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 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 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 市市场场价价值值与与账账面价面价值值 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 损损益表益表 2017 2018 学年度第二学期期末考试复习材料 金融学 课件梳理 3 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 折旧折旧资产资产 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 折旧方法折旧方法 Straight Line MACRS Modified AcceleratedCost Recovery System 改进的加速成本回收系统 Others 5 Some Definitions The asset cost is the amount the company paid for an asset The estimated useful life is the number of years or time periods that a company can use the asset 估计有用年限是指公司可以使用资产的年限 或期限 The residual value is the expected cash value at the end of the asset s useful life 剩余价值是资产使用寿命结束时的预期现金价值 6 Straight Line Depreciation Example 直直线线折旧法的例子折旧法的例子 Cowboy Corp buys a fax machine for their business at a cost of 450 They expect to use 2017 2018 学年度第二学期期末考试复习材料 金融学 课件梳理 4 the machine for 5 years and to be able to sell it at the end of the 5 years for 50 What is the depreciation expense for each year 牛仔公司购买传真机为他们的业务以 450 美元的成本 他们希望使用这台机器 5 并能在 5 年结束时以 50 美元的价格出售它 每年的折旧费用是多少 Depreciation asset cost residual value estimated useful life 450 50 5 80 折旧 资产成本 剩余价值 估计有用寿命 450 50 美元 5 80 美元 7 MACRS MACRSisasimpler morerapiddepreciation method 8 Depreciation A channel for Earnings Manipulation LETV 盈余操纵的一个通道 Tudou and Youku Accelerated vs LETV 9 Taxes Marginal vs average tax rates Marginal the extra tax you would pay if you earned one more dollar Average the tax bill taxable income Example TheBradley Co had 185 000in2009taxable income Calculate the company s 2009 income taxes and average tax rate Total tax 0 15 50K 0 25 25K 0 34 25K 0 39 185K 100K 55 4K Average tax rate 55 4K 185K 29 95 10 Building an Income Statement Let s build on the data for Cowboy Corp from last lecture 2017 2018 学年度第二学期期末考试复习材料 金融学 课件梳理 5 First rename the tab of your spreadsheet Income Statement In cell A1 and A2 write Cowboy Corp and Income Statement respectively Format these two cells by highlighting A1 to C2 right clicking on Format and choosing Center Across Selection Follow the format from the previous slide with indents bold italics etc Outliner 11 Building a Balance Sheet Let s start with the Assets Cash and Equivalents 现金及现金等价物 Now Liabilities 12 Common Size Income Statement 同型同型损损益表益表 First create a copy of the Income Statement worksheet Then divide each cell by that year s Sales 2017 2018 学年度第二学期期末考试复习材料 金融学 课件梳理 6 Be careful to properly reference sales using Paste special Formulas Number Formats Next create a common size balance sheet dividing by total assets instead of sales 13 The IF Function Create an input cell called Net Income Enter 10 000 Now use the IF function to say Profitable if the Net Income is above zero and Not Profitable if it is less than or equal to zero Change the Net Income to 25 000 Ratio Analysis 1 Ratio Analysis There are five categories of ratios Short term solvency or liquidity ratios Long term solvency or financial leverage ratios Turnover ratios Profitability ratios Market value ratios Each category measures a different dimension of a firm s performance i e strengths weaknesses 2 Liquidity Ratios 流流动动性比率性比率 What does liquidity mean Why does it matter How well can the firm pay its bills without undue stress A high ratio indicates liquid but too high may mean the firm is inefficient Two primary liquidity ratios are the Current Ratio and the Quick Ratio 流动比率 速兑比率 Calculate Current and Quick Ratios for Cowboy Corp Format cell to custom format with x 3 Efficiency Ratios 效率比率效率比率 Efficiency ratios are the Inventory Turnover Ratio Average Collection Period and Fixed Total Asset Turnover Ratios 效率比率是存货周转率 平均回收期和固定资产周转率 What do they measure How efficiently does the firm use its assets How fast the firm can sell product collect on sales 投资周转率 平均募集期 365 固定资产周转率 总资产周转率 Calculate the Inventory Turnover Ratio Average Collection Period and Fixed Total Asset Turnover Ratios for Cowboy Corp 4 Leverage Ratios 杠杆率杠杆率 2017 2018 学年度第二学期期末考试复习材料 金融学 课件梳理 7 What do they measure Measures the firms long run ability to meet its obligations 衡量公司长期履行义务的能力 For Leverage Ratios we will use the Total Debt Ratio the Long Term Debt Ratio the Debt to Equity Ratio and the Long Term Debt to Equity Ratio 对于杠杆率 我们将使用总债务比率 长期债务比率 债务权益比率和长期债务与 股本比率 总债务比率 长期债务比率 债务权益比率 长期债务与股本比率 5 Coverage Ratios 覆盖率覆盖率 Coverage ratios are the Times Interest Earned and the Cash Coverage Ratios 覆盖率是所赚取的时间利息和现金覆盖率 已获得的计时利息 息税前利润 利息费用 现金涵盖比率 息税前利润 非现金费用 利息费用 6 Profitability Ratios 利利润润率率 Profitability ratios are the Gross Profit Margin Operating Profit Margin Net Profit Margin Return on Total Assets and Return on Equity 利润率是毛利率 营业利润率 净利润率 总资产收益率和股本回报率 毛利率 营业利润率 净利润率 总资产收益率 资本权益报酬率 7 Market Value Ratios 市市场场价价值值比率比率 What do they measure What the market thinks of the firm vs accounting information 企业对会计信息的市场思考 市盈率 P E ratio Price per share Earnings per share 每股盈利 Where Earnings per share Net income share outstanding Market Book ratio Price per share Common equity book value per share 市场 账面比率 每股价格 普通股 账面价值 每股 Price sales ratio Price per share Sales per share 价格销售比率 每股价格 每股销售额 8 Financial Distress Altman s Z Score 财务财务困境困境 Altman s Z score for predicting bankruptcy 1 2 1 1 4 2 3 3 3 0 6 4 5 Where 2017 2018 学年度第二学期期末考试复习材料 金融学 课件梳理 8 1 净营运资本 总资产 2 留存收益 总资产 3 息税前利润 总资产 4 所有股票的市场价值 总负债账面价值 5 销售 总资产 Once you have used the formula on the previous slide the guidelines for a company s likelihood of bankruptcy are Z 1 81 Bankruptcy predicted within one year 破产预测一年内 1 81 Z 2 675 No financial distress predicted 没有财务困境预测 Assume Market Value of Equity is 425 000 in 2013 and 511 000 in 2014 9 Using the Financial Ratios 运用运用财务财务比率比率 Once you have calculated all the ratios in the notes how do we interpret the results Trend Analysis How have the ratios changed over time Industry Comparison How does the firm compare to its industry peers They are sometimes also used to determine managers bonuses i e did they meet goals for financial ratios or by bondholders 10 Evaluating the Financial Ratios 财务财务比率