公司理财精要第十版课件-图文

第二章财务报表、税与现金流关键概念与技能•掌握账面价值与市场价值的区别•掌握会计收益和现金流量的区别•掌握平均和边际税率的差别•掌握如何从一家公司的财务报表判断它的现金流量2-2章节概要•资产负债表•利润表•税务•现金流量2-3资产负债表•资产负债表是一张体现公司概貌的快照.•按照流动性递减的顺序列示资产1

■转换成现金的容易程度:■不会有太大价值损失;•资产负债表恒等式<■资产=负债+所有者权益TotalValueofAssetsCurrentassetsFixedassets1.Tangiblefixedassets2.Intangiblefixedassets资产负债表表2-1TotalValueofLiabilities«FIGURE2.1TheBalanceSheet.LeftSide:TotalValueofAssets.RightSide:TotalValueofLiabilitiesandShareholders'Equity.2-5净营运资本与流动性净营运资本■=流动资产-流动负债■当下一年中收到的现金大于支付的现金,会出现正的净营运资本■健康公司的净营运资本通常是正的流动性■在不造成资产价值重大损失的情况下,将资产转换为现金的能力■流动性高的公司较少陷入财务困境■但流动性高的资产通常赚取一个较低的报酬率■需要在流动性和非流动性中权衡。2-6USCorporationBalanceSheetTable2.1U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)U.S.CORPORATION2011and2012BalanceSheets(Sinmillions)TABLE2.1BalanceSheets市场价值与账面价值•资产负债表报告了资产、负债和权益的账面价值。•市场价值就是资产、负债和权益在市场上实际被买入或卖出的价值。•市场价值和账面价值通常有很大不同，为何？•哪一个在决策过程中更重要？2-8Example2.2KlingonCorporationKLINGONCORPORATIONBalanceSheetsMarketValueversusBookValueBookMarketBookMarketAssetsLiabilitiesandShareholders’EquityNWC$400$600LTD$500$500NFA7001,000SE6001,1001,1001,6001,1001,6002-9利润表•利润表更像一段录像,记录了公司某个特定时间段的经营情况。•通常首先报告收入,然后从中减去该期间的费用。•配比原则-根据GAAP,收入产生时被记录,并同时记录为了获取这些收入所需要的相应费用。2-10TABLE2.2IncomeStatementUSCorporationIncomeStatement-Table2.2U.S.CORPORATION2012IncomeStatement($inmillions)Netsales$1,509Costofgoodssold750Depreciation65Eamingsbeforeinterestandtaxes$694Interestpaid70TaxableincomeS624Taxes(34%)212NetincomeS412Dividends$103Additiontoretainedeamings309J.»2-11税•关于税,我们唯一能确定的事情就是-它们总在变。•边际税率和平均个税率■边际税率-额外赚取的1美元被征税的百分比■平均税率-纳税金额/应纳税所得额■不同公司、不同行业的平均税率有很大不同•其他税费2-12例:边际税率和平均税率•@设你的公司赚取的应税所得额是4百万美元■公司应缴纳多少税？■平均税率是多少？■边际税率是多少？•若你在考察一个项目，该项目将使得公司的应纳税所得额增加1百万美元，则你在分析中应该使用的税率是多少？2-13现金流的概念•现金流是财务经理能够从财务报表中通过计算推导出来的最重要的信息之一。•现金流量表不能够提供给我们此处分析的/士白1日眉、0•我们将观察到如何通过利用资产而产生现金,以及现金是如何被支付以购买资产的。2-14来自资产的现金流•来自资产的现金流(CFFA)=流向债权人的现金流+流向股东的现金流•来自资产的现金流=经营现金流-净资本支出-净营运资本变动额2-15例:1^公司-第1部分经营现金流（您）=息税前收益+折旧-税=547美元净资本支出（巳圮1/5）=固定资产期末净值-固定资产期初净值+折旧=130美元净营运资本变动额（拉纪=净营运资本期末余额-净营运资本期初余额=330美元来自资产的现金流=547-130-330=87美兀2-16例:1^公司-第2部分•流向债权人的现金流但和咫卜利息±符-净新增借款=24美元•流向股东的现金流但和1/2)=股利支付-净新募集权益=631元•来自资产的现金流=24+63=87美元2-17CashFlowSummary-Table2.6I.ThecashrtowidentityCashflowfromassets=Cashflowtocreditors(bondholders)♦Cashflowtostockholders(owners)II.CashflowfromassetsCashflowfromassets=Operatingcashflow-Netcapitalspending-Changeinnetworkingcapital(NWC)where:Operatingcashflow=Eamingsbeforeinterestandtaxes(EBIT)+Depreciation-TaxesNetcapitalspending®Endingnetfixedassets-Beginningnetfixedassets+DepreciationChangeinNWC=EndingNWC-BeginningNWCIII.Cashflowtocreditors(bondholders)Cashflowtocreditors=Interestpaid-Netn«wtxxrowmgIV.Cashflowtostockholders(owners)Cashflowtostockholders=Div»dendspaid-Netnewequityraised2-18例:资产负债表和利润表信息•流动账户■2012:流动资产=3625;流动负债=1787■2011:流动资产=3596;流动负债=2140•固定