4.财务管理第四讲第三章财务分析

Price-earnings ratios for selected U.S. companies
Corporation Bank of America Cisco
Industry Banking Networking
Jan.2 1990 11 25
Jan.2 1994 8 24
Jan.2 1998 19 37
7
12 17 14
8ห้องสมุดไป่ตู้
11 15 17
13
24 28 24
6
20 32 23
40
21 22 14
9
26 17 16
Southwest Air Airlines
15
7 24 15
23
11 21 20
16
27 31 23
31
29 38 26
31
19 18 24
25
20 14 18
Limitations of the income statement
****** CORPORATION Income Statement For the Year Ended December 31, 2009 1、Sales …………………………………………………… 2、Cost of goods sold …………………………………… 3、 Gross profits …………………………………… 4、Selling and administrative expense ………………… 5、Depreciation expense ………………………………… 6、 8、 Operating profits(EBIT)………………………… Earnings before taxes(EBT)…………………… 7、Interest expense ……………………………………… 9、Taxes …………………………………………………… 10、Earnings after taxes(EAT) ………………………… 11、Preferred stock dividends ………………………… 13、Common shares outstanding ……………………… 14、Earnings per share ………………………………… $2,000,000 1,500,000 500,000 270,000 50,000 180,000 20,000 160,000 49,500 110,500 10,500 100,000 $1
long-term investment Purchase of plant and equipment; long-term investment Cash flows from financing activities Sale of bonds, common stock, preferred stock, and other securities Retirement or repurchase of bonds, common stock, preferred stock, and other securities; payment of cash dividends
Can you figure out some limitations?
Accounting values are established
primarily by actual transactions, and income that is gained or lost during a given period is a function of verifiable transactions.
第三章
财务分析
Financial analysis
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本章主要内容
1 2 3 4
会计学回顾
财务能力分析 财务趋势分析
财务综合分析
利润表（损益表）
关于利润表（损益表） income statement The income statement measures
12、Earnings available to common stockholders……… $ 100,000
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31,2009
Retained earnings, balance, January 1, 2009……………… Add: Earnings available to common stockholders,2009… Deduct: Cash dividends declared in 2009………………… $250,000 100,000 50,000
Net income Depreciation Increase in current assets Decrease in current assets Increase in current liabilities
Decrease in current liabilities
Net cash flow from operating activities Steps in computing net cash flows from operating activities using the indirect method
资产负债表 Balance Sheet
The balance sheet indicates what the firm
owns and how these assets are financed in the form of liabilities or ownership interest. While the income statement purports to show the profitability of the firm, the balance sheet delineates the firm’s holdings and obligations. Together, these statements are intended to answer two questions: How much did the firm make or lose, and what is a measure of its worth? The balance sheet is a picture of the firm at a point in time.
Concept of Net Worth 净值（账面价值）
Stockholders’ equity － the preferred
stock component = net worth, or book value, of the firm.
Total assets……………………………… Total liabilities……………………………… Stockholders’ equity…………………… $ 1,000,000 － 300,000 700,000
Free Cash Flow自由现金流
Cash flow from operating activities
Depreciation and Funds Flow 折旧与资金流
Depreciation represents an attempt to
allocate the initial cost of an asset over its useful life. 折旧费纯粹是一种会计记录，并没有发生 实际的现金支出。
Retained earnings, balance, December 31,2009……………
300,000
Price-earnings Ratio 市盈率
It refers to the multiplier applied to earnings
per share to determine current value of the common stock. If the firm has a price-earnings ratio of 20, and the earnings per share are $1, the market value of each share will be $20($1*20) It also can be written as P/E Firms expected to provide returns greater than those for the market in general with equal or less risk often have P/E ratios higher than the market P/E ratio.
profitability. The income statement is the major device for measuring the profitability of a firm over a period of time. “利润=收入-费用” 通过利润表可以考核企业利润计划的完成情况， 分析企业的盈利能力以及利润增减变化的原因， 预测企业利润的发展趋势，为投资者及企业管 理者等提供有助于决策的财务信息。
按照收付实现制原则编制，将权责发生制下的盈
利信息调整为收付实现制下的现金流量信息。
Cash flows from operating activities
Generation of funds in normal operations
Expenditure of funds in normal operations Cash flows from investing activities Sale of plant and equipment; liquidation of