CMA考試新考綱(官方)-part-two-1-課件(1)

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 CMA2第一章：財(cái)務(wù)報(bào)表分析 Section A: Financial Statement Analysis3第一節(jié)：基本的財(cái)務(wù)報(bào)表分析 Topic 1: Basic Financial Statement Analysis4百分比式財(cái)務(wù)報(bào)表 Common-Size Statements百分比式財(cái)務(wù)報(bào)表 某一報(bào)表項(xiàng)目的百分比可作如下之用 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)

2、平均水平相比Common-size statements percentage of a selected item on the statementUsed in several way - compare elements in a single year, analyzes trends across a number of years, compare business of differing sizes within an industry, compare performances and position within an industry5垂直的百分比式財(cái)務(wù)報(bào)表垂直的百分比

3、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)或者損益表中的凈銷售額），圖表2A-1, 2A-2, 2A-3, 582-584頁Vertical Common-Size StatementsVertical Common-Size Statement base 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 Statements6水平的百

4、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)務(wù)報(bào)表和關(guān)系，基準(zhǔn)年份金額的一定百分比，2A-4, 585頁Horizontal Common-Size StatementsHorizontal 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 am

5、ount, figure 2A-4, page 7 百分比式財(cái)務(wù)報(bào)表 Common-Size Statements7現(xiàn)金流量表 Statement of Cash Flows現(xiàn)金流量表的構(gòu)成和分類經(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)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Component and ClassificationsOperating activities noncash expense and revenue items added back to net income: depreci

6、ation 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 investee8現(xiàn)金流量表的構(gòu)成和分類投資活動(dòng) 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PPE；其他公

7、司的債券和股票；以及向其他實(shí)體提供貸款。Component and ClassificationsInvesting activities come from changes in long-term asset, cash inflow 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, oth

8、er companies debt or equity securities and granting loan to other entities現(xiàn)金流量表 Statement of Cash Flows9現(xiàn)金流量表的構(gòu)成和分類籌資活動(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)體的股權(quán)或發(fā)行債券與票據(jù)。現(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。Component and ClassificationsFinancing activities come from changes in long-term liability or equity amount, cas

9、h inflow from sales 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 Flows10間接法和直接法間接法 圖表2A-5，588頁直接法 圖表2A-6，588頁附注 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稅Indirect and Direc

10、t MethodsIndirect Method figure 2A-5, page 10Direct Method figure 2A-6, page 10Footnotes 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 Flows11現(xiàn)金流量表舉例現(xiàn)金流量表 - 圖表2A-7，589頁Example of a Statement of

11、 Cash FlowsStatement of Cash Flows Indirect Method, Figure 2A-7, page 11現(xiàn)金流量表 Statement of Cash Flows12 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 Ratios13流動(dòng)性和償付能力比率 Liquidity/Solvency Ratios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)金還款需求。揭示公司的短期償債能力Solvency

12、ability to pay creditors when amounts due, or debt paying ability in long termLiquidity proximity to cash of the asset and liabilities, an indication of companys ability to meet its short term obligation14營運(yùn)資本分析 Working Capital 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 = 流動(dòng)資產(chǎn) 流動(dòng)負(fù)債流動(dòng)資產(chǎn) 現(xiàn)金或其他短期投資流動(dòng)負(fù)債 一年之內(nèi)償付的債務(wù)，

13、案例，592頁Working capital companys ability in the short run to pay its obligation, short-term financial healthWorking capital = current assets current liabilitiesCurrent assets cash or other liquid investmentsCurrent liabilities obligation paid within a year, examples, page 1615營運(yùn)資本分析 Working Capital 流

14、動(dòng)比率流動(dòng)比率 = 流動(dòng)資產(chǎn)/流動(dòng)負(fù)債，案例，593頁速動(dòng)（酸性測試）比率速動(dòng)比率 = （流動(dòng)資產(chǎn) 存貨）/流動(dòng)負(fù)債Current ratio Current Ratio = current assets/current liability , example, page 16Quick (Acid-Test) Ratio Quick Ratio = (Current Assets inventory)/current liability16營運(yùn)資本分析 Working Capital 現(xiàn)金比率現(xiàn)金比率 = （現(xiàn)金+有價(jià)證券）/流動(dòng)負(fù)債，案例，594頁現(xiàn)金流比率現(xiàn)金流比率 = 營業(yè)現(xiàn)金流/流動(dòng)

15、負(fù)債Cash Ratio Cash Ratio = (cash + marketable securities)/current liabilitiesCash Flow RatioCash Flow Ratio = Operation Cash Flow/Current Liabilities 17流動(dòng)性比率的敏感性分析 Sensitivity Analysis on the Liquidity Ratio流動(dòng)性比率的敏感性分析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Sensitivity Analysis on the Liquidity RatiosHo

16、w sensitive these ratios are to changes in their components, for examples, page 1918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) = 365 平均應(yīng)付賬款/賒購額 Days Purchase in Accounts Payable Days Purchase in Accounts Payable = 365 average accounts payable /credit purchases 19資本結(jié)構(gòu)分析 Capital Structure A

17、nalysis資本結(jié)構(gòu) 長期負(fù)債與權(quán)益的組合財(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)債務(wù)杠桿營運(yùn)杠桿 固定營業(yè)成本的存在Capital structure mix of long-term debt and equityFinancial leverage use of debt to increase return to owners Debt as Leverage Operating leverage existence of fixed operating costs20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 資產(chǎn)/權(quán)益財(cái)務(wù)杠桿

18、 對(duì)公司的盈余具有放大的作用Financial Leverage RatioFinancial leverage ratio = assets/equityFinancial leverage magnifying effect on earning21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 = 總負(fù)債/總資產(chǎn)債務(wù)對(duì)權(quán)益比率債務(wù)對(duì)權(quán)益比率 = 總負(fù)債/權(quán)益長期債務(wù)對(duì)權(quán)益比率 = （總負(fù)債-流動(dòng)負(fù)債）/權(quán)益Debt to Total Assets Ratio Debt to Total Assets R

19、atio = Total Debt/Total AssetsDebt to equity ratio Debt to equity ratio = Total Debt/EquityLong-term Debt to Equity Ratio = (Total Debt Current Liability)/Equity22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)（利息覆蓋）比率利息倍數(shù)比率 = 息稅前收益/利息費(fèi)用Time Interest Earned (Interest Coverage) Ratio Times Inter

20、est Earned Ratio = Earning Before Interest and Taxes/Interest Expense 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)相關(guān)，高風(fēng)險(xiǎn)轉(zhuǎn)換為更高的利率或資本成本Capital Structure and RiskCapital structure is related to the risk, high risk translate into higher interest rates or cost of capital24表外融資 Off-Balance Sheet Fin

21、ancing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)或者金融衍生交易租賃 營運(yùn)租賃，資本租賃合資企業(yè)Factoring of accounts receivables borrowing using accounts receivable as collateral, avoid recording a payable or liabilitySpecial Purpose Entities facilitate leasing activities, loan securitization, R&D activitie

22、s, trading in financial derivatives Leases operating lease, capital leaseJoint ventures hold less than 50% of outstanding share (off-balance sheet financing)25營運(yùn)活動(dòng)分析 Operating Activity Analysis經(jīng)營周期 = 應(yīng)收賬款周轉(zhuǎn)天數(shù) + 存貨周轉(zhuǎn)天數(shù)應(yīng)收賬款周轉(zhuǎn)率 = 賒銷額/平均總應(yīng)收帳款應(yīng)收帳款周轉(zhuǎn)天數(shù) = 365/應(yīng)收賬款周轉(zhuǎn)率存貨周轉(zhuǎn)率 = 銷貨成本/平均存貨Operating Cycle = Days

23、Sales in Accounts Receivable + Days Sales in Inventory Account Receivable Turnover Ratio = Credit Sales/Average Gross Accounts ReceivablesDays Sales in Receivable = 365/Accounts Receivable TurnoverInventory Turnover Ratio = Cost of Goods Sold/Average Inventory26營運(yùn)活動(dòng)分析 Operating Activity Analysis存貨周轉(zhuǎn)

24、天數(shù) = 365/存貨周轉(zhuǎn)率其他周轉(zhuǎn)率總資產(chǎn)周轉(zhuǎn)率 = 銷售額/平均總資產(chǎn)固定資產(chǎn)周轉(zhuǎn)率 = 銷售額/平均凈PP&EDays Sales in Inventory = 365/Inventroy Turnover RatioOther Turnover Ratios Total Asset Turnover Ratio = Sales/Average Total AssetsFixed Asset Turnover Ratio = Sales/Average net PP&E27第三節(jié)：獲利能力分析Topic 3: Profitability Analysis28每股收益 Earning pe

25、r Share每股收益 = （凈收益 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，608頁稀釋后每股收益稀釋后每股收益 = （凈收益 優(yōu)先股）/稀釋后發(fā)行在外的加權(quán)平均普通股數(shù)量，案例，609頁Earning per Common Share = (net income Perferred Dividends)/Weighted Average Number of Common Shares Outstanding, for example, page 33Diluted Earning per ShareDiluted Earning per Share = (Net income P

26、referred dividends)/Diluted weighted average number of common shares outstanding, for example, page 34 29每股收益 Earning per Share股利支付率股利支付率 = 普通股股利/可供普通股股東分配的盈余股利收益股利收益率 = 每股年股利/每股現(xiàn)行市價(jià)Dividend Payout RatioDividend payout ratio = common dividends/Earning available to common shareholdersDividend YieldDi

27、vidend yield = annual dividends per share/Market price per share30可持續(xù)增長率 Sustainable Equity Growth可持續(xù)的增長率 = ROE（1-股利支付率） Sustainable Growth Rate = ROE (1- Dividend Payout Ratio) 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ROI 與公司所動(dòng)用的資本有關(guān)的利潤率ROA 指標(biāo)上涉及的要素基本上與ROI相似ROE 與權(quán)益相關(guān)的利潤率投資資本的定義 非生產(chǎn)性資產(chǎn)，應(yīng)折舊

28、資產(chǎn)，優(yōu)先股股東的賬面價(jià)值Components of Return on Capital InvestmentROI essentially the degree of profit in relation to the capital deployedROA same set of factor as ROIROE degree of the profit in relation to equityDefinition of Invested Capital unproductive assets, depreciable assets, preferred shareholders boo

29、k value32資本投資的回報(bào)率 Return on Capital Investment 獲利能力分析毛利率 = （銷售 銷貨成本）/ 銷售營運(yùn)利潤率 = 營業(yè)收益/銷售凈利潤率 = 凈收益/銷售Profitability AnalysisGross profit margin percentage = (Sales Cost of Sales)/Sales Operating Profit Margin Percentage = Operating Income/Sales Net Profit Margin Percentage = Net Income/Sales33資本投資的回報(bào)率

30、 Return on Capital Investment 費(fèi)用分析主要費(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，所得稅Expense AnalysisMajor expense selling, administrative expenses, depreciation expense, amortization, maintenance, financing expenses, income taxes 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（ROI）= 業(yè)務(wù)單位的凈利潤/業(yè)務(wù)單位的資產(chǎn)資產(chǎn)的回報(bào)率（ROA）

31、ROA = 凈收益/平均總資產(chǎn)Return on InvestmentReturn on Investment (ROI) = Net Profit of Business Unit/Assets of Business UnitReturn on Assets (ROA)ROA = Net Income/Average Total Assets35資本投資的回報(bào)率 Return on Capital Investment 杜邦模型ROA = 凈收益/銷售 銷售/平均總資產(chǎn)，案例，616頁普通股權(quán)益回報(bào)的計(jì)算ROE = 凈收益/平均權(quán)益財(cái)務(wù)杠桿比率=資產(chǎn)/權(quán)益 DuPont ModelROA

32、= Net Income/Sales Sales/Average Total Assets, for example, page 42Calculating Return on Common Equity ROE = Net Income/Average EquityFinancial Leverage Ratio = Assets/Equity36收入分析 Revenue Analysis收入 從其客戶處所獲得的資源收入的來源 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)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

33、是與外部獨(dú)立實(shí)體進(jìn)行的交易R(shí)evenue resources generated by a business from customerSource of RevenueRecognition of revenues activities must be substantially completed, risk of ownership effectively passed on to the buyer, the revenue measured or estimated with substantial accuracy, either increased in cash, receiv

34、ables, or other asset or decrease in a liability, business action must be at arms length 37收入分析 Revenue Analysis收入趨勢(shì)和穩(wěn)定性重要考慮 產(chǎn)品需求的彈性，需求趨勢(shì)作出預(yù)測的能力，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)域多樣化的程度收入、存貨與應(yīng)收賬款之間的相互關(guān)系Revenue Trends and stabilityImportant consideration elastically of demand for products, ability to antic

35、ipate demand trends, level of 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 Receivables38收益度量分析 Inc

36、ome Measurement Analysis 收益的量度出于很多原因 確定有把握的收益，以預(yù)測受益的大小，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Income measured for a number of reasons determine what income can be relied on for purposes of income forecasting, determine how stable the major elements of income are, measure the earning

37、 power of the businessFollowing factors needed to be considered estimates, accounting methods, disclosure incentives, different needs of users39比率分析的局限性 Limitations of Ratio Analysis 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，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)系外部因素 企業(yè)的狀況，在行業(yè)中的地位其他局限性 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)，分析企業(yè)集團(tuán)是困難的In

38、ternal factors emphasis on summary indicators, based on past financial information, contain non-operating items, understanding of the accounting principles, validity of number, correlation within factorsExternal factors business condition, industry positionOther limitation use of different accountin

39、g make comparability difficult, seasonal fluctuation, analyzing conglomerates is difficult 40第四節(jié)：財(cái)務(wù)會(huì)計(jì)中的分析性問題Topic 4: Analytical Issues in Financial Accounting41經(jīng)濟(jì)利潤和會(huì)計(jì)利潤 Economic Profit and Accounting Profits經(jīng)濟(jì)利潤 在生命期內(nèi)實(shí)現(xiàn)盈利的凈現(xiàn)值會(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 Economic Profit net present value of its earning

40、 over its lifetimeAccounting profit follow the rules set by GAAP, approximation are needed 42收益質(zhì)量 Earning Quality會(huì)計(jì)原則的選擇表外融資及其對(duì)財(cái)務(wù)報(bào)表的影響關(guān)于資產(chǎn)維護(hù)和未來獲利能力的規(guī)定經(jīng)濟(jì)力量對(duì)收益的影響Selection of Accounting PrinciplesOff-balance Sheet Financing and Its Effect on the FinancialsProvision for Maintenance of Assets and Future

41、 Earning PowerEffect of Economic Forces on Earnings43收益質(zhì)量 Earning Quality收益的持久性重新構(gòu)建損益表 圖表2-9，630頁每股賬面價(jià)值 = （總權(quán)益 優(yōu)先股權(quán)益）/發(fā)行在外的普通股股數(shù)，案例，631頁Earning PersistenceRecast income statement figure 2-9, page 58Book Value Per Share = (Total Equity Preferred Stockholders Equity)/Number of Common Shares of Outstan

42、ding, for example, page 6044收益質(zhì)量 Earning Quality收益的持久性市場價(jià)值與賬面價(jià)值的比率 = 現(xiàn)行股價(jià)/每股賬面價(jià)值市盈率 = 每股市價(jià)/EPS收益率 = EPS/每股普通股的現(xiàn)行市價(jià)Earning PersistenceMarket-to-book Value Ratio = Current Stock Price/Book Value per SharePrice Earning Ratio = Market Price per Share/EPSEarning Yield = EPS/Current Market Price per Commo

43、n Share45價(jià)格變化和通貨膨脹的影響 Effects of Changing Price and Inflation通過膨脹 重要考慮，案例，633頁Inflation important consideration, for example, page 61 46公允價(jià)值標(biāo)準(zhǔn) Fair Value Standards公允價(jià)值衡量 資產(chǎn)或負(fù)債通過市場參與者之間的有序交易進(jìn)行交換，如果存在主市場，則該市場的價(jià)格就是公允價(jià)格，如果存在多個(gè)市場，則根據(jù)最有利市場中的價(jià)格來確定公平價(jià)值Fair value measurement assumed asset or liability exchanged in an orderly transaction bet