公司理財(cái)精要第十版課件-圖文

第二章財(cái)務(wù)報(bào)表、稅與現(xiàn)金流關(guān)鍵概念與技能?掌握賬面價(jià)值與市場(chǎng)價(jià)值的區(qū)別?掌握會(huì)計(jì)收益和現(xiàn)金流量的區(qū)別?掌握平均和邊際稅率的差別?掌握如何從一家公司的財(cái)務(wù)報(bào)表判斷它的現(xiàn)金流量2-2章節(jié)概要?資產(chǎn)負(fù)債表?利潤(rùn)表?稅務(wù)?現(xiàn)金流量2-3資產(chǎn)負(fù)債表?資產(chǎn)負(fù)債表是一張?bào)w現(xiàn)公司概貌的快照.?按照流動(dòng)性遞減的順序列示資產(chǎn)1

■轉(zhuǎn)換成現(xiàn)金的容易程度:■不會(huì)有太大價(jià)值損失;?資產(chǎn)負(fù)債表恒等式<■資產(chǎn)=負(fù)債+所有者權(quán)益TotalValueofAssetsCurrentassetsFixedassets1.Tangiblefixedassets2.Intangiblefixedassets資產(chǎn)負(fù)債表表2-1TotalValueofLiabilities?FIGURE2.1TheBalanceSheet.LeftSide:TotalValueofAssets.RightSide:TotalValueofLiabilitiesandShareholders'Equity.2-5凈營(yíng)運(yùn)資本與流動(dòng)性?xún)魻I(yíng)運(yùn)資本■=流動(dòng)資產(chǎn)-流動(dòng)負(fù)債■當(dāng)下一年中收到的現(xiàn)金大于支付的現(xiàn)金,會(huì)出現(xiàn)正的凈營(yíng)運(yùn)資本■健康公司的凈營(yíng)運(yùn)資本通常是正的流動(dòng)性■在不造成資產(chǎn)價(jià)值重大損失的情況下,將資產(chǎn)轉(zhuǎn)換為現(xiàn)金的能力■流動(dòng)性高的公司較少陷入財(cái)務(wù)困境■但流動(dòng)性高的資產(chǎn)通常賺取一個(gè)較低的報(bào)酬率■需要在流動(dòng)性和非流動(dòng)性中權(quán)衡。2-6USCorporationBalanceSheetTable2.1U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)TABLE2.1BalanceSheets市場(chǎng)價(jià)值與賬面價(jià)值?資產(chǎn)負(fù)債表報(bào)告了資產(chǎn)、負(fù)債和權(quán)益的賬面價(jià)值。?市場(chǎng)價(jià)值就是資產(chǎn)、負(fù)債和權(quán)益在市場(chǎng)上實(shí)際被買(mǎi)入或賣(mài)出的價(jià)值。?市場(chǎng)價(jià)值和賬面價(jià)值通常有很大不同，為何？?哪一個(gè)在決策過(guò)程中更重要？2-8Example2.2KlingonCorporationKLINGONCORPORATIONBalanceSheetsMarketValueversusBookValueBookMarketBookMarketAssetsLiabilitiesandShareholders’EquityNWC$400$600LTD$500$500NFA7001,000SE6001,1001,1001,6001,1001,6002-9利潤(rùn)表?利潤(rùn)表更像一段錄像,記錄了公司某個(gè)特定時(shí)間段的經(jīng)營(yíng)情況。?通常首先報(bào)告收入,然后從中減去該期間的費(fèi)用。?配比原則-根據(jù)GAAP,收入產(chǎn)生時(shí)被記錄,并同時(shí)記錄為了獲取這些收入所需要的相應(yīng)費(fèi)用。2-10TABLE2.2IncomeStatementUSCorporationIncomeStatement-Table2.2U.S.CORPORATION2012IncomeStatement($inmillions)Netsales$1,509Costofgoodssold750Depreciation65Eamingsbeforeinterestandtaxes$694Interestpaid70TaxableincomeS624Taxes(34%)212NetincomeS412Dividends$103Additiontoretainedeamings309J.?2-11稅?關(guān)于稅,我們唯一能確定的事情就是-它們總在變。?邊際稅率和平均個(gè)稅率■邊際稅率-額外賺取的1美元被征稅的百分比■平均稅率-納稅金額/應(yīng)納稅所得額■不同公司、不同行業(yè)的平均稅率有很大不同?其他稅費(fèi)2-12例:邊際稅率和平均稅率?@設(shè)你的公司賺取的應(yīng)稅所得額是4百萬(wàn)美元■公司應(yīng)繳納多少稅？■平均稅率是多少？■邊際稅率是多少？?若你在考察一個(gè)項(xiàng)目，該項(xiàng)目將使得公司的應(yīng)納稅所得額增加1百萬(wàn)美元，則你在分析中應(yīng)該使用的稅率是多少？2-13現(xiàn)金流的概念?現(xiàn)金流是財(cái)務(wù)經(jīng)理能夠從財(cái)務(wù)報(bào)表中通過(guò)計(jì)算推導(dǎo)出來(lái)的最重要的信息之一。?現(xiàn)金流量表不能夠提供給我們此處分析的/士白1日眉、0?我們將觀察到如何通過(guò)利用資產(chǎn)而產(chǎn)生現(xiàn)金,以及現(xiàn)金是如何被支付以購(gòu)買(mǎi)資產(chǎn)的。2-14來(lái)自資產(chǎn)的現(xiàn)金流?來(lái)自資產(chǎn)的現(xiàn)金流(CFFA)=流向債權(quán)人的現(xiàn)金流+流向股東的現(xiàn)金流?來(lái)自資產(chǎn)的現(xiàn)金流=經(jīng)營(yíng)現(xiàn)金流-凈資本支出-凈營(yíng)運(yùn)資本變動(dòng)額2-15例:1^公司-第1部分經(jīng)營(yíng)現(xiàn)金流（您）=息稅前收益+折舊-稅=547美元凈資本支出（巳圮1/5）=固定資產(chǎn)期末凈值-固定資產(chǎn)期初凈值+折舊=130美元凈營(yíng)運(yùn)資本變動(dòng)額（拉紀(jì)=凈營(yíng)運(yùn)資本期末余額-凈營(yíng)運(yùn)資本期初余額=330美元來(lái)自資產(chǎn)的現(xiàn)金流=547-130-330=87美兀2-16例:1^公司-第2部分?流向債權(quán)人的現(xiàn)金流但和咫卜利息±符-凈新增借款=24美元?流向股東的現(xiàn)金流但和1/2)=股利支付-凈新募集權(quán)益=631元?來(lái)自資產(chǎn)的現(xiàn)金流=24+63=87美元2-17CashFlowSummary-Table2.6I.ThecashrtowidentityCashflowfromassets=Cashflowtocreditors(bondholders)?Cashflowtostockholders(owners)II.CashflowfromassetsCashflowfromassets=Operatingcashflow-Netcapitalspending-Changeinnetworkingcapital(NWC)where:Operatingcashflow=Eamingsbeforeinterestandtaxes(EBIT)+Depreciation-TaxesNetcapitalspending?Endingnetfixedassets-Beginningnetfixedassets+DepreciationChangeinNWC=EndingNWC-BeginningNWCIII.Cashflowtocreditors(bondholders)Cashflowtocreditors=Interestpaid-Netn?wtxxrowmgIV.Cashflowtostockholders(owners)Cashflowtostockholders=Div?dendspaid-Netnewequityraised2-18例:資產(chǎn)負(fù)債表和利潤(rùn)表信息?流動(dòng)賬戶(hù)■2012:流動(dòng)資產(chǎn)=3625;流動(dòng)負(fù)債=1787■2011:流動(dòng)資產(chǎn)=3596;流動(dòng)負(fù)債=2140?固定