金融學(xué)·課件梳理3-財(cái)務(wù)報(bào)表分析與比率分析1

2017 2018 學(xué)年度第二學(xué)期期末考試復(fù)習(xí)材料 金融學(xué) 課件梳理 1 2017 2018 學(xué)年度第二學(xué)期期末考試復(fù)習(xí)材料 金融學(xué) 課件梳理 群眾演員 Lesson 3 Financial Statement Analysis like lever can magnify both gains and losses 債務(wù)被稱為財(cái)務(wù)杠桿 更多的債務(wù) 更大程度上是財(cái)務(wù)杠桿 就像杠桿可以放大收益 和虧損 5 Market Value vs Book Value 市市場場價(jià)價(jià)值值與與賬賬面價(jià)面價(jià)值值 The balance sheet provides the book value of the assets liabilities and equity historical cost 資產(chǎn)負(fù)債表提供了資產(chǎn)的賬面價(jià)值 負(fù)債和權(quán)益 歷史成本 Market value is the price at which the assets liabilities or equity can actually be bought or sold 市場價(jià)值是資產(chǎn)價(jià)格 負(fù)債或權(quán)益實(shí)際上可以買或賣 Market value and book value are often very different Income Statement 1 Income Statement 損損益表益表 2017 2018 學(xué)年度第二學(xué)期期末考試復(fù)習(xí)材料 金融學(xué) 課件梳理 3 The income statement is more like a video of the firm s operations for a specified period of time 損益表更像是一個(gè)指定的時(shí)間內(nèi)一個(gè)視頻的公司的運(yùn)作 Accounting Income is NOT the same as Cash Flow Matching principle Revenue recognized when it accrues Expenses matched accordingly not when come in and go out 匹配原則 收入確認(rèn)時(shí) 它會(huì)匹配相應(yīng)的費(fèi)用 不是進(jìn)來和出去的時(shí)候 2 Depreciation 折舊折舊 The cost of fixed assets must be recorded as expenses on a firm s balance sheet and income statement 固定資產(chǎn)的成本必須記在公司的資產(chǎn)負(fù)債表和損益表上 Unlike costs such as labor maintenance and material the costs of fixed assets are not treated simply as expenses to be accounted in the year that they are acquired 與勞動(dòng)力 維修和材料等成本不同 固定資產(chǎn)的成本并不簡單地被視為是在他們獲 得的一年中所計(jì)算的費(fèi)用 Their costs are distributed by subtracting them as expenses from gross income one part at a time over a number of periods 他們的費(fèi)用是按總收入減去一段時(shí)間的一段時(shí)間來分配的 3 Depreciable Assets 折舊折舊資產(chǎn)資產(chǎn) In U S depreciable property Must be used in business or held for production of income 必須用于商業(yè)或用于生產(chǎn)收入 Must have a definite service life and that life must be longer than 1 year 必須有一定的使用壽命 并且壽命必須長于 1 年 Must be something that wears out decays gets used up becomes obsolete or loses value from natural causes 必須是某種東西 它會(huì)磨損 腐爛 被消耗掉 變得過時(shí) 或者由于自然原因而失去 價(jià)值 Question Can you depreciate land 4 Depreciation Methods 折舊方法折舊方法 Straight Line MACRS Modified AcceleratedCost Recovery System 改進(jìn)的加速成本回收系統(tǒng) Others 5 Some Definitions The asset cost is the amount the company paid for an asset The estimated useful life is the number of years or time periods that a company can use the asset 估計(jì)有用年限是指公司可以使用資產(chǎn)的年限 或期限 The residual value is the expected cash value at the end of the asset s useful life 剩余價(jià)值是資產(chǎn)使用壽命結(jié)束時(shí)的預(yù)期現(xiàn)金價(jià)值 6 Straight Line Depreciation Example 直直線線折舊法的例子折舊法的例子 Cowboy Corp buys a fax machine for their business at a cost of 450 They expect to use 2017 2018 學(xué)年度第二學(xué)期期末考試復(fù)習(xí)材料 金融學(xué) 課件梳理 4 the machine for 5 years and to be able to sell it at the end of the 5 years for 50 What is the depreciation expense for each year 牛仔公司購買傳真機(jī)為他們的業(yè)務(wù)以 450 美元的成本 他們希望使用這臺機(jī)器 5 并能在 5 年結(jié)束時(shí)以 50 美元的價(jià)格出售它 每年的折舊費(fèi)用是多少 Depreciation asset cost residual value estimated useful life 450 50 5 80 折舊 資產(chǎn)成本 剩余價(jià)值 估計(jì)有用壽命 450 50 美元 5 80 美元 7 MACRS MACRSisasimpler morerapiddepreciation method 8 Depreciation A channel for Earnings Manipulation LETV 盈余操縱的一個(gè)通道 Tudou and Youku Accelerated vs LETV 9 Taxes Marginal vs average tax rates Marginal the extra tax you would pay if you earned one more dollar Average the tax bill taxable income Example TheBradley Co had 185 000in2009taxable income Calculate the company s 2009 income taxes and average tax rate Total tax 0 15 50K 0 25 25K 0 34 25K 0 39 185K 100K 55 4K Average tax rate 55 4K 185K 29 95 10 Building an Income Statement Let s build on the data for Cowboy Corp from last lecture 2017 2018 學(xué)年度第二學(xué)期期末考試復(fù)習(xí)材料 金融學(xué) 課件梳理 5 First rename the tab of your spreadsheet Income Statement In cell A1 and A2 write Cowboy Corp and Income Statement respectively Format these two cells by highlighting A1 to C2 right clicking on Format and choosing Center Across Selection Follow the format from the previous slide with indents bold italics etc Outliner 11 Building a Balance Sheet Let s start with the Assets Cash and Equivalents 現(xiàn)金及現(xiàn)金等價(jià)物 Now Liabilities 12 Common Size Income Statement 同型同型損損益表益表 First create a copy of the Income Statement worksheet Then divide each cell by that year s Sales 2017 2018 學(xué)年度第二學(xué)期期末考試復(fù)習(xí)材料 金融學(xué) 課件梳理 6 Be careful to properly reference sales using Paste special Formulas Number Formats Next create a common size balance sheet dividing by total assets instead of sales 13 The IF Function Create an input cell called Net Income Enter 10 000 Now use the IF function to say Profitable if the Net Income is above zero and Not Profitable if it is less than or equal to zero Change the Net Income to 25 000 Ratio Analysis 1 Ratio Analysis There are five categories of ratios Short term solvency or liquidity ratios Long term solvency or financial leverage ratios Turnover ratios Profitability ratios Market value ratios Each category measures a different dimension of a firm s performance i e strengths weaknesses 2 Liquidity Ratios 流流動(dòng)動(dòng)性比率性比率 What does liquidity mean Why does it matter How well can the firm pay its bills without undue stress A high ratio indicates liquid but too high may mean the firm is inefficient Two primary liquidity ratios are the Current Ratio and the Quick Ratio 流動(dòng)比率 速兌比率 Calculate Current and Quick Ratios for Cowboy Corp Format cell to custom format with x 3 Efficiency Ratios 效率比率效率比率 Efficiency ratios are the Inventory Turnover Ratio Average Collection Period and Fixed Total Asset Turnover Ratios 效率比率是存貨周轉(zhuǎn)率 平均回收期和固定資產(chǎn)周轉(zhuǎn)率 What do they measure How efficiently does the firm use its assets How fast the firm can sell product collect on sales 投資周轉(zhuǎn)率 平均募集期 365 固定資產(chǎn)周轉(zhuǎn)率 總資產(chǎn)周轉(zhuǎn)率 Calculate the Inventory Turnover Ratio Average Collection Period and Fixed Total Asset Turnover Ratios for Cowboy Corp 4 Leverage Ratios 杠桿率杠桿率 2017 2018 學(xué)年度第二學(xué)期期末考試復(fù)習(xí)材料 金融學(xué) 課件梳理 7 What do they measure Measures the firms long run ability to meet its obligations 衡量公司長期履行義務(wù)的能力 For Leverage Ratios we will use the Total Debt Ratio the Long Term Debt Ratio the Debt to Equity Ratio and the Long Term Debt to Equity Ratio 對于杠桿率 我們將使用總債務(wù)比率 長期債務(wù)比率 債務(wù)權(quán)益比率和長期債務(wù)與 股本比率 總債務(wù)比率 長期債務(wù)比率 債務(wù)權(quán)益比率 長期債務(wù)與股本比率 5 Coverage Ratios 覆蓋率覆蓋率 Coverage ratios are the Times Interest Earned and the Cash Coverage Ratios 覆蓋率是所賺取的時(shí)間利息和現(xiàn)金覆蓋率 已獲得的計(jì)時(shí)利息 息稅前利潤 利息費(fèi)用 現(xiàn)金涵蓋比率 息稅前利潤 非現(xiàn)金費(fèi)用 利息費(fèi)用 6 Profitability Ratios 利利潤潤率率 Profitability ratios are the Gross Profit Margin Operating Profit Margin Net Profit Margin Return on Total Assets and Return on Equity 利潤率是毛利率 營業(yè)利潤率 凈利潤率 總資產(chǎn)收益率和股本回報(bào)率 毛利率 營業(yè)利潤率 凈利潤率 總資產(chǎn)收益率 資本權(quán)益報(bào)酬率 7 Market Value Ratios 市市場場價(jià)價(jià)值值比率比率 What do they measure What the market thinks of the firm vs accounting information 企業(yè)對會(huì)計(jì)信息的市場思考 市盈率 P E ratio Price per share Earnings per share 每股盈利 Where Earnings per share Net income share outstanding Market Book ratio Price per share Common equity book value per share 市場 賬面比率 每股價(jià)格 普通股 賬面價(jià)值 每股 Price sales ratio Price per share Sales per share 價(jià)格銷售比率 每股價(jià)格 每股銷售額 8 Financial Distress Altman s Z Score 財(cái)務(wù)財(cái)務(wù)困境困境 Altman s Z score for predicting bankruptcy 1 2 1 1 4 2 3 3 3 0 6 4 5 Where 2017 2018 學(xué)年度第二學(xué)期期末考試復(fù)習(xí)材料 金融學(xué) 課件梳理 8 1 凈營運(yùn)資本 總資產(chǎn) 2 留存收益 總資產(chǎn) 3 息稅前利潤 總資產(chǎn) 4 所有股票的市場價(jià)值 總負(fù)債賬面價(jià)值 5 銷售 總資產(chǎn) Once you have used the formula on the previous slide the guidelines for a company s likelihood of bankruptcy are Z 1 81 Bankruptcy predicted within one year 破產(chǎn)預(yù)測一年內(nèi) 1 81 Z 2 675 No financial distress predicted 沒有財(cái)務(wù)困境預(yù)測 Assume Market Value of Equity is 425 000 in 2013 and 511 000 in 2014 9 Using the Financial Ratios 運(yùn)用運(yùn)用財(cái)務(wù)財(cái)務(wù)比率比率 Once you have calculated all the ratios in the notes how do we interpret the results Trend Analysis How have the ratios changed over time Industry Comparison How does the firm compare to its industry peers They are sometimes also used to determine managers bonuses i e did they meet goals for financial ratios or by bondholders 10 Evaluating the Financial Ratios 財(cái)務(wù)財(cái)務(wù)比率