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

1、財(cái) 務(wù) 管 理 I Financial Management I 運(yùn)用財(cái)務(wù)報(bào)表 Working with Financial Statements1Sec.1 現(xiàn)金流量與財(cái)務(wù)報(bào)表 Cash Flow and Financial StatementsSources of Cash：公司產(chǎn)生現(xiàn)金的活動。* 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，營業(yè)收入U(xiǎn)ses 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(jìn)貨，購買固定資產(chǎn)* 負(fù)債減少：償還債券，償還借款* 權(quán)益減少：發(fā)放股利，營業(yè)費(fèi)用2Sec.2 現(xiàn)金流量

2、表 the Statement of Cash Flows 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，所面臨的根本規(guī)模不同而無法逕行比較。A common-Size Statement is a standardized financial statement presenting all items in percentage terms.Common-size balance sheet：每一個項(xiàng)目都以總資產(chǎn)的百分比來表示。Common-size income statement：每一個項(xiàng)目都以銷貨的百分比來表示。3Sec.2 現(xiàn)金流量表(續(xù)）Common-Base Year Fi

3、nancial Statements：Trend AnalysisIt is a standardized financial statement presenting all items relative to a certain base-year amount.Combined 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)行趨勢分析。 4Sec.3 比率分析 Ratio Analysis短期償債能力(流動性)比率 Short-term solvency, or

4、liquidity, measures 長期償債能力(財(cái)務(wù)槓桿)比率Long-term solvency, or financial leverage, ratios 資產(chǎn)管理(週轉(zhuǎn))率Asset management, or turnover, ratios獲利能力 Profitability ratios市場價值比 Market value ratios51.短期償債能力(流動性)指標(biāo)Short-Term Solvency，Liquidity，Measures流動比率：速動比率：Quick ( Acid-Test ) Ratio =現(xiàn)金比率：淨(jìng)營運(yùn)資金比：NWC to total asse

5、ts ratio = 期間衡量： 6流動比率：Unit：dollars or times.For creditors：該比率愈高愈好。For firm：比率高固然穩(wěn)健，然亦表示未充分利用流動資產(chǎn)。流動比率至少應(yīng)為1，若小於1則表示NCW0。Be affected by various types of transactions：借長資短，則流動比率。保存大量舉債能力(特別是長期負(fù)債額度)者，低流動比率未必是壞現(xiàn)象。7速動比率 Quick ( Acid-Test ) Ratio = Inventory：least liquid current asset.book values are leas

6、t reliable. quality isnt considered.剃除存貨係為防止錯估短期流動性。以現(xiàn)金購買存貨，流動性應(yīng)降低。但流動比率未變，速動比率則降低。8其他流動性比率現(xiàn)金比率：（極短期債權(quán)人所關(guān)心之比率）NWC to total assets ratio =（短期流動性） 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 = 92.長期償債能力指標(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 ) 總負(fù)債比 Total

7、Debt Ratio = 長期負(fù)債比 Long-Term Debt Ratio = 利息保障倍數(shù) Times Interest Earned ( TIE ) = 現(xiàn)金涵蓋比率Cash Coverage Ratio = 10總負(fù)債比 Total Debt Ratio = 總負(fù)債比上下孰優(yōu)，取決於資本結(jié)構(gòu)政策。同類比率：Debt-equity ratio = Equity multiplier = Equity multiplier = Total Debt Ratio 11Long-Term Debt Ratio = 財(cái)務(wù)分析師較關(guān)心長期債務(wù)，因?yàn)镾hort-Term Debts 受交易實(shí)務(wù)(慣

8、例)影響而常變動，較不受債務(wù)管理政策影響。Total capitalization 資本總額 = Long-Term Debt + Total EquityTotal assets 總資產(chǎn) = Total capitalization + Short-Term Debts (current liabilities) Different people ( and different books ) mean different things by the term debt ratio.12利息保障倍數(shù) 與 現(xiàn)金涵蓋比率 Times Interest Earned ( TIE ) = * 衡量公

9、司對利息費(fèi)用之保障能力* 亦稱利息涵蓋比率 interest coverage ratio。 Cash Coverage Ratio = * 為改進(jìn) TIE ratio 而設(shè)* EBIT + Depreciation 代表的償付利息能力較符合 cash flow 觀念。 133.資產(chǎn)管理 or 週轉(zhuǎn)率 Asset Management，or Turnover，Measures 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)Inventory Turnover = Receivables Turno

10、ver = Total Asset Turnover = 其他：Payables Turnover , NWC Turnover , Fixed Asset Turnover 14存貨週轉(zhuǎn)率與庫存天數(shù) Inventory Turnover and Days Sales in InventoryInventory Turnover = 只要無缺貨情形，Inventory Turnover 愈高愈好Days Sales in Inventory = 代表存貨在出貨前平均存在天數(shù)。Inventory 若關(guān)心過去 以平均值計(jì)算為佳 若關(guān)心未來 以期末值計(jì)算即可15應(yīng)收帳款週轉(zhuǎn)率與應(yīng)收帳款回收天數(shù) Re

11、ceivables Turnover and Days Sales in Receivables Receivables Turnover =Days Sales in Receivables = ( 亦稱 Average Collection Period ，ACP )應(yīng)付帳款週轉(zhuǎn)率與付款天數(shù) Payables Turnover = 付款天數(shù) = 16其他 Asset Turnover Ratio：衡量每1元 的各種 Assets 可創(chuàng)造多少 Sales。 NWC Turnover =Fixed Asset Turnover =Total Asset Turnover = 174.Profi

12、tability Measures 獲利能力 目的：Measure how efficiently the firm uses its assets and how efficiently the firm managers its operations.重心在於 Net Income 邊際利潤 Profit Margin = Return on Assets ( ROA ) = Return on Equity ( ROE ) = 18邊際利潤 Profit Margin = 衡量每元之 Sales 可產(chǎn)生之 Net Income。假設(shè)其他條件相同，則邊際利潤愈高代表費(fèi)用率愈低。影響邊際利潤

13、之其他條件常不同，例如降低售價格可增加銷貨量，邊際利潤固然降低，但可擴(kuò)增市場占有率。19資產(chǎn)報(bào)酬率與股東權(quán)益報(bào)酬率 ROA ROE ROA= ROE= 公司目標(biāo)在會計(jì)觀點(diǎn)上，ROE係根本的績效衡量指標(biāo)。ROA與ROE之差異係因債務(wù)融資而產(chǎn)生。ROA與ROE均係會計(jì)報(bào)酬，並非以市場價值為基礎(chǔ)，故不宜與市場報(bào)酬相比較。 205.Market Value Measures 市場價值指標(biāo)publicly traded co.適用：因?yàn)樨?cái)務(wù)報(bào)表不含市場價值資訊。每股盈餘 EPS = 本益比 PE ratio = * 衡量投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(yīng)留意其適當(dāng)性。215.市場價值指標(biāo)(續(xù))市價對帳面價值比 Market-to-Book Ratio = * MV代表公司投資之市價，BV代表公司投資之本錢* 本比率為衡量公司之投資市價與投入本錢比。22Sec4. 杜邦恆等式 The Du Pont Identity公式：= Profit Margin Total Assets Turnover Equity Multiplier = Operating efficiency Assets use efficiency Financial leverage 23Sec4. Th