财务管理基础6

6.1VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition.©PearsonEducationLimited2009.CreatedbyGregoryKuhlemeyer.Chapter6FinancialStatementAnalysis6.2VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition.©PearsonEducationLimited2009.CreatedbyGregoryKuhlemeyer.AfterStudyingChapter6,youshouldbeableto:1.Understandthepurposeofbasicfinancialstatementsandtheircontents.2.Understandwhatismeantby“convergence”inaccountingstandards.3.Explainwhyfinancialstatementanalysisisimportanttothefirmandtooutsidesuppliersofcapital.4.Define,calculate,andcategorize(accordingtoliquidity,financialleverage,coverage,activity,andprofitability)themajorfinancialratiosandunderstandwhattheycantellusaboutthefirm.5.Define,calculate,anddiscussafirm’soperatingcycleandcashcycle.6.Useratiostoanalyzeafirm'shealthandthenrecommendreasonablealternativecoursesofactiontoimprovethehealthofthefirm.7.Analyzeafirm’sreturnoninvestment(i.e.,“earningpower”)andreturnonequityusingaDuPontapproach.8.Understandthelimitationsoffinancialratioanalysis.9.Usetrendanalysis,common-sizeanalysis,andindexanalysistogainadditionalinsightsintoafirm'sperformance.6.3VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition.©PearsonEducationLimited2009.CreatedbyGregoryKuhlemeyer.•FinancialStatements•APossibleFrameworkforAnalysis•BalanceSheetRatios•IncomeStatementandIncome/BalanceSheetRatios•TrendAnalysis•Common-SizeandIndexAnalysisFinancialStatementAnalysis6.4VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition.©PearsonEducationLimited2009.CreatedbyGregoryKuhlemeyer.•TradeCreditors–Focusontheliquidityofthefirm.•Bondholders–Focusonthelong-termcashflowofthefirm.•Shareholders–Focusontheprofitabilityandlong-termhealthofthefirm.ExamplesofExternalUsesofStatementAnalysis6.5VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition.©PearsonEducationLimited2009.CreatedbyGregoryKuhlemeyer.•Plan–Focusonassessingthecurrentfinancialpositionandevaluatingpotentialfirmopportunities.•Control–Focusonreturnoninvestmentforvariousassetsandassetefficiency.•Understand–Focusonunderstandinghowsuppliersoffundsanalyzethefirm.ExamplesofInternalUsesofStatementAnalysis6.6VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition.©PearsonEducationLimited2009.CreatedbyGregoryKuhlemeyer.•ConvergenceofAccountingStandards:Aimstonarroworremovedifferencessothatinvestorscanbetterunderstandfinancialstatementspreparedunderdifferentaccountingframeworks•IASB–InternationalAccountingStandardsBoardhastheresponsibilityofIFRS•IFRS–InternationalFinancialReportingStandards(EUcountriesadopted)•USGAAP–USGenerallyAcceptedAccountingPrinciplesdeterminedbyFASB•FASB–FinancialAccountingStandardsBoarddeterminesaccountingstandardsforfinancialstatementsGlobalAccountingStandards6.7VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition.©PearsonEducationLimited2009.CreatedbyGregoryKuhlemeyer.IncomeStatement•Asummaryofafirm’srevenuesandexpensesoveraspecifiedperiod,endingwithnetincomeorlossfortheperiod.BalanceSheet•Asummaryofafirm’sfinancialpositiononagivendatethatshowstotalassets=totalliabilities+owners’equity.PrimaryTypesofFinancialStatements6.8VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition.©PearsonEducationLimited2009.CreatedbyGregoryKuhlemeyer.a.Howthefirmstandsonaspecificdate.b.WhatBWowned.c.Amountsowedbycustomers.d.Futureexpenseitemsalreadypaid.e.Cash/likelyconvertibletocashwithin1year.f.Originalamountpaid.g.Acc.deductionsforwearandtear.Cash$90Acct.Rec.c394Inventories696PrepaidExpd5AccumTaxPrepay10CurrentAssetse$1,195FixedAssets(@Cost)f1030Less:Acc.Depr.g(329)NetFix.Assets$701Investment,LT50OtherAssets,LT223TotalAssetsb$2,169BasketWondersBalanceSheet(thousands)Dec.31,2007aBasketWonders’BalanceSheet(AssetSide)6.9VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition.©PearsonEducationLimited2009.CreatedbyGregoryKuhlemeyer.a.Note,Assets=Liabilities+Equity.b.WhatBWowedandownershipposition.c.Owedtosuppliersforgoodsandservices.d.Unpaidwages,salaries,etc.e.Debtspayable1year.f.Debtspayable1year.g.Originalinvestment.h.Earningsreinvested.NotesPayable$290Acct.Payablec94AccruedTaxesd16OtherAccruedLiab.d100CurrentLiab.e$500Long-TermDebtf530Shareholders’EquityCom.Stock($1par)g200AddPdinCapitalg729RetainedEarningsh210TotalEquity$1,139TotalLiab/Equitya,b$2,169BasketWondersBalanceSheet(thousands)Dec.31,2007BasketWonders’BalanceSheet(LiabilitySide)6.10VanHorneandWachowicz,FundamentalsofFinancialManagement,13thedition.©PearsonEducationLimited2009.CreatedbyGregoryKuhlemeyer.a.Measuresprofitabilityoveratimeperiod.b.Received,orreceivable,fromcustomers.c.Salescomm.,adv.,officers’salaries,etc.d.Operatingincome.e.Costofborrowedfunds.f.Taxableincome.g.Amountearnedforshareholders.NetSales$2,211CostofGoodsSoldb1,599GrossProfit$612SG&AExpensesc402EBITd$210InterestExpensee59EBTf$151IncomeTaxes60EATg$91CashDividends38IncreaseinRE$53BasketWondersStatementofEarnings(inthousands)forYearEndingDecember31,2007aBasketWonders’IncomeStatement6.11VanHorneandWachowicz,F