北大财务分析学4-6

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财务报告分析(第3版)第04章

2.作用：
1)可据以正确评价企业各方面的经营业绩。 2)可据以及时、准确地发现企业经营管理中存在的问题。 3)可据以分析和预测企业发展趋势和收益能力的重要依据。 4)可据以作出合理的经济决策。
二、利润表格式

（一）利润的形成（二）利润表的格式 1.单步式利润表 2.多步式利润表
3.销售利润率
销售利润率是指企业一定期间内利润总额同营业收入的比率，它表明每百元的营业收入能带来的利润。其计算公式如下: 利润总额销售利润率= ×100% 营业收入
分析:

该指标越高,说明企业销售获利能力越强,企业经营的效益越好,对投资者和债权人越有利。在采取该指标考核企业盈利能力时,不能简单地将不同企业的销售利润率指标的高低作为评价标准,而应结合企业的特点,以前年度的指标以及行业平均指标等,从而对企业生产经营效率作出比较公正的评价。
2.成本利润率
企业为了选择经营品种,有时需要测量每一品种的经营效益,因而在企业的管理工作中,还有使用成本利润率指标测算盈利能力的做法。成本利润率是企业净利润与营业成本的比率。计算公式为: 净利润成本利润率= ×100% 营业成本
（三）资产盈利能力
反映资产盈利能力的指标主要包括：资产净利率、净资产收益率。 1．资产净利率资产净利率是企业净利润与平均资产总额的比率，它反映了企业资产利用的综合效果。计算公式为：净利润资产净利率= ×100% 平均资产总额平均资产总额=(期初资产总额+期末资产总额)÷2
4.销售净利率
销售净利率是指企业净利与营业收入的百分比，它反映每百元营业收入中所赚取的净利润的数额。其计算公式如下: 净利润销售净利率= ×100% 营业收入

2023年整理北大光华笔记财务报表分析

陆正飞教授北京大学光华管理学院会计系副系主任、教授、博士生导师.第1章财务报表信息的相关需求与供给财务报表信息的提供,取决于财务报表信息的相关需求方与供给方这两股力量的共同作用.因为有相关需求,才有必要提供;但供给方提供财务报表信息会受到许多方面的制约.§1.财务报表信息的相关需求者§2.影响财务报表信息相关需求的因素§3.影响财务报表信息供给的因素§4.与财务信息披露相关的成本§5 1.财务报表信息的相关需求者1.股东、投资者及证券分析师2.经理3.贷款提供者4.客户及供应商5.政府机构政府机构对财务报表信息的相关需求,从根本上讲取决于政府的社会职能.一般而言,政府需要利用财务报表信息,通常是出于以下几种原因：1）征税的需要.政府从公司征收的税收包括营业税.增殖税及所得税等.这些税种的应征税额的确定,无不需要以财务报表信息为计算基础.所得税尤其如此.2）签订和执行合同的需要.政府机构在与公司发生关系的过程中,可能经常需要签订合同.例如,政府以其掌握的土地等自然资源投入公司时,就需要签订协议,以确定政府从公司获得利益的途径和方式.在此过程中,政府机构就需要审读公司以往的财务报表.在合同的执行过程中,同样需要利用公司的财务报表信息.3）政府政策制订及政府干预的需要.政府在制订有关经济政策,尤其是财税和金融政策时,需要考虑公司当前的财务状况特征.例如,政府在决定调高中央银行基准利率水平时,就需要根据公司财务信息,估计公司的承受相关能力.同样道理,政府在确定是否有必要向面临财务困境的公司提供政府担保贷款时,也需要利用公司的财务信息.在许多国家,政府还或多或少地直接拥有乃至直接经营着一些企业,即所谓的国有企业或国家控股的企业.在这种情况下,政府事实上同时又扮演着股东的角色.所以,就需要利用财务报表信息作出与股东利益相关的各种决策.当然,财务报表信息并非政府在作出上述决策是所使用的唯一的信息.例如,政府在决定是否给一些面临财务困境的公司提供担保贷款时,就业和社会安定可能是一个更为关键的因素.6.员工：公司员工之所以有着对财务报表信息的相关需求,往往缘于多种动机.首先,员工的基本利益,如基本薪水及奖金的实现,有赖于公司持续稳定的经营和良好的业绩,而财务报表是关于公司当前及未来的盈利相关能力和支付相关能力的一个十分重要的信息源.其次,员工的养老金计划的执行情况,也会通过财务报表反映出来.因此,员工通过审读财务报表,可以监督其养老金计划的执行情况.再次,在有些情况下,员工利益可能是由基于财务报表中的某个或某些变量而订立的员工与公司间的合同所决定的.例如,某公司的工会与公司订立的合同中可能包含了以下条款：”……当公司的税前销售利润率达到5%或以上时,员工可以按以下比例分享公司利润:5%至10%税前销售利润率之间的利润额的6%,加上10%税前销售利润率以上的利润额的8%。

北大总裁班全年课程表安排

北大总裁班全年课程表安排北大总裁班是北京大学为企业领导人量身定制的高级管理培训项目，旨在提升参与者的领导力和管理水平。

下面是北大总裁班一年的课程表安排。

第一阶段：战略思维与领导力在这个阶段，参与者将学习战略思维和领导力的重要性，以及如何运用这些概念来指导企业的发展。

课程包括战略管理、领导力发展、组织行为学等内容。

第二阶段：市场营销与销售管理这个阶段的课程主要关注市场营销和销售管理领域的知识和技能。

参与者将学习市场分析、品牌管理、市场推广等内容，以及销售团队的激励和管理方法。

第三阶段：财务管理与企业价值财务管理是企业运营中至关重要的一部分，这个阶段的课程将帮助参与者了解财务管理的基本原理和方法，包括财务报表分析、资本预算、风险管理等内容。

第四阶段：创新与创业管理创新和创业是企业发展的重要动力，这个阶段的课程将帮助参与者了解创新和创业管理的关键要素，包括创新战略、创新组织和创业融资等内容。

第五阶段：人力资源管理与组织变革人力资源是企业的核心竞争力，这个阶段的课程将帮助参与者了解人力资源管理的最佳实践和组织变革的方法。

课程包括人力资源战略、招聘与选拔、绩效管理等内容。

第六阶段：运营管理与供应链管理运营管理是企业生产和服务的核心，这个阶段的课程将帮助参与者了解运营管理和供应链管理的关键概念和方法。

课程包括生产与运作管理、供应链优化、质量管理等内容。

第七阶段：国际化与跨文化管理随着全球化的发展，国际化和跨文化管理成为企业必备的能力。

这个阶段的课程将帮助参与者了解国际化战略、跨文化沟通和全球团队管理等内容。

第八阶段：危机管理与企业社会责任危机管理和企业社会责任是企业长期发展的关键因素。

这个阶段的课程将帮助参与者了解危机管理的方法和企业社会责任的实践。

课程包括危机预防与应对、企业社会责任战略等内容。

第九阶段：战略落地与绩效管理战略的成功实施和绩效管理是企业发展的关键环节。

这个阶段的课程将帮助参与者了解战略落地的方法和绩效管理的工具。

北大财务管理全课程

第一章财务管理概论一、财务管理的目标（一）公司财务管理的总目标公司财务管理的目标，是在满足其他利益集团合法利益请求并履行社会责任的基础上，追求原有股东价值的最大化。

价值的计算公式为()V C r ft =+∑1这说明，在没有购并行为发生的情况下，决定公司价值大小有两个因素，一是公司每年创造的净现金流量的大小，主要是利润、折旧、摊销费等；净现金流量越大，公司价值就越大；二是公司资产所承受的风险的大小，风险越高，所要求的收益率就越大，公司价值也就越小。

例如，甲公司公司和乙公司每年创造的净现金流量相同，都是1000万元，但甲公司资产所承受的风险比乙公司高，甲公司资产所要求的收益率为20%，而乙公司资产所要求的收益率仅为10%。

这样，乙公司的价值就是甲公司价值的2倍。

表现在公司股票上，尽管甲和乙公司每股税后利润相同，但乙公司股票价格是甲公司股票价格的2倍。

随着财务管理理论的进展，经济附加值（EV A ）正逐渐被学者们重视，也不断被公司贯彻到具体的业务中。

C k EBIT EVA w ⋅--=)1(税率经济附加值（EV A ）的作用是，为公司股东财富建立一个更为客观的评价标准，也为公司管理层的管理业绩建立更准确的尺度。

我国的民营公司，福建亲亲集团在香港专家的帮助下，基于EV A 建立了评价体系。

（二）公司财务管理的具体目标财务管理的总目标可以细化为三个具体目标。

公司的现金流量尽管由税后利润、折旧、摊销、应收帐款变化值、存货变化值等构成，但从长远来看，公司现金流量还主要是由税后利润来构成。

因此，税后利润的多少，在很大程度上决定了公司的价值。

由于体现股东价值的重要指标是权益资本收益率，而影响权益资本收益率的因素包括毛利率、资产周转率、杠杆倍数等，即ROE=税后利润/权益资本=（1-T ）税前利润/权益资本=（1-T ）税前利润/销售收入*销售收入/权益资本=（1-T ）税前利润/销售收入*销售收入/总资产*总资产/权益资本=（1-T ）毛利率*资产周转率*财务杠杆因此，从现金流量的角度，财务管理的总目标可以细划为收益目标、效率目标、安全目标。

北京大学财务报表

8 AGGREGATE TOTAL ASSETS OF UNIVERSITy FOUNDATIONS
Table 4. Aggregate Total Assets Distribution, 2008-2010 �� 8 Figure 8. Size Distribution of Total Assets of University Foundations, 2008-2010 �� 8 Table 5. Top 10 University Foundations by Total Assets in 2010 �� 8
Tables and Figures
1 NUMBER AND TypES OF UNIVERSITy FOUNDATIONS
Figure 1. Changes of Number of University Foundations ��4
7 INFORMATIONIzATION CONSTRUCTION
Figure 7. Situation of Website Construction of University Foundations �� 7 Table 3. Situation of the Use of Sina Microblog by University Foundations �� 7
ABOUT THE CHINA FOUNDATION CENTER
The China Foundation Center is a public charity initiated by 35 renowned Chinese Foundations. It was formally launched on July 8th, 2010 with the mission of bringing transparency to philanthropic markets through access to the highest quality data, network, news, and analytics to reshape the value chain of philanthropy in China. For a growing number of foundations and practitioners concerned with public affairs, media, business, research institutions, government departments, and other groups, the China Foundation Center has become an indispensable resource to find information and charity partners. It has an archive of data of more than 2,500 foundations in its database which covers 100 percent of legally registered foundations in China and is constantly updated.

北大财务分析学习题解答

财务分析学（北京大学版）习题解答第1 章财务分析概论一．填空题1.财务分析的主要内容有偿债能力分析、盈利能力分析、营运能力分析、发展能力分析2.财务分析的主体有经营管理者、投资者、债权人、购销商、政府部门、中介机构、社会公众。

3.企业偿债能力最终取决于资产配置及资金调度的能力4.企业发展能力取决于企业的科技水平与核心竞争力，……二．单项选择题1.B2.C3.A4.C5.D6.C营运能力7.C三．判断题1.√2.×比率不能综合反映比率计算相关的某一报表的联系,只能反映两个指标的关系。

3.×财务分析是在企业经济分析、财务管理和会计基础上形成的一门综合性、边缘性学科。

4.√5.×前景分析包括预测分析和价值评估。

6.√7.X 通过对收益情况的分析，可以评价企业的盈利能力和资本保值、增值能力。

四．简答题1.简述财务分析的起源与发展？发端于银行界的信用分析，向投资分析、内部经营分析发展；由外部分析向内部分析发展；从财务报表分析向经营环境、股市行情发展；分析主体由银行界扩大到7类。

2.简述财务分析的主要内容？财务状况与弹性、经营成果与绩效、营运水平与效率、商业信用与风险、发展趋势与潜力、财务总体情况。

3.简述不同的财务分析主体进行财务分析的目的：经营者——支持其财务决策；投资者——支持其投资决策、经理选择、股利政策安排；债权人——支持其信贷决策；购销商——支持其购销决策；政府部门——支持其宏观决策；社会公众——支持其投资决策和消费决策。

第二章财务分析的基本程序及方法一．填空题1.财务分析从分析性质来说分为日常经营分析、定期总结分析、预测分析、检查分析。

2.财务分析的方法有比较分析法、比率分析法、趋势分析法、因素分析法。

3.按照分析对象的不同，比较分析法可以分为绝对数据比较分析法、绝对数据增减变动分析法、百分比增减变动分析法。

4.按照分析内容的不同，比率分析法可以分为相关比率分析法、构成比率分析法。

FSA_Chapter07Sol_6e2005F

CHAPTER 7REVENUE RECOGNITION AND RELATED EXPENSES Solutions to Questions, Exercises and Problems, and Teaching Notes to Cases7.1Revenue Recognition. Most firms recognize revenue when (1) the product hasbeen provided to the customer, and (2) either cash, a receivable, or some other asset that can be reasonably measured has been received from the customer. This method is typically referred to as the time of sale method for recognizing revenue. In some circumstances, however, waiting for the product to be completed and delivered to the customer can lead to skewed financial reporting because the production cycle for the product can be extremely long. Long-term contractors, for example, builders of ships or military aircraft, can recognize revenue during the period of construction using the percentage-of-completion method. Circumstances that warrant choice of the percentage-of-completion method include: (1) the time required to build the product spans many accounting periods; (2) a customer is identified and a contract price is agreed upon in advance; (3) the total cost of the product can be estimated with reasonable certainty at the start of the building of the product; and (4) customers make periodic payments of the contract price as the building progresses (thus, minimizing the risk of uncollectibility of payment for the product).7.2Accounting for Customer Sales Incentives. PepsiCo reports sales incentives asa reduction of revenues. Incentives totaled $6.6 billion in Year 4, $6.0 billion in Year3, and $5.5 billion in Year 2, and on average represent about 18 percent of gross revenues (net revenues plus sales incentives). GAAP requires PepsiCo to report sales incentives as a reduction of revenues. PepsiCo’s likely preference would be to report gross revenues on its income statement and include sales incentives as part of selling, general and administrative expenses. Although there is no differential effect on net income between the two reporting options, revenue is an important growth metric for all firms, including PepsiCo, and reporting a higher revenue stream is desirable. On the other hand, reducing gross revenues for sales incentives increases the profit margins for ROA and ROCE.7.3LIFO and FIFO Cost-Flow Assumption for Inventory. The inventory turnoverratio for Year 4 for the two cost-flow assumption methods is:FIFO LIFO5.0 = $4,150.8/.5($788.1 + $861.7)11.5 = $4,417.1/.5($359.1 + $409.3)Inventory measured using the LIFO cost-flow assumption is substantially lower because the costs assigned to the inventory were incurred many years previously.Because the firm grew inventory as a result of meeting increased revenues, older dollars incurred for purchases were attached to inventory, with newer dollars attached to cost of goods sold. With a decade of inventory growth, older dollars continued to be used for measuring inventory that resulted in substantially lower inventory costs using LIFO. The effect of the different cost-flow assumption methods is dramatically demonstrated by noting that the inventory turnover ratio under LIFO is more than double than the ratio under FIFO.7.4Effect of Weighted Average Cost-Flow Assumption on Inventory.Wheninventory turns over rapidly, purchases during the current period receive a heavy weight in the weighted average unit cost. Therefore, the weighted average assumption reflects current prices almost as much as with the FIFO cost-flow assumption method. Note that with the LIFO cost-flow assumption, in periods of growth and/or rising prices, the costs assigned to inventory are usually far removed from current prices.7.5Earnings Management and Depreciation Measurement.D epreciation is aprocess of allocating historical cost of depreciable assets to the periods of their use in a reasonably systematic manner. Three factors must be considered when measuring depreciation expense: (1) acquisition cost, including subsequent expenditures to add to or improve an existing depreciable asset; (2) expected useful life of the depreciable asset; and (3) depreciation method. Many illustrations exist that involve altering one or more of the factors to manage earnings. Transparency demands that firms disclose a change in policy for any of these factors and, as such, analysts can judge whether the change makes sense from a business perspective or whether it appears to be a means for managing earnings. For example, an airline that extends the useful life of aircraft because of implementing more stringent maintenance and inspection schedules might be understandable. On the other hand,a change in aircraft useful lives that positions the firm as an outlier relative to otherairlines would appear to be a means for managing earnings. As another example, a firm may change from on acceptable depreciation method to another acceptable method. Since more firms in the United States use the straight-line method, however, the change would position the firm as an outlier and to questioning about the motivation for the change.7.6Research and Development Costs.Standard setters require R&D costs to beexpensed because of the uncertainty in judging their future revenue-generatingpotential. As an alternative, all R&D costs could be capitalized and then subsequently amortize those that have future revenue-generating potential. R&D costs incurred that subsequently are deemed to have no future revenue-generating potential would no longer be amortized but charged to R&D expense immediately.Although it is debatable which alternative better serves investors, clearly in-depth disclosure of R&D expenditures by firms serves the investor well. This is particularly true for firms with large R&D expenditures, such as biotechnology firms. To date, standard setters have shown no interest in revisiting Statement No.2, the standard that addresses accounting for R&D costs.7.7Capitalization of Software Development Costs.Adobe capitalizes softwaredevelopment costs once a graphics software program reaches the technological feasibility stage of development. However, Adobe indicates that the amount of software cost capitalized is immaterial to the financial statements. The firm states:“Capitalization of software development costs begins upon the establishment of technological feasibility, which is generally the completion of a working prototype that has been certified as having no critical bugs and is a release candidate or when alternative future use exists. To date, software development costs incurred between completion of a working prototype and general availability of the related product have not been material and have not been capitalized.” In essence, Adobe concluded that the time between the prototype and product availability stage is so short that the additional costs incurred at this stage are minor relative to the total costs incurred to develop the software.7.8Testing for Goodwill Impairment.Impairment testing of goodwill entailscomparing the carrying value of goodwill to its fair value. If the fair value is below the carrying value of the goodwill, impairment has occurred. Statement No 142 provides illustrations of how to estimate the fair value. A common approach is to estimate the current fair value of the operating unit that was purchased and that resulted in the goodwill recorded at the time of the acquisition.Impairment testing for a patent is different than that for goodwill. The firm compares the undiscounted cash flows generated by the patent to its carrying value.If the undiscounted cash flows are greater than the carrying value, impairment has occurred. The actual impairment charge recorded is the difference between the amount by which the carrying value exceeds the patent’s fair value. In this case, fair value means market value or present (discounted) value of expected cash flows from the patent.7.9Income Recognition for Various Types of Businesses.a.Savings and loan associations recognize interest revenue each period using theinterest rate or interest pricing procedure specified in the mortgage agreementand the unpaid balance of the loan at the beginning of the period. The principalincome measurement issues relate to the recognition of expenses. Savings andloan associations incur substantial costs initially to set up the loan. Shouldthese firms accelerate the recognition of revenue somewhat to offset these highfront-end expenses and avoid showing a loss in the loan's initial year? Or,should these firms defer the initial costs and recognize them over the life of theloan? Both practices are common. Another income recognition issue relates touncollectible loans. Should the savings and loan association recognize portionsof the estimated losses on such loans each period while the loans are outstandingor wait until a particular loan becomes uncollectible? GAAP requires periodicrecognition of estimated losses on loans.b.Three possible revenue recognition points for the commission revenue of a travelagency are the time of booking a reservation, the time that a customer utilizesthe service booked, and the time that the travel agency receives the commissionin cash from the service provider. The time of booking a reservation is probablytoo early because customers frequently change reservations or cancel entirely.Revenue recognition at the time customers use the service is impractical becausethe cost of obtaining the information is probably prohibitive. Revenuerecognition at the time of cash receipt seems the most plausible in this case.c.Recognizing revenue at the time the baseball team sells season tickets isinappropriate because it must provide substantial future services. As the teamprovides the services (that is, plays the games), it should recognizeproportionate parts of the season ticket revenue. The teams should matchagainst this revenue both the cost of compensation paid to players currently andthe present value of any deferred compensation that the team will pay in thefuture. A liability for the present value of these future services appears on thebalance sheet of the baseball team.d.The issue here is whether the firm should recognize as revenue the increase inthe value of the whiskey as it ages. Uncertainties about the amount of this valueincrease and the amount of cash ultimately received when the aging is completeargue against such early revenue recognition. D elaying revenue recognitionsuggests that the firm also defer all costs of producing and storing the whiskey.The inventory account on the balance sheet includes such costs.e.The amount and timing of revenue appear highly predictable in this case. Otherthan overseeing the growing of the trees, future performance appears negligible.These conditions seem to justify use of the percentage-of-completion method ofincome recognition. Note the contrast between the whiskey producer inQuestion d.and the timber firm in this question with respect to uncertaintyabout the amount of revenue. Although application of the revenue and expensecriteria seems to justify recognition prior to harvesting, most timber-growingfirms would probably delay recognition until harvesting. Customers may cancelorders, fire or disease might destroy the trees, and the costs of harvesting manyyears later create sufficient uncertainties to justify deferral. The timber-growingfirm should defer the costs of maintaining the trees to obtain an appropriatematching of revenues and expenses.f.Airlines recognize revenue each time they provide transportation services. Theymatch the costs of providing the services (salaries, fuel, depreciation) against therevenue as expenses. One might argue that a portion of the revenue from eachflight represents revenue of the free flight that the customer will ultimately take.A proper matching of revenues and expenses requires either that (1) the airlinedefer a portion of current revenues and recognize them at the time of the freeflight, or (2) estimate the costs that the airline will incur in providing the freeflight and recognize it as an expense (and a liability) in the periods whencustomers take fee-paying flights. Airlines have argued that they incur relativelylittle incremental costs when they provide the free flights. They limit thenumber of seats per flight that customers can use for their free flights and thatthe airlines would not otherwise use such seats. Given that the costs of a flightis approximately the same whether the flight is 95 percent full or 100 percentfull, the additional non-fee paying passengers do not add materially to theairline's costs. Thus, the airlines typically do recognize an expense and aliability for the future costs of providing free flights, but include only relativelyminor incremental costs in measuring the expense and the liability.7.10Measuring Income for a Software Manufacturer.a.Financial reporting requires the recognition of revenue under the accrual basis ofaccounting when a firm both (1) has provided all, or a substantial portion, of theservices to be performed, and (2) has received either cash, a receivable, or someother asset whose cash-equivalent amount the firm can measure with reasonableprecision.Mapping these general criteria to PTC’s policy for recognizing software license revenues can be complex. In many cases, the problem relates to the factthat customer contracts often combine products and services, with no cleardistinction as to what portion of the agreed-upon total revenues are applicableto the various promises made by the firm to the customer. Very few softwaremanufacturers, such at PTC, provide only products (in this case, software) oronly IT-related consultancy services. Firm management and its auditors often grapple with this problem on an on-going basis because GAAP is ever evolving for the software and consultancy industries.In the case of PTC, the firm defines “substantially all services performed”(criterion one) by having a contract in place (persuasive evidence of an arrangement), delivery of the software and a fix or determinable fee. PTC defines “has received cash or an equivalent” (criterion two) by the probability that collection is high. PTC uses these same criteria for recognizing software revenue generated through resellers.b.PTC states that all revenue generated from maintenance contracts promising aspecific upgrade are deferred until the future upgrade is delivered. Otherwise, maintenance revenue is recognized over the term of the contract. PTC appropriately defers revenue on contracts that promise a specific upgrade because general revenue recognition criterion one (see Part a. above) has not been met.c.PTC recognizes educational consultancy services as the services are performed.PTC requires its employees to maintain detailed records as to the number of hours that were spent on training and evaluative assessments. These records are used to bill the client and recognize revenue, after taking into consideration the potential of uncollectibility. Similar revenue recognition techniques are used by legal and accounting firms.d.There are many examples of estimates and judgments that PTC must make fordetermining revenues. This is particularly true for PTC because the firm often signs contracts that span providing products and services over an 18-24 month period. As a publicly held company, PTC must report to shareholders on a quarterly basis and break out the revenues generated by these contracts over several quarters and/or fiscal years. In addition, PTC often combines software and service commitments to customers in one contract. The firm must estimate what portion of the agreed-upon payments is for software licensing and what portion is for other services provided the customer. PTC must also estimate how much of the total contract fee structure is related to implementation and training and how much is related to the licensing of the software. In addition, as PTC discusses in its revenue recognition note to the financial statements, the firm must assess the collectibility of the amount due from the customer. The firm states that it places weight on such factors as customer credit-worthiness and historical payment experience.7.11Measuring Income for a Consultancy Firm.a.Sapient generates three types of contracts with customers: (1) fixed-price,fixed-time contracts; (2) support and maintenance contracts; and (3)performance standards contracts. Revenue from fixed-price, fixed-time contractsis recognized based on the ratio of labor hours incurred to estimated total laborhours. The main difficulty in applying this method is ensuring that dependableestimates can be made of the total labor hours necessary to complete the work.In addition, estimates must be made of the revenues and costs applicable to thevarious stages of the contract. Revenue from support and maintenance contractsis recognized ratably over the term of the contract. Often support andmaintenance contracts can be extended by making additional nominal payments;however, the difficulty is assessing the effective life of the contract. Revenuefrom performance standards contracts is recognized based on achieving theperformance standards specified in the contracts. The main difficulty inapplying this method is the fact that Sapient and the customer may disagree onwhether the performance standard is actually met, particularly if the contractdoes not provide precise benchmarks for making this assessment.b.Financial reporting requires the recognition of revenue under the accrual basis ofaccounting when a firm both (1) has provided all, or a substantial portion, of theservices to be performed, and (2) has received either cash, a receivable, or someother asset whose cash-equivalent amount the firm can measure with reasonableprecision. In each of the revenue recognition methods discussed in Part a. above,Sapient meets criterion (1) by waiting to recognize revenue until the bulk of theservices has been provided to the customer. Sapient does not discuss criterion(2) in its revenue recognition note, but one can assume that the firm assesses theprobability of collection in each case before recognizing revenue.c.Customer contracts that contain multiple deliverables add another layer ofcomplexity to revenue recognition because often it is difficult to distinguishwhat amount of the total agreed-upon contract payments relates to whichdeliverables. Recall the Xerox example in the text of the chapter (Example 1).Xerox Corporation typically manufactures and leases copiers to customersunder multi-year leases. Since the length of the leases often approximates theuseful life of the copiers, the arrangement often is equivalent to a sale of thecopier, with Xerox providing financing to the customer signing the lease. Theaccounting is complex, however, because the total lease contract usually entails abundled monthly payment that covers not just use of the copier by thecustomer over the life of the lease, but also maintenance services, photocopyingpaper up to certain minimum usage, and financing costs. The revenuerecognition question is when Xerox should recognize revenue from the fourservices covered in the lease: (1) copier use, (2) maintenance services, (3)photocopying paper, and (4) financing.EITF 00-21, “Revenue Arrangements with Multiple Deliverables,”addresses accounting for these types of arrangements. Sapient distinguishesamong the multiple deliverables of a contract by first assessing whether thedeliverables represent “separate units of accounting.” If so, Sapient thenmeasures and allocates the agreed-upon payments to the separate units based onreliable evidence of the fair value of each deliverable. If Sapient cannot identifyseparate units of accounting for the various components of the contract, the firmprobably defers recognizing revenue until substantially all deliverables promisedin the contract have been delivered to the customer.7.12Measuring Income for A Long-Haul Transport Firm.CN recognizes revenue for its freight transport services using the percentage-of-completion method. Examples of freight customers of CN are the automobile manufacturers in mid-America, the grain producers in Western Canada, and the various European manufacturers that use sea transport to ship their products to the eastern Canadian port where CN picks up the freight and delivers it throughout North America. In most of these cases, the shipments are time sensitive, which means that the length of the time between picking up the freight at the point of origination and delivering it to the point of destination is fairly short.Given this, it is somewhat surprising that CN recognizes revenue using the percentage-of-completion method. In most cases, the length of time for delivery of the freight is not that long, and the complete contract method would appear to be as appropriate. With this alternative, CN would recognize revenue when the freight was successfully delivered to the point of designation. CN probably uses the percentage-of-completion method because (1) it has the ability to recognize revenue faster than under the completed contract method, and (2) the obligation of the shipper to CN is simply a function of distance covered, meaning CN could bill and collect from the shipper for even partially completed transport services. In addition, CN has sophisticated tracking systems (much like the air freight firms) that allow it to easily track revenues over the entire length of a freight shipment.This tracking information is provided to the customer as well, and on occasion, the customer will change the final destination of the products during the course of the shipment.7.13Measuring Income from Long-Term Contracts.a.(amounts in millions)Year 1 and Year 2:no revenues and expenses for the observatory project.Year 3:$120 – $100 = $20.b.(amounts in thousands)Year Revenue Expense Income1.10 x $120,000 =$12,000$10,000 (10%)$2,0002.60 x $120,000 =72,00060,000 (60%)12,0003.30 x $120,000 = 36,000 30,000 (30%)6,000$120,000$100,000$ 20,000c.Year Revenue Expense Income1Sale$30,000 + $22,540 = $52,540.7764a x $52,540 = $40,793$11,747 Interest7,4608,122 (662)$11,085 2Sale$24,793.7764a x $24,793 = $19,249$5,544 Interest5,2077,934 (2,727)$ 2,817 3Sale$27,273.7764a x $27,273 = $21,175$6,098 Interest 2,727 2,727 --$ 6,098$120,000$100,000$20,000 a$81,217 ÷ ($30,000 + $74,606) = .7764.d.Year Completed Contract Method Percentage of Completion Method1$10,000$10,000 + $2,000=$12,0002$10,000 + $60,000 =$70,000$12,000 + $60,000 + $12,000 =$84,0003$70,000 + $30,000 =$100,000$84,000 + $30,000 + $6000=$120,000 7.14Financial Statement Disclosures Regarding Inventories and Fixed Assets(amounts in millions).a.Year 3Year 4Cost of Goods Sold (LIFO).................................$8,469$11,407Excess of FIFO over LIFO:Beginning of Year (310270)End of Year........................................................ (270) (770)Cost of Goods Sold (FIFO).................................$ 8,509$ 10,907b.LIFO Year 3Year 4$8,469 ÷ [.5($1,030 + $1,283)].............................7.32$11,407 ÷ [.5($1,283 + $1,197)]...........................9.20 FIFO$8,509 ÷ [.5($1,030 + $310 + $1,283 + $270)].... 5.88$10,907 ÷ [.5($1,283 + $270 + $1,197 + $770)].. 6.20 c.Year 3Year 4Depreciation Expense (straight line)....................$363$382 Difference between Accelerated and Straight-Line Depreciation:($455 – $365) ÷ .35 (257)($495 – $455) ÷ .35 (114)Depreciation Expense (accelerated)......................$ 620$ 496 d.Straight Line Year 3Year 4$9,328 ÷ [.5($2,978 + $3,414)]............................ 2.92$13,969 ÷ [.5($3,414 + $3,627)].......................... 3.97 Accelerated$9,328 ÷ [.5($1,935 + $2,114)]............................ 4.61$13,969 ÷ [.5($2,114 + $2,213)].......................... 6.46December 31Year 2Year 3Year 4 Property, Plant and Equipment (straight-line).........................................................$2,978$3,414$3,627 Cumulative Additional Depreciation onAccelerated (tax) Method:$365 ÷ .35.............................................(1,043)$455 ÷ .35.............................................(1,300)$495 ÷ .35............................................. (1,414) Property, Plant and Equipment(accelerated)............................................$ 1,935$ 2,114$ 2,213 e.ROAYear 3: [$–479 + .65($130)] ÷ [.5($7,977 + $7,837)] = –4.99%Year 4: [$1,073 + .65($119)] ÷ [.5($7,837 + $10,956)] = 12.24%Profit Margin for ROAYear 3: [$–479 + .65($130)] ÷ $9,328 = –4.23%Year 4: [$1,073 + .65($119]) ÷ $13,969 = 8.24%Assets TurnoverYear 3: $9,328 ÷ [.5($7,977 + $7,837)] = 1.18Year 4: $13,969 ÷ [.5($7,837 + $10,956)] = 1.49f.ROAYear 3: [$–672 + .65($130)] ÷ [.5($7,135 + $6,713)] = –8.49%Year 4: [$1,324 + .65($119)] ÷ [.5($6,713 + $10,043)] = 16.73%Profit Margin for ROAYear 3: [$–672 + .65($130)] ÷ $9,328 = –6.30%Year 4: [$1,324 + .65($119)] ÷ $13,969 = 10.03%Assets TurnoverYear 3: $9,328 ÷ [.5($7,135 + $6,713)] = 1.35Year 4: $13,969 ÷ [.5($6,713 + $10,043)] = 1.67Year 3Year 4 Reported Net Income (Loss)................................$(479)$1,073 Adjustment from LIFO to FIFO:Year 3: .65($270 – $310) (26)Year 4: .65($770 – $270) (325)Adjustment from Straight Line to Accelerated:Year 3: .65($363 – $620) (167)Year 4: .65($382 – $496) (74)Restated Net Income............................................$ (672)$ 1,324Year 2Year 3Year 4 Reported Assets...........................................$7,977$7,837$10,956 Adjustment from LIFO to FIFO:Year 2: .65 x $310 (201)Year 3: .65 x $270 (176)Year 4: .65 x $770 (501)Adjustment from Straight Line to Accelerated:Year 2: $365 ÷ .35..................................(1,043)Year 3: $455 ÷ .35..................................(1,300)Year 4: $495 ÷ .35.................................. (1,414) Restated Assets............................................$ 7,135$ 6,713$ 10,043g.ROCEYear 3: $–479 ÷ [.5($2,027 + $865)] = –33.13%Year 4: $1,073 ÷ [.5($865 + $3,726)] = 46.74%ROA (using NI to Common)Year 3: $–479 ÷ [.5($7,977 + $7,837)] = –6.06%Year 4: $1,073 ÷ [.5($7,837 + $10,956)] = 11.42%Capital Structure LeverageYear 3: [.5($7,977 + $7,837)] ÷ [.5($2,027 + $865)] = 5.47Year 4: [.5($7,837 + $10,956)] ÷ [.5($865 + $3,726)] = 4.09h.ROCEYear 3: $–672 ÷ [.5($1,550 + $196)] = –76.98%Year 4: $1,324 ÷ [.5($196 + $3,308)] = 75.57%ROA (using NI to Common)Year 3: $–672 ÷ [.5($7,135 + $6,713)] = –9.71%Year 4: $1,324 ÷ [.5($6,713 + $10,043)] = 15.80%Capital Structure LeverageYear 3: [.5($7,135 + $6,713)] ÷ [.5($1,550 + $196)] = 7.93Year 4: [.5($6,713 + $10,043)] ÷ [.5($196 + $3,308)] = 4.78Year 2Year 3Year 4 Reported Shareholders' Equity........................$2,027$865$3,726 Adjustment from LIFO to FIFO:Year 2: .65 x $310 (201)Year 3: .65 x $270 (176)Year 4: .65 x $770 (501)Adjustment from Straight Line to Accelerated:Year 2: .65 x $1,043 (678)Year 3: .65 x $1,300 (845)Year 4: .65 x $1,414 (919)Restated Shareholders' Equity.........................$ 1,550$ 196$ 3,308 i.The reported amounts indicate increased profitability between Year 3 and Year4, the result of an increased profit margin (ROA), which was somewhat decreased by lower capital structure leverage ratio (CSL). The increase in the profit margin occurred primarily because of stronger sales in Year 4 and the elimination of restructuring charges present in Year 3 (not reported here). The decreased capital structure leverage ratio occurred in part from increase in。

北大财务分析学PPT课件

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2.3 财务分析的基本方法
财务分析基本方法
比较分析法
比率分析法
趋势分析法
因素分析法
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• 定义：比较分析法是指把主要项目或指标数值及其变化，与设定的标准进行对比，以确定差异，进而分析、判断及评价企业经营及财务等情况的一种方法。它是一种最基本、应用最广泛的分析方法。
• 注意：a.有的教材对比较分析法与趋势分析法不加区别。
21世纪全国高等学校财经管理系列实用规划教材
财务分析学
（北大版）主讲人池方华
1
参考书目 [1]宋常.财务分析学[M]. 北京：中国人民大学出版
社，2012 [2]张先治.财务分析学[M]. 大连：东北财经大学出版
社，2008 2
财务分析框架
会计分析
财务分析环境分析
四大能力分析成本分析风险分析
• B.按照阅读习惯，比较分析法又称水平分析法、横向分析法
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• 2.比率分析法 • 定义是利用项目指标间的相互关系，求出比率，
用以观察、分析、评价企业经营以及财务状况的一种方法。分为： • 相关比率分析法是通过计算同一时期两个性质不同而又相关的指标的比率进行分析的一种方法。构成比率分析法是计算某项指标的各个组成部分占总体的比重，分析其构成情况及其变化，从而揭示部分与总体的关系及其变化趋势。又称垂直分析法、纵向分析法、百分比分析法、共同比分析法
计划材料费用Mo=100X30X25=75000
分析对象（差异）：100800-75000=25800
第1次替代Ma=120X30X25=90000
第2次替代Mb=120X28X25=84000
第3次替代Mc=120X28X30=100800

北大MBA财务报表分析第6章幻灯片PPT

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债务〔负债〕比率〔续6〕
» 应注重与行业平均数的比较。 » 该比率会受到资产计价特征的严重
影响，假设被比较的一企业有大量的隐蔽性资产〔如大量的按历史本钱计价的早年获得的土地等〕，而另一企业没有类似的资产，那么简单的比较就可能得出错误的结论。 » 分析该比率时，应同时参考利息保障倍数。
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债务〔负债〕比率〔续1〕
» 反对者的观点：因为短期负债不是长期资金的来源，因此，假设包含，就不能很好地反映企业的“长期〞财务状况。
» 假设采取稳健的态度，那么将短期债务包含于该比率的分子之中。
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债务〔负债〕比率〔续2〕
– 分子中的负债具体应否包括那些特殊工程？这些特殊工程有：
– 准备金，如产品保质债务准备金，是一种有着不确定性的或有的未来支付义务，稳健起见，应予以包括。
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4、其他长期偿债能力比率
流动负债与股东权益之比，比率值越高，风险越大。长期债务与长期资本之比，长期资本包括长期负债、优先股及普通股股东权益。比率值越高，风险越大。固定资产与权益之比，该比率值越高，风险越大。现金流量与债务总额之比，该比率值越高，风险越小。
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三、影响企业长期偿债能力的特别工程
息债务的可能性就越小。事实上，如果企业在偿付利息费用方面有
良好信用表现，企业很可能永不需要归还债务本金〔如一些公用事业公司〕；
3
利息保障倍数〔续1〕
或者意味着当债务本金到期时，企业有能力重新筹集到资金。为了考察企业偿付利息能力的稳定性，一般应计算5年或5年以上的利息保障倍数。保守起见，应选择5年中最低的利息保障倍数值作为根本的利息偿付能力指标。
4
利息保障倍数〔续2〕

北大讲义-项目的财务评价

（2）敏感性分析的步骤
确定敏感性分析指标
指标有：投资回收期、内部收益率、净现值、投资收益率等。
选择不确定性因素，确定其变动范围
选择变动可能性较大，且其变动将会对指标值产生较强的因素，或在确定性分析中数据准确性把握不太大的因素。
变动范围通常取±5%， ±10% ，±15% ，±20%。
计算不确定因素变动对分析指标的影响程度
网络兼职创业，免费注册，赠送商城：
（2）总投资的构成
固定资产投资
总投资
固定资产投资方向调节税建设期利息
流动资金
网络兼职创业，免费注册，赠送商城：
1）固定资产投资
定义：项目按抑定建设规模（分期建设项目为分期建设规模）、产品方案、工程内容进行建设所需的费用。
3.2财务评价的主要内容
财务评价是从投资项目或企业角度对项目进行的经济分析.
(1)从企业或项目角度出发,分析投资效果, 判明企业投资所获得的实际利益.
(2)为企业制定资金规划. (3)为协调企业利益和国家利益提供依据.
(1)在对投资项目的总体了解和对市场、环境、技术方案充分调查和掌握的基础上，收集预测财务评价的基础数据。如收入、成本等。
项目的财务评价讲义
3项目的财务评价
3.1财务评价的基本要素 3.2财务评价的主要内容 3.3财务评价基本报表的编制 3.4财务评价的指标体系 3.5不确定性分析 3.6案例研究
3.1财务评价的基本要素
3.1.1 投资与资产 3.1.2 成本 3.1.3 税金、利润及销售收入 3.1.4价格 3.1.5现金流量
余额递减法
年折旧率=2/折旧年限×100% 年折旧额=固定资产净值×年折旧率
年限和法
年折旧率=(折旧年限-已使用年限)/年序号之和×100%

北大MBA的财务报表分析课程讲义--第4章财务报表数据的特征(ppt 100)

来自 www. 中国最大的资料库下载
是否为正态分布?(续4）
图4-2石油天然气行业负债对股东权益比率的分布
25 频 20 次
15
10
5
0
-10
0
负债与权益比率
10 20 30 40 50
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财务报表数据间的相关与互动
首先，关于“负的分母”——假设在分析某一行业的公司的盈利能力或某一公司连续若干年的盈利能力的过程中,遇到一公司或其某一年度的股东权益为 “负” 值.那么,将这一观察值用作股东权益利润率的分母,会导致一个没有明显的解释意义的比率。
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比率计算问题（续1）
注意可能的“计算机”计算“错误”— —如计算机算机打印出来的资料为:A公司的股东权益利润率为16%,B公司的股东权益利润率为14%。但是,在这些比率值背后的具体数据是:

公司A
公司B
净收益
-400万
2800万
股东权益 -2500万
20000万
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为此,各种可能的解决办法如下: – >从样本中消除该观察值. – >考察分母为 “负”的原因,并作适当调整。 – >改用能反映公司盈利能力的别的比率, 如总资产利润率或销售利润率。（这两个比率的分母为负的可能性是极小的）
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比率计算问题（续2）
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财务报表数据间的相关与互动（续2）
九类财务比率中每一类内的相关与互动计算结果如表4-1所示。斜线符号( “*”线) 以下的数字是1983年的相关系数；斜线符号以上数字是1978-1983年间的互动度量。不同类别之间的代表性比率间的相关系数与互动度量的计算结果如表4-2所示。

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• ②长期偿债能力：资产负债率呈上升趋势，与行业比较偏高，利息保障倍数呈下降趋势，比行业低，说明长期偿债能力下降，比行业弱。
• ③盈利能力：毛利率大致与往年持平，略高于行业，而净利率、投资报酬率、权益报酬率呈下降趋势，低于行业平均值，说明受高负债高利息影响， A公司的盈利能力较弱。
•
（3）①对经营带来的影响：提高产品质量，降低产品成本，提高产品竞争力和盈利水平等。②对财务带来的影响：增加固定资产，降低流动性；通过短期债务筹资，会提高资产负债率，降低短期偿债能力；通过长期负债筹资，也会增加资产负债率，降低长期偿债能力；通过留存收益筹资，会降低短期偿债能力；采取发行股本方式筹资，可以改善财务形象，提升偿债能力，在总资产报酬率低于负债利息率的情况下，股本筹资还可以提高净资产收益率。 ③根据本例资产负债率偏高，报酬率偏低的情况，应采取发行股本方式筹资。
北大财务分析学4-6
2020年5月28日星期四
• （1）(列表)依次是2.5 1.4 5.1 56 57% 1.7 27% 0.7% 1.2% 2.7%
• (2)①短期偿债能力：流动比率、速动比率与行业比较偏高，与历史比较越来越高，表面上看短期偿债能力与行业对比较强，与历史比较越来越强。但是从流动性看：存货周转率与往年持平，大约等于行业平均值的一半，应收账款周转率下降，比行业慢10天，说明存货销售不畅，应收账款回收缓慢，是这两项因素导致流动比率、速动比率高于行业平均值，所以，短期偿债能力指标虽然很强，但实际上要大打折扣。
•
•盈利能力
•生产经营 •资产经营 •资本经营 •上市公司 •盈利能力 •盈利能力 •盈利能力 •盈利能力
•毛利率
•总资产 •报酬率
•净资产 •收益率
•每股收益
•营业利润率 •资产报酬率
•普通股权 •益报酬率
•市盈率
•营业净利率
•资本收益率 •每股净资产
•
•市净率
4.2盈利能力分析
包括生产经营、资产经营、资本经营、上市公司盈利能力分析
•
作业讲评第四章 1.营业利润率=（营业利润-投资收益）/营业收
入【举例】某服装店本年营业收入100万元，成本
费用80万元，分到股息收入10万元。上年没有股息收入，其他数字相同。分析其服装经营盈利能力。 2.营业息税前利润率=（利润总额+利息支出）/ 营业收入【例判断】息税前利润等于营业利润加财务费用。
影响因素:总资产报酬率、负债利息率、产权比率和所得税率等。关系：
净资产收益率=[总资产报酬率+(总资产报酬率-负债利息率)X产权比率]X(1-所得税率)
分析方法：连环替代法
•
• 【例题计算分析题】【资料】见本章计算题2.
• 指标
2009 2010
• 总资产报酬率（%）10.03 12.33
• 负债利息率（%） 13.56 5.01
•
•资产经营 •盈利能力
•总资产报酬率
•资产报酬率
•息税前利润/ •平均总资产
•净利润/平均总资产或 •销售利润率x
•
• 4.2.2资产经营盈利能力分析
• 1.总资产报酬率
• 【例题7单选题】总资产报酬率是指（）与平均总资产之间的比率。
• ቤተ መጻሕፍቲ ባይዱ.利润总额 B.息税前利润
• C.净利润
D.息前利润
60) • /18000-(2260-60)/15000=-2.45% • 合计影响=12.22-10=4.67%-2.45% • =2.22%
•
2.每股净资产每股净资产（也称每股账面价值）是指股东权益总
额减去优先股权益后的余额与发行在外的普通股平均股数的比值。其计算公式为： • 每股净资产= （股东权益总额-优先股权益）÷发行在外普通股加权平均股数 • 这一指标反映每股股票所拥有的资产现值。每股净资产越高，股东拥有的资产现值越多；每股净资产越少，股东拥有的资产现值越少。通常每股净资产越高越好。 • 注意：每股净资产是以历史成本为计量基础的账面价值计算的。 • 破净：即股价跌破每股净资产。
• 2.资产报酬率
• 资产报酬率=销售净利率X总资产周转率
• 【例题8计算题】根据P60表4-2资料计算
• 2010年资产报酬率= 9%X1.25=11.25%
• 2009年资产报酬率=10%X1.25=12.5%
• 由于销售利润率变动影响=(9%-10%)x1.25
• =-1.25%
•
净资产收益率是反映盈利能力的核心指标。
• 产权比率
0.1258 0.3293
• 净利润（千元） 615.75 1229.25
• 净资产收益率% 7.19 11.06
• 分析对象 11.06%-7.19%=3.87%
•
【例题计算分析题】资料见例4-6.要求用差额分析法分析。
(1)净利润变动的影响=700/15000=4.67% (2)普通股权益平均额变动的影响=(2260-
•
第4章盈利能力分析
• 学习目的及主要内容 • 了解盈利能力的含义 • 理解盈利能力分析的重要意义 • 掌握生产经营、资产经营、资本经营、上市公
司盈利能力分析 • 重点：生产经营、资产经营、资本经营、上市
公司盈利能力分析 • 难点：资产经营盈利能力分析 • 课时：8学时 (讲授6学时，讨论及训练2学时）
• 4.2.1生产经营盈利能力分析 • 基本公式生产经营某种利润率=某种利润形式/营业收入 • 1.营业毛利率=毛利额/营业收入X100% • 毛利额=营业收入-营业成本 • 影响毛利额的因素销售价格、进货成本、生产成本、产
品品种结构 • 影响毛利额的政策（价格和销售政策）因素和行业因素。 •
•
•
4.市净率 • 市净率指的是每股股价与每股净资产的比
率。公式： • 市净率=普通股股价/普通股每股净资产 • 市净率可用于投资分析，一般来说市净率
• 【例题计算题】【资料】见本章P68计算题1资料：
• （1）收入利润率分析
指标
2009年
息税前利润（千元） 52390
营业利润率%
20.45
营业毛利率%
50.31
营业净利率%
22.28
营业息税前利润率% 38.29
2010年 159315 31.42 57.99 26.75 42.63
增减变动 106925 10.97 7.68 4.47 4.34