5.增补版-财务管理第五讲第三章财务分析
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第三章
财务分析
Financial analysபைடு நூலகம்s
LOGO
www.themegallery.com
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） 利润表（损益表）
关于利润表（损益表） 关于利润表（损益表） income statement The income statement measures 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” 利润 收入-费用” 收入 费用 通过利润表可以考核企业利润计划的完成情况， 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， 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， 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。 理者等提供有助于决策的财务信息。
****** 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
Jan.2 1998 19 37 13 24 28 24 16 27 31 23
Jan.2 2001 13 91 6 20 32 23 31 29 38 26
Jan.2 2006 12 23 40 21 22 14 31 19 18 24
Jan.2 2008 10 27 9 26 17 16 25 20 14 18
Concept of Net Worth 净值（账面价值） 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…………………… Preferred stock obligation……………… Net worth assigned to common………… Common shares outstanding………… Net worth, or book value, per share…… $ － $ $ 1,000,000 － 300,000 700,000 50,000 650,000 100,000 6.50
Price-earnings ratios for selected U.S. companies
Corporation Bank of America Cisco General Motors Intel Johnson &Johnson McDonald’s Textron Wal-Mart Standard & Poor’s
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 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
Statement of Cash Flows现金流量表 现金流量表
The purpose of the statement of cash flows is to emphasize the critical nature of cash flow to the operations of the firm. According to accountants, cash flow represents cash or cash equivalent items that can easily be converted into cash within 90 days(such as a money market fund). 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。
Industry Banking Networking Automobiles Integrated circuits Pharmaceuticals Restaurants Diversified Retail
Jan.2 1990 11 25 7 12 17 14 15 7 24 15
Jan.2 1994 8 24 8 11 15 17 23 11 21 20
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………………… Retained earnings, balance, December 31,2009…………… $250,000 100,000 50,000 300,000
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
Southwest Air Airlines
Limitations of the income statement 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.
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。
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.
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.
Limitations of the Balance Sheet
Can you figure out some limitations? 资产负债表中的大多数项目的价值是以历 史成本或初始成本为计价基础的， 史成本或初始成本为计价基础的，这种方 法不能真实反映厂房、 法不能真实反映厂房、设备和存货的现行 市场价格。 市场价格。 这些资产的目前价值可能是初始成本的两 倍或三倍， 倍或三倍，或者重置这些资产的成本可能 是初始成本的几倍。 是初始成本的几倍。
财务分析
Financial analysபைடு நூலகம்s
LOGO
www.themegallery.com
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） 利润表（损益表）
关于利润表（损益表） 关于利润表（损益表） income statement The income statement measures 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” 利润 收入-费用” 收入 费用 通过利润表可以考核企业利润计划的完成情况， 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， 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， 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。 理者等提供有助于决策的财务信息。
****** 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
Jan.2 1998 19 37 13 24 28 24 16 27 31 23
Jan.2 2001 13 91 6 20 32 23 31 29 38 26
Jan.2 2006 12 23 40 21 22 14 31 19 18 24
Jan.2 2008 10 27 9 26 17 16 25 20 14 18
Concept of Net Worth 净值（账面价值） 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…………………… Preferred stock obligation……………… Net worth assigned to common………… Common shares outstanding………… Net worth, or book value, per share…… $ － $ $ 1,000,000 － 300,000 700,000 50,000 650,000 100,000 6.50
Price-earnings ratios for selected U.S. companies
Corporation Bank of America Cisco General Motors Intel Johnson &Johnson McDonald’s Textron Wal-Mart Standard & Poor’s
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 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
Statement of Cash Flows现金流量表 现金流量表
The purpose of the statement of cash flows is to emphasize the critical nature of cash flow to the operations of the firm. According to accountants, cash flow represents cash or cash equivalent items that can easily be converted into cash within 90 days(such as a money market fund). 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。
Industry Banking Networking Automobiles Integrated circuits Pharmaceuticals Restaurants Diversified Retail
Jan.2 1990 11 25 7 12 17 14 15 7 24 15
Jan.2 1994 8 24 8 11 15 17 23 11 21 20
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………………… Retained earnings, balance, December 31,2009…………… $250,000 100,000 50,000 300,000
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
Southwest Air Airlines
Limitations of the income statement 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.
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。
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.
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.
Limitations of the Balance Sheet
Can you figure out some limitations? 资产负债表中的大多数项目的价值是以历 史成本或初始成本为计价基础的， 史成本或初始成本为计价基础的，这种方 法不能真实反映厂房、 法不能真实反映厂房、设备和存货的现行 市场价格。 市场价格。 这些资产的目前价值可能是初始成本的两 倍或三倍， 倍或三倍，或者重置这些资产的成本可能 是初始成本的几倍。 是初始成本的几倍。