利潤愈高代表費用率愈低。l影響邊際利潤之其他條件常不同，例如降低售價格可增加銷

17、貨量，邊際利潤固然降低，但可擴增市場占有率。salesincomenet19資產(chǎn)報酬率與股東權益報酬率 roa roe lroa= roe= l公司目標在會計觀點上，roe係基本的績效衡量指標。lroa與roe之差異係因債務融資而產(chǎn)生。lroa與roe均係會計報酬，並非以市場價值為基礎，故不宜與市場報酬相比較。 assetstotalincomenetequitytotalincomenet205.market value measures 市場價值指標lpublicly traded co.適用：因為財務報表不含市場價值資訊。l每股盈餘 eps = l本益比 pe ratio = * 衡量投

18、資者願以多少價格購買目前1元之盈餘。* (虧損公司不適用)* 盈餘極低公司會有極高之本益比，應留意其適當性。庫藏股發(fā)行股數(shù)-goutstandinnisharesincomenetepsshareperprice215.市場價值指標(續(xù))l市價對帳面價值比 market-to-book ratio = * mv代表公司投資之市價，bv代表公司投資之成本* 本比率為衡量公司之投資市價與投入成本比。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