CMA考试新考纲官方-pa(2)

1、可编辑ppt,1,CMA学习系统 第二部分：财务决策 CMA Learning System Part 2: Financial Decision Making,主讲：张宇 CMA,可编辑ppt,2,第一章：财务报表分析 Section A: Financial Statement Analysis,可编辑ppt,3,第一节：基本的财务报表分析 Topic 1: Basic Financial Statement Analysis,可编辑ppt,4,4,百分比式财务报表 Common-Size Statements,百分比式财务报表 某一报表项目的百分比 可作如下之用 比较同一财务报表中的不同

2、元素，分析某企业在若干年间的发展趋势，比较同一行业内不同规模的企业，将公司绩效与行业平均水平相比 Common-size statements percentage of a selected item on the statement Used in several way - compare elements in a single year, analyzes trends across a number of years, compare business of differing sizes within an industry, compare performances and p

3、osition within an industry,可编辑ppt,5,垂直的百分比式财务报表 垂直的百分比式财务报表 基本数额（资产负债表中的总资产或者损益表中的净销售额），图表2A-1, 2A-2, 2A-3, 582-584页 Vertical Common-Size Statements Vertical Common-Size Statement base amount (total assets on the balance sheet and net sales on the income statement), figure 2A-1, Figure 2A-2, page 4,

4、 Figure 2A-3, page 5,百分比式财务报表 Common-Size Statements,可编辑ppt,6,6,水平的百分比式财务报表 水平的百分比式财务报表 变化分析或趋势分析，同一公司不同期间的主要财务报表和关系，基准年份金额的一定百分比，2A-4, 585页 Horizontal Common-Size Statements Horizontal common-size statements variation analysis or trend analysis, key financial statement values and relation for the s

5、ame company over a period of years, as a percentage of the base year amount, figure 2A-4, page 7,百分比式财务报表 Common-Size Statements,可编辑ppt,7,7,现金流量表 Statement of Cash Flows,现金流量表的构成和分类 经营活动 调整到净利中的非现金费用和收入事项包括：折旧费用和无形资产的摊销；抵延成本的摊销；抵延所得税的变化；应付债券溢价和折价的摊销；来自使用权益法核算的被投资方的收益 Component and Classifications Op

6、erating activities noncash expense and revenue items added back to net income: depreciation and amortization of assets, amortization of deferred cost, changes in deferred income taxes, amortization of a premium or discount on bonds payable, income from an equity method investee,可编辑ppt,8,8,现金流量表的构成和分

7、类 投资活动 长期资产账户的变化有关，投资现金流入的事项有出售PPE的现金流入，出售对其他实体的债券或股权的投资；收回对其他实体的贷款本金（利息属于营运现金流）。投资现金的流出有够买PPE；其他公司的债券和股票；以及向其他实体提供贷款。 Component and Classifications Investing activities come from changes in long-term asset, cash inflow from sales of PPE, investments in another entitys debt or equity securities, col

8、lection of the principal on loans to another entity, cash outflow result from purchases of PP&E, other companies debt or equity securities and granting loan to other entities,现金流量表 Statement of Cash Flows,可编辑ppt,9,9,现金流量表的构成和分类 筹资活动 与长期负债或权益帐户的变化有关。筹资现金流入包括出售本实体的股权或发行债券与票据。现金流出包括向股东支付股利；回收股份或赎回企业的债券

9、。 Component and Classifications Financing activities come from changes in long-term liability or equity amount, cash inflow from sales of entitys equity securities or issuance of debt , cash outflow from payments to stockholders for dividends, reacquire capital stock or redeem outstanding debt,现金流量表

10、 Statement of Cash Flows,可编辑ppt,10,10,间接法和直接法 间接法 图表2A-5，588页 直接法 图表2A-6，588页 附注 披露重大的非现金投资和筹资活动，在间接法中披露支付的利息和所得税 Indirect and Direct Methods Indirect Method figure 2A-5, page 10 Direct Method figure 2A-6, page 10 Footnotes disclose significant non-cash investing and financing activities, and disclo

11、se interest paid and income taxes in indirect method,现金流量表 Statement of Cash Flows,可编辑ppt,11,11,现金流量表举例 现金流量表 - 图表2A-7，589页 Example of a Statement of Cash Flows Statement of Cash Flows Indirect Method, Figure 2A-7, page 11,现金流量表 Statement of Cash Flows,可编辑ppt,12,12,第二节：财务绩效指标 - 财务比率 Topic 2: Financi

12、al Performance Metrics Financial Ratios,可编辑ppt,13,13,流动性和偿付能力比率 Liquidity/Solvency Ratios,偿付能力 向债权人偿付到期债务的能力，或长期内的债务偿还能力 流动性 资产转换为现金的速度能在多大程度上满足到期债务的现金还款需求。揭示公司的短期偿债能力 Solvency ability to pay creditors when amounts due, or debt paying ability in long term Liquidity proximity to cash of the asset and

13、 liabilities, an indication of companys ability to meet its short term obligation,可编辑ppt,14,14,营运资本分析 Working Capital,营运资本 公司短期内的偿付能力，短期内的财务健康状况；营运资本 = 流动资产 流动负债 流动资产 现金或其他短期投资 流动负债 一年之内偿付的债务，案例，592页 Working capital companys ability in the short run to pay its obligation, short-term financial health

14、 Working capital = current assets current liabilities Current assets cash or other liquid investments Current liabilities obligation paid within a year, examples, page 16,可编辑ppt,15,15,营运资本分析 Working Capital,流动比率 流动比率 = 流动资产/流动负债，案例，593页 速动（酸性测试）比率 速动比率 = （流动资产 存货）/流动负债 Current ratio Current Ratio =

15、current assets/current liability , example, page 16 Quick (Acid-Test) Ratio Quick Ratio = (Current Assets inventory)/current liability,可编辑ppt,16,16,营运资本分析 Working Capital,现金比率 现金比率 = （现金+有价证券）/流动负债，案例，594页 现金流比率 现金流比率 = 营业现金流/流动负债 Cash Ratio Cash Ratio = (cash + marketable securities)/current liabil

16、ities Cash Flow Ratio Cash Flow Ratio = Operation Cash Flow/Current Liabilities,可编辑ppt,17,17,流动性比率的敏感性分析 Sensitivity Analysis on the Liquidity Ratio,流动性比率的敏感性分析 比率中的具体组成元素发生变化时，比率本身对这种变化的敏感性，案例，595页 Sensitivity Analysis on the Liquidity Ratios How sensitive these ratios are to changes in their compo

17、nents, for examples, page 19,可编辑ppt,18,18,对偿付能力的度量 Measuring the Ability to Pay,应付账款周转天数 应付账款周转天数 = 365 平均应付账款/赊购额 Days Purchase in Accounts Payable Days Purchase in Accounts Payable = 365 average accounts payable /credit purchases,可编辑ppt,19,19,资本结构分析 Capital Structure Analysis,资本结构 长期负债与权益的组合 财务杠杆

18、利用负债来提高对公司所有者（股东）的回报 债务杠杆 营运杠杆 固定营业成本的存在 Capital structure mix of long-term debt and equity Financial leverage use of debt to increase return to owners Debt as Leverage Operating leverage existence of fixed operating costs,可编辑ppt,20,20,财务杠杆比率 Financial Leverage Ratio,财务杠杆比率 财务杠杆比率 资产/权益 财务杠杆 对公司的盈余具

19、有放大的作用 Financial Leverage Ratio Financial leverage ratio = assets/equity Financial leverage magnifying effect on earning,可编辑ppt,21,21,与负债/债务相关的比率分析 Ratio Analysis on Debt/Liabilities,负债对总资产的比率 负债对总资产的比率 = 总负债/总资产 债务对权益比率 债务对权益比率 = 总负债/权益 长期债务对权益比率 = （总负债-流动负债）/权益 Debt to Total Assets Ratio Debt to T

20、otal Assets Ratio = Total Debt/Total Assets Debt to equity ratio Debt to equity ratio = Total Debt/Equity Long-term Debt to Equity Ratio = (Total Debt Current Liability)/Equity,可编辑ppt,22,22,与负债/债务相关的比率分析 Ratio Analysis on Debt/Liabilities,利息倍数（利息覆盖）比率 利息倍数比率 = 息税前收益/利息费用 Time Interest Earned (Intere

21、st Coverage) Ratio Times Interest Earned Ratio = Earning Before Interest and Taxes/Interest Expense,可编辑ppt,23,23,资本机构和风险 Capital Structure and Risk,资本结构与风险 资本结构与风险相关，高风险转换为更高的利率或资本成本 Capital Structure and Risk Capital structure is related to the risk, high risk translate into higher interest rates o

22、r cost of capital,可编辑ppt,24,24,表外融资 Off-Balance Sheet Financing,应收账款让售 使用应收账款作抵押进行贷款，避免相应的应付或负债记录 特殊目的实体 便于租赁活动、贷款证券化、研发活动或者金融衍生交易 租赁 营运租赁，资本租赁 合资企业 Factoring of accounts receivables borrowing using accounts receivable as collateral, avoid recording a payable or liability Special Purpose Entities fa

23、cilitate leasing activities, loan securitization, R&D activities, trading in financial derivatives Leases operating lease, capital lease Joint ventures hold less than 50% of outstanding share (off-balance sheet financing),可编辑ppt,25,25,营运活动分析 Operating Activity Analysis,经营周期 = 应收账款周转天数 + 存货周转天数 应收账款周

24、转率 = 赊销额/平均总应收帐款 应收帐款周转天数 = 365/应收账款周转率 存货周转率 = 销货成本/平均存货 Operating Cycle = Days Sales in Accounts Receivable + Days Sales in Inventory Account Receivable Turnover Ratio = Credit Sales/Average Gross Accounts Receivables Days Sales in Receivable = 365/Accounts Receivable Turnover Inventory Turnover R

25、atio = Cost of Goods Sold/Average Inventory,可编辑ppt,26,26,营运活动分析 Operating Activity Analysis,存货周转天数 = 365/存货周转率 其他周转率 总资产周转率 = 销售额/平均总资产 固定资产周转率 = 销售额/平均净PP&E Days Sales in Inventory = 365/Inventroy Turnover Ratio Other Turnover Ratios Total Asset Turnover Ratio = Sales/Average Total Assets Fixed Ass

26、et Turnover Ratio = Sales/Average net PP&E,可编辑ppt,27,27,第三节：获利能力分析 Topic 3: Profitability Analysis,可编辑ppt,28,28,每股收益 Earning per Share,每股收益 = （净收益 优先股股利）/发行在外的加权平均普通股数量，案例，608页 稀释后每股收益 稀释后每股收益 = （净收益 优先股）/稀释后发行在外的加权平均普通股数量，案例，609页 Earning per Common Share = (net income Perferred Dividends)/Weighted

27、Average Number of Common Shares Outstanding, for example, page 33 Diluted Earning per Share Diluted Earning per Share = (Net income Preferred dividends)/Diluted weighted average number of common shares outstanding, for example, page 34,可编辑ppt,29,29,每股收益 Earning per Share,股利支付率 股利支付率 = 普通股股利/可供普通股股东分

28、配的盈余 股利收益 股利收益率 = 每股年股利/每股现行市价 Dividend Payout Ratio Dividend payout ratio = common dividends/Earning available to common shareholders Dividend Yield Dividend yield = annual dividends per share/Market price per share,可编辑ppt,30,30,可持续增长率 Sustainable Equity Growth,可持续的增长率 = ROE（1-股利支付率） Sustainable Gr

29、owth Rate = ROE (1- Dividend Payout Ratio),可编辑ppt,31,31,资本投资回报率 Return on Capital Investment,资本投资回报率的组成要素 ROI 与公司所动用的资本有关的利润率 ROA 指标上涉及的要素基本上与ROI相似 ROE 与权益相关的利润率 投资资本的定义 非生产性资产，应折旧资产，优先股股东的账面价值 Components of Return on Capital Investment ROI essentially the degree of profit in relation to the capital

30、 deployed ROA same set of factor as ROI ROE degree of the profit in relation to equity Definition of Invested Capital unproductive assets, depreciable assets, preferred shareholders book value,可编辑ppt,32,32,资本投资的回报率 Return on Capital Investment,获利能力分析 毛利率 = （销售 销货成本）/ 销售 营运利润率 = 营业收益/销售 净利润率 = 净收益/销售

31、 Profitability Analysis Gross profit margin percentage = (Sales Cost of Sales)/Sales Operating Profit Margin Percentage = Operating Income/Sales Net Profit Margin Percentage = Net Income/Sales,可编辑ppt,33,33,资本投资的回报率 Return on Capital Investment,费用分析 主要费用 = 销售，管理费用，折旧费用，摊销费用，维护，财务费用，所得税 Expense Analys

32、is Major expense selling, administrative expenses, depreciation expense, amortization, maintenance, financing expenses, income taxes,可编辑ppt,34,34,资本投资的回报率 Return on Capital Investment,投资回报率 投资回报率（ROI）= 业务单位的净利润/业务单位的资产 资产的回报率（ROA） ROA = 净收益/平均总资产 Return on Investment Return on Investment (ROI) = Net

33、 Profit of Business Unit/Assets of Business Unit Return on Assets (ROA) ROA = Net Income/Average Total Assets,可编辑ppt,35,35,资本投资的回报率 Return on Capital Investment,杜邦模型 ROA = 净收益/销售 销售/平均总资产，案例，616页 普通股权益回报的计算 ROE = 净收益/平均权益 财务杠杆比率=资产/权益 DuPont Model ROA = Net Income/Sales Sales/Average Total Assets, f

34、or example, page 42 Calculating Return on Common Equity ROE = Net Income/Average Equity Financial Leverage Ratio = Assets/Equity,可编辑ppt,36,36,收入分析 Revenue Analysis,收入 从其客户处所获得的资源 收入的来源 收入的来源 业务活动在实质上必须已经完成，所有权风险必须有效地转移给购买者，收入以很高的准确性进行度量和估计，带来现金、应收款或者其他资产的增加，或则负债的下降，必须是与外部独立实体进行的交易 Revenue resources

35、generated by a business from customer Source of Revenue Recognition of revenues activities must be substantially completed, risk of ownership effectively passed on to the buyer, the revenue measured or estimated with substantial accuracy, either increased in cash, receivables, or other asset or decr

36、ease in a liability, business action must be at arms length,可编辑ppt,37,37,收入分析 Revenue Analysis,收入趋势和稳定性 重要考虑 产品需求的弹性，需求趋势作出预测的能力，竞争程度，客户集中度，对少数销售代表的依赖程度，市场区域多样化的程度 收入、存货与应收账款之间的相互关系 Revenue Trends and stability Important consideration elastically of demand for products, ability to anticipate demand

37、trends, level of competition, degree of customer concentration and dependence on a single industry or a single customer, degree of dependence on sales associate, degree of geographical diversification of markets Inter-relationships Between Revenue, Inventory, and Receivables,可编辑ppt,38,38,收益度量分析 Inco

38、me Measurement Analysis,收益的量度出于很多原因 确定有把握的收益，以预测受益的大小，确定收益主要构成元素的稳定性，量度企业的收益获取能力 考虑以下几种原因 估计，会计方法，披露激励，使用者的不同需要 Income measured for a number of reasons determine what income can be relied on for purposes of income forecasting, determine how stable the major elements of income are, measure the earnin

39、g power of the business Following factors needed to be considered estimates, accounting methods, disclosure incentives, different needs of users,可编辑ppt,39,39,比率分析的局限性 Limitations of Ratio Analysis,内部因素 强调综合指标，基于过去的财务信息，包含非营运项目的信息，理解会计准则，数据的合理性，因素之间的相互关系 外部因素 企业的状况，在行业中的地位 其他局限性 使用不同的会计方法使相互比较变得困难，季节

40、性波动，分析企业集团是困难的 Internal factors emphasis on summary indicators, based on past financial information, contain non-operating items, understanding of the accounting principles, validity of number, correlation within factors External factors business condition, industry position Other limitation use of

41、different accounting make comparability difficult, seasonal fluctuation, analyzing conglomerates is difficult,可编辑ppt,40,40,第四节：财务会计中的分析性问题 Topic 4: Analytical Issues in Financial Accounting,可编辑ppt,41,41,经济利润和会计利润 Economic Profit and Accounting Profits,经济利润 在生命期内实现盈利的净现值 会计利润 一般公认会计准则设定的规则，需要用估计值 Eco

42、nomic Profit net present value of its earning over its lifetime Accounting profit follow the rules set by GAAP, approximation are needed,可编辑ppt,42,42,收益质量 Earning Quality,会计原则的选择 表外融资及其对财务报表的影响 关于资产维护和未来获利能力的规定 经济力量对收益的影响 Selection of Accounting Principles Off-balance Sheet Financing and Its Effect

43、on the Financials Provision for Maintenance of Assets and Future Earning Power Effect of Economic Forces on Earnings,可编辑ppt,43,43,收益质量 Earning Quality,收益的持久性 重新构建损益表 图表2-9，630页 每股账面价值 = （总权益 优先股权益）/发行在外的普通股股数，案例，631页 Earning Persistence Recast income statement figure 2-9, page 58 Book Value Per Shar

44、e = (Total Equity Preferred Stockholders Equity)/Number of Common Shares of Outstanding, for example, page 60,可编辑ppt,44,44,收益质量 Earning Quality,收益的持久性 市场价值与账面价值的比率 = 现行股价/每股账面价值 市盈率 = 每股市价/EPS 收益率 = EPS/每股普通股的现行市价 Earning Persistence Market-to-book Value Ratio = Current Stock Price/Book Value per Sh

45、are Price Earning Ratio = Market Price per Share/EPS Earning Yield = EPS/Current Market Price per Common Share,可编辑ppt,45,45,价格变化和通货膨胀的影响 Effects of Changing Price and Inflation,通过膨胀 重要考虑，案例，633页 Inflation important consideration, for example, page 61,可编辑ppt,46,46,公允价值标准 Fair Value Standards,公允价值衡量 资产或负债通过市场参与者之间的有序交易进行交换，如果存在主市场，则该市场的价格就是公允价格，如果存在多个市场，则根据最有利市场中的价格来确定公平价值 Fair value measurement assumed asset or liability exchanged in an orderly transaction between market par