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,按一下以編輯母片標題樣式,按一下以編輯母片,第二層,第三層,第四層,第五層,*,Chapter 3,Cash Flows and Financial Analysis,(現金流量與財務分析),1,A Financial Information(財務資訊)(p.57),Financial information is the responsibility of management,Created by within-firm accountants(由公司內的會計師編製)and reviewed by auditors(公司外的稽查員來檢閱),Creates a conflict of interest because management wants to portray firm in a positive light,Published to a variety of audiences,2,A-1 Users of Financial Information,Investors and Financial Analysts,Major part of analysts job is to make a careful study of recent financial statements,Vendors/Creditors,Use financial information to determine if the firm is expected to make good on loans,Management,pinpoint strengths and weaknesses in operations,3,A-2 Sources of Financial Information(財務資訊的來源)p.59,Annual Report(主要的資訊來源),Required of all publicly traded firms,Tend to portray firm in a positive light,so tend to biased in favor of managements performance,Brokerage firms and investment advisory services provide reports on most large firms.,Example:Value Line(價值線),Moodys,S&P,4,A-3 The Orientation of Financial Analysis(財務分析的導向)p.62,Accounting is concerned with financial statements,Finance is concerned with using the data contained within financial statements to make decisions(使用財報上的資料去作決策),5,B The Statement of Cash Flows(p.63),Constructed from the Balance Sheet and Income Statement,需要2個連續年度的資產負債表及當年的損益表來形成現金流量表,編表的方式有2種,依據3個不同的活動(operating,investing,and financing activities),依據現金的來源與使用,6,B-2 Business Cash Flows(p.66),Cash Flows Rules,Asset increase,use of cash,Asset decrease source of cash,Liability increase source of cash,Liability decrease use of cash,7,B-3 Constructing the Statement of Cash Flows(Example:p.69)-1,8,B-3 Constructing the Statement of Cash Flows(Example:p.69)-1,Also assume firm paid a$500 dividend and sold stock for$800 during the year.,9,B-3 Constructing the Statement of Cash Flows(Example:p.69)-2,While the firm was profitable,it still had to borrow money and sell stock to finance the increase in Fixed Assets.,10,B-4 Free Cash Flows-1(p.73),Under normal conditions most firms generate,positive cash flow,from operations,Some of these funds are used to maintain long-run competitive position,Replace worn-out fixed assets,Pay dividends on Preferred Stock,11,B-4 Free Cash Flows-2(p.73),Free cash flow(自由現金流量)is the cash generated beyond reinvestment needs(所產生的現金超過再投資所需的資金),Free CFs,=Net CF non-operating cash requirements(to maintain a long-run competition position),Free cash flow is the cash available for distribution to common stockholders.,12,C Ratio Analysis(財務比率分析)p.73-90,Comparisons,Historyexamine trends(how the value has changed over time),Competitioncompare with other firms in the same industry,Budgetcompare actual values with expected or desired values,13,C Ratio Analysis-1,Common Size Statements(共同比報表/同基財務報表)是將報表中的數字利用一個共同的基準轉換成百分比,，除了能規避規模不一的影響外，也可以分解出各會計科目所占的重要性，呈現出結構性的資訊，故稱結構性分析。,Common size income statement,Presents each line as,a percent of revenue,Common size balance sheet,Presents each line as,a percent of total assets,14,C Ratio Analysis-2,Common Size Statements(共同比報表),The common size analysis leads us to ask the right questions.It doesnt give us the answers,but it gets our investigation of problems started in the right direction.,Common size analysis is particularly useful in comparing a firms performance with its own history.,Example:p.74-75,15,C Ratio Analysis-3,Trend analysis by Common-base-year statements(同基年財務報表)趨勢分析是指選定某一會計年度為基年(base year),，,將所欲分析的各年度財務報表數額以此基年數額為相同分母平減,，,化為指數的型態,，,以觀察公司資產,、,負債及損益狀況的消長情形,。,趨勢分析適合進行長期性的分析-多樣本的分析,。而轉化成指數值的報表稱為同基年財務報表。,16,Common Size Statements,17,C-3 Ratios-1(p.76),Categories of Ratios(Table 3.1),Liquidityindicate firms ability to pay its bills in the short run,Asset Managementshow how the company uses its resources to generate revenue,profit and to avoid cost,18,C-3 Ratios-2,Categories of Ratios(Table 3.1),Debt Management show how effectively the firm has used borrowed funds and whether or not it has a high amount of leverage,Profitability allow assessment of the companys ability to make money,Market Value give an indication of how investors feel about the companys financial future,19,C-3 Ratios-3,(1)Liquidity ratios,流動比率(has to exceed 1.0),速動比率/酸性測驗比率(不考慮存貨的比率),20,C-3 Ratios-4,(2)Asset management ratios(資產管理/利用比率),平均收款期間(days;太高的ACP可能是存在有收不回來的應收帳款之暗示),存貨週轉率(times;a higher turnover is better),固定資產週轉率(times(次);衡量長期績效),總資產週轉率(times(次);衡量長期績效),21,C-3 Ratios-5,(3)Debt Management Ratios(債務管理比率/財務槓桿比率/長期償債能力):Debt是指長期債務與流動負債的總和,負債比率(比率越高則被投資人視為高風險),負債對權益比率(fixed financial charge&risk),利息保障倍數(TIE;比率越高隱含平安性越高),現金涵蓋比率,固定費用涵蓋比率,22,C-3 Ratios-6,Profitability Ratios(獲利能力比率):一般以百分比的方式表示,銷貨報酬率(ROS);profit margin;net profit margin,資產報酬率(ROA),權益報酬率(ROE),23,C-3 Ratios-7,Market Value Ratios(市價比率),價盈比(P/E ratio;越高越好),市價對帳面價值比(穩健的公司會產生股票市價高於帳面價值),24,C-3 Ratios-8a,Du Pont Equations(杜邦恆等式):利用比率之間的關係以洞悉營運之成功與否,25,C-3 Ratios-8b,Extended Du Pont equation states that the operation of a business is reflected i
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