会计报表和财务管理

SINOTRUST1MBA基础培训会计报表和财务管理会计报表和财务管理SINOTRUST2MBA基础培训会计报表和财务管理会计报表–资产负债表，损益表，现金流量表常用会计指标–DuPontChart流行财务模型介绍–EVA&MVA;CAPM&SML;GordenModel企业兼并–Why(Synergy),WhichTypes–How(Example,CaseStudy)会计报表和财务管理SINOTRUST3MBA基础培训会计报表和财务管理Cash7,28257,600AR632,160351,200Inventories1,287,360715,200TotalCA1,926,8021,124,000GrossFA1,202,950491,000Less:Deprec.263,160146,200NetFA939,790344,800TotalAssets2,866,5921,468,80019971996BalanceSheet:AssetsSINOTRUST4MBA基础培训会计报表和财务管理19971996Acctspayable524,160145,600Notespayable720,000200,000Accruals489,600136,000TotalCL1,733,760481,600Long-termdebt1,000,000323,432Commonstock460,000460,000Retainedearnings(327,168)203,768Totalequity132,832663,768TotalL&E2,866,5921,468,800BalanceSheet:LiabilitiesandEquitySINOTRUST5MBA基础培训会计报表和财务管理Sales5,834,4003,432,000COGS5,728,0002,864,000Otherexpenses680,000340,000Deprec.116,96018,900Tot.op.costs6,524,9603,222,900EBIT(690,560)209,100Interestexp.176,00062,500EBT(866,560)146,600Taxes(40%)(346,624)58,640Netincome(519,936)87,96019971996IncomeStatement(P/LSheet)SINOTRUST6MBA基础培训会计报表和财务管理(523,936)OPERATINGACTIVITIESNetincome(519,936)Add(sourcesofcash):Depreciation116,960IncreaseinAccts.Payable378,560Increaseinaccruals353,600Subtract(usesofcash):IncreaseinAccts.Receivable(280,960)Increaseininventories(572,160)Netcashprovidedbyops.StatementofCashFlow(1997)SINOTRUST7MBA基础培训会计报表和财务管理StatementofCashFlows(1997)L-TINVESTINGACTIVITIESInvestmentinfixedassets(711,950)FINANCINGACTIVITIESIncreaseinnotespayable520,000Increaseinlong-termdebt676,568Paymentofcashdividends(11,000)Netcashfromfinancing1,185,568NETCHANGEINCASH(50,318)Plus:Cashatbeginningofyear57,600Cashatendofyear7,282SINOTRUST8MBA基础培训会计报表和财务管理TheDuPontsystemfocuseson:•Expensecontrol•Assetutilization•DebtutilizationSINOTRUST9MBA基础培训会计报表和财务管理DuPontEquations•ROA=Profitmargin*Totalassetsturnover•ROE=ROA*Equitymultiplier•ROE=(Profitmargin)(Totalassetturnover)(Equitymultiplier)=Netincome/sales*sales/TotalAssets*Totalassets/CommonequitySINOTRUST10MBA基础培训会计报表和财务管理Theotherkeyratios•P/Eratio=Themarketpriceofstock/EPS•EPS=Earnings/Thesharesoutstanding•Whatisyouridea?SINOTRUST11MBA基础培训会计报表和财务管理MVA&EVA(1)•MVA:MarketValueAdded•Thedifferencebetweenthemarketvalueofequityandtheamountofequitycapitalthatinvestorssupplied•MVA=Marketvalueofequity-Equitycapitalsuppliedbyinvestors=(Sharesoutstanding)(StockPrice)-TotalcommonequitySINOTRUST12MBA基础培训会计报表和财务管理MVA&EVA(2)•MVAExampleCoca-Colain1995MarketvalueofEquity:$69bTotalcommonequity:$8bMVA:$61bEPS:$8.63GMin1995MarketvalueofEquity:$69bTotalcommonequity:$87bMVA:$18bEPS:$0.79SINOTRUST13MBA基础培训会计报表和财务管理MVA&EVA(3)•EVA:EconomicValueAdded•Valueaddedtoshareholdersbymanagementduringagivenyear•Tomeasuretheeffectsofmanagerialactions•EVA=After-taxoperatingprofit-After-taxcostoftotalcapital=EBIT(1-Corporatetaxrate)-After-taxcostoftotalcapitalTotalcapitalincludes:Long-termdebt,preferredstock,andcommonequitySINOTRUST14MBA基础培训会计报表和财务管理MVA&EVA(4)EVAcasestudy•CSXCorporationin1988,stockprice$28•BU:Locomotive,containers,trailer,railcars•EVAapproachlost$70M•Sellingoff,increasingvolume•Till1993,stockprice$82.5SINOTRUST15MBA基础培训会计报表和财务管理MVA&EVA(5)•Securityanalysts:ThestockpricestrackEVAfarmorecloselythanotherfactorssuchasEPS,ROEandOperatingMarginSINOTRUST16MBA基础培训会计报表和财务管理CAPMModel&SML(1)•CAPMCapitalAssetPricingModel•SMLTheSecurityMarketLine•SMLEquationRequiredreturnOnStockI=Risk-freerate+(Marketriskpremium)(Stock’sbeta)ORKi=KRF+(KM-KRF)biNote:KM,requiredrateofreturnonaportfolioconsistingofallstocksSINOTRUST17MBA基础培训会计报表和财务管理CAPMModel&SML(2)Beta(bi):•Ameasureoftheextenttowhichthereturnsonagivenstockmovewiththestockmarket.•Betaisthetheoreticallycorrectmeasureofthestock’sriskness.SINOTRUST18MBA基础培训会计报表和财务管理CAPMModel&SML(3)•ThebetaofsomestocksStockBetaAmericaOnline2.10BallyEntertainment1.55MicrosoftCorp1.20GeneralElectric1.15Procter&Gamble1.05Coca-Cola1.00Heinz0.90EmpireDistrictElectric0.55Source:ValueLine,August16,1996SINOTRUST19MBA基础培训会计报表和财务管理.T-billsSMLkM=15kRF=8-1012SML:ki=8%+(15%-8%)bi.ki(%)Risk,biCAPMModel&SML(4)SINOTRUST20MBA基础培训会计报表和财务管理CAPMModel&SML(5)SML1OriginalsituationRequiredRateofReturnk(%)SML200.51.01.52.01815118NewSMLSINOTRUST21MBA基础培训会计报表和财务管理CAPMModel&SML(6)1.0kM=18%kM=15%SML1OriginalsituationRequiredRateofReturn(%)SML2AfterincreaseinriskaversionRisk,bi18158SINOTRUST22MBA基础培训会计报表和财务管理GordenModel（ConstantGrowthModel）Toevaluatethestockpricewiththeconstantgrowthrate.P0=D0(1+g)/(Ks-g)•P0theexpectedpriceofthestocktoday•D0dividendthestockholderexpectstoreceivetoday•Ksrequiredreturnrate•gexpectedgrowthrateSINOTRUST23MBA基础培训会计报表和财务管理Whydomergersoccur?•Synergy“2Plus2Equals5Effect”IfcompaniesA&BmergetoformCompanyC,andifC’svalueexceedsthatofA&Btakenseparately,thensynergyissaidtoexist.SINOTRUST24MBA基础培训会计报表和财务管理–OperatingEconomies•EconomicsofScalesinmanagement,marketing,production,ordistribution–FinancialEconomies•Lowertransactioncost,bettercoverage–DifferentialManagementEfficiency•Moreefficiencyofthemanagement•moreproductivityoftheweakerfirm’sasset–Increasedmarketpower•ReducedcompetitionSynergycouldaris