CMA考試新考綱官方PPT課件

1、1CMA學(xué)習(xí)系統(tǒng)第二部分：財(cái)務(wù)決策 CMA Learning SystemPart 2: Financial Decision Making主講：張宇 CMA第1頁/共51頁2第一章：財(cái)務(wù)報(bào)表分析 Section A: Financial Statement Analysis第2頁/共51頁3第一節(jié)：基本的財(cái)務(wù)報(bào)表分析 Topic 1: Basic Financial Statement Analysis第3頁/共51頁4百分比式財(cái)務(wù)報(bào)表 Common-Size Statementsn百分比式財(cái)務(wù)報(bào)表百分比式財(cái)務(wù)報(bào)表 某一報(bào)表項(xiàng)目的百分比某一報(bào)表項(xiàng)目的百分比n可作如下之用可作如下之用 比較同一

2、財(cái)務(wù)報(bào)表中的不同元素，分析某企業(yè)在若干年間的發(fā)比較同一財(cái)務(wù)報(bào)表中的不同元素，分析某企業(yè)在若干年間的發(fā)展趨勢(shì)，比較同一行業(yè)內(nèi)不同規(guī)模的企業(yè)，將公司績效與行業(yè)平均水平相比展趨勢(shì)，比較同一行業(yè)內(nèi)不同規(guī)模的企業(yè)，將公司績效與行業(yè)平均水平相比nCommon-size statements percentage of a selected item on the statementnUsed in several way - compare elements in a single year, analyzes trends across a number of years, compare busine

3、ss of differing sizes within an industry, compare performances and position within an industry第4頁/共51頁5垂直的百分比式財(cái)務(wù)報(bào)表垂直的百分比式財(cái)務(wù)報(bào)表n垂直的百分比式財(cái)務(wù)報(bào)表垂直的百分比式財(cái)務(wù)報(bào)表 基本數(shù)額（資產(chǎn)負(fù)債表中的總資產(chǎn)或者損益表中的基本數(shù)額（資產(chǎn)負(fù)債表中的總資產(chǎn)或者損益表中的凈銷售額），圖表凈銷售額），圖表2A-1, 2A-2, 2A-3, 582-584頁頁Vertical Common-Size StatementsnVertical Common-Size Statement b

4、ase amount (total assets on the balance sheet and net sales on the income statement), figure 2A-1, Figure 2A-2, page 4, Figure 2A-3, page 5百分比式財(cái)務(wù)報(bào)表 Common-Size Statements第5頁/共51頁6水平的百分比式財(cái)務(wù)報(bào)表水平的百分比式財(cái)務(wù)報(bào)表n水平的百分比式財(cái)務(wù)報(bào)表水平的百分比式財(cái)務(wù)報(bào)表 變化分析或趨勢(shì)分析，同一公司不同期間的主要財(cái)變化分析或趨勢(shì)分析，同一公司不同期間的主要財(cái)務(wù)報(bào)表和關(guān)系，基準(zhǔn)年份金額的一定百分比，務(wù)報(bào)表和關(guān)系，基準(zhǔn)年份

5、金額的一定百分比，2A-4, 585頁頁Horizontal Common-Size StatementsnHorizontal common-size statements variation analysis or trend analysis, key financial statement values and relation for the same company over a period of years, as a percentage of the base year amount, figure 2A-4, page 7 百分比式財(cái)務(wù)報(bào)表 Common-Size Sta

6、tements第6頁/共51頁7現(xiàn)金流量表 Statement of Cash Flows現(xiàn)金流量表的構(gòu)成和分類現(xiàn)金流量表的構(gòu)成和分類n經(jīng)營活動(dòng)經(jīng)營活動(dòng) 調(diào)整到凈利中的非現(xiàn)金費(fèi)用和收入事項(xiàng)包括：折舊費(fèi)用和無形資產(chǎn)調(diào)整到凈利中的非現(xiàn)金費(fèi)用和收入事項(xiàng)包括：折舊費(fèi)用和無形資產(chǎn)的攤銷；抵延成本的攤銷；抵延所得稅的變化；應(yīng)付債券溢價(jià)和折價(jià)的攤銷；的攤銷；抵延成本的攤銷；抵延所得稅的變化；應(yīng)付債券溢價(jià)和折價(jià)的攤銷；來自使用權(quán)益法核算的被投資方的收益來自使用權(quán)益法核算的被投資方的收益Component and ClassificationsnOperating activities noncash expe

7、nse and revenue items added back to net income: depreciation and amortization of assets, amortization of deferred cost, changes in deferred income taxes, amortization of a premium or discount on bonds payable, income from an equity method investee第7頁/共51頁8現(xiàn)金流量表的構(gòu)成和分類現(xiàn)金流量表的構(gòu)成和分類n投資活動(dòng)投資活動(dòng) 長期資產(chǎn)賬戶的變化有關(guān)，

8、投資現(xiàn)金流入的事項(xiàng)有出售長期資產(chǎn)賬戶的變化有關(guān)，投資現(xiàn)金流入的事項(xiàng)有出售PPE的現(xiàn)金的現(xiàn)金流入，出售對(duì)其他實(shí)體的債券或股權(quán)的投資；收回對(duì)其他實(shí)體的貸款本金（利流入，出售對(duì)其他實(shí)體的債券或股權(quán)的投資；收回對(duì)其他實(shí)體的貸款本金（利息屬于營運(yùn)現(xiàn)金流）。投資現(xiàn)金的流出有夠買息屬于營運(yùn)現(xiàn)金流）。投資現(xiàn)金的流出有夠買PPE；其他公司的債券和股票；其他公司的債券和股票；以及向其他實(shí)體提供貸款。以及向其他實(shí)體提供貸款。Component and ClassificationsnInvesting activities come from changes in long-term asset, cash inf

9、low from sales of PPE, investments in another entitys debt or equity securities, collection of the principal on loans to another entity, cash outflow result from purchases of PP&E, other companies debt or equity securities and granting loan to other entities現(xiàn)金流量表 Statement of Cash Flows第8頁/共51頁9

10、現(xiàn)金流量表的構(gòu)成和分類現(xiàn)金流量表的構(gòu)成和分類n籌資活動(dòng)籌資活動(dòng) 與長期負(fù)債或權(quán)益帳戶的變化有關(guān)?；I資現(xiàn)金流入包括出售本實(shí)體與長期負(fù)債或權(quán)益帳戶的變化有關(guān)?；I資現(xiàn)金流入包括出售本實(shí)體的股權(quán)或發(fā)行債券與票據(jù)?，F(xiàn)金流出包括向股東支付股利；回收股份或贖回企的股權(quán)或發(fā)行債券與票據(jù)?，F(xiàn)金流出包括向股東支付股利；回收股份或贖回企業(yè)的債券。業(yè)的債券。Component and ClassificationsnFinancing activities come from changes in long-term liability or equity amount, cash inflow from sales

11、 of entitys equity securities or issuance of debt , cash outflow from payments to stockholders for dividends, reacquire capital stock or redeem outstanding debt現(xiàn)金流量表 Statement of Cash Flows第9頁/共51頁10間接法和直接法間接法和直接法n間接法間接法 圖表圖表2A-5，588頁頁n直接法直接法 圖表圖表2A-6，588頁頁n附注附注 披露重大的非現(xiàn)金投資和籌資活動(dòng)，在間接法中披露支付的利息和所得披露重大的非

12、現(xiàn)金投資和籌資活動(dòng)，在間接法中披露支付的利息和所得稅稅Indirect and Direct MethodsnIndirect Method figure 2A-5, page 10nDirect Method figure 2A-6, page 10nFootnotes disclose significant non-cash investing and financing activities, and disclose interest paid and income taxes in indirect method 現(xiàn)金流量表 Statement of Cash Flows第10頁/

13、共51頁11現(xiàn)金流量表舉例現(xiàn)金流量表舉例n現(xiàn)金流量表現(xiàn)金流量表 - 圖表圖表2A-7，589頁頁Example of a Statement of Cash FlowsnStatement of Cash Flows Indirect Method, Figure 2A-7, page 11現(xiàn)金流量表 Statement of Cash Flows第11頁/共51頁12 第二節(jié)：財(cái)務(wù)績效指標(biāo) - 財(cái)務(wù)比率 Topic 2: Financial Performance Metrics Financial Ratios第12頁/共51頁13流動(dòng)性和償付能力比率 Liquidity/Solvency

14、 Ratiosn償付能力償付能力 向債權(quán)人償付到期債務(wù)的能力，或長期內(nèi)的債務(wù)償還能力向債權(quán)人償付到期債務(wù)的能力，或長期內(nèi)的債務(wù)償還能力n流動(dòng)性流動(dòng)性 資產(chǎn)轉(zhuǎn)換為現(xiàn)金的速度能在多大程度上滿足到期債務(wù)的現(xiàn)金還款需資產(chǎn)轉(zhuǎn)換為現(xiàn)金的速度能在多大程度上滿足到期債務(wù)的現(xiàn)金還款需求。揭示公司的短期償債能力求。揭示公司的短期償債能力nSolvency ability to pay creditors when amounts due, or debt paying ability in long termnLiquidity proximity to cash of the asset and liabili

15、ties, an indication of companys ability to meet its short term obligation第13頁/共51頁14營運(yùn)資本分析 Working Capital n營運(yùn)資本營運(yùn)資本 公司短期內(nèi)的償付能力，短期內(nèi)的財(cái)務(wù)健康狀況；營運(yùn)資本公司短期內(nèi)的償付能力，短期內(nèi)的財(cái)務(wù)健康狀況；營運(yùn)資本 = 流流動(dòng)資產(chǎn)動(dòng)資產(chǎn) 流動(dòng)負(fù)債流動(dòng)負(fù)債n流動(dòng)資產(chǎn)流動(dòng)資產(chǎn) 現(xiàn)金或其他短期投資現(xiàn)金或其他短期投資n流動(dòng)負(fù)債流動(dòng)負(fù)債 一年之內(nèi)償付的債務(wù)，案例，一年之內(nèi)償付的債務(wù)，案例，592頁頁nWorking capital companys ability in the s

16、hort run to pay its obligation, short-term financial healthnWorking capital = current assets current liabilitiesnCurrent assets cash or other liquid investmentsnCurrent liabilities obligation paid within a year, examples, page 16第14頁/共51頁15營運(yùn)資本分析 Working Capital 流動(dòng)比率流動(dòng)比率n流動(dòng)比率流動(dòng)比率 = 流動(dòng)資產(chǎn)流動(dòng)資產(chǎn)/流動(dòng)負(fù)債，案例，

17、流動(dòng)負(fù)債，案例，593頁頁速動(dòng)（酸性測(cè)試）比率速動(dòng)（酸性測(cè)試）比率n速動(dòng)比率速動(dòng)比率 = （流動(dòng)資產(chǎn)（流動(dòng)資產(chǎn) 存貨）存貨）/流動(dòng)負(fù)債流動(dòng)負(fù)債Current ratio n Current Ratio = current assets/current liability , example, page 16Quick (Acid-Test) Ratio nQuick Ratio = (Current Assets inventory)/current liability第15頁/共51頁16營運(yùn)資本分析 Working Capital 現(xiàn)金比率現(xiàn)金比率n現(xiàn)金比率現(xiàn)金比率 = = （現(xiàn)金（現(xiàn)金+

18、 +有價(jià)證券）有價(jià)證券）/ /流動(dòng)負(fù)債，案例，流動(dòng)負(fù)債，案例，594594頁頁現(xiàn)金流比率現(xiàn)金流比率n現(xiàn)金流比率現(xiàn)金流比率 = = 營業(yè)現(xiàn)金流營業(yè)現(xiàn)金流/ /流動(dòng)負(fù)債流動(dòng)負(fù)債Cash Ration Cash Ratio = (cash + marketable securities)/current liabilitiesCash Flow RationCash Flow Ratio = Operation Cash Flow/Current Liabilities 第16頁/共51頁17流動(dòng)性比率的敏感性分析 Sensitivity Analysis on the Liquidity Rati

19、o流動(dòng)性比率的敏感性分析流動(dòng)性比率的敏感性分析n比率中的具體組成元素發(fā)生變化時(shí)，比率本身對(duì)這種變化的敏感性，案例，比率中的具體組成元素發(fā)生變化時(shí)，比率本身對(duì)這種變化的敏感性，案例，595頁頁Sensitivity Analysis on the Liquidity RatiosnHow sensitive these ratios are to changes in their components, for examples, page 19第17頁/共51頁18對(duì)償付能力的度量 Measuring the Ability to Pay應(yīng)付賬款周轉(zhuǎn)天數(shù)應(yīng)付賬款周轉(zhuǎn)天數(shù)n應(yīng)付賬款周轉(zhuǎn)天數(shù)應(yīng)付賬

20、款周轉(zhuǎn)天數(shù) = 365 平均應(yīng)付賬款平均應(yīng)付賬款/賒購額賒購額 Days Purchase in Accounts Payable nDays Purchase in Accounts Payable = 365 average accounts payable /credit purchases 第18頁/共51頁19資本結(jié)構(gòu)分析 Capital Structure Analysisn資本結(jié)構(gòu)資本結(jié)構(gòu) 長期負(fù)債與權(quán)益的組合長期負(fù)債與權(quán)益的組合n財(cái)務(wù)杠桿財(cái)務(wù)杠桿 利用負(fù)債來提高對(duì)公司所有者（股東）的回報(bào)利用負(fù)債來提高對(duì)公司所有者（股東）的回報(bào)債務(wù)杠桿債務(wù)杠桿n營運(yùn)杠桿營運(yùn)杠桿 固定營業(yè)成本的存

21、在固定營業(yè)成本的存在nCapital structure mix of long-term debt and equitynFinancial leverage use of debt to increase return to owners Debt as Leverage nOperating leverage existence of fixed operating costs第19頁/共51頁20財(cái)務(wù)杠桿比率 Financial Leverage Ratio財(cái)務(wù)杠桿比率財(cái)務(wù)杠桿比率n財(cái)務(wù)杠桿比率財(cái)務(wù)杠桿比率 資產(chǎn)資產(chǎn)/ /權(quán)益權(quán)益n財(cái)務(wù)杠桿財(cái)務(wù)杠桿 對(duì)公司的盈余具有放大的作用對(duì)公司的盈

22、余具有放大的作用Financial Leverage RationFinancial leverage ratio = assets/equitynFinancial leverage magnifying effect on earning第20頁/共51頁21與負(fù)債/債務(wù)相關(guān)的比率分析 Ratio Analysis on Debt/Liabilities負(fù)債對(duì)總資產(chǎn)的比率負(fù)債對(duì)總資產(chǎn)的比率n負(fù)債對(duì)總資產(chǎn)的比率負(fù)債對(duì)總資產(chǎn)的比率 = 總負(fù)債總負(fù)債/總資產(chǎn)總資產(chǎn)債務(wù)對(duì)權(quán)益比率債務(wù)對(duì)權(quán)益比率n債務(wù)對(duì)權(quán)益比率債務(wù)對(duì)權(quán)益比率 = 總負(fù)債總負(fù)債/權(quán)益權(quán)益n長期債務(wù)對(duì)權(quán)益比率長期債務(wù)對(duì)權(quán)益比率 = （總

23、負(fù)債（總負(fù)債-流動(dòng)負(fù)債）流動(dòng)負(fù)債）/權(quán)益權(quán)益Debt to Total Assets Ratio nDebt to Total Assets Ratio = Total Debt/Total AssetsDebt to equity ratio nDebt to equity ratio = Total Debt/EquitynLong-term Debt to Equity Ratio = (Total Debt Current Liability)/Equity第21頁/共51頁22與負(fù)債/債務(wù)相關(guān)的比率分析 Ratio Analysis on Debt/Liabilities利息倍數(shù)（利

24、息覆蓋）比率利息倍數(shù)（利息覆蓋）比率n利息倍數(shù)比率利息倍數(shù)比率 = = 息稅前收益息稅前收益/ /利息費(fèi)用利息費(fèi)用Time Interest Earned (Interest Coverage) Ration Times Interest Earned Ratio = Earning Before Interest and Taxes/Interest Expense 第22頁/共51頁23資本機(jī)構(gòu)和風(fēng)險(xiǎn) Capital Structure and Risk資本結(jié)構(gòu)與風(fēng)險(xiǎn)資本結(jié)構(gòu)與風(fēng)險(xiǎn)n資本結(jié)構(gòu)與風(fēng)險(xiǎn)相關(guān)，高風(fēng)險(xiǎn)轉(zhuǎn)換為更高的利率或資本成本資本結(jié)構(gòu)與風(fēng)險(xiǎn)相關(guān)，高風(fēng)險(xiǎn)轉(zhuǎn)換為更高的利率或資本成本Ca

25、pital Structure and RisknCapital structure is related to the risk, high risk translate into higher interest rates or cost of capital第23頁/共51頁24表外融資 Off-Balance Sheet Financingn應(yīng)收賬款讓售應(yīng)收賬款讓售 使用應(yīng)收賬款作抵押進(jìn)行貸款，避免相應(yīng)的應(yīng)付或負(fù)債記錄使用應(yīng)收賬款作抵押進(jìn)行貸款，避免相應(yīng)的應(yīng)付或負(fù)債記錄n特殊目的實(shí)體特殊目的實(shí)體 便于租賃活動(dòng)、貸款證券化、研發(fā)活動(dòng)或者金融衍生交易便于租賃活動(dòng)、貸款證券化、研發(fā)活動(dòng)或者金

26、融衍生交易n租賃租賃 營運(yùn)租賃，資本租賃營運(yùn)租賃，資本租賃n合資企業(yè)合資企業(yè)nFactoring of accounts receivables borrowing using accounts receivable as collateral, avoid recording a payable or liabilitynSpecial Purpose Entities facilitate leasing activities, loan securitization, R&D activities, trading in financial derivatives nLeases

27、 operating lease, capital leasenJoint ventures hold less than 50% of outstanding share (off-balance sheet financing)第24頁/共51頁25營運(yùn)活動(dòng)分析 Operating Activity Analysisn經(jīng)營周期經(jīng)營周期 = = 應(yīng)收賬款周轉(zhuǎn)天數(shù)應(yīng)收賬款周轉(zhuǎn)天數(shù) + + 存貨周轉(zhuǎn)天數(shù)存貨周轉(zhuǎn)天數(shù)n應(yīng)收賬款周轉(zhuǎn)率應(yīng)收賬款周轉(zhuǎn)率 = = 賒銷額賒銷額/ /平均總應(yīng)收帳款平均總應(yīng)收帳款n應(yīng)收帳款周轉(zhuǎn)天數(shù)應(yīng)收帳款周轉(zhuǎn)天數(shù) = 365/= 365/應(yīng)收賬款周轉(zhuǎn)率應(yīng)收賬款周轉(zhuǎn)率n存貨周轉(zhuǎn)

28、率存貨周轉(zhuǎn)率 = = 銷貨成本銷貨成本/ /平均存貨平均存貨nOperating Cycle = Days Sales in Accounts Receivable + Days Sales in Inventory nAccount Receivable Turnover Ratio = Credit Sales/Average Gross Accounts ReceivablesnDays Sales in Receivable = 365/Accounts Receivable TurnovernInventory Turnover Ratio = Cost of Goods Sold/

29、Average Inventory第25頁/共51頁26營運(yùn)活動(dòng)分析 Operating Activity Analysisn存貨周轉(zhuǎn)天數(shù)存貨周轉(zhuǎn)天數(shù) = 365/= 365/存貨周轉(zhuǎn)率存貨周轉(zhuǎn)率n其他周轉(zhuǎn)率其他周轉(zhuǎn)率n總資產(chǎn)周轉(zhuǎn)率總資產(chǎn)周轉(zhuǎn)率 = = 銷售額銷售額/ /平均總資產(chǎn)平均總資產(chǎn)n固定資產(chǎn)周轉(zhuǎn)率固定資產(chǎn)周轉(zhuǎn)率 = = 銷售額銷售額/ /平均凈平均凈PP&EPP&EnDays Sales in Inventory = 365/Inventroy Turnover RationOther Turnover Ratios nTotal Asset Turnover Rat

30、io = Sales/Average Total AssetsnFixed Asset Turnover Ratio = Sales/Average net PP&E第26頁/共51頁27第三節(jié)：獲利能力分析Topic 3: Profitability Analysis第27頁/共51頁28每股收益 Earning per Sharen每股收益每股收益 = （凈收益（凈收益 優(yōu)先股股利）優(yōu)先股股利）/發(fā)行在外的加權(quán)平均普通股數(shù)量，案例，發(fā)行在外的加權(quán)平均普通股數(shù)量，案例，608頁頁稀釋后每股收益稀釋后每股收益n稀釋后每股收益稀釋后每股收益 = （凈收益（凈收益 優(yōu)先股）優(yōu)先股）/稀釋后

31、發(fā)行在外的加權(quán)平均普通股數(shù)稀釋后發(fā)行在外的加權(quán)平均普通股數(shù)量，案例，量，案例，609頁頁nEarning per Common Share = (net income Perferred Dividends)/Weighted Average Number of Common Shares Outstanding, for example, page 33Diluted Earning per SharenDiluted Earning per Share = (Net income Preferred dividends)/Diluted weighted average number of

32、 common shares outstanding, for example, page 34 第28頁/共51頁29每股收益 Earning per Share股利支付率股利支付率n股利支付率股利支付率 = 普通股股利普通股股利/可供普通股股東分配的盈余可供普通股股東分配的盈余股利收益股利收益n股利收益率股利收益率 = 每股年股利每股年股利/每股現(xiàn)行市價(jià)每股現(xiàn)行市價(jià)Dividend Payout RationDividend payout ratio = common dividends/Earning available to common shareholdersDividend Yi

33、eldnDividend yield = annual dividends per share/Market price per share第29頁/共51頁30可持續(xù)增長率 Sustainable Equity Growthn可持續(xù)的增長率可持續(xù)的增長率 = = ROE（1-1-股利支付率）股利支付率） nSustainable Growth Rate = ROE (1- Dividend Payout Ratio) 第30頁/共51頁31資本投資回報(bào)率 Return on Capital Investment 資本投資回報(bào)率的組成要素資本投資回報(bào)率的組成要素nROI 與公司所動(dòng)用的資本有關(guān)

34、的利潤率與公司所動(dòng)用的資本有關(guān)的利潤率nROA 指標(biāo)上涉及的要素基本上與指標(biāo)上涉及的要素基本上與ROI相似相似nROE 與權(quán)益相關(guān)的利潤率與權(quán)益相關(guān)的利潤率n投資資本的定義投資資本的定義 非生產(chǎn)性資產(chǎn)，應(yīng)折舊資產(chǎn)，優(yōu)先股股東的賬面價(jià)值非生產(chǎn)性資產(chǎn)，應(yīng)折舊資產(chǎn)，優(yōu)先股股東的賬面價(jià)值Components of Return on Capital InvestmentnROI essentially the degree of profit in relation to the capital deployednROA same set of factor as ROInROE degree of

35、the profit in relation to equitynDefinition of Invested Capital unproductive assets, depreciable assets, preferred shareholders book value第31頁/共51頁32資本投資的回報(bào)率 Return on Capital Investment 獲利能力分析獲利能力分析n毛利率毛利率 = （銷售（銷售 銷貨成本）銷貨成本）/ 銷售銷售n營運(yùn)利潤率營運(yùn)利潤率 = 營業(yè)收益營業(yè)收益/銷售銷售n凈利潤率凈利潤率 = 凈收益凈收益/銷售銷售Profitability Anal

36、ysisnGross profit margin percentage = (Sales Cost of Sales)/Sales nOperating Profit Margin Percentage = Operating Income/Sales nNet Profit Margin Percentage = Net Income/Sales第32頁/共51頁33資本投資的回報(bào)率 Return on Capital Investment 費(fèi)用分析費(fèi)用分析n主要費(fèi)用主要費(fèi)用 = 銷售，管理費(fèi)用，折舊費(fèi)用，攤銷費(fèi)用，維護(hù)，財(cái)務(wù)費(fèi)用，所得銷售，管理費(fèi)用，折舊費(fèi)用，攤銷費(fèi)用，維護(hù)，財(cái)務(wù)費(fèi)用，所得

37、稅稅Expense AnalysisnMajor expense selling, administrative expenses, depreciation expense, amortization, maintenance, financing expenses, income taxes 第33頁/共51頁34資本投資的回報(bào)率 Return on Capital Investment 投資回報(bào)率投資回報(bào)率n投資回報(bào)率（投資回報(bào)率（ROI）= 業(yè)務(wù)單位的凈利潤業(yè)務(wù)單位的凈利潤/業(yè)務(wù)單位的資產(chǎn)業(yè)務(wù)單位的資產(chǎn)資產(chǎn)的回報(bào)率（資產(chǎn)的回報(bào)率（ROA）nROA = 凈收益凈收益/平均總資產(chǎn)平均總資產(chǎn)

38、Return on InvestmentnReturn on Investment (ROI) = Net Profit of Business Unit/Assets of Business UnitReturn on Assets (ROA)nROA = Net Income/Average Total Assets第34頁/共51頁35資本投資的回報(bào)率 Return on Capital Investment 杜邦模型杜邦模型nROA = 凈收益凈收益/銷售銷售 銷售銷售/平均總資產(chǎn)，案例，平均總資產(chǎn)，案例，616頁頁普通股權(quán)益回報(bào)的計(jì)算普通股權(quán)益回報(bào)的計(jì)算nROE = 凈收益凈收益/平

39、均權(quán)益平均權(quán)益n財(cái)務(wù)杠桿比率財(cái)務(wù)杠桿比率=資產(chǎn)資產(chǎn)/權(quán)益權(quán)益 DuPont ModelnROA = Net Income/Sales Sales/Average Total Assets, for example, page 42Calculating Return on Common Equity nROE = Net Income/Average EquitynFinancial Leverage Ratio = Assets/Equity第35頁/共51頁36收入分析 Revenue Analysisn收入收入 從其客戶處所獲得的資源從其客戶處所獲得的資源收入的來源收入的來源n 收入的來

40、源收入的來源 業(yè)務(wù)活動(dòng)在實(shí)質(zhì)上必須已經(jīng)完成，所有權(quán)風(fēng)險(xiǎn)必須有效地轉(zhuǎn)業(yè)務(wù)活動(dòng)在實(shí)質(zhì)上必須已經(jīng)完成，所有權(quán)風(fēng)險(xiǎn)必須有效地轉(zhuǎn)移給購買者，收入以很高的準(zhǔn)確性進(jìn)行度量和估計(jì)，帶來現(xiàn)金、應(yīng)收款或者移給購買者，收入以很高的準(zhǔn)確性進(jìn)行度量和估計(jì)，帶來現(xiàn)金、應(yīng)收款或者其他資產(chǎn)的增加，或則負(fù)債的下降，必須是與外部獨(dú)立實(shí)體進(jìn)行的交易其他資產(chǎn)的增加，或則負(fù)債的下降，必須是與外部獨(dú)立實(shí)體進(jìn)行的交易nRevenue resources generated by a business from customerSource of RevenuenRecognition of revenues activities must

41、 be substantially completed, risk of ownership effectively passed on to the buyer, the revenue measured or estimated with substantial accuracy, either increased in cash, receivables, or other asset or decrease in a liability, business action must be at arms length 第36頁/共51頁37收入分析 Revenue Analysis收入趨

42、勢(shì)和穩(wěn)定性收入趨勢(shì)和穩(wěn)定性n重要考慮重要考慮 產(chǎn)品需求的彈性，需求趨勢(shì)作出預(yù)測(cè)的能力，競爭程度，客戶集產(chǎn)品需求的彈性，需求趨勢(shì)作出預(yù)測(cè)的能力，競爭程度，客戶集中度，對(duì)少數(shù)銷售代表的依賴程度，市場區(qū)域多樣化的程度中度，對(duì)少數(shù)銷售代表的依賴程度，市場區(qū)域多樣化的程度收入、存貨與應(yīng)收賬款之間的相互關(guān)系收入、存貨與應(yīng)收賬款之間的相互關(guān)系Revenue Trends and stabilitynImportant consideration elastically of demand for products, ability to anticipate demand trends, level of

43、competition, degree of customer concentration and dependence on a single industry or a single customer, degree of dependence on sales associate, degree of geographical diversification of markets Inter-relationships Between Revenue, Inventory, and Receivables第37頁/共51頁38收益度量分析 Income Measurement Analy

44、sis n收益的量度出于很多原因收益的量度出于很多原因 確定有把握的收益，以預(yù)測(cè)受益的大小，確定收確定有把握的收益，以預(yù)測(cè)受益的大小，確定收益主要構(gòu)成元素的穩(wěn)定性，量度企業(yè)的收益獲取能力益主要構(gòu)成元素的穩(wěn)定性，量度企業(yè)的收益獲取能力n考慮以下幾種原因考慮以下幾種原因 估計(jì)，會(huì)計(jì)方法，披露激勵(lì)，使用者的不同需要估計(jì)，會(huì)計(jì)方法，披露激勵(lì)，使用者的不同需要nIncome measured for a number of reasons determine what income can be relied on for purposes of income forecasting, determin

45、e how stable the major elements of income are, measure the earning power of the businessnFollowing factors needed to be considered estimates, accounting methods, disclosure incentives, different needs of users第38頁/共51頁39比率分析的局限性 Limitations of Ratio Analysis n內(nèi)部因素內(nèi)部因素 強(qiáng)調(diào)綜合指標(biāo)，基于過去的財(cái)務(wù)信息，包含非營運(yùn)項(xiàng)目的信息，強(qiáng)調(diào)綜

46、合指標(biāo)，基于過去的財(cái)務(wù)信息，包含非營運(yùn)項(xiàng)目的信息，理解會(huì)計(jì)準(zhǔn)則，數(shù)據(jù)的合理性，因素之間的相互關(guān)系理解會(huì)計(jì)準(zhǔn)則，數(shù)據(jù)的合理性，因素之間的相互關(guān)系n外部因素外部因素 企業(yè)的狀況，在行業(yè)中的地位企業(yè)的狀況，在行業(yè)中的地位n其他局限性其他局限性 使用不同的會(huì)計(jì)方法使相互比較變得困難，季節(jié)性波動(dòng)，分析使用不同的會(huì)計(jì)方法使相互比較變得困難，季節(jié)性波動(dòng)，分析企業(yè)集團(tuán)是困難的企業(yè)集團(tuán)是困難的nInternal factors emphasis on summary indicators, based on past financial information, contain non-operating it

47、ems, understanding of the accounting principles, validity of number, correlation within factorsnExternal factors business condition, industry positionnOther limitation use of different accounting make comparability difficult, seasonal fluctuation, analyzing conglomerates is difficult 第39頁/共51頁40第四節(jié)：

48、財(cái)務(wù)會(huì)計(jì)中的分析性問題Topic 4: Analytical Issues in Financial Accounting第40頁/共51頁41經(jīng)濟(jì)利潤和會(huì)計(jì)利潤 Economic Profit and Accounting Profitsn經(jīng)濟(jì)利潤經(jīng)濟(jì)利潤 在生命期內(nèi)實(shí)現(xiàn)盈利的凈現(xiàn)值在生命期內(nèi)實(shí)現(xiàn)盈利的凈現(xiàn)值n會(huì)計(jì)利潤會(huì)計(jì)利潤 一般公認(rèn)會(huì)計(jì)準(zhǔn)則設(shè)定的規(guī)則，需要用估計(jì)值一般公認(rèn)會(huì)計(jì)準(zhǔn)則設(shè)定的規(guī)則，需要用估計(jì)值 nEconomic Profit net present value of its earning over its lifetimenAccounting profit follow

49、the rules set by GAAP, approximation are needed 第41頁/共51頁42收益質(zhì)量 Earning Qualityn會(huì)計(jì)原則的選擇會(huì)計(jì)原則的選擇n表外融資及其對(duì)財(cái)務(wù)報(bào)表的影響表外融資及其對(duì)財(cái)務(wù)報(bào)表的影響n關(guān)于資產(chǎn)維護(hù)和未來獲利能力的規(guī)定關(guān)于資產(chǎn)維護(hù)和未來獲利能力的規(guī)定n經(jīng)濟(jì)力量對(duì)收益的影響經(jīng)濟(jì)力量對(duì)收益的影響nSelection of Accounting PrinciplesnOff-balance Sheet Financing and Its Effect on the FinancialsnProvision for Maintenance

50、of Assets and Future Earning PowernEffect of Economic Forces on Earnings第42頁/共51頁43收益質(zhì)量 Earning Quality收益的持久性收益的持久性n重新構(gòu)建損益表重新構(gòu)建損益表 圖表圖表2-9，630頁頁n每股賬面價(jià)值每股賬面價(jià)值 = （總權(quán)益（總權(quán)益 優(yōu)先股權(quán)益）優(yōu)先股權(quán)益）/發(fā)行在外的普通股股數(shù)，案例，發(fā)行在外的普通股股數(shù)，案例，631頁頁Earning PersistencenRecast income statement figure 2-9, page 58nBook Value Per Share

51、= (Total Equity Preferred Stockholders Equity)/Number of Common Shares of Outstanding, for example, page 60第43頁/共51頁44收益質(zhì)量 Earning Quality收益的持久性收益的持久性n市場價(jià)值與賬面價(jià)值的比率市場價(jià)值與賬面價(jià)值的比率 = 現(xiàn)行股價(jià)現(xiàn)行股價(jià)/每股賬面價(jià)值每股賬面價(jià)值n市盈率市盈率 = 每股市價(jià)每股市價(jià)/EPSn收益率收益率 = EPS/每股普通股的現(xiàn)行市價(jià)每股普通股的現(xiàn)行市價(jià)Earning PersistencenMarket-to-book Value Rati

52、o = Current Stock Price/Book Value per SharenPrice Earning Ratio = Market Price per Share/EPSnEarning Yield = EPS/Current Market Price per Common Share第44頁/共51頁45價(jià)格變化和通貨膨脹的影響 Effects of Changing Price and Inflationn通過膨脹通過膨脹 重要考慮，案例，重要考慮，案例，633633頁頁nInflation important consideration, for example, page 61 第45頁/共51頁46公允價(jià)值標(biāo)準(zhǔn) Fair Value Standardsn公允價(jià)值衡量公允價(jià)值衡量 資