# 金融学·课件梳理3 财务报表分析与比率分析1

2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理

2017-2018 学年度第二学期期末考试复习材料

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Lesson3Financial Statement Analysis & Ratio Analysis1 第 3 课财务报表分析与比率分析 1 Today’s Agenda
? The Balance Sheet ? The Income Statement ? Ratio Analysis

The Balance Sheet
1、The Balance Sheet 资产负债表
? The Balance sheet is a snapshot of the firm’s assets and liabilities at a given point in time. ? Balance Sheet Identity ? Assets=Liabilities+Stockholders’ Equity资产=负债+所有者权益

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2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理

2、Net Working Capital 净营运资金
? CurrentAssets- Current Liabilities 流动资产-流动负债 ? Positive when the cash that will be received over the next 12 months exceeds the cash that will be paid out ? Usually positive in a healthy firm

3、Liquidity 流动性
? Assets are listed in order of liquidity ? Speed and ease of converting an asset to cash 将资产转换成现金的速度和便利性 ? Liquid firms are less likely to experience financial distress 流动性公司不太可能经历财务危机。 ? But, liquid assets earn a lower return 流动资产赚取较低的回报。 ? Trade -offto find balancebetweenliquid and illiquid assets

4、Debt vs. Equity 债务与股权
? Debthasprecedence over equityto afirm’s cash flows 债务优先于股权对公司现金流 ? Stockholders’ Equity=Assets -Liabilities ? Shareholders are ―residual‖ owners 股东是“剩余”所有者。 ? Debt is referred to as financial leverage (more debt, the greater is degree of financial leverage; like lever =>can magnify both gains and losses) 债务被称为财务杠杆（更多的债务，更大程度上是财务杠杆；就像杠杆可以放大收
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2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理

5、Market Value vs. Book Value 市场价值与账面价值
? The balance sheet provides the book value of the assets, liabilities and equity. (historical cost) 资产负债表提供了资产的账面价值、负债和权益。 （历史成本） ? Market value is the price at which the assets, liabilities or equity can actually be bought or sold 市场价值是资产价格，负债或权益实际上可以买或卖 ? Market value and book value are often very different

Income Statement
1、Income Statement 损益表

? The income statement is more like a video of the firm’s operations for a specified period of time.损益表更像是一个指定的时间内一个视频的公司的运作。

? 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).

2、Depreciation 折旧
? The cost of fixed assets must be recorded as expenses on a firm’s balance sheet and income statement. 固定资产的成本必须记在公司的资产负债表和损益表上。 ? 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. 与劳动力、维修和材料等成本不同，固定资产的成本并不简单地被视为是在他们获
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2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理

3、Depreciable Assets 折旧资产
In U.S., depreciable property: ? Must be used in business or held for production ofincome 必须用于商业或用于生产收入 ? Must have a definite service life, and t hat life must be longer than 1 year. 必须有一定的使用寿命，并且寿命必须长于 1 年。 ? Must be something that wears out, decays, gets used up, becomes obsolete, or loses value from natural causes. 必须是某种东西，它会磨损、腐烂、被消耗掉、变得过时、或者由于自然原因而失 去价值。 ? Question: Can you depreciate land?

4、Depreciation Methods 折旧方法
? Straight Line ? MACRS —Modified Accelerated Cost Recovery System 改进的加速成本回收系统 ? 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.估计有用年限是指公司可以使用资产的年限（或期限） 。 ? The residual value is the expected cash value at the end of the asset’s useful life. 剩余价值是资产使用寿命结束时的预期现金价值。

6、Straight Line Depreciation Example 直线折旧法的例子
? Cowboy Corp. buys a fax machine for their business at a cost of \$450. They expect to use 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?
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2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理

7、MACRS
? MACRS is a simpler, more rapid depreciation method.

8、Depreciation
? A channel for EarningsManipulation (LETV)盈余操纵的一个通道 ? 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: ? The Bradley Co. had \$185,000 in 2009 taxable income. Calculatethecompany’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%

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2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理

10、Building an Income Statement ? Let’s build on the data for Cowboy Corp. from last lecture:

? First, rename the tab of your spreadsheet ―IncomeStatement‖ ? 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

? Now Liabilities:

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2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理

12、Common-Size Income Statement 同型损益表
? First, create a copy of the ―Income Statement‖ worksheet ? Then, divide each cell by that year’s Sales ? 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 measuresadifferentdimensionofa firm’s performance (i.e. strengths & weaknesses).

2、Liquidity Ratios 流动性比率
? ? ? ? What does liquidity mean?Why does it matter? How well can the firm pay its bills without undue stress. Ahigh ratio indicates liquid, but too high may meanthe firm is inefficient. Two primary liquidity ratios are the Current Ratio and the Quick Ratio: ? 流动比率 =/

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2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理

? 速兑比率 = (?) / ? Calculate Current and Quick Ratios for CowboyCorp. – Format cell to custom format with ―x‖

3、Efficiency Ratios 效率比率
? Efficiency ratios are the Inventory Turnover Ratio, Average Collection Period, and Fixed &Total Asset Turnover Ratios 效率比率是存货周转率、平均回收期和固定资产周转率。 ? What do they measure? ? How efficiently does the firm use its assets? ? How fast the firm can sell product/collect on sales

?投资周转率 . =/ ?平均募集期. . = / (/365) ?固定资产周转率 = / ?总资产周转率 = / ? Calculate the Inventory Turnover Ratio, Average Collection Period, and Fixed & Total Asset Turnover Ratios for Cowboy Corp. 4、Leverage Ratios 杠杆率
? What do they measure? ? Measures the firms’ long -run ability to meet its obligations. 衡量公司长期履行义务的能力。 ? 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 对于杠杆率，我们将使用总债务比率、长期债务比率、债务权益比率和长期债务与 股本比率。 ?总债务比率 = / ?长期债务比率 = / ?债务权益比率 = / ?长期债务与股本比率 = /

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2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理

5、Coverage Ratios 覆盖率
? CoverageratiosaretheTimesInterest Earned and the Cash Coverage Ratios 覆盖率是所赚取的时间利息和现金覆盖率。 ? =/ 已获得的计时利息=息税前利润/利息费用 ? = (+ ) / 现金涵盖比率=（息税前利润+非现金费用）/利息费用

6、Profitability Ratios 利润率
? Profitability ratios are the Gross Profit Margin, Operating Profit Margin, Net Profit Margin, Return on Total Assets, and Return on Equity 利润率是毛利率、营业利润率、净利润率、总资产收益率和股本回报率。 ?毛利率 = / ?营业利润率 = / ?净利润率 = / ?总资产收益率 = / ?资本权益报酬率 = /

7、Market Value Ratios 市场价值比率
? What do they measure: ? What the market thinks of t he firm vs accountinginformation 企业对会计信息的市场思考 ? 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 市场/账面比率=每股价格/普通股（账面价值）每股 ? Price-sales ratio=Price per share/Sales per share 价格销售比率=每股价格/每股销售额

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2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理

8、Financial Distress – Altman’s Z-Score 财务困境
? Altman’s Z -score for predicting bankruptcy ? = 1.21 + 1.42 + 3.33 + 0.64 + 5 ? Where: ? 1 = / 净营运资本/总资产 ? 2 = / 留存收益/总资产 ? 3 = / 息税前利润/总资产 ? 4 = / 所有股票的市场价值/总负债账面价值 ? 5 = / 销售/总资产

? 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 oneyear 破产预测一年内 ? 1.81< Z < 2.675----- Financial distress, possible bankruptcy 财务困境，可能破产 ? Z > 2.675----- No financial distress predicted 没有财务困境预测

? Assume Market Value of Equity is \$425,000 in 2013 and \$511,000 in 2014 9、Using the Financial Ratios 运用财务比率 ? Once you have calculated all the ratios in thenotes, 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 determi ne managers’ bonuses (i.e. did they meet goals for financial ratios?) or by bondholders 10、Evaluating the Financial Ratios 财务比率评估 ? Now let’s try to evaluate the financial ratios forCowboy Corp using trend analysis ? Let’s say if a good ratio increased fro m 2013 to 2014, or a bad one decreased, then the spreadsheet says ―Good‖, otherwise ―Bad‖ ? Use the IF(.) function in Excel to do this ? The ones you want to decrease are theLeverage Ratios and Ave. Collection Period
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2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理

? Now let’s add the industry averages to the analysis ? Let’s say if a good ratio increased from 2013 to 2014, or a bad one decreased, AND Cowboy Corp’s ratio is better than the industry, then the spreadsheet says ―Good‖ ? If the ratio moved in the right direction, but Cowboy’s ratiois worse than the industry, then it returns ―OK‖ ? If the ratio moved in the wrong direction, but Cowboy’s ratio is better than the industry, also ―OK‖ ? If the ratio went in the wrong direction, plus it is worse than the industry, the sheet says ―Bad‖

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