1、Chapter 2&3Financial Statements and Analysis(財務報表與財務分析)The Stockholders ReportnThe guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles(GAAP)(用於準備與維持財務記錄及報告的指導方針是一般會計原則(GAPP).nSources of Financial Information(財務資訊的來源)1)Annual Report(年報：主要
2、的資訊來源):年報中包括2種資訊a)公司總經理的公開信(letter to stockholders)b)4種基本的財務報表(financial statements)2)美國的證管會(SEC)&臺灣的金管會2.1-2.2 The Balance Sheet&Income Statement(資產負債表&損益表)nThe income statement provides a financial summary of a companys operating results during a specified period.(流量的觀念)nThe balance sheet presents
3、 a summary of a firms financial position at a given point in time.(存量的觀念)nThe Balance Sheet Identity is:Assets Liabilities+Stockholders EquitynThe accounting definition of income is:Revenue Expenses IncomeBalance Sheet AnalysisnWhen analyzing a balance sheet,the Finance Manager should be aware of th
4、ree concerns:1.Accounting liquidity(會計的變現性)2.Debt versus equity(債務 v.s.權益)3.Value versus cost(價值 v.s.成本)Accounting Liquidity(變現性/流動性)Refers to the ease and quickness with which assets can be converted to cashwithout a significant loss in value(所謂變現性是指在沒有嚴重損失價值之下，可以容易且快速的將資產轉換成現金)Current assets are t
5、he most liquid.(流動資產最具變現性)Some fixed assets are intangible.(某些固定資產是無形資產)The more liquid a firms assets,the less likely the firm is to experience problems meeting short-term obligations.(企業的資產越具變現性，則企業越不可能經歷無法滿足短期債務的問題)Liquid assets frequently have lower rates of return than fixed assets.(變現性高的資產之報酬率
6、會比固定資產者低)Debt versus EquityCreditors generally receive the first claim on the firms cash flow.Shareholders equity is the residual difference between assets and liabilities.Value versus CostUnder GAAP,audited financial statements of firms in the U.S.carry assets at cost.Market value is the price at w
7、hich the assets,liabilities,and equity could actually be bought or sold,which is a completely different concept from historical cost.The Income Statement1)The operations section(營運部分)of the income statement reports the firms revenues and expenses from principal operations.2)The non-operating section
8、(非營運部分)of the income statement includes all financing costs,such as interest expense.3)Usually a separate section reports the amount of taxes levied on income.4)Net income(淨利)is the“bottom line.”Total operating revenuesCost of goods soldSelling,general,and administrative expensesDepreciationOperatin
9、g incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxes Current:$71 Deferred:$13Net income Retained earnings:$43 Dividends:$43(4)Net income is the“bottom line.”$2,262 1,655 327 90$19029$219 49$170 84$86U.S.C.C.Income Statement(1)(2)(3)Income Statement AnalysisnThere
10、are three things to keep in mind when analyzing an income statement:1.GAAPThe matching principal of GAAP dictates that revenues be matched with expenses.(GAPP要求收入與費用配合原則)Thus,income is reported when it is earned,even though no cash flow may have occurred.2.Non-Cash Items3.Time and CostsNon-Cash Item
11、snDepreciation(折舊 費用)is the most apparent.No firm ever writes a check for“depreciation.”nAnother non-cash item is deferred taxes(遞延所得稅),which does not represent a cash flow.nThus,net income is not cash.Time and CostsnIn the short-run,certain equipment,resources,and commitments of the firm are fixed,
12、but the firm can vary such inputs as labor and raw materials.nIn the long-run,all inputs of production(and hence costs)are variable.n會計師並不區分 variable costs 與 fixed costs.相反地，會計成本的分類方式是為了區隔 product costs from period costs。2.3 TaxesnMarginal vs.average tax ratesnMarginal(邊際稅率)the percentage paid on th
13、e next dollar earnednAverage(平均稅率)the tax bill/taxable incomenOther taxesCalculate federal income taxes due if taxable income(應稅所得)is$80,000.Solution:Tax=.15($50,000)+.25($25,000)+.34($80,000-$75,000)Tax=$15,450=Tax liability(稅負)Marginal Tax Rate=34%Average Tax Rate=$15,450/$80,000=19.31%ExampleOrdi
14、nary income is earned through the sale of a firms goods or services and is taxed at the rates depicted in Table 2.3.2.4 Net Working Capital(NWC)nNet Working Capital Current Assets Current LiabilitiesnNWC usually grows with the firm 2.5 Financial Cash FlownIn finance,the most important item that can
15、be extracted from financial statements is the actual cash flow of the firm.nThe cash flow received from the firms assets(CF(A)must equal the cash flows to the firms creditors(CF(B)and stockholders(CF(S).CF(A)CF(B)+CF(S)2.5 The Statement of Cash Flows(現金流量表)-1nConstructed from the Balance Sheet and I
16、ncome Statementn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n編表的方式有2種n依據3個不同的活動(operating,investing,and financing activities)n依據現金的來源與使用(sources and uses)The Statement of Cash Flows(現金流量表)-2:Business Cash FlowsnCash Flows RulesnAsset decrease source of cashnLiability increase source of cashnSales of stock source of cashnDepreciation&other noncash charges source of cashnAsset increase use of cashnLiability decrease use of cashnRepurchase of stock use of cashnDividends paid use of cashAnalyzing the Firms Cash Fl
