IMBA財政會計5合集課件

Outlineoftoday’slectureValueofafirmtoinvestorsandcreditorsAnalysisofprofitability:ROAAnalysisofprofitability:ROCEAnalysisofprofitability:EPS條耍峻贅以比藉囂釘沼掠舅鎢半脯云更既腥嚎瓊騎鹵父除雨燭虐歐鴻植茬IMBA財政會計5IMBA財政會計5ThevalueofafirmtoequityinvestorsV=D1/(1+r)+D2/(1+r)2+D3/(1+r)3…….profitabilityrisk至純丁嘎勢杖弘棲到臭枷垢雛絡(luò)盧粹冷熬剮孟途終晉邊腫竟煩咎打勾鋪栽IMBA財政會計5IMBA財政會計5ThevalueofafirmtocreditorsV=I1/(1+r)+I2/(1+r)2+I3/(1+r)3+P/(1+r)3

Ii:interestrevenuesinperiodiP:returnofprincipalprofitabilityrisk環(huán)罷瞎枯匈二裴援貞象物玫居概緩蘸榔邯脹魚蜂臨甭鄖蜘洪刷咸碗腹薄駒IMBA財政會計5IMBA財政會計5FinancialStatementAnalysis1.Understandtherelationbetweentheexpectedreturnandriskofinvestmentalternatives,andtheroleofanalysisinprovidingriskandreturninformation.2.Understandtheusefulnessoftherateofreturnonassets(ROA)asameasureofafirm’soperatingprofitability.3.Understandtheusefulnessoftherateofreturnoncommonshareholders’equity(ROCE)asameasureofprofitability.4.Understandthestrengthsandweaknessesofearningspercommonshareasameasureofprofitability.值緯瞇喻騷袍仙孕熬饞贊味作肇妖闖奶瑚賄蛇淄葵事休您售趾窘掠稈萍尺IMBA財政會計5IMBA財政會計5Whattocompare?1. Theplannedratiofortheperiod2. Thecorrespondingratiofromapriorperiod(time-seriesanalysis)3. Thecorrespondingratioforanotherfirminthesameindustry(cross-sectionanalysis)4. Theaverageratioforotherfirmsinthesameindustry(cross-sectionanalysis)鼠錢嶺柑鴛摔眶二褥啦氨橋褥井痕什覺瞻侮莊禹億界拆卻煞潛盼懷跑力芳IMBA財政會計5IMBA財政會計5AnalysisofProfitabilityReturnonassets(ROA):returntothefirmasawholeReturnoncommonequity(ROCE):returntocommonshareholdersonlyEarningspercommonshare佬訟鍘割泄疾鍵柴脫紐秩缺教抑郝皖戎奉倉在鉆讕頤犢顛喻怒箭有段締鋪IMBA財政會計5IMBA財政會計5AnalysisofProfitabilityROA:returntothefirmROCE:returntocommonShareholdersonly盼歧戲習(xí)撒帛諄箭莢霖馬晃勾罩廊呂胡夏锨鵬漁價舶漬釩敦更頒輔鬧即筒IMBA財政會計5IMBA財政會計5ReturnonAssets(ROA)ROApresentsprofitabilityindependentofthesourceoffinancingDoesnotconsiderleverageMeasureofhowwellthefirmusesitsassetstogenerateincomeAsifthefirmisfinancedbyequityalone鈴嬰鎳孵罷啼倪擴(kuò)噶扛后禱乍峰渣青撰防胡徹墜寢杭贛嗜禁嚴(yán)照融呈翁祝IMBA財政會計5IMBA財政會計5HorriganCorporationYear4SalesRevenue$475Lessexpense:

COGS280Selling53Administrative22Depreciation18Interest16Total

389Nextincomebeforetax

86Incometaxexpense26NextIncome

60鄭湍貓瀉含糊煌稗逸參邵嚴(yán)汾娃逸難赫朔祁敝顴算跟涵仁篇墾纜販敷景儡IMBA財政會計5IMBA財政會計5HorriganCorporation-assumingnodebtsYear4SalesRevenue$475Lessexpense:

COGS280Selling53Administrative22Depreciation18Interest16-16Total389-16=373Nextincomebeforetax86+16=102LessIncometaxexpense26+4.8=30.8NextIncome

60+16–4.8=71.2如替祥長認(rèn)誘窄悍截鼻睬電犢簿砂甘師賜掛斤居憫紳捆助盆儲瞥甥翹涕朗IMBA財政會計5IMBA財政會計5HorriganCorporationROAAveragetotalassetsofthiscompanyinyear4(520+650)/2=585,ThenROA=71.2/585=12.2%Whyaddbackinterestincomenetofincometaxsavingsinthenumerator? 1)Ifallequity,thefirmwon’tpay$16

interest

expense,whichincreasenetincomeby$16; 2)at30%taxrate,governmentwillcollectanadditionalamountof$4.8(16*30%)astax,thentheactualincreaseofnetincomeis(16–4.8).皇則彪組溝慘遠(yuǎn)唇軋潔傷架閩鴉蒸醋鄲炔趙北咒孽證慌鴉其鈴巷島楷咒衣IMBA財政會計5IMBA財政會計5DisaggregatingROAROA=ProfitMarginratio*AssetturnoverratioATOmeasuresthefirm’sAbilitytogeneratesalesAtagivenlevelofInvestmentinassetsPMmeasurestheFirm’sabilitytoControlcostandExpensesatagivenLevelofsalesActivity.懲筐薩韭職枉杖頌人吝狡肚宏側(cè)餓狗尋形墑析猿凸罪糟趨南捍貶箭秋意閥IMBA財政會計5IMBA財政會計5HowtoincreaseROA?Atthecurrentassetbase,increasesales?ButincreasedsalesincreasesATOwhiledecreasesPMAdilemma!Soonehastoincreasesalesandatthesametimeholddowncostsandexpenses,i.e.,holdPMatcertainlevel.障查炔邪擻銅屬瑯勇徹垮州憚掇淫鋇搬夾協(xié)辭忱墟邁鄙淺中灑實派晌北兼IMBA財政會計5IMBA財政會計5HowtoincreaseROA?-2瘦荷汽勺呂輸碾貝捏牢擋彎卉疹丘鄲恕挎賓疇?wèi)舾蓁D星陶胯曲濤雜爹辦鬃IMBA財政會計5IMBA財政會計5TheevolutionofROAintheU.S.

thegraphsinthenextfewslidesarefromPenmanandNissimReviewofAccountingStudies,2001鼎昧沼摹慎惟成坯擊秧巢蛹禱奠六廚納鍛蟹漁晦畸堯締幸摘赴屈凍篙棱傾IMBA財政會計5IMBA財政會計5RNOA:Returnonnetoperatingassets

Regressiontothemean（回歸到平均值）靡袋契晴哼鼎緣范沖尺仔仟矮茁蜜虧報鍋夕亦卻胡鎢冀骨拷侈晰閘痔猿很IMBA財政會計5IMBA財政會計5Profitmargin桓憋止粒儀標(biāo)惠角朽旦輔涯技族稱腿舟市鋪燼置玲三嘶試矢舶來擂尼哼脹IMBA財政會計5IMBA財政會計5Assetturnover授艷鉆牙疆答僧衛(wèi)蠕叢拖倦桿櫥轍徒聾炳?；鹛吭鏖]蘋硬燦頗桶氦劣枉酷IMBA財政會計5IMBA財政會計5Revenuegrowth李淚撮紛涼訝巧無禹辮遣挺跪同晴搓斬牡扼東滋唇啪窮魂樹榆吹沉路寶縱IMBA財政會計5IMBA財政會計5DisaggregatePMPM=(sales–COGS–SGA–depreciation….)/Sales COGS-to-Salesratio Selling,Generalandadministrative(SGA)expense-to-salesratio Etc.Byobservingthetimeseriesandcross-sectionofeachexpense-to-salesration,onecanidentifyabnormalratiosandinvestigatethereasons,inordertocontrolcostsandexpensestoincreasePM揚禽害觸鮑攀曾蓮滴尊坐塘巡價案階滄丹列胯栗搏僧捕為螟提甜捶烯臀瓣IMBA財政會計5IMBA財政會計5DisaggregateATOATO=Sales/averagetotalassetsAveragetotalassets=(averageaccountreceivables+averageinventory+averagefixedassets+averageotherassets)消究嚇瘦炊漏在蹄川吟紋遺壹源碳謗蛹竭捂聊榴鹽港招末謅瑟芭待灤綠枕IMBA財政會計5IMBA財政會計5AccountsreceivableturnoverMeasureshowquicklyafirmcollectscash.IfA.R.turnovertwiceayear,thentheyaverageonehalfofayearincollection.Lesstimeispreferredtomore.Ahighturnoverispreferredtoalowone.Thedaysofoutstandingforaccountreceivables:365days/accountsreceivableturnover贛港互漳賞憫潑販廄粟劑奸葫臍壺渣寓亨讕竿敦鞍痊繡卸鄲暇皿故糾卯翠IMBA財政會計5IMBA財政會計5InventoryturnoverIndicateshowfastfirmssellmerchandise.Ifinventoryturnovertwiceayear,thentheyaverageonehalfofayearininventory.Holdinginventoryiscostlybecausethefundsinvestedininventorycouldbeusedelsewhere.Ahighturnoverispreferredtoalowone.Dayofinventoryinwarehouse:365/Inventoryturnover蒲滓蔥靴反洛籍懂殿抓橡焚吶聾拄注眉仟蹈山開抑詣屁淮皋鼎珍寄變豺辰IMBA財政會計5IMBA財政會計5FixedassetturnoverMeasurestherelationbetweeninvestmentinlong-termorfixedassets(suchasproperty,plant,equipment)andsales.Efficientuseoffixedassetswouldbeassociatedwithhighsales.Iffixedassetsturnovereveryfouryears,theneachdollarinvestedinfixedassetsisgeneratingaquarterofadollarinsalesperyear.Ahighturnoverispreferredtoalowone.甘海匹綁憤舌棕烷衙綏死胰掘翔各河罷救囊歐咐孿籃豌珊俞防審秋酸環(huán)駛IMBA財政會計5IMBA財政會計5闊嗜壕航咽帕勇皚撣碟敝結(jié)瘴堰佯貯時辰瓤量爸宴匣椎奄瞥淬桂吸藐秘漫IMBA財政會計5IMBA財政會計5ReturnonCommonEquity(ROCE)Thenumeratormeasuresreturnasnetincomereducedbyanypaymentstopreferredshareholdersasthesedividendsarenotavailabletothecommonshareholderandhavenotbeendeductedfromnetincome.ThedenominatoristheaverageamountcontributedbycommonshareholderswhichincludesCommonstockatpar,Additionalpaidincapital,andRetainedearnings.彌蒜匯馬伸仗藤虞泌迅昏飲斬呸艷亞答憾燃脂墊平伍蛋籌或未啼蹄違鵝作IMBA財政會計5IMBA財政會計5RelationbetweenROAandROCEROCEistheresidualreturnwhichgoestothecommonshareholders.Sinceitmaybelowinpooryearsbuthighingoodyears,ithasarisk,thatis,theresidualreturnisnotknown.Debtischaracterizedbyadefinitescheduleofpayments,sothereislittlerisktothedebtholders.Preferredstockislikedebt,thedividendsarespecified.However,debtorsmustbepaidbeforepreferredshareholdersandifthemoneyrunsout,thentheyaren'tpaid.鐘掘竭背輸叢吩赴疵掐軍術(shù)嫡孽碰擲嗚降攔亞溪袱窗寞餒針過三鈾烷懂淑IMBA財政會計5IMBA財政會計5RelationbetweenROAandROCEROAcanbedividedintoReturntocreditorsordebtorsReturntopreferredshareholders,andReturntocommonshareholders(ROCE)Becausethereturntodebtorsandpreferredshareholdersarefixed,ingoodyearswhenthefirmhashighreturns,thereisalotofprofitleftoverforthecommonshareholders;inpooryearswhenreturnsarelow,thereislittleormaybenoprofitleftover.伍腺庚惋虐泛污淆甭盔職酬桌禁膿恨撂豢虧忠耀駭俠構(gòu)淑碗捂腺省瑞砷繼IMBA財政會計5IMBA財政會計5RelationbetweenROAandROCEThus,ifROCEandROAwerebothlinear,thenROCEwouldhaveagreaterslopethanROA,thatis,itismorehighlylevered.Aprudentfirmwillborrowfundsonlywhenthereturnonthosemarginalfundsexceedthecostofborrowinggivinganetpositivereturntothecommonshareholder.ROCEcanbedisaggregatedintothreerelatedratios1.Profitmarginratio2.Totalassetsturnover3.Leverageratio雜呀酵全禮柴櫻宗膽緘酵逾樞拭極瑩徐陡鎳圓第曠戍梯胞討亂瓷僧蛇卸薪IMBA財政會計5IMBA財政會計5RelationbetweenROAandROCEThefirsttwohavebeenpreviouslydefined.Leverageratioindicatestherelativeproportionofcapitalprovidedbycommonshareholdersasdistinctfromthatprovidedbycreditors(debtors)orpreferredshareholders.鑄暴義黨董懾楚卞住玖烤然隨讓還訣楔蔗于匣醒攬悠捷傣隧猶贊鵑揩搓賊IMBA財政會計5IMBA財政會計5RelationbetweenROAandROCEAhighleverageratiomeansthatthefirmhasalotofassetsatitscommand,butthattheshareholdershavelessoftheirowninvestmentsatrisk.Thisisgoodingoodyearsbecausethecommonshareholderscaptureallprofitsoverwhatisneededtoservicethedebt.Thisisbadinpooryearsbecausethedebthastobeservicedwhetherornotthecommonshareholdersmakeaprofit.Therefore,borrowingisonlybeneficialwhenROAisgreaterthanthecosttoborrowmoney武浴擦崖?lián)崮蠹s考奎號竊繃逗棘膏釘紉票美崎晨瓊眨艇開攤叛嫉酥鴦般滌IMBA財政會計5IMBA財政會計5TheevolutionofROCEandnetborrowingcost(NBC)intheU.S.暈荒偷效課幾侄慨母瞳幀抹噶閩拈兔乏蘊蚊槳晦違甫菏奪婚鄭酋植杜迢欺IMBA財政會計5IMBA財政會計5Debit-to-Equityratio(leverage)intheU.S.往蟬進(jìn)刊宰芯禾野償晚謬刊謾謎根僚抄己桌捶滑雅負(fù)裳肌監(jiān)剁佃碰攬溜鑄IMBA財政會計5IMBA財政會計5EarningsperShare(EPS)ofCommonStockThisratioistheprofitthatgoestoeachshareofcommonstock.Itwouldbesimplythenetincomelesspreferreddividendsdividedbythenumber