Financial Statement Analysis
financial report 和financial statement analysis -回复
financial report 和financial statementanalysis -回复Financial Report:A financial report is a document that provides a comprehensive overview of a company's financial performance. It includes information on the company's income, expenses, assets, liabilities, and equity. Financial reports are typically prepared and presented to shareholders, investors, and other stakeholders to help them better understand the company's financial health and make informed decisions.Financial reports are prepared using generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS). These principles ensure that the financial information is consistent, comparable, and reliable. The main components of a financial report include the income statement, balance sheet, statement of cash flows, and statement of shareholders' equity.The income statement, also known as the profit and loss statement, shows the company's revenues, expenses, and net profit or loss over a specific period. It provides an overview of the company'sprofitability and how efficiently it is managing its operations. The balance sheet presents the company's assets, liabilities, and shareholders' equity at a specific point in time. It reflects the financial position of the company and helps investors assess its ability to meet its financial obligations.The statement of cash flows provides information on the cash inflows and outflows from the company's operating, financing, and investing activities. It helps stakeholders understand the company's liquidity and cash flow management. Finally, the statement of shareholders' equity shows the changes in the company's shareholders' equity over a given period. It includes information on dividends, share issuances, and net income.Financial Statement Analysis:Financial statement analysis is the process of examining a company's financial statements to assess its financial health and performance. It involves analyzing the information provided in the financial reports and using various techniques and ratios to gain insights into the company's profitability, liquidity, solvency, and efficiency.One commonly used ratio in financial statement analysis is the profitability ratio, which measures a company's ability to generate profits. Examples of profitability ratios include the gross profit margin, operating profit margin, and net profit margin. These ratios assess the company's ability to control costs, manage pricing, and generate sufficient profits.Liquidity ratios, on the other hand, assess a company's ability to meet its short-term financial obligations. Examples of liquidity ratios include the current ratio and the quick ratio. These ratios indicate whether a company has enough current assets to cover its current liabilities. A high liquidity ratio suggests that a company is financially stable and can easily meet its short-term obligations.Solvency ratios evaluate a company's long-term financial stability by comparing its debt to its equity. Examples of solvency ratios include the debt-to-equity ratio and the interest coverage ratio. These ratios show whether a company has a sustainable capital structure and can meet its debt obligations in the long run.Efficiency ratios measure how effectively a company is utilizing itsresources. Examples of efficiency ratios include the inventory turnover ratio, the accounts receivable turnover ratio, and the asset turnover ratio. These ratios provide insights into a company's inventory management, collection of accounts receivable, and overall asset utilization.In addition to ratios, financial statement analysis may also involve trend analysis, common-size analysis, and benchmarking. Trend analysis involves comparing financial data over multiple periods to identify patterns and potential areas of concern. Common-size analysis involves expressing financial data as a percentage of a base figure to facilitate comparisons. Benchmarking involves comparing a company's financial performance to that of its competitors or industry standards to identify areas for improvement.In conclusion, financial reports provide a comprehensive overview of a company's financial performance, while financial statement analysis involves analyzing the information presented in these reports to assess a company's financial health and performance. By understanding these concepts and utilizing various techniques and ratios, stakeholders can make informed decisions and gain valuableinsights into a company's financial standing.。
财务报表分析论文（Financialstatementanalysis）
财务报表分析论文（Financial statement analysis）For financial statement analysis, please refer to:Talking about the analysis of enterprise financial accounting reportTry the financial and operating results ultimately reflected in the financial report, so the financial accounting report is a major source of information of enterprise operators, shareholders, creditors and potential investors to understand and grasp the business situation and development level. In order to make the financial accounting report users understand and grasp the real economic connotation of the enterprise financial accounting report, we must use the scientific method to carry on the comprehensive analysis. The financial statements of an enterprise are mainly composed of accounting statements, accounting statements and financial statements (except for enterprises that do not prepare and provide financial statements). Then, how to analyze these accounting statements and footnotes, I think the following aspects should be carried out:I. Analysis of enterprise performanceFinancial accounting report users are more concerned about the operation of enterprises, such as income, profits and other indicators of completion, and compared with the same period of the previous year, such as changes. Specific analysis can be carried out from the following aspects:(1) analysis of the composition of enterprise income;The income of the enterprise mainly includes the main business income and other business income. Among them, the main business income is the most important corporate income indicators, the analysis of the indicators, you can use the current income compared with the same period of the previous year, the general use of the last three years of data as well. In the main business income analysis process, we must pay attention to the proportion of revenue items in the total amount of revenue, in order to understand the main business of enterprises in the same industry status and development prospects. The main business income shall have an absolute share of the total revenue of the enterprise, otherwise, the enterprise shall be deemed to be in an abnormal economic condition or whose main business is not outstanding.(two) analyzing the profitability of enterprisesProfit index is one of the most important indicators of economic benefits. Through the analysis of this index, we can understand the level of profitability and development prospects of enterprises. We can also evaluate the stability of enterprise profit sources by observing the share of operating profit, investment income, subsidy income and out of business net income in total profits of enterprises.(three) analyze the influence of cost and expense on enterprise profitCost is an important factor affecting business profits. Under the condition of certain income, the lower the cost, the greaterthe profits of the enterprise, and vice versa. This can be verified by selling profit margins or cost margins. At the same time, the need for further decomposition of the cost, in order to understand the project cost proportion, so that managers can effectively compress the expenses to get the maximum output with minimum input.Two, asset management efficiency analysisFor enterprises, the operation ability of each asset reflects the management level and efficiency of the existing assets. The higher the efficiency of the use of assets, the faster the turnover, reflecting the better liquidity of assets, the ability to repay debt is stronger, the assets of enterprises have been fully utilized. Analysis on the efficiency of asset management, mainly through the following indicators, namely, accounts receivable turnover, inventory turnover rate, investment return rate, turnover rate of fixed assets and current assets turnover and total asset turnover.Accounts receivable turnover rate, usually by aging analysis method, the key analysis should be the quality status of accounts receivable, evaluate the rationality of accounting method for the loss of bad debts, bad debts and bad debts, but also a concrete analysis of its causes.Analysis of inventory turnover, mainly to the index with the same industry and enterprises before the year is compared, but also affect the inventory turnover rate of individual factors for further analysis, such as raw materials, semi-finished products, finished goods inventory turnover, in order to findout the root cause of the level of inventory turnover.The analysis of the return on investment mainly depends on the period of investment and the payback period of investment, so as to know whether the investment of an enterprise is effective and how much the degree of investment risk is.The analysis of the turnover ratio of the three major assets (liquid assets, fixed assets and total assets) mainly depends on the efficiency of the use of assets and whether there is any bad assets.Three, solvency analysisSolvency is the ability of an enterprise to pay its due debts, including the ability to repay short-term and long-term debt. Debt paying ability is the most concern of creditors. In view of the safety of enterprises, more and more attention has been paid to shareholders and investors. The solvency of an enterprise is mainly through liquidity ratio, quick ratio, asset liability ratio, shareholder equity ratio and interest protection multiple.1. generally, the liquidity ratio is 2, which is ideal. But there are different requirements for different industries,For non productive enterprises, liquidity is mainly cash and liquidity receivable due to less inventory. Its low liquidity ratio is also reasonable.2. generally speaking, the quick ratio is more suitable for 1.However, due to the possibility of longer accounts receivable in current assets, the actual solvency of an enterprise will be affected. In order to make up for the limitations of this ratio, the objective evaluation of the solvency of an enterprise can also be assessed by using an overspeed ratio. The index is to use the company's quick assets, that is, monetary funds, short-term securities, notes receivable and the reputation of the customer's accounts receivable to reflect and measure the liquidity of enterprises and short-term solvency. The index because of the important factors removed has nothing to do with the cash flow such as prepaid expenses and the impact of the quick ratio of credibility as credibility is not high customer accounts receivable, therefore, to objectively evaluate the firm's liquidity and short-term debt paying ability.3. generally speaking, the asset liability ratio is 60%, more appropriate. The ratio is too low, indicating that the enterprises do not have a strong sense of debt management, the ratio is too high, and the financial risk of enterprises is too great.4., for the shareholder equity ratio, the index value is large, indicating the high risk of financial structure, the protection of the interests of creditors is lower; and the value of this index is small, is a low-risk financial structure.5. what is the surplus of interest paid by the interest guarantee times?. The higher the value of the index, the smaller the business risk, the greater the ability to repay the debt.Four. Cash flow analysisThe cash flow statement is used to reflect the firm's ability to create net cash flows. The analysis of the cash flow statement, due to information and help users to understand the changes in statements of enterprises in a certain period of cash inflow and outflow, forecast future cash flow during the evaluation of enterprise financial structure and ability to repay the debts, determine the enterprise to adapt to external environment changes, adjust the room for cash payments, to reveal the relationship between enterprises the level of profitability and cash flow. Since the objectivity of cash flow is related to other indicators, the analysis of cash flow can be a good complement to other indicators.1. cash flow and sales income ratio. The ratio represents the cash flow earned for each one yuan sales income. The higher the ratio, the better the effect of cash flow, the stronger the ability to pay.2. cash flow and operating profit ratio. The ratio represents the cash flow earned for each one yuan operating profit. The higher the ratio, the higher the quality of the business is, the more profits the company will make in cash.3. net cash flow to net profit ratio. The ratio shows the amount of net cash inflow from operating activities in each net profit realized, reflecting the level of the net profit of the enterprise and the ability of the enterprise to pay dividends.4. cash flow rate of return on assets. The ratio reflects thecash flow per dollar of assets. The higher the ratio, the higher the efficiency of the use of assets.5. debt to cash ratio, the ratio of net cash flows from operating activities to average current liabilities. Because the profit year does not necessarily have enough cash to repay the debt, so the implementation of debt cash flow index system based on the use of cash, can fully reflect the business activities generated net cash inflow to what extent can guarantee the payment of current liabilities.Five. Analysis of notes in financial statementsBecause the content stipulated in the financial statements has certain fixity and stipulation, only the quantitative financial information can be provided. As an important supplement to the accounting statements, the annotations of accounting statements mainly explain and explain the contents that are not included in the accounting statements or the details of the disclosures. The analysis of these important matters is essential. It helps to inform users of the dynamics of the business and to identify the existing problems and development potential of the enterprise and to make investment decisions. These notes are of value to users of financial reports include contingencies and events after the balance sheet date and related transactions.1. an analysis of a problem or a matter. "Business" or "event" means an uncertain state or situation that may result in an enterprise's profits or losses. Because of the consequences of or have to wait for the future of the event or not happen tobe confirmed, so the enterprise generally should not be recognized or contingent liabilities and assets. But must be disclosed in the report, these common contingencies have already discounted commercial acceptance or liabilities, pending litigation, arbitration or the formation of contingent liabilities, providing debt guarantee for other companies or liability, these issues could lead to the loss of funds of enterprises, is the potential financial risks of the enterprise.2. events after the balance sheet date.After the date of the balance sheet items, items from the balance sheet date to the financial report quoted on the approval between the need to adjust or explanation. These matters have both favorable and unfavorable aspects of enterprises, financial report users through analysis of matters, can quickly determine these important matters will bring certain economic benefits for the enterprise or the enterprise will suffer significant economic losses.3., related transactions. The related transaction of an enterprise is a transaction conducted between the related enterprises for a certain purpose. For these transactions, we should focus on understanding the essence of the transaction, whether to understand the enterprise to be traded assets are non important assets of the enterprise, whether by trading in assets can bring certain economic benefits to the enterprises in the future.In a word, the analysis of enterprise financial report is a veryimportant and meticulous work. The purpose is to find out the problems existing in the process of production and management in order to judge the current financial situation of enterprises and predict the future trends. Enterprise managers, creditors, shareholders and potential investors, through the analysis of reports, can understand the information of enterprises from different angles in a timely manner, so as to make a series of decisions for the purpose of the enterprise.。
financial statement analysis framework -回复
financial statement analysis framework -回复问题，并提供具体的例子和分析。
【financial statement analysis framework】Introduction:Financial statement analysis is a crucial process for evaluating the financial health and performance of a company. It helps investors, lenders, and other stakeholders to make informed decisions about investing or lending money to the company. To conduct a comprehensive financial statement analysis, a framework can be used to guide the process. In this article, we will discuss the steps involved in financial statement analysis and provide specific examples and analysis.Step 1: Analyzing the Income StatementThe first step in the financial statement analysis framework is to analyze the income statement. The income statement provides valuable information about a company's revenues, expenses, and profitability. By assessing various components of the incomestatement, we can gain insights into the company's revenue growth, cost structure, and overall profitability.Example: Let's take Company ABC as an example. Company ABC's income statement shows a steady increase in revenue over the past three years. This indicates that the company has been successful in growing its sales. However, upon further analysis, we find that the operating expenses have also increased significantly, resulting in a lower operating income. This suggests that the company may be facing cost challenges and needs to control its expenses to improve profitability.Step 2: Evaluating the Balance SheetThe second step in the financial statement analysis framework is to evaluate the balance sheet. The balance sheet provides information about a company's assets, liabilities, and shareholders' equity. By examining the balance sheet, we can assess the company's liquidity, solvency, and capital structure.Example: Continuing with Company ABC, the balance sheet shows that the company has a high level of debt compared to its equity.This indicates a higher risk of insolvency if the company faces financial difficulties. However, the company also has a significant amount of cash and cash equivalents on hand, which indicates a good level of liquidity. This suggests that while the company may have a higher risk of defaulting on its debt, it has the ability to meet its short-term obligations.Step 3: Analyzing the Cash Flow StatementThe third step in the financial statement analysis framework is to analyze the cash flow statement. The cash flow statement provides information about a company's cash inflows and outflows from its operating, investing, and financing activities. By examining the cash flow statement, we can assess the company's ability to generate cash from its operations, investments, and financing activities.Example: Looking at Company ABC's cash flow statement, we see that the company has a positive operating cash flow, indicating that it generates cash from its core operations. However, the company has been investing heavily in new assets, resulting in negative cash flow from investing activities. This suggests that the company is using its cash to expand its operations and acquire newassets, which may lead to future growth opportunities.Step 4: Conducting Ratio AnalysisThe fourth step in the financial statement analysis framework is to conduct ratio analysis. Ratio analysis involves calculating and analyzing various financial ratios, such as profitability ratios, liquidity ratios, and solvency ratios. These ratios provide insights into the company's financial performance, efficiency, and risk profile.Example: By calculating profitability ratios for Company ABC, we find that the company has a declining profit margin over the years. This indicates that the company's ability to generate profits from its sales is decreasing. Furthermore, by calculating liquidity ratios, we find that the company has a low current ratio, indicating a potential difficulty in meeting its short-term obligations. These findings suggest that investors or lenders should be cautious when considering investing or lending money to Company ABC.Conclusion:Financial statement analysis is a comprehensive process that involves analyzing the income statement, balance sheet, cash flow statement, and conducting ratio analysis. By following a systematic framework, investors, lenders, and stakeholders can gain valuable insights into a company's financial health and performance. The examples and analysis provided in this article demonstrate how each step of the framework can be applied to assess a company's financial position and make informed decisions.。
Financial_Statements_Analysis_课件(第九章)所得税分析
Financial Statements Analysis
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递延所得税负债：负债还是所有者权益？ 递延所得税负债：负债还是所有者权益？
课本304) Deferred tax liabilities: liability or equity? (课本 课本
Financial Statements Analysis 1
财务报告VS税务报告 财务报告VS税务报告P291 VS
会计收益、应税收益：不同经济概念，遵循不同原则， 规范不同对象，体现不同要求；差异不可避免
Financial Statements Analysis
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税务报告、 税务报告、财务报告(参见课本P292 BOX 9-1)
应税所得（ income） 应税所得（taxable income） 应交所得税（ payable） 应交所得税（tax payable）＝当期应税所得*适用所得税税率 已缴所得税（ paid）：当期和以前会计期间所得税支 ）：当期 已缴所得税（income tax paid）：当期 付和返还（payments or refunds ） （ 税损移前扣减(tax (taxcarryback)、税损移后扣减（tax税损移前扣减(tax-loss carryback)、税损移后扣减（tax-loss carryforward）： ）：当期经营亏损，向上转抵3 年，所得税返还； carryforward）： 向下结转15 年，抵减以后年度所得税 所得税减免额（ credit） 所得税减免额（tax credit）:directly reduce tax payables 税前利润（ income） 税前利润（pretax income） 所得税费用（ expenses）： ）：当期应交所得税和递延所 所得税费用（income tax expenses）： 得税费用（include tax payables and deferred income tax （ expenses） expenses）
financial report 和financial statement analysis -回复
financial report 和financial statementanalysis -回复什么是财务报告和财务报表分析。
1. 引言(150字)：财务报告和财务报表分析是财务管理和决策过程中的两个关键概念。
财务报告是描述一个组织的财务状况和业绩的文件。
财务报表分析则是利用这些财务报表数据进行分析和解读，以帮助决策者做出明智的商业决策。
2. 财务报告的重要性(300字)：财务报告是为了满足不同利益相关方的信息需求而准备的。
它提供了有关组织财务状况和业绩的信息，帮助管理层、股东、投资者、债权人和监管机构等对组织的财务状况进行评估。
财务报告通常包括资产负债表、利润表、现金流量表和所有者权益变动表。
这些报表提供了组织的财务数据，用于分析和监控财务绩效。
3. 财务报表分析的意义(400字)：财务报表分析是通过对财务报表数据的解读和比较，评估组织的财务状况和业绩。
对于投资者而言，财务报表分析是投资决策的关键工具。
它可以帮助投资者了解公司的运营状况、盈利能力和风险水平，进而做出是否投资的决策。
对于管理层而言，财务报表分析可以协助他们了解公司的财务绩效，并根据分析结果调整商业战略和运营决策。
财务报表分析可以采取多种方法，包括比率分析、趋势分析和垂直分析等。
比率分析是通过计算和比较不同财务指标之间的关系，评估公司的财务绩效。
这些比率包括盈利能力比率、偿债能力比率、流动性比率和市场价值比率等。
趋势分析则是通过比较多个会计期间的财务数据，发现和评估财务变化的趋势。
垂直分析则是将不同财务指标与相关基准进行比较，用于评估公司在行业中的地位。
财务报表分析提供了一种量化评估公司财务状况和业绩的方法，帮助决策者更好地了解公司的财务风险和潜在机会。
然而，财务报表分析也有其限制。
首先，财务报表本身可能受到潜在偏见和误导。
其次，财务报表分析只提供了过去和当前的数据，对于预测未来的业绩有限。
因此，在进行财务报表分析时，需要综合考虑其他方面的信息，如行业和市场趋势、管理层的实力和公司的竞争优势等。
(CFA)一级考试课本总结 - Financial Statement Analysis
转：金融分析师（CFA）一级考试课本总结- Financial Statement Analysis阅读(375) 评论(0) 发表时间：2008年12月21日07:27本文地址：/blog/657383549-1229815661本文标签: turnover income equity Statement salesFinancial Statement AnalysisFS被investor和creditor有用，还有gov regulator，tax authority和其他，提供short-term liquidity, long-term earning power, growth opportunity和asset position of the firm. 还应该是relevent，timely，reliable，material和consistent允许time-series和cross- sectional 比较。
The Financial Account Standards Board(FASB)是美国的，建立了Generally Accepted Accounting Principle(GAAP)The International Organization of Securiies Commission(IOSC)建立跨过的disclosure标准The International Accounting Standards Board(IASB)目标是提供international uniformity, 虽然没有执行力，但很多国家还是采用IASB GAAP除了Balance sheet，income statement和statement of cash flow，分析师还应该看financial statement footnotes，statement of comprehensive income，statement of stockholders’ equity，proxy statement，supplementary schedules和management dicision and analysis(MD&A).独立auditor有doubts，就说qualified opinion；auditor能提供reasonable assurance证明报表没有material misstatement，就说unqualifiedrevenue和expense在earn和incur时候就实现了，不管cash flow是什么时候。
financial statement analysis framework
financial statement analysis framework一、引言财务报表分析框架是理解企业财务状况、评估企业绩效和预测未来发展的重要工具。
此框架旨在提供一种系统的方法，帮助分析者理解财务报表各部分之间的关系，识别潜在的风险和机会，为企业决策提供有力支持。
二、财务报表概述财务报表是企业财务状况的总结，主要包括资产负债表、利润表和现金流量表。
资产负债表反映企业在某一特定日期的财务状况，即资产、负债和所有者权益的情况；利润表反映企业的经营绩效，即收入、费用和利润的情况；现金流量表则提供关于企业现金流入和流出的信息。
三、分析框架的构建1. 资产负债表分析：关注资产、负债的结构和组成，以及变化趋势。
通过对资产和负债的种类、性质和来源的分析，可以了解企业的资产创造能力和债务结构。
2. 利润表分析：关注收入、费用和利润的构成，以及变化趋势。
利润表分析有助于识别企业的盈利能力、成本控制和潜在的竞争优势。
3. 现金流量表分析：关注现金流入和流出的主要来源和用途，以及变化趋势。
现金流量表分析有助于评估企业的流动性、偿付能力和应对风险的能力。
4. 会计政策与分析方法：理解并分析企业的会计政策，选择适当的分析方法（如趋势分析、比率分析、结构分析等）进行财务报表分析。
四、风险与机会识别通过财务报表分析，可以识别潜在的风险和机会。
风险包括流动性风险、信用风险、运营风险等，机会则包括市场机会、投资机会和战略机会等。
这些信息对于企业决策具有重要参考价值。
五、局限性及改进建议财务报表分析存在一定的局限性，如会计政策的选择和运用、报表粉饰的可能等。
为克服这些局限性，建议采取以下措施：1. 充分理解并尊重企业的会计政策，选择适合的分析方法；2. 关注报表粉饰的可能，利用多种信息来源进行交叉验证；3. 结合非财务信息进行综合分析，以更全面地了解企业的经营状况；4. 定期对财务报表进行复核和更新，以应对企业内外部环境的变化。
财务报表分析 英文
Financial Statement AnalysisIntroductionFinancial statement analysis is a crucial tool for assessing the financial performance and stability of a company. By analyzing a company’s financial statements, investors and other stakeholders can gain insights into its profitability, liquidity, solvency, and overall financial health. This document provides an overview of financial statement analysis, including the different types of financial statements, key financial ratios used in analysis, and the importance of using a systematic approach for analyzing financial statements.Types of Financial StatementsFinancial statements are a collection of reports that provide a snapshot of a company’s financial position and performance over a specific period. The three main types of financial statements include:1. Balance SheetThe balance sheet is a statement that shows the financial position of a company at a given point in time. It provides information about a company’s assets, liabilities, and shareholders’ equity. The balance sheet is divided into two main se ctions: the left side shows the company’s assets, while the right side shows its liabilities and shareholders’ equity.2. Income StatementThe income statement, also known as the profit and loss statement, reports a company’s revenues, expenses, and net in come over a specific period. It provides insights into a company’s profitability and helps identify trends in its revenue and expenses. The income statement follows a simple equation: revenues minus expenses equal net income.3. Cash Flow StatementThe cash flow statement shows the inflows and outflows of cash in a company over a specified period. It provides information about a company’s operating, investing, and financing activities. The cash flow statement helps assess a company’s ability to generate cash and its liquidity.Key Financial RatiosFinancial ratios are used to analyze the relationships between different items in a company’s financial statements. They help evaluate a company’s financialperformance, efficiency, liquidity, and solvency. Some key financial ratios used in financial statement analysis include:1. Profitability RatiosProfitability ratios measure a company’s ability to generate profits. Common profitability ratios include gross profit margin, operating profit margin, and net profit margin.2. Liquidity RatiosLiquidity ratios assess a company’s ability to meet its short-term obligations. These ratios include the current ratio and quick ratio.3. Solvency RatiosSolvency ratios evaluate a company’s long-term financial stability and ability to meet its long-term obligations. Examples of solvency ratios include the debt-to-equity ratio and the interest coverage ratio.4. Efficiency RatiosEfficiency ratios measure a company’s ability to utilize its assets and resources effectively. Examples include the inventory turnover ratio and the accounts receivable turnover ratio.Systematic Approach for Financial Statement AnalysisTo conduct an effective financial statement analysis, it is important to follow a systematic approach. The key steps in this approach include:1. Gathering Financial StatementsCollect the company’s financial statements, including the balance sheet, income statement, and cash flow statement.2. Analyzing Financial RatiosCalculate the relevant financial ratios and analyze them to assess the company’s financial performance and condition.3. Comparing RatiosCompare the calculated financial ratios with industry averages or with the company’s historical performance to identify trends and benchmark the company’s performance.4. Conducting a Trend AnalysisAnalyze the company’s financial statements over multiple periods to identify any significant changes or trends in its financial performance.5. Making Informed DecisionsBased on the analysis of the financial statements and ratios, make informed decisions about the company’s financial health, investment potential, and future prospects.ConclusionFinancial statement analysis is an important tool for assessing a company’s financial performance and stability. By analyzing a comp any’s financial statements and calculating key financial ratios, investors and stakeholders can make informed decisions about the company’s financial health, stability, and investment potential. Following a systematic approach for financial statement analysis ensures a comprehensive evaluation and helps identify trends and benchmarks for comparison.。
Lecture-2-financial-statement-analysis
（快照）
Long-term debt
Shareholders’ equity
total assets ≡ total liabilities + owners’ equity
Uses of funds ≡ Sources of funds
5
第5页，共72页。
Investing activities: acquisitions and divestitures of long-term assets.(如购置或出售长期固定资产）
Financing activities: issuances and payments toward equity, borrowings, and long-term liabilities.（如发行债务、偿还债务、发行新股）
年度
2001
Lecture 2 Financial Statements Analysis
1
第1页，共72页。
Outline of Lecture 2
Demand and Supply of Financial Analysis Primary Types of Financial Statements Techniques of Financial Statements Analysis Earnings Quality
Long-term debt
Fixed Assets：
Long-term Investments(长期投资） Property, plant and equipment（固定资产）
Shareholders’ Equity
Common Stock（普通股股本）
FinancialStatementAnalysis第十一版教学设计 (2)
Financial Statement Analysis 第十一版教学设计一、前言《Financial Statement Analysis》（第十一版）是一本财务报表分析方面的经典教材，本教学设计是基于该教材的教学设计。
二、教学目标1.了解财务报表分析的基础概念和原则；2.学会运用财务报表分析工具分析公司财务报表；3.培养财务分析的思维能力和判断能力，为投资决策提供理论和实践基础。
三、教学内容1.财务报表分析基础概念和原则2.财务报表分析工具——比率分析（1）流动比率、速动比率、现金比率（2）应收账款周转率、存货周转率（3）固定资产周转率、总资产周转率（4）利润率、毛利率、净利率（5）股东权益回报率、资产回报率3.财务报表分析工具——财务预测（1）趋势分析法（2）比率分析法（3）实际应用案例4.财务报表分析工具——现金流量分析（1）现金流量表（2）现金流量量化分析（3）自由现金流5.财务报表分析实践案例分析（1）选择一家上市公司或者一家知名公司进行财务报表分析（2）撰写分析报告四、教学方法本课程采取大课堂讲解与小组讨论相结合的教学方法，教师通过大课堂讲解，介绍财务报表分析的基础概念和原则，然后将学生分为小组，每组选择一家公司进行财务分析案例分析，并将分析结果进行小组讨论和报告汇报。
在教学过程中，教师将结合现实案例进行分析，让学生充分体验财务分析的实际应用价值。
五、考核与评分1.学生在小组中完成的案例分析报告占最终成绩的70%。
2.课堂参与和小组汇报占最终成绩的30%。
六、教学资源1.教师PPT2.教材—《Financial Statement Analysis》（第十一版）3.案例教学材料4.电脑及实用软件七、参考资料1.《财务报表分析》王永林著，大连理工大学出版社。
2.《财务报表分析与应用》李志刚著，清华大学出版社。
3.《会计信息的质量审核理论与实践》王晓峰著，中国人民大学出版社。
4-Financial Statement Analysis
4-Financial Statement AnalysisP1-4 Accruals and other adjustments in preparing financial statements掌握以下几种权责发生制（Accrual Basis）：权责发生制是以权利和责任的发生来决定收入和费用归属期的一项原则。
R1-4 收入应与为取得该收入所发生的费用、成本相匹配，以正确计算在该会计期间所获得的净损益。
R2-4 ★除了基本概念以外还需要掌握几个名词unearned revenue 或deffered revenue (liability): The firm receives cash before it provides a good or service to customers，等到货物delivery 之后，B/S 表中liability会减少一部分，cash 增加一部分unbilled revenue 或accrued revenue (asset): If the revenue is earned, and it is just that the billing dept has not raised the bill, then you should take up the revenue under accrued receivables and for most purposes, they should be the same as accounts receivables.（未开票前，称为unbilled；开票后，从unbilled 转为A/R）prepaid expenses(asset): The firm pays cash ahead of time for unanticipated expense. accrued expenses(liability): An expense that is incurred, but not yet paid for, during a given accounting period.P2-4 Audits of Financial Statements 的理解R3-4 Audits of Financial Statements 掌握概念及理解：概念：Audit is an indep endent review of an entity’s financial statement.理解：Audits provide reasonable assurance that the financial statements are fairly presented, meaning that there is a high degree of probability that they are free ofmaterial error, fraud or illegal acts.Audit report 有三种类型分别是qualified opinion, unqualified opinion, adverse opinion. ★An unqualified audit opinion conveys that the financial statement report a “true and fair view” or are “fairly presented” in accordance with applicable accounting standards.★The auditors must also express an opinion on the company’s internal control systems according to Sarbanes-Oxley Act.P3-4 Other Information Sources of Financial Statements 的理解R4-4 ★Financial footnotesincludes information about account methods and assumptions; related-party transactions; commitments and contingenciesfootnotes 是被审计过的R5-4 Supplementary schedule: provides explanatory information, such as operating income or sales by region or business segment;R6-4 ★MD&A (Management Discussion & Analysis):Management must highlight any favorable or unfavorable trends, andIdentify significant events and uncertainties that affect the company’s liquidity, capital resources, and results of operations;Such as, to provides information about the effects of inflation, changing pricesR7-4 ★Proxy statement: provides useful information regardingManagement and director compensation;Company stock performance;Any potential conflicts of interest between management, shareholders and board;Relevant current information on their websites and press release and as part of conference calls.R8-4 Annual filing (10-K) & quarterly report (10-Q): generally present the 4 key financial statements and footnotes but are not audited.R9-4 8-K: reported to SEC, which includes material corporate events on a more current basis, such as M&AP4-4 关于Financial Statement 指标、准备和呈报的一些要求R10-4 美国准则与国际准则Standard-setting bodies: make the rules, such as FASB——U.S. GAAP; IASB——IFRSRegulatory authorities: enforce the rules, such as SEC——美国；FSA——英国R11-4 ★Qualitative characteristics of financial statement under IASB, relevance 和reliability faithful presentation（two fundamental characteristics）Relevance: Financial statements are relevant if the information in them can influence user’s economic decisions. To be relevant, information should have predict ive value, confirmatory value, or both.Faithful representation. Information that is faithfully representative is complete, neutral (absence of bias), and free of error.R12-4 ★Four characteristics enhance relevance and faithful presentationUnderstandability：Users should be able to readily understand the information .Timeliness. Information is available to decision makers before the information is stale.Verification：Independent observers, using the same methods, obtain similar results.ComparabilityR13-4 Constraints on financial statementRelevant vs. Timely：There is a tradeoff between relevant and timely.Cost vs. benefits：The benefit users gain from the information should be greater than the cost of presenting it.Non-quantifiable：Non-quantifiable information (reputation, brand loyalty, capacity for innovation, etc.) cannot be captured directly in financial statements.R14-4 ★Coherent of financial reporting framework (underlying logic)Transparency：Full disclosure and fair presentation create transparent.Comprehensiveness：An effective financial reporting framework is based on principles that are universal enough to provide guidance for recording both existing and newly developed transactions.Consistency：Similar transactions should be accounted for in a similar manner regardless of industry company size, geography, or other characteristics.R15-4 Standard-setting approachPrinciples-based: require the prepares of financial reports and auditors to exercise considerable judgment in financial reporting — IFRSRules-based: establishes specific rules for each element or transaction — U.S. GAAPU.S. GAAP 将慢慢转变为Objectives Oriented（结合以上两者）P5-4 Financial Statement Elements 的理解Financial Statement Elements 掌握U.S. GAAP 和IFRS 的区别：R16-4 US GAPP: Assets，Liabilities，Equity or Net Assets，Investments by owners，Distributions to owners，Comprehensive income，Revenues，Expenses，Gains，LossesR17-4 IFRS: Assets、Liabilities、Equity or Net Assets、Revenues，ExpensesP6-4 Steps in the Financial Statement Analysis FrameworkR18-4 Steps in the Financial Statement Analysis Framework — 6 个步骤State the objective and contextGather data：所有财务报表信息的搜集Process the data：将财务报表搜集的信息做处理，如计算ratioAnalyze and interpret the data：将分析出来的各种ratio 进行分析Report the conclusions or recommendationsUpdate the analysisP7-4 Accounting SystemR19-4 ★报表制作几个步骤General Journal: list of entries sorted by date (order)General ledger: sorted by accountInitial trial balance/Adjusted trial balance: balance, Trial balances are typically prepared at the end of an accounting period as a first step in producing financial statement.Financial statementsP8-4 Revenue RecognitionR20-4 Revenue Recognition criteriacompletion of the earnings process & assurance of payment. For example, Receiving cash before revenue recognition--unearned revenueExpenses are recognized when incurred.Under IFRS: risk and reward is transferred, no continuing control or management over the goods sold, revenue can be readily measured, probable inflow of economicbenefits, cost can be realiably measured (for service, the stage of completion can be measured)Under GAAP: evidence of arrangement between the buyer and seller, product being delivered or service has been rendered, price is determined or determinable,reasonably sure of collecting money.R21-4 ★Revenue Recognition 理解：Under U.S. GAAP1) 对于long-term contract，可以选用POC 和CC——此处定为考点，请重点掌握. Percentage of completion: 在工程的收入与支出确定时使用。
Financial Statements Analysis
0.8 0.8
1 1.667
1 0.6
Somdet 0.018 t
Normal year
Nodett
0.06
0.6 0.6
Hale Waihona Puke 1 0.680.1 0.1
1 1
1 1.667
1 1.134
Somdet 0.068 t
Good year
Nodett
0.09
0.6 0.6
1 0.787
0.125 0.125
1.2 1.2
Value Investing: The Graham Technique
How to use these ratios?
1. Pick a benchmark: ratios of the same firm in different years; ratios of different firms in the same industry For example: /p/sum_conameu.html
Major Financial statements
Major Financial statements
2.the balance sheet ( 资产负债表): 反映公司 的财务现状. Assets=Liability+shareholders' equity current assets+ fixed assets+intangible fixed assets=current liability+long term debt+common stock + preferred stock+ retained earnings If all items are express as a percentage of total assets, it is called a common size balance sheet.
财务报表分析FinancialStatementAnalysis
$900,000 (300,000) $600,000 (240,000) $360,000
則賺取利息倍數為多少?
財務報表分析的限制 ：
不適合的資料： 以會計年度期末的財務資料來評估整年 度的財務狀況可能並不適合。
不同的會計準則及方法： 可能會阻礙比較性，因不同國家編製財 務報表的準則可能不同，限制了財務分 析的使用。
習題演練
下列何項非屬短期償債能力的衡量指標： (1)存貨週轉率 (2)流動比率 (3)應收款項週轉率 (4)利息保障倍數
習題演練
甲公司91年到93年之毛利分別為 $10,000,$11,000及$12,500,若以91年為基 期，則92年及93年之百分比為(1)10%及 25%(2)22%及25%(3)220%及250%(4)110% 及125%
習題演練
丙公司之損益表資訊如下： 減除利息前之稅前純益 減：利息費用 餘額 減：所得稅費用 稅後淨利
財務報表分析的工具
水平分析:又稱趨勢分析(trend analysis)， 是用來評估在一段期間內一連串財務報表 資料的技術。
垂直分析:又稱共同比分析(common size analysis)，以一基準金額的百分比來表達 財務報表上每個項目的技術。
比率分析:表達財務報表選定資料項目間的 關係。
水平分析
1 、比較不同公司多份資產負債表或多份損 益表之間財務資訊。
2、比較同公司不同期間多份資產負債表或 多份損益表之間財務資訊。
垂直分析
1、資產負債表分析:選定基準數為總資產或 負債與股東權益總合
2、損益表分析:選定基(Liquidity Ratios)=>衡量公司 償還短期到期債務及支付未預期現金需 求的能力。
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A620 section 01: Financial Statement Analysis ProjectSripanya, KritsanaSong, DiZhang, HanwenZhou, ZhuoweiUniversity of New Haven / West HavenDecember, 2012Financial Statement AnalysisToyota Motor CorporationYear over year, Toyota Motor Corporation has seen net income shrink from $5.0B to $3.4B despite relatively flat revenues. A key factor has been an increase in the percentage of sales devoted to the cost of goods sold from 93.24% to 93.59%. Although debt as a percent of total capital decreased at Toyota Motor Corporation over the last fiscal year to 52.37%, it is still in-line with the Automobiles industry's norm. Additionally, even though there are not enough liquid assets to satisfy current obligations, Operating Profits are more than adequate to service the debt. Accounts Receivable is typical for the industry, with 36.04 days’ worth of sales outstanding. Last, Toyota Motor Corporation is among the least efficient in its industry at managing inventories, with 33.90 days of its Cost of Goods Sold tied up in Inventories.Toyota Short-Term Liquidity3 when look in ration of Liquidity, TMC has seen working capital from $8 B to $12B.The key point is after hamburger’s crisis economic customer have power to buy produce then impact to TMC have high Working capital while current ratios are good in 1-1-1.2 also quick ration is 0.9-1.0 So TMC have a good term in liquidityToyota Long-Term Credit RiskAbout Long-term liquidity TMC still keep ration at 1.6 which is quite risk because the company probably can't collect money to Equity. About Interest coverage Ratio, TMC has increased from -11.0 to 20.2 from 2009 to 2011. It means TMC can pay interest in a good trend. Thus, TMC has a good ability in long-term credit also good for investors who want to invest in TMC.Ford Motor CompanyYear over year, Ford Motor Co. has been able to grow revenues from $119.3B to $128.2B. Most impressively, the company has been able to reduce the percentage of sales devoted to income tax expense from 0.50% to -9.00%. This was a driver that led to a bottom line growth from $6.6B to $20.2B.Ford Short-Term LiquidityAccording to the short-term liquidity, Ford always has a positive working capital which means the company is in a sound financial position. In addition, Ford had a current ratio around 1.5 through 2009 to 2011. It indicates that the company’s current assets are 1.5 times as large as its current liabilities. Since the turnover in receivable and inventory were not slow, I think Ford has a good short-paying ability. The quick ratio of Ford is very close to the current ratio of it, as a result, it strength the conclusion we made through the current ratio.Ford Measures of ProfitabilityAccording to the measures of profitability, all the ratios in it have a positive increase from 2009 to 2011. However, most successful businesses earn a return on average total assets of 15 percent or more. Ford just earned around 5 percent which means the firm did not earn a reasonable return with the assets under its control. On the other hand, Ford suffered a net loss provides its stockholders with a negative return on stockholders' equity in 2009 and 2010 and got a high return on equity of 134.11%. The gross profit rate tended to remain reasonably stable from 2010 to 2011. We do not need to worry a lot about the changing consumer demand for the company's products.In our opinion, Ford does not have a high ability of profitability since the ROA was at a low level. On the other hand, it was not good at manage the stockholders’ investment because of the negative ratio of ROE in 2009 and 2010. So we do not recommend investors to put money in it. However, Ford is not bad with liquidity. It was stable for current ratio and quick ratio and also had a quick turnover in receivable and inventory which mean the lengthening of Ford’s operatingcycle is considered short.General MotorAmong those years 2009 2010 2011, GM Corporation’s net income has been increased 1 point. Its operation income changed greatly from -14%-4%-5%, it means GM Corporation has been using new strategy and gets great profit. Also, its Cost of Goods Sold decrease from 102%-87%-86%, GM has been successful reduced its cost of sales. Although, GM total current assets decrease from 43%-38% during 2009-2010, through sales in 2010 it tried their best to get 4points back. But its good will has been decreasing gradually. It is a potential problem GM need to really pay attention to. GM Company is in a health condition. It repaid some debts; especially decrease Short-Term Borrowings from 7%-1%-1%. That’s the main factor that its liability decreased from 38%-34% and it used the same way in 2011. Through those policy GM’s TOTAL EQUITY increase 6 points from 2009-2010 and keep it in 2011.GM Short-Term Liquidity7 GM Short-Term Liquidity a little bit moreIts current ratio fluctuated greatly. When looking in ration of Liquidity, GM has seen current capital from 1.13 to 6.06 and working capital has been gradually increased. So it has a huge term in liquidity.GM Long-Term Credit Riskxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx。