财务报表分析 (台湾中兴大学)chap001

1CHAPTEROverviewofFinancialStatementAnalysisMcGraw-Hill/Irwin©2004TheMcGraw-HillCompanies,Inc.,AllRightsReserved.BusinessAnalysisEvaluateProspectsEvaluateRisksBusinessDecisionMakers•Equityinvestors•Creditors•Managers•MergerandAcquisitionAnalysts•ExternalAuditors•Directors•Regulators•Employees&Unions•LawyersInformationSourcesforBusinessAnalysisQuantitative•FinancialStatements•IndustryStatistics•EconomicIndicators•Regulatoryfilings•TradereportsQualitative•ManagementDiscussion&Analysis•Chairperson’sLetter•Vision/MissionStatement•FinancialPress•PressReleases•WebsitesTypesofBusinessAnalysisCreditAnalysisEquityAnalysisManagement&ControlMergers,Acquisitions&DivestituresDirectorOversightRegulationExternalAuditingLaborNegotiationsFinancialManagementCreditAnalysisTradeCreditors•Providegoodsorservices•Mostshort-term•Usuallyimplicitinterest•BearriskofdefaultNon-tradeCreditors•Providemajorfinancing•Mostlong-term•Usuallyexplicitinterest•BearriskofdefaultCreditorsCreditAnalysisLiquidityAbilitytomeetshort-termobligationsFocus:•CurrentFinancialconditions•Currentcashflows•LiquidityofassetsSolvencyAbilitytomeetlong-termobligationsFocus:•Long-termfinancialconditions•Long-termcashflows•ExtendedprofitabilityCreditworthiness:Abilitytohonorcreditobligations(downsiderisk)IntrinsicValue(orFundamentalValue)IntrinsicvalueMarketvalueBuyIntrinsicvalueMarketvalueSellIntrinsicvalue=MarketvalueHoldValueofCompany(orstock)withoutreferencetomarketvalue(orstockprice)StrategyProspectiveAnalysisAccountingAnalysisBusinessEnvironment&StrategyAnalysisIndustryAnalysisStrategyAnalysisFinancialAnalysisAnalysisofSources&UsesofFundsProfitabilityAnalysisRiskAnalysisCostofCapitalEstimateIntrinsicValueAccountingAnalysisComparabilityproblems—acrossfirmsandacrosstimeManagerestimationerrorDistortionproblemsEarningsmanagementDistortionofbusinessAccountingRiskProcesstoevaluateandadjustfinancialstatementstobetterreflecteconomicrealityFinancialAnalysisProfitabilityanalysis—EvaluatereturnoninvestmentsRiskanalysis———Evaluateriskiness&creditworthinessSourcesanduses—Evaluatesource&offundsanalysisdeploymentoffundsCommontoolsRatioanalysisCashflowanalysisProcesstoevaluatefinancialpositionandperformanceusingfinancialstatementsProspectiveAnalysisIntrinsicValueBusinessEnvironment&StrategyAnalysisAccountingAnalysisFinancialAnalysisProcesstoforecastfuturepayoffsDynamicsofBusinessActivitiesInvestingOperatingFinancingEndofperiodBeginningofperiodBusinessActivitiesTimePlanningPlanningFinancingInvestingPlanningActivities:Goals&ObjectivesCompetitionPricingMarketdemandsTacticsPromotionManagerialperformanceOpportunitiesProjectionsDistributionBusinessActivitiesObstaclesBusinessActivitiesFinancingFinancingactivities•Owner(equity)•Nonowner(liabilities)InvestingFinancingInvestingactivities•Buyingresources•SellingresourcesInvesting=FinancingBusinessActivitiesPlanningActivitiesInvestingActivitiesFinancialActivitiesOperatingActivitiesRevenuesandexpensesfromprovidinggoodsandservicesBusinessActivitiesFinancialStatementsReflectBusinessActivitiesPlanningInvestingCurrent:•Cash•AccountsReceivable•Inventories•MarketableSecuritiesNoncurrent:•Land,Buildings,&Equipment•Patents•InvestmentsAssetsBalanceSheetFinancingCurrent:•NotesPayable•AccountsPayable•SalariesPayable•IncomeTaxPayableNoncurrent:•BondsPayable•CommonStock•RetainedEarningsLiabilities&EquityBalanceSheetStatementofShareholders’EquityOperating•Sales•CostofGoodsSold•SellingExpense•AdministrativeExpense•InterestExpense•IncomeTaxExpenseNetIncomeIncomestatementCashFlowStatementofCashFlowsFinancialStatements•BalanceSheet•IncomeStatement•StatementofShareholders’Equity•StatementofCashFlowsKodakDec31,2001(Inmillions,exceptpersharedata)LiabilitiesandAssetsShareholders’EquityCurrentAssetsCurrentLiabilitiesCashandcashequivalents$448Payables$3,276Short-termborrowings1,378Receivables2,337Accruedincometaxes544Inventories1,137CurrentmaturitiesofLTD156Deferredincometaxcharges521Other240Totalcurrentliabilities5,354Totalcurrentassets4,683OtherLiabilitiesPropertiesLong-termborrowings1,666Land,buildingsandequipmentatcost12,982Post-employmentliabilities2,728Less:Accumulateddepreciation7,323Otherlong-termliabilities720Netproperties5,659OtherAssetsTotalliabilities10,468Goodwill(netofaccumulatedamortizationof$920)948Shareholders'EquityOthernon-currentassets2,072Commonstock,parvalue$2.50pershare,950,000,000sharesauthorized;issuedTotalAssets391,292,760sharesAdditionalpaidincapital978Retainedearnings849Accumulatedothercomprehensiveloss7,431(597)Treasurystock,ascost,100,363,059shares8,661Totalshareholders'equity5,767Totalliabilitiesandequity2,894$13,362$13,362BalanceSheetTotalInvesting=TotalFinancing=CreditorFinancing+OwnerFinancingKodakFinancing$13,362=$10,468+$2,894IncomeStatementKodakForYearEndedDec.31,2001(Inmillions)Sales$13,234Costofgoodssold8,670Grossprofit4,564Selling,generalandadministrativeexpenses2,627ResearchanddevelopmentcostsGoodwillamortization779Restructuringcostsandassetimpairments659EARNINGSFROMOPERATIONS345Interestexpense219Otherincome(charges)(1