财务报表分析02

FinancialStatementAnalysisVolumeofinformation❖Usefulnessornot？thefinancialpositionofacompanyevaluationoffutureperformanceofacompanytheoperationsofacompanythestrategiesofmanagementVolumeofinformation❖Stakeholders？InvestorsCreditorsManagersShareholdersGovernmentinstitutionsPublicVolumeofinformation-Annualreport❖Financialstatements❖Notestothefinancialstatements(财务报表附注)❖Theauditors’report❖Afive-yearsummaryofkeyfinancialdata(五年核⼼心财务数据的总结)❖Highandlowstockprices❖Management’sdiscussionandanalysis(管理层讨论与分析)GAAP⼀一般公认会计原则Theprinciplesmeansadoptedtodifferentorganizationsindifferentindustries.Theregulationscontainsthebasicconceptofaccountingandhypothesis,andallthebasicprinciplesinvolvetheaccountingmeasure;themethodsandprocesstopreparethefinancialstatements.Allthefinancialstatementsarepreparedaccordingtogenerallyacceptedaccountingprinciples(GAAP)thathavebeenadoptedinordertoachieveapresentationoffinancialinformationthatisunderstandablebyusersaswellasrelevantandreliablefordecisionmaking.•SecuritiesandExchangeCommission(SEC)美国证券交易委员会•FinancialAccountingStandardBoard(FASB)财务会计准则委员会CONGRESSREPORTINGCOMPANIESSECFASBGivespowertosetaccountingrulesPassesonroleofmakingaccountingrulesbutretainsvetopowerLobbiesforfavorableaccountingrulesUsesaccountingrulesSources❖wheretofindaCompany’sFinancialstatements?Theinformationinthisdocument(10-K)ismandatedbytheSECandcontainsuniformcontent,presentedinthesameorderforallfillingcompaniesDocumentsfiledwiththeSECcanusuallybeaccessedthroughtheElectronicDataGathering,Analysis,andRetrieval(EDGAR)databaseatSEC’swebsite:(earning)statementTheStatementofStockholders’EquityBalanceSheetBalanceSheet-Assets流动资产现⾦金及现⾦金等价物应收款存货其他流动资产流动资产合计固定资产（净额）商誉（净额）其他⽆无形资产（净额）递延所得税其他资产资产总计BalanceSheet-Liabilities流动负债应付票据和借款⻓长期借款的流动部分应付账款应交所得税流动负债合计其他应计项⺫⽬目⻓长期负债递延所得税其他负债负债合计承诺和或有负债BalanceSheet-Shareholder’sequity普通股股本溢价留存收益未赚得赔偿⾦金股东权益合计负债和股东权益总计累计其他综合收益库藏股（成本）全部股东权益IncomeStatementsIncomeStatements销售净额销售成本⽑毛利销售、⼀一般及⾏行政管理费⽤用其他（收⼊入）费⽤用净额营业利润利息费⽤用净额税前利润所得税准备净收益⾮非控制性权益的净收益净收益普通股每股收益（基本）普通股每股收益（稀释）StatementsofRetainedEarnings净收益其他综合收益，税后股利基于股票的补偿费⽤用为股票期权⽽而发⾏行的股票为限制性股票报酬⽽而发⾏行的股票购回库藏股其他普通股股本溢价库藏股留存收益累计其他综合收益⾮非控制权益StatementsofCashFlows经营活动投资活动筹资活动现⾦金及现⾦金等价物期初余额现⾦金及现⾦金等价物期末余额现⾦金及现⾦金等价物增加（减少）NotestotheFinancialStatements❖Thenotesare,infact,anintegralpartofthestatementsandmustbeinordertounderstandthepresentationonthefaceofeachfinancialstatement.NotestotheFinancialStatements❖Firm’saccountingpolicies❖Detailsofparticularaccounts:inventory;property,plants,andequipments;investments;long-termdebt;Equityaccountsetc.❖OtherinformationNotestotheFinancialStatementsSelf-Test❖Howwouldrevenuefromsalesofgoodsandservicesbeclassified?A.OperatingoutflowB.OperatinginflowC.InvestinginflowD.FinancinginflowAnswer:BSelf-Test❖Howwouldpaymentfortaxesbeclassified?A.OperatingoutflowB.OperatinginflowC.InvestingoutflowD.FinancingoutflowAnswer:ASelf-Test❖Howwouldthesaleofabuildingbeclassified?A.OperatingoutflowB.OperatinginflowC.InvestinginflowD.FinancinginflowAnswer:CSelf-Test❖Howwouldtherepaymentofdebtprincipalbeclassified?A.OperatingoutflowB.OperatinginflowC.InvestingoutflowD.FinancingoutflowAnswer:DSelf-Test❖Whichmethodofcalculatingcashflowfromoperationsrequirestheadjustmentofnetincomefordeferrals,accruals,non-cash,andnon-operatingexpenses?A.ThedirectmethodB.TheindirectmethodC.TheinflowmethodD.TheoutflowmethodAnswer:BAnalyzingFinancingActivitiesBusinessactivitiesarefinancedwitheitherliabilitiesorequity,orboth.DebtFinancing❖Liabilitiesarefinancingobligationsthatrequiredfuturepaymentofmoney,services,orotherassets.❖Financingliabilitiesareallformsofdebtfinancingsuchaslong-termnotesandbonds,short-termborrowings,andleases.❖Operatingliabilitiesareobligationsthatarisefromoperationssuchtradecreditors,andpost-retirementobligations.DebtFinancing❖Thecompanymayborrowdirectlyfrominvestorsbyissuingsecuritiessuchasbonds;suchborrowingiscalledpublicdebt.❖Thecompanymayalsoborrowfromfinancialinstitutions,suchasbanks,intheformofloans;suchborrowingiscalledprivatedebt.❖Debtalwayshasexplicitborrowingcosts,typicallythroughpaymentofinterest.Thisiswhyfinancialliabilitiesarealsocalledinterest-bearingliabilities.DebtFinancing❖Debtthathastermsexceedingayeariscalledlong-termdebt.•Bonds•Debentures•Long-termnotes•Long-termloans债券债权证⻓长期票据⻓长期借款❖Short-termborrowingofferslowerinterestratethanlong-termdebt.However,short-termborrowingisriskerbecauseoftheneedforrepaymentinthenearterm.•Revolvers•Discountedbills•Commercialpaper短期周转借款贴现票据商业票据DebtFinancing❖Finally,anindirectformoflong-termborrowingisleasing.Leasingareamajorformofdebtfinancing.❖AccountingfordebtConsideracompanythatissuesbondswithafacevalueof$100,000andacouponrateof6%payableannuallyforafixedtermofthreeyears.Facevaluereferstotheamountthatthecompanypromisestoreturntolendersattheendoftheterm.Couponrateisthecontractedrateatwhichthecompanyagreestopayinterestandthedollaramountofsuchpaymentiscalledthecouponpayment.Effectiveinterestrateistheratethatthemarketassignstot