金融学·课件梳理3-财务报表分析与比率分析1

金融学·课件梳理3-财务报表分析与比率分析1

金融学·课件梳理3-财务报表分析与比率分析1

2017-2018学年度第二学期期末考试复习材料

金融学·课件梳理

@群众演员Lesson 3 Financial Statement Analysis & Ratio Analysis 1

第3课财务报表分析与比率分析1

Today’s Agenda

The Balance Sheet

The Income Statement

Ratio Analysis

The Balance Sheet

1、The Balance Sheet 资产负债表

The Balance sheet is a snapshot of the firm’s assets and liabilities at a given point in time.

Balance Sheet Identity

Assets=Liabilities + Stockholders’ Equity资产=负债+所有者权益

2、Net Working Capital 净营运资金

Current Assets- Current Liabilities 流动资产-流动负债

Positive when the cash that will be received over the next 12 months exceeds the cash that will be paid out

Usually positive in a healthy firm

3、Liquidity 流动性

Assets are listed in order of liquidity

Speed and ease of converting an asset to cash 将资产转换成现金的速度和便利性Liquid firms are less likely to experience

financial distress

流动性公司不太可能经历财务危机。

But, liquid assets earn a lower return 流动资产赚取较低的回报。

Trade-off to find balance between liquid and illiquid assets

4、Debt vs. Equity 债务与股权

Debt has precedence over e quity to a firm’s cash flows债务优先于股权对公司现金流

Stockholders’ Equity=Assets-Liabilities

Shareholders are “residual” owners 股东是“剩余”所有者。

Debt is referred to as financial leverage (more debt, the greater is degree of financial leverage; like lever =>can magnify both gains and losses)

债务被称为财务杠杆（更多的债务，更大程度上是财务杠杆；就像杠杆可以放大收益和亏损）。

5、Market Value vs. Book Value 市场价值与账面价值

The balance sheet provides the book value of the assets, liabilities and equity. (historical cost)

资产负债表提供了资产的账面价值、负债和权益。（历史成本）

Market value is the price at which the assets, liabilities or equity can actually be bought or sold 市场价值是资产价格，负债或权益实际上可以买或卖

Market value and book value are often very different

Income Statement

1、Income Statement 损益表

The income statement is more like a video of the firm’s operations for a specified period of time. 损益表更像是一个指定的时间内一个视频的公司的运作。Accounting Income is NOT the same as Cash Flow.

Matching principle: Revenue recognized when it accrues;

Expenses matched accordingly. (not when $ come in and go out).

匹配原则：收入确认时，它会匹配相应的费用。（不是进来和出去的时候）。

2、Depreciation 折旧

The cost of fixed assets must be recorded as expenses on a firm’s balance sheet and income statement.

固定资产的成本必须记在公司的资产负债表和损益表上。

Unlike costs such as labor, maintenance, and material, the costs of fixed assets are not treated simply as expenses to be accounted in the year that they are acquired.

与劳动力、维修和材料等成本不同，固定资产的成本并不简单地被视为是在他们获得的一年中所计算的费用。

Their costs are distributed by subtracting them as expenses from gross income-one part at a time over a number of periods.

他们的费用是按总收入减去一段时间的一段时间来分配的。

3、Depreciable Assets 折旧资产

In U.S., depreciable property:

Must be used in business or held for production of income 必须用于商业或用于生产收入

Must have a definite service life, and that life must be longer than 1 year.

必须有一定的使用寿命，并且寿命必须长于1年。

Must be something that wears out, decays, gets used up, becomes obsolete, or loses value from natural causes.

必须是某种东西，它会磨损、腐烂、被消耗掉、变得过时、或者由于自然原因而失去价值。

Question: Can you depreciate land?

4、Depreciation Methods 折旧方法

Straight Line

MACRS—Modified Accelerated Cost Recovery System 改进的