CMA考试新考纲(官方)-part two 1 (1)

1CMA学习系统第二部分：财务决策CMALearningSystemPart2:FinancialDecisionMaking主讲：张宇CMA2第一章：财务报表分析SectionA:FinancialStatementAnalysis3第一节：基本的财务报表分析Topic1:BasicFinancialStatementAnalysis4百分比式财务报表Common-SizeStatements百分比式财务报表–某一报表项目的百分比可作如下之用–比较同一财务报表中的不同元素，分析某企业在若干年间的发展趋势，比较同一行业内不同规模的企业，将公司绩效与行业平均水平相比Common-sizestatements–percentageofaselecteditemonthestatementUsedinseveralway-compareelementsinasingleyear,analyzestrendsacrossanumberofyears,comparebusinessofdifferingsizeswithinanindustry,compareperformancesandpositionwithinanindustry5垂直的百分比式财务报表垂直的百分比式财务报表–基本数额（资产负债表中的总资产或者损益表中的净销售额），图表2A-1,2A-2,2A-3,582-584页VerticalCommon-SizeStatementsVerticalCommon-SizeStatement–baseamount(totalassetsonthebalancesheetandnetsalesontheincomestatement),figure2A-1,Figure2A-2,page4,Figure2A-3,page5百分比式财务报表Common-SizeStatements6水平的百分比式财务报表水平的百分比式财务报表–变化分析或趋势分析，同一公司不同期间的主要财务报表和关系，基准年份金额的一定百分比，2A-4,585页HorizontalCommon-SizeStatementsHorizontalcommon-sizestatements–variationanalysisortrendanalysis,keyfinancialstatementvaluesandrelationforthesamecompanyoveraperiodofyears,asapercentageofthebaseyearamount,figure2A-4,page7百分比式财务报表Common-SizeStatements7现金流量表StatementofCashFlows现金流量表的构成和分类经营活动–调整到净利中的非现金费用和收入事项包括：折旧费用和无形资产的摊销；抵延成本的摊销；抵延所得税的变化；应付债券溢价和折价的摊销；来自使用权益法核算的被投资方的收益ComponentandClassificationsOperatingactivities–noncashexpenseandrevenueitemsaddedbacktonetincome:depreciationandamortizationofassets,amortizationofdeferredcost,changesindeferredincometaxes,amortizationofapremiumordiscountonbondspayable,incomefromanequitymethodinvestee8现金流量表的构成和分类投资活动–长期资产账户的变化有关，投资现金流入的事项有出售PPE的现金流入，出售对其他实体的债券或股权的投资；收回对其他实体的贷款本金（利息属于营运现金流）。投资现金的流出有够买PPE；其他公司的债券和股票；以及向其他实体提供贷款。ComponentandClassificationsInvestingactivities–comefromchangesinlong-termasset,cashinflowfromsalesofPPE,investmentsinanotherentity’sdebtorequitysecurities,collectionoftheprincipalonloanstoanotherentity,cashoutflowresultfrompurchasesofPP&E,othercompaniesdebtorequitysecuritiesandgrantingloantootherentities现金流量表StatementofCashFlows9现金流量表的构成和分类筹资活动–与长期负债或权益帐户的变化有关。筹资现金流入包括出售本实体的股权或发行债券与票据。现金流出包括向股东支付股利；回收股份或赎回企业的债券。ComponentandClassificationsFinancingactivities–comefromchangesinlong-termliabilityorequityamount,cashinflowfromsalesofentity’sequitysecuritiesorissuanceofdebt,cashoutflowfrompaymentstostockholdersfordividends,reacquirecapitalstockorredeemoutstandingdebt现金流量表StatementofCashFlows10间接法和直接法间接法–图表2A-5，588页直接法–图表2A-6，588页附注–披露重大的非现金投资和筹资活动，在间接法中披露支付的利息和所得税IndirectandDirectMethodsIndirectMethod–figure2A-5,page10DirectMethod–figure2A-6,page10Footnotes–disclosesignificantnon-cashinvestingandfinancingactivities,anddiscloseinterestpaidandincometaxesinindirectmethod现金流量表StatementofCashFlows11现金流量表举例现金流量表-图表2A-7，589页ExampleofaStatementofCashFlowsStatementofCashFlows–IndirectMethod,Figure2A-7,page11现金流量表StatementofCashFlows12第二节：财务绩效指标-财务比率Topic2:FinancialPerformanceMetrics–FinancialRatios13流动性和偿付能力比率Liquidity/SolvencyRatios偿付能力–向债权人偿付到期债务的能力，或长期内的债务偿还能力流动性–资产转换为现金的速度能在多大程度上满足到期债务的现金还款需求。揭示公司的短期偿债能力Solvency–abilitytopaycreditorswhenamountsdue,ordebtpayingabilityinlongtermLiquidity–proximitytocashoftheassetandliabilities,anindicationofcompany’sabilitytomeetitsshorttermobligation14营运资本分析WorkingCapital营运资本–公司短期内的偿付能力，短期内的财务健康状况；营运资本=流动资产–流动负债流动资产–现金或其他短期投资流动负债–一年之内偿付的债务，案例，592页Workingcapital–company’sabilityintheshortruntopayitsobligation,short-termfinancialhealthWorkingcapital=currentassets–currentliabilitiesCurrentassets–cashorotherliquidinvestmentsCurrentliabilities–obligationpaidwithinayear,examples,page1615营运资本分析WorkingCapital流动比率流动比率=流动资产/流动负债，案例，593页速动（酸性测试）比率速动比率=（流动资产–存货）/流动负债CurrentratioCurrentRatio=currentassets/currentliability,example,page16Quick(Acid-Test)RatioQuickRatio=(CurrentAssets–inventory)/currentliability16营运资本分析WorkingCapital现金比率现金比率=（现金+有价证券）/流动负债，案例，594页现金流比率现金流比率=营业现金流/流动负债CashRatioCashRatio=(cash+marketablesecurities)/currentliabilitiesCashFlowRatioCashFlowRatio=OperationCashFlow/CurrentLiabilities17流动性比率的敏感性分析SensitivityAnalysisontheLiquidityRatio流动性比率的敏感性分析比率中的具体组成元素发生变化时，比率本身对这种变化的敏感性，案例，595页SensitivityAnalysisontheLiquidityRatiosHowsensitivetheseratiosaretochangesintheircomponents,forexamples,page1918对偿付能力的度量MeasuringtheAbilitytoPay应付账款周转天数应付账款周转天数=365×平均应付账款/赊购额Day’sPurchaseinAccountsPayableDaysPurchaseinAccountsPayable=365×averageaccountspayable/creditpurchases19资本结构分析CapitalStructureAnalysis资本结构–长期负债与权益的组合财务杠杆–利用负债来提高对公司所有者（股东）的回报债务杠杆营运杠杆–固定营业成本的存在Capitalstructure–mixoflong-termdebtandequityFinancialleverage–useofdebttoincreasereturntoownersDebtasLeverageOperatingleverage–existenceoffixedoperatingcosts20财务杠杆比率FinancialLeverageRatio财务杠杆比率财务杠杆比率–资产/权益财务杠杆–对公司的盈余具有放大的作用FinancialLeverageRatioFinancialleverageratio=assets/equityFinancialleverage–magnifyingeffectonearning21与负债/债务相关的比率分析RatioAnalysisonDebt/Liabilities负债对总资产的比率负债对总资产的比率=总负债/总资产债务对权益比率债务对权益比率=总负债/权益长期债务对权益比率=（总负债-流动负债）/权益DebttoTotalAssetsRatioDebttoTotalAssetsRatio=TotalDebt/TotalAssetsDebttoequityratioDebttoequityratio=TotalDebt/EquityLong-termDebttoEquit