CMA考试新考纲(官方)-part-two-1-课件(1)

1、1CMA学习系统第二部分：财务决策 CMA Learning SystemPart 2: Financial Decision Making主讲：张宇 CMA2第一章：财务报表分析 Section A: Financial Statement Analysis3第一节：基本的财务报表分析 Topic 1: Basic Financial Statement Analysis4百分比式财务报表 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

2、平均水平相比Common-size statements percentage of a selected item on the statementUsed 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 position within an industry5垂直的百分比式财务报表垂直的百分比

3、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 StatementsVertical 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, Figure 2A-3, page 5百分比式财务报表 Common-Size Statements6水平的百

4、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 StatementsHorizontal common-size statements variation analysis or trend analysis, key financial statement values and relation for the same company over a period of years, as a percentage of the base year am

5、ount, figure 2A-4, page 7 百分比式财务报表 Common-Size Statements7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 ClassificationsOperating activities noncash expense and revenue items added back to net income: depreci

6、ation 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 investee8现金流量表的构成和分类投资活动 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

7、司的债券和股票；以及向其他实体提供贷款。Component and ClassificationsInvesting activities come from changes in long-term asset, cash inflow from sales of PPE, investments in another entitys debt or equity securities, collection of the principal on loans to another entity, cash outflow result from purchases of PP&E, oth

8、er companies debt or equity securities and granting loan to other entities现金流量表 Statement of Cash Flows9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。Component and ClassificationsFinancing activities come from changes in long-term liability or equity amount, cas

9、h 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 Statement of Cash Flows10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 Direc

10、t MethodsIndirect Method figure 2A-5, page 10Direct Method figure 2A-6, page 10Footnotes disclose significant non-cash investing and financing activities, and disclose interest paid and income taxes in indirect method 现金流量表 Statement of Cash Flows11现金流量表举例现金流量表 - 图表2A-7，589页Example of a Statement of

11、 Cash FlowsStatement of Cash Flows Indirect Method, Figure 2A-7, page 11现金流量表 Statement of Cash Flows12 第二节：财务绩效指标 - 财务比率 Topic 2: Financial Performance Metrics Financial Ratios13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

12、ability to pay creditors when amounts due, or debt paying ability in long termLiquidity proximity to cash of the asset and liabilities, an indication of companys ability to meet its short term obligation14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，

13、案例，592页Working capital companys ability in the short run to pay its obligation, short-term financial healthWorking capital = current assets current liabilitiesCurrent assets cash or other liquid investmentsCurrent liabilities obligation paid within a year, examples, page 1615营运资本分析 Working Capital 流

14、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 = current assets/current liability , example, page 16Quick (Acid-Test) Ratio Quick Ratio = (Current Assets inventory)/current liability16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

15、负债Cash Ratio Cash Ratio = (cash + marketable securities)/current liabilitiesCash Flow RatioCash Flow Ratio = Operation Cash Flow/Current Liabilities 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 RatiosHo

16、w sensitive these ratios are to changes in their components, for examples, page 1918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 19资本结构分析 Capital Structure A

17、nalysis资本结构 长期负债与权益的组合财务杠杆 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 equityFinancial leverage use of debt to increase return to owners Debt as Leverage Operating leverage existence of fixed operating costs20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

18、 对公司的盈余具有放大的作用Financial Leverage RatioFinancial leverage ratio = assets/equityFinancial leverage magnifying effect on earning21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 Total Assets R

19、atio = Total Debt/Total AssetsDebt to equity ratio Debt to equity ratio = Total Debt/EquityLong-term Debt to Equity Ratio = (Total Debt Current Liability)/Equity22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 (Interest Coverage) Ratio Times Inter

20、est Earned Ratio = Earning Before Interest and Taxes/Interest Expense 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 RiskCapital structure is related to the risk, high risk translate into higher interest rates or cost of capital24表外融资 Off-Balance Sheet Fin

21、ancing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 liabilitySpecial Purpose Entities facilitate leasing activities, loan securitization, R&D activitie

22、s, trading in financial derivatives Leases operating lease, capital leaseJoint ventures hold less than 50% of outstanding share (off-balance sheet financing)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

23、Sales in Accounts Receivable + Days Sales in Inventory Account Receivable Turnover Ratio = Credit Sales/Average Gross Accounts ReceivablesDays Sales in Receivable = 365/Accounts Receivable TurnoverInventory Turnover Ratio = Cost of Goods Sold/Average Inventory26营运活动分析 Operating Activity Analysis存货周转

24、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&EDays Sales in Inventory = 365/Inventroy Turnover RatioOther Turnover Ratios Total Asset Turnover Ratio = Sales/Average Total AssetsFixed Asset Turnover Ratio = Sales/Average net PP&E27第三节：获利能力分析Topic 3: Profitability Analysis28每股收益 Earning pe

25、r 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 Average Number of Common Shares Outstanding, for example, page 33Diluted Earning per ShareDiluted Earning per Share = (Net income P

26、referred dividends)/Diluted weighted average number of common shares outstanding, for example, page 34 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 RatioDividend payout ratio = common dividends/Earning available to common shareholdersDividend YieldDi

27、vidend yield = annual dividends per share/Market price per share30可持续增长率 Sustainable Equity Growth可持续的增长率 = ROE（1-股利支付率） Sustainable Growth Rate = ROE (1- Dividend Payout Ratio) 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

28、资产，优先股股东的账面价值Components of Return on Capital InvestmentROI essentially the degree of profit in relation to the capital deployedROA same set of factor as ROIROE degree of the profit in relation to equityDefinition of Invested Capital unproductive assets, depreciable assets, preferred shareholders boo

29、k value32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Profitability AnalysisGross profit margin percentage = (Sales Cost of Sales)/Sales Operating Profit Margin Percentage = Operating Income/Sales Net Profit Margin Percentage = Net Income/Sales33资本投资的回报率

30、 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 AnalysisMajor expense selling, administrative expenses, depreciation expense, amortization, maintenance, financing expenses, income taxes 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）

31、ROA = 净收益/平均总资产Return on InvestmentReturn on Investment (ROI) = Net Profit of Business Unit/Assets of Business UnitReturn on Assets (ROA)ROA = Net Income/Average Total Assets35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 ModelROA

32、= Net Income/Sales Sales/Average Total Assets, for example, page 42Calculating Return on Common Equity ROE = Net Income/Average EquityFinancial Leverage Ratio = Assets/Equity36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

33、是与外部独立实体进行的交易Revenue resources generated by a business from customerSource of RevenueRecognition 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, receiv

34、ables, or other asset or decrease in a liability, business action must be at arms length 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 stabilityImportant consideration elastically of demand for products, ability to antic

35、ipate demand 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 Receivables38收益度量分析 Inc

36、ome 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 earning

37、 power of the businessFollowing factors needed to be considered estimates, accounting methods, disclosure incentives, different needs of users39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，季节性波动，分析企业集团是困难的In

38、ternal factors emphasis on summary indicators, based on past financial information, contain non-operating items, understanding of the accounting principles, validity of number, correlation within factorsExternal factors business condition, industry positionOther limitation use of different accountin

39、g make comparability difficult, seasonal fluctuation, analyzing conglomerates is difficult 40第四节：财务会计中的分析性问题Topic 4: Analytical Issues in Financial Accounting41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 Economic Profit net present value of its earning

40、 over its lifetimeAccounting profit follow the rules set by GAAP, approximation are needed 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 PrinciplesOff-balance Sheet Financing and Its Effect on the FinancialsProvision for Maintenance of Assets and Future

41、 Earning PowerEffect of Economic Forces on Earnings43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 PersistenceRecast income statement figure 2-9, page 58Book Value Per Share = (Total Equity Preferred Stockholders Equity)/Number of Common Shares of Outstan

42、ding, for example, page 6044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 PersistenceMarket-to-book Value Ratio = Current Stock Price/Book Value per SharePrice Earning Ratio = Market Price per Share/EPSEarning Yield = EPS/Current Market Price per Commo

43、n Share45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 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 bet