（英文版）财务报表税和现金流量ppt课件.ppt

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1、Chapter 2Financial Statements,Taxes,and Cash Flow,Chapter Outline,The Balance SheetThe Income StatementTaxesCash Flow,2-2,Suggested readings：第二章 财务报表，税和现金流量，Foundamentals of corporate finance(9e),stephen A.ross,China machine press,2010.,2.1 Balance Sheet,The balance sheet is a snapshot of the firms

2、assets and liabilities at a given point in timeAssets are listed in order of decreasing liquidityEase of conversion to cash（变现的难易程度）Without significant loss of value（变现的前提是没有大规模的价值损失）Balance Sheet IdentityAssets Liabilities+Stockholders Equity,2-4,美国联合公司资产负债表U.S.COMPOSITE CORPORATIONBalance Sheet201

3、0 and 2009($in million),2010,2009,2010,2009,Current assets 流动资产：,流动负债current liabilities:,cash and equivalents现金及等价物,140,107,应付账款accounts payable,213,197,accounts receivable 应收账款,294,270,应付票据notes payable,50,53,inventories存货,269,280,应计费用accrued expenses,223,205,other其他,58,total current liabilites流动负

4、债合计,486,455,total current assets流动资产合计,761,707,长期负债long-term liabilities,Fixed assets固定资产：,递延税款deferred taxes,117,104,property,plant,and equipment财产、厂房及设备,1 423,1 274,长期债务long-term debt,471,458,less accumulated depreciation减：累计折旧,(550),(460),长期负债合计total long-term liabilities,588,562,net property,pla

5、nt,and equipment财产、厂房及设备净值,873,814,intangibal assets and others无形资产及其他资产,245,221,所有者权益stockholders equity,total fixed assets固定资产合计,1 118,1 035,优先股preferred stock,39,39,普通股(面值为$1)common stock($1 par value,55,32,股本溢价capital surplus,347,327,累积留存收益accumulated retained earnings,390,347,减：库藏股票less treasur

6、y stock,(26),(20),所有者权益合计total equity,805,725,Total assets资产总计,1 879,1 742,负债与所有者权益总计total liabilities and stockholders equity,1 879,1 742,资产负债表,资产负债表是公司在特定时点所拥有资产和所承担负债情况的一张快照（强调静态）资产按流动性进行排列是否容易转化为现金转化时是否发生重大价值损失资产负债表衡等式资产 负债+股东权益,2-6,The Balance Sheet,2-7,Net Working Capital and Liquidity,Net Wor

7、king Capital=Current Assets Current LiabilitiesPositive when the cash that will be received over the next 12 months exceeds the cash that will be paid outUsually positive in a healthy firmLiquidityAbility to convert to cash quickly without a significant loss in valueLiquid firms are less likely to e

8、xperience financial distressBut liquid assets typically earn a lower returnTrade-off to find balance between liquid and illiquid assets,2-8,净营运资本与流动性,净营运资本（Net Working Capital）定义：=流动资产 流动负债如果在未来12个月能将要收到的现金大于在这一期间内的现金支付需求，则净营运资本将为正对财务健康的公司来说，常常是为正的流动性在不发生显著的价值减损情形下快速转换为现金的能力流动性好的公司不容易陷入财务危机但流动性好的资产往

9、往获利能力较低因此，需要在流动资产和非流动资产中进行权衡,2-9,2.2 Income Statement,The income statement is more like a video of the firms operations for a specified period of time.Revenue-Expenses IncomeMatching principle GAAP says to show revenue when it accrues and match the expenses required to generate the revenue,2-10,利润表,

10、利润表更象公司在一段时期内经营情况的录像带通常是先报告收入，然后从中减去当期的费用配比原则 公认会计原则（GAAP）要求按权责发生制确认收入然后将为获取该收入而发生的费用进行配比,2-11,利润表,衡量企业在某一特定时期内的财务业绩利润的会计定义为：收入 费用 利润根据公认会计原则(GAAP),在美国，经审计的企业财务报表对资产应按成本进行计价,美国联合公司利润表U.S.COMPOSITE CONORPORATINCOME STATEMENT2010($in millions),Totoal operating revenues总销售收入,Cost of goods sold产品销售成本,Se

11、lling,general and administrative expenses销售、一般费用及管理费用,Depreciation 折旧,Operating income营业利润,Other income其他利润,EBIT息税前利润,Interset expense利息费用,Pretax income税前利润,Taxes 所得税,current当期:71,deferred递延:13,Net income净利润,addition to retained earnings留存收益：43,dividends 股利：43,利润表的经营活动部分报告了公司主要业务创造的收入和发生的费用,2 262,1

12、655,327,90,190,29,219,49,170,84,86,美国联合公司利润表,总销售收入,产品销售成本,销售、一般费用及管理费用,折旧,营业利润,其他利润,息税前利润,利息费用,税前利润,所得税,当期:71,递延:13,净利润,留存收益：43,股利：43,利润表非经营活动部分列示全部融资费用，利润利息费用。,2 262,1 655,327,90,190,29,219,49,170,84,86,美国联合公司利润表,总销售收入,产品销售成本,销售、一般费用及管理费用,折旧,营业利润,其他利润,息税前利润,利息费用,税前利润,所得税,当期:71,递延:13,净利润,留存收益：43,股利：

13、43,通常需要单独披露对利润征收的所得税,2 262,1 655,327,90,190,29,219,49,170,84,86,美国联合公司利润表,总销售收入,产品销售成本,销售、一般费用及管理费用,折旧,营业利润,其他利润,息税前利润,利息费用,税前利润,所得税,当期:71,递延:13,净利润,留存收益：43,股利：43,2 262,1 655,327,90,190,29,219,49,170,84,86,“底线”为净利润,Total operating revenues,Cost of goods sold,Selling,general,and administrative expens

14、es,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current:$71,Deferred:$13,Net income,Retained earnings:$43,Dividends:$43,Net income is the“bottom line.”,$2,262,1,655,327,90,$190,29,$219,49,$170,84,$86,美国联合公司利润表,Income Statement Ana

15、lysis,There are three things to keep in mind when analyzing an income statement:Generally Accepted Accounting Principles(GAAP)Non-Cash ItemsTime and Costs,利润表分析,分析利润表时，应注意三个问题：公认会计准则(GAAP)非现金项目时间与成本,GAAP,The matching principle of GAAP dictates that revenues be matched with expenses.Thus,income is re

16、ported when it is earned,even though no cash flow may have occurred.,公认会计准则（GAAP）,按公认会计准则中的配比原则要求，收入应与费用相配比。因此，在收入发生或应计的时候，即使没有相应的现金流量配合，也要在利润表上报告。,Non-Cash Items,Depreciation is the most apparent.No firm ever writes a check for“depreciation.”Another non-cash item is deferred taxes,which does not re

17、present a cash flow.Thus,net income is not cash.,非现金项目,折旧是最明显的非现金项目。没有公司会为“折旧”开支票付款。另一种非现金费用是递延税款，从现金流量的角度来看，递延税款不是一笔现金流出。因此，净利润与现金是完全不同的两个概念。,Time and Costs,In the short-run,certain equipment,resources,and commitments of the firm are fixed,but the firm can vary such inputs as labor and raw material

18、s.In the long-run,all inputs of production(and hence costs)are variable.Financial accountants do not distinguish between variable costs and fixed costs.Instead,accounting costs usually fit into a classification that distinguishes product costs from period costs.,时间与成本,在短期内，企业的特定设备、资源和责任义务是固定的，但企业可改变

19、劳动力和原材料等投入的大小。从长期来看，所有的生产投入都是可以变动的（因此，相关的成本也是可变的）。财务会计人员对变动成本和固定成本通常不做区分，相反，他们将会计成本划分为产品成本和期间费用。,2.3Taxes,The one thing we can rely on with taxes is that they are always changingMarginal vs.average tax ratesMarginal tax rate the percentage paid on the next dollar earnedAverage tax rate the tax bill/

20、taxable incomeOther taxes,2-26,税,关于税收，唯一可以确定的就是，相关税则是在不断地变化中的边际税率与平均税率边际税率：每多赚一元钱应多支付的税所占的比重平均税率：所付税额与应税所得之比重其他税项,2-27,2.4 net working capital净营运资本（NWC）,NWC净营运资本=current assets流动资产 current liabilities流动负债The change in NWC is usually positive in a growing firm净营运资本通常随公司的增长而增长,2.5 financial cash flow,

21、The Concept of Cash Flow,Cash flow is one of the most important pieces of information that a financial manager can derive from financial statementsThe statement of cash flows does not provide us with the same information that we are looking at hereWe will look at how cash is generated from utilizing

22、 assets and how it is paid to those that finance the purchase of the assets,2-30,Cash Flow From Assets,Cash Flow From Assets(CFFA)=Cash Flow to Creditors+Cash Flow to StockholdersCash Flow From Assets=Operating Cash Flow Net Capital Spending Changes in NWC,2-31,由于理财并不存在魔力，因此来自公司资产的现金流量（即经营性现金流量）一定应当

23、等于流向债权人和权益投资者的现金流量：CF(A)CF(B)+CF(S),U.S.C.C.Balance Sheet,2010,2009,2010,2009,Current assets:,Current Liabilities:,Cash and equivalents,$140,$107,Accounts payable,$213,$197,Accounts receivable,294,270,Notes payable,50,53,Inventories,269,280,Accrued expenses,223,205,Other,58,50,Total current liabilit

24、ies,$486,$455,Total current assets,$761,$707,Long-term liabilities:,Fixed assets:,Deferred taxes,$117,$104,Property,plant,and equipment,$1,423,$1,274,Long-term debt,471,458,Less accumulated depreciation,(550),(460,Total long-term liabilities,$588,$562,Net property,plant,and equipment,873,814,Intangi

25、ble assets and other,245,221,Stockholders equity:,Total fixed assets,$1,118,$1,035,Preferred stock,$39,$39,Common stock($1 par value),55,32,Capital surplus,347,327,Accumulated retained earnings,390,347,Less treasury stock,(26),(20),Total equity,$805,$725,Total assets,$1,879,$1,742,Total liabilities

26、and stockholders equity,$1,879,$1,742,Here we see NWC grow to$275 million in 2010 from$252 million in 2009.,This increase of$23 million is an investment of the firm.,美国联合公司资产负债表,2010,2009,2010,2009,流动资产,流动负债,现金及等价物,140,107,应付账款,213,197,应收账款,294,270,应付票据,50,53,存货,269,280,应计费用,223,205,其他,58,50,流动负债合计,

27、486,455,流动资产合计,761,707,Long-term liabilities:,固定资产,Deferred taxes,$117,$104,财产、厂房与设备,$1,423,$1,274,Long-term debt,471,458,减：累计折旧,(550),(460,Total long-term liabilities,$588,$562,财产、厂房与设备净值,873,814,无形资产与其他资产,245,221,Stockholders equity:,固定资产合计,$1,118,$1,035,Preferred stock,$39,$39,Common stock($1 par

28、 value),55,32,Capital surplus,347,327,Accumulated retained earnings,390,347,Less treasury stock,(26),(20),Total equity,$805,$725,资产总计,$1,879,$1,742,Total liabilities and stockholders equity,$1,879,$1,742,此处，NWC从2009年的252百万美元增长为2010年的275百万美元,这23百万美元的增长是公司投资的一种增长。,U.S.C.C.Financial Cash Flow,Cash Flow

29、 of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retireme

30、nt of debt,minus long-term debt financing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,Operating Cash Flow:EBIT$219Depreciation$90Current Taxes-$71OCF$238,posite corporation financial cash flow2010($in million)美国联合公司财务现金流量,Cash flow of the firm企业现金流量,1.Operati

31、ng cash flow经营性现金流量,238,(earnings before interest and taxes plus depreciation minus taxes息税前利润加折旧减税）,2.Capital spending资本性支出,173,(acquisitions of fixed assets minus sales of fixed assets取得的固定资产减出售的资产资产),),3.Additons to net working capital净营运资本的增加,23,合计,42,Cash flow to investors in the firm企业流向投资者的现金

32、流量,1.Debt 负债,36,(interest plus retirement of debt minus long-term debt financing利息加到期本金减长期债务融资）,2.Equity 权益,6,(dividends plus repurchase of equity minus new equity financing股利加股票回购减新增权益融资）,total合计,42,经营性现金流量（OCF）:息税前利润 219折旧 90当期税款 71OCF 238,U.S.C.C.Financial Cash Flow,Cash Flow of the Firm,Operatin

33、g cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,Total,Cash Flow of Investors in the Firm,Debt,(Interest plus retirement of debt,minus long-term debt financ

34、ing),Equity,(Dividends plus repurchase of,equity minus new equity financing),Total,Capital SpendingPurchase of fixed assets$198Sales of fixed assets-$25Capital Spending$173,-173,-23,$42,$36,6,$42,美国联合公司财务现金流量,企业现金流量,经营性现金流量,238,(息税前利润,加折旧减税）,资本性支出,173,(取得的固定资产,减出售的资产资产),净营运资本的增加,23,合计,42,企业流向投资者的现金流

35、量,负债,36,(利息加到期本金,减长期债务融资）,权益,6,(股利加股票回购,减新增权益融资）,合计,42,资本性支出：购买固定资产 198出售固定资产 25资本性支出 173,U.S.C.C.Financial Cash Flow,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,(Acquisitions of fixed assets,minus sales of fixed

36、assets),Additions to net working capital,Total,Cash Flow of Investors in the Firm,Debt,(Interest plus retirement of debt,minus long-term debt financing),Equity,(Dividends plus repurchase of,equity minus new equity financing),Total,NWC grew from$275 million in 2010 from$252 million in 2009.This incre

37、ase of$23 million is the addition to NWC.,-173,-23,$42,$36,6,$42,美国联合公司财务现金流量,企业现金流量,经营性现金流量,238,(息税前利润,加折旧减税）,资本性支出,173,(取得的固定资产,减出售的资产资产),净营运资本的增加,23,合计,42,企业流向投资者的现金流量,负债,36,(利息加到期本金,减长期债务融资）,权益,6,(股利加股票回购,减新增权益融资）,合计,42,NWC 从2009年的252百万美元增长为2010年的275百万美元。23百万美元的增长即为NWC的增加额,U.S.C.C.Financial Cash

38、 Flow,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,Total,Cash Flow of Investors in the Firm,Debt,(Interest plus retirement

39、 of debt,minus long-term debt financing),Equity,(Dividends plus repurchase of,equity minus new equity financing),Total,-173,-23,$42,$36,6,$42,美国联合公司财务现金流量,企业现金流量,经营性现金流量,238,(息税前利润,加折旧减税）,资本性支出,173,(取得的固定资产,减出售的资产资产),净营运资本的增加,23,合计,42,企业流向投资者的现金流量,负债,36,(利息加到期本金,减长期债务融资）,权益,6,(股利加股票回购,减新增权益融资）,合计,42

40、,U.S.C.C.Financial Cash Flow,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,Total,Cash Flow of Investors in the Firm,Debt,(I

41、nterest plus retirement of debt,minus long-term debt financing),Equity,(Dividends plus repurchase of,equity minus new equity financing),Total,Cash Flow to CreditorsInterest$49Retirement of debt 73Debt service122Proceeds from new debt sales-86Total$36,-173,-23,$42,$36,6,$42,美国联合公司财务现金流量,企业现金流量,经营性现金流

42、量,238,(息税前利润,加折旧减税）,资本性支出,173,(取得的固定资产,减出售的资产资产),净营运资本的增加,23,合计,42,企业流向投资者的现金流量,负债,36,(利息加到期本金,减长期债务融资）,权益,6,(股利加股票回购,减新增权益融资）,合计,42,对债权人的现金流量利息 49到期债务的本金 73债务清偿122新增的长期债务 86合计 36,U.S.C.C.Financial Cash Flow,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depr

43、eciation minus taxes),Capital spending,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,Total,Cash Flow of Investors in the Firm,Debt,(Interest plus retirement of debt,minus long-term debt financing),Equity,(Dividends plus repurchase of,equity minus new equ

44、ity financing),Total,Cash Flow to StockholdersDividends$43Repurchase of stock 6Cash to Stockholders 49Proceeds from new stock issue-43Total$6,-173,-23,$42,$36,6,$42,美国联合公司财务现金流量,企业现金流量,经营性现金流量,238,(息税前利润,加折旧减税）,资本性支出,173,(取得的固定资产,减出售的资产资产),净营运资本的增加,23,合计,42,企业流向投资者的现金流量,负债,36,(利息加到期本金,减长期债务融资）,权益,6,

45、(股利加股票回购,减新增权益融资）,合计,42,对股东的现金流量股利 43股票回购 6 流向股东的现金 49来自新股发行的现金 43合计 6,U.S.C.C.Financial Cash Flow,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,(Acquisitions of fixed assets,minus sales of fixed assets),Additions t

46、o net working capital,Total,Cash Flow of Investors in the Firm,Debt,(Interest plus retirement of debt,minus long-term debt financing),Equity,(Dividends plus repurchase of,equity minus new equity financing),Total,The cash flow received from the firms assets must equal the cash flows to the firms cred

47、itors and stockholders:,-173,-23,$42,$36,6,$42,美国联合公司财务现金流量,企业现金流量,经营性现金流量,238,(息税前利润,加折旧减税）,资本性支出,173,(取得的固定资产,减出售的资产资产),净营运资本的增加,23,合计,42,企业流向投资者的现金流量,负债,36,(利息加到期本金,减长期债务融资）,权益,6,(股利加股票回购,减新增权益融资）,合计,42,企业资产所产生的现金流量与流向债权人和股东的现金流量应当相等。,The Statement of Cash Flows,There is an official accounting st

48、atement called the statement of cash flows.This helps explain the change in accounting cash,which for U.S.Composite is$33 million in 2010.The three components of the statement of cash flows are:Cash flow from operating activitiesCash flow from investing activitiesCash flow from financing activities,

49、现金流量表分三个部分报告现金的变动：经营活动产生的现金流量投资活动产生的现金流量筹资活动产生的现金流量,U.S.C.C.Cash Flow from Operations,To calculate cash flow from operations,start with net income,add back non-cash items like depreciation and adjust for changes in current assets and liabilities(other than cash).,Operations,Net Income,Depreciation,D

50、eferred Taxes,Changes in Assets and Liabilities,Accounts Receivable,Inventories,Accounts Payable,Accrued Expenses,Other,Total Cash Flow from Operations,$86,90,13,-24,11,16,18,-8,美国联合公司经营活动产生的现金流量,计算经营活动产生的现金流量时，以净利润为起点，然后再调整非现金项目的影响和流动资产与流动负债（但不包括现金）的影响。,经营活动,净利润,折旧,递延税款,资产及负债的变动,应收账款,存货,应付账款,应计费用,其