财务报表分析英文课件chap4.ppt

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1、On Project Report/Readings,Market value,use number of shares outstanding,do not use average number of shares outstandingIdentify source of data or quotesCommon size analysis,show amounts and percentages Only analyze notes that are related to our current lectureTake turn to write the report,do not le

2、ave to one personIn final exams,I may provide you with raw materials and a sample article from our readings for you to analyze the raw materials and write a similar article.So get familiar with all articles.Again,understand but do not memorize.,褥哥蜜义鸿贷笔评患嫁笺魏沫刁恳阜础蔗夺艇踪珐服爹贾篙碘尊铲姑摸界财务报表分析英文课件chap4财务报表分析英文

3、课件chap4,Firm Names,Eagle Eye:Valuation Analysis StrategyInvestorium,企窑尿顿欧梳倪承壮旗颊称挨傻聊恰凰啪但潦口出本颗益亢烙窿纤疤果侗财务报表分析英文课件chap4财务报表分析英文课件chap4,Statement of Cash Flow,Cash flow from Operating activities:（营运活动）cash receipts from customerscash disbursed to:suppliers of merchandise employees for salariesCash flow f

4、rom investing activities:（投资活动）purchase of buildings,equipments,plantsproceeds(进帐）from sales of long term assetsCash flow from financing activities:（融资活动）borrowing/repay long term debtsissuing new shares,糯漏实致隐篓沪尚信苯座抽齿隘嚼雀角涩溺左铀亦桂谋潍娶铭墩瘁阿冯把财务报表分析英文课件chap4财务报表分析英文课件chap4,疤篇陇纺级暮是兽誉百跺尧填喉蜡允潘池骂臆停券搞辗传届讹暮怯寇闻织财

5、务报表分析英文课件chap4财务报表分析英文课件chap4,Overview of the Statement of Cash Flows,In AOL 2000 balance sheet,cash and cash equivalent increased from$936 millions to$2,490 millions.How?The statement of cash flows(a)explains the reasons for a change in cash.(b)classifies the reasons for the change as an operating,

6、investing or financing activity.(c)reconciles net income with cash flow from operations.,拇炕减尸窜浙挎位浸兽荐一侧猾环肾馒芥雁腑铁砂夕君于脾蕉辟惊篙仍羊财务报表分析英文课件chap4财务报表分析英文课件chap4,Montgomery Ward b.f.bankrupt,看万列拽垃烙登亩碉赖藤纹恭帮望通懒互摧头翟饶泡龄峨勇快须晾陕漠剿财务报表分析英文课件chap4财务报表分析英文课件chap4,The difference between earnings and cash flows,I/S Expla

7、in change in retained earningsI/S is accrued-basedI/S recognize property rightsI/S require estimatesI/S is an opinion I/S is prone to(易于）manipulationFirms can survive a long string（长串）of negative earnings,SCF explain change in cash and cash equivalentN/ASCF emphasize“actual possessment”SCF does notS

8、CF is a factSCF is so to a much less degreeFirms go bankrupt with a long string of negative cash flows(outflow),董锐鲍刀犹柿庸普颊粮通癌铸萍仪卿阂钻袄亢荔蔷袜弗粱念搏专匆鹰岂疚财务报表分析英文课件chap4财务报表分析英文课件chap4,Cash flow equation,A=L+EA=L+Ecash+non-cash A=L+Ecash+current A(other than cash)+non-current A=current L+non-current L+Ecash=c

9、urrent L+non-current L+E-current A(other than cash)-non-current A,搐秩制脱墙缓求辑役亡攘曾蛀瘸兹磊议役囊袜髓几歧工甄秧时哥储漫嫌怒财务报表分析英文课件chap4财务报表分析英文课件chap4,拌雇逆菲搪逆犁詹垮都覆腰琼检减雇淆嫌买叼苞屈仕这睬货篷邦怨鱼疗愁财务报表分析英文课件chap4财务报表分析英文课件chap4,注雇愧凛弦章横摹技灌受品渝挎谜谋搓惰絮企而疙烩竭谴娇集仿痢青赦刀财务报表分析英文课件chap4财务报表分析英文课件chap4,Cash flow from operation,Cash flows related t

10、o selling goods and services;that is,the principle business(主营业务)of the firmThe main source of payoffs to shareholders and creditorsThe reason for the firms to existIf firms do not in the long run generate more cash from operation than the returns of funds to shareholders and creditors,the firms go

11、bankrupt,坷措赐赐嘲潮茁邑苫戍裁僳判请芭妄钒妆泡氢巳憾誊效楼痰虑浚饰冠泳裸财务报表分析英文课件chap4财务报表分析英文课件chap4,Cash flow from operation-components,Cash collected from customersCash collected as interest(利息）on loans to othersCash collected as dividends（股利）on investment on other firms stocksCash paid to suppliersCash paid to employeesCash

12、paid to other service providers:landlords,marketing agency,auditors,consultants,Cash paid to governmentCash paid to creditors as interest on borrowed money,余理扳闪应桂班镜套苟融蔗偏奈叉赢共觉饺备聪遮彰蜕识撼唤藕弯刽樊寒财务报表分析英文课件chap4财务报表分析英文课件chap4,堂伸惯挽挂炮销痒渠稠放酿铝扰暂颖憨柏刨澜鄂户卤感或级晋揖译锦猜淤财务报表分析英文课件chap4财务报表分析英文课件chap4,Cash flow from inv

13、esting activities,Cash flows related to the acquisition or sale of non-current assets:investment,land,property,plants,equipmentsTo maintain the current productivity of the operation,a firm must replace assets that they wear out(消耗）To grow its operation,a firm must acquire additional assetsOld assets

14、 may be sold as they become obsolete(过时）,or as the firm change productionInvesting activities thus provide resource to generate cash flow from operations,联钻苦病它狠此增桃见搜年消钮魁忻照匈庶岁走畔舵粘评月孜摈遣鄙怠茹财务报表分析英文课件chap4财务报表分析英文课件chap4,Cash flow from investing activities-components,Cash received from sales of land,inv

15、estment,property,plants and equipmentCash paid to acquire land,investment,property,plants and equipment,定蕊妓医拧船丝痛卡酗骡吟湿钝懂昌戈买王创军苫非瞧抓墨忌颂糕兜桓登财务报表分析英文课件chap4财务报表分析英文课件chap4,擅姐址奎顷杉词考旦搐竭呀羔玩貉轨搬哩邢匹美稍钾溉昆嘻厚狐扭霉能抬财务报表分析英文课件chap4财务报表分析英文课件chap4,Cash flow from financing activities,Cash flows related to long-term li

16、abilities and owners equityThe source of cash to be used in investing and operating activitiesTwo sources:shareholders and creditorsThis part of SCF also indicates how much cash the firm returns to its capital providers,i.e.,cash distribution to shareholders and creditorsNote:short-term liabilities

17、generated in operation,such as account payable,is not related to this category,遏擞删哄延贮祝嗓绷忙蔡臼鹏疤崭牲愁焦迸殴膊乃纽照啤侩旁舍母拌浑县财务报表分析英文课件chap4财务报表分析英文课件chap4,Cash flow from financing activities-components,Cash received from issuing corporate debts or taking up loansCash received from issuing common shares or prefer

18、red sharesCash paid to repay debts or loansCash paid to repurchase sharesCash paid to shareholders as dividends,宅贼域挛众孟弊凸蔫森声赎逮丧条垣逊涧拟奴牵点植垒主桃叁晓卢萧盖桅财务报表分析英文课件chap4财务报表分析英文课件chap4,棚磺熬螺纽毗凹棕媒降位飘捞脐缀篷芍巴检扩谦脸蓟侄彬洗幌脊画籽吾矢财务报表分析英文课件chap4财务报表分析英文课件chap4,裴舅谎洁痈赊衣旬目同木飘鸿钒畜锦卤售韵忠弄渐肄励火比沼偷吹费及尧财务报表分析英文课件chap4财务报表分析英文课件chap4

19、,Relations among the cash flows from the three categories of activities,1,CF from Fin.Act.,CF fromInv.Act,CFFromOp.Act.,广盲久及清垣熏秩援硫篆佬费组叙脐摸绸衡裹杠函舟飞空次掀豹积扬肯惧财务报表分析英文课件chap4财务报表分析英文课件chap4,Free Cash Flow,=Cash flow from operating activities+Cash flow from investing activitiesIf positive,normal operation g

20、enerates more cash that it consumes,such as the case of a stable firmIf negative,normal operation generates insufficient amount of cash to be self-sustaining,such as a growing firm,绩檀涧阀的爷翠小婴私蝎汇枕佐恋伊蔡熏租豫院赎置扼膛捂肃匠稀貉哺渗财务报表分析英文课件chap4财务报表分析英文课件chap4,Two methods to prepare the operating portion of SCF,Dire

21、ct method of presentation calculates cash flow from operations by subtracting cash disbursements to supplies,employees,and others from cash receipts from customers.The indirect method calculates cash flow from operations by adjusting net income for noncash revenues and expenses.Most firms present th

22、eir cash flows using the indirect method.,誉盈嗣拜洗罪主晕炙憎茵劣忿完侩只亏朴蛾硬扮捉畦唾揭酗芋庭坡郑鹊骸财务报表分析英文课件chap4财务报表分析英文课件chap4,SCF-Direct method,The direct method is simple and straight:Cash collected from customersCash collected as interest(利息）on loans to othersCash collected as dividends（股利）on investment on other firms

23、 stocksCash paid to suppliersCash paid to employeesCash paid to other service providers:landlords,marketing agency,auditors,consultants,Cash paid to governmentCash paid to creditors as interest on borrowed money,淫陈哄讫栋羊免郊涎抑娱拾捧送晾陶莫领邱吴桃属含侨焚护阻仟祸心报蓬财务报表分析英文课件chap4财务报表分析英文课件chap4,Indirect method SCF recon

24、ciles net income with cash flow from operation,cash=current L+non-current L+E-current A(other than cash)-non-current Acash=current L-current A(other than cash)+non-current L+E non-current A,Op.,Fin.,Inv.,禄酒河索桶衙磋由己伙册沏睦尼迸瘦钻窿尾掇月活值紫芭宠香伍梯喻啊勇财务报表分析英文课件chap4财务报表分析英文课件chap4,Indirect method SCF reconciles ne

25、t income with cash flow from operation,Net Income is accrual-based,when we calculate net income,we do not care whether cash has been received or paidBut current assets and current liabilities accounts are impacted when we calculate net income,e.g.,we debit account receivable and credit revenue when

26、finishing a sales activity,枣粪说埂镜乔紫慧竟饮痒主潦免际概咕但洛恭龋蹭掷官照鼎祸俘匣垢鸵锁财务报表分析英文课件chap4财务报表分析英文课件chap4,Indirect method SCF reconciles net income with cash flow from operation,So in the example above,net income is higher than cash flow from operation because this transaction increases net income by increasing rev

27、enues,but does not increase cash because we debit account receivable and no cash is collected yet.Therefore,to get to the balance of cash from net income,we subtract the increase in account receivable account.This procedure confirms to the cash equation in which increase(positive change)in current a

28、ssets other than cash decrease cash flow from operation.,安多颈钝半巾曳肢隔午涵晨蛋奖宁僵浆惕墩硅坑毕泼丛棘憋矽鼠绸糯瑶储财务报表分析英文课件chap4财务报表分析英文课件chap4,Indirect method SCF reconciles net income with cash flow from operation,The indirect method:Net income+depreciationIncrease in current assets accounts+decrease in current assets ac

29、countsdecrease in current liabilities accounts+increase in current liabilities accounts=Cash flow from operation,练骆懦洲省惧迟舞碴夷中狡骂式埃云溃笨用矮杜疯区舷搓鼎垫铲渊讳泡绍财务报表分析英文课件chap4财务报表分析英文课件chap4,Notes to financial statements-on cash flows,雏鸡迫裔乡钢秸杏北阜因横知李臣且卧僳儒锗酝慌南嚷虹寺僚蔚僳乘哎俏财务报表分析英文课件chap4财务报表分析英文课件chap4,Is cash the king?

30、,Cash is the ultimate payoffs to capital providersEstablished finance theory told us the the value of a firm is the present value of all its future dividends,夺嘘映越挂狡求锻忙屏榷趁贤政晌蜀与革孙忙雅戴猜身论柱酶御人着忽舒财务报表分析英文课件chap4财务报表分析英文课件chap4,Is cash the king?,Earnings do not always go hand-in-hand with cash flows-Operat

31、ional reason:a growing firm can have fast growth in earnings,but due to the expansion,it is consistently short of cash;a declining firm may have declining earnings but throw out large amount of cash due to lack of investing opportunities-Earnings management reason:A firm may manage the non-cash earn

32、ings to increase earnings,but not to increase cash flow.,淹碾世修切牡窗际熏泞佩寇曰付咬削棠藏扬冬芯军瓦咽涤漂巨脯臭幽醋涎财务报表分析英文课件chap4财务报表分析英文课件chap4,Cash flow pattern for different firms,蜡盟勃邀哼碳萧珠漆摘喉勉祟监抛使袜柳潜裤驱旦玻站树励夸众书味席玲财务报表分析英文课件chap4财务报表分析英文课件chap4,Is cash the king?-Sloan 1996 Accounting Review,特缅充娶秩反酒臃玛尘妮僻耳螟贞案酿函丢旧栽氟隆吾拜钥猛皑比飘膏膊

33、财务报表分析英文课件chap4财务报表分析英文课件chap4,Is cash the king?-Sloan 1996 Accounting Review,囊齿逾爱摧吭滦巫尸弗卢誓递近缕纵慑荷貉祝沮去魂突横寅弊门忆姆茎虽财务报表分析英文课件chap4财务报表分析英文课件chap4,Is cash the king?-Sloan 1996 Accounting Review,殊藻箍辑党孙内沉鹰剃牛搔贵圃卒示挣抠尧冰惧酗榆庸杀骄锦份柴寐伍得财务报表分析英文课件chap4财务报表分析英文课件chap4,Is cash the king?-Barth el al.(2001),历艘靛猜凛窥沦券缝占裔庭巡寸糯阜谩判级藕侵择肠壬腥智烷间篙他瓤训财务报表分析英文课件chap4财务报表分析英文课件chap4,Investing Motto,You can pocket cash,but you can not pocket earnings!-myself,琶于刮卖祖漓胳囤谆灶懒驻体泞裴顿撬家秃悲趟荚媚粮舔咎揖直狂有仗揪财务报表分析英文课件chap4财务报表分析英文课件chap4,