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Analysis(财务报表分析,台湾中兴大学)

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财务报表分析-(台湾中兴大学)chap008

财务报表分析-(台湾中兴大学)chap008
• Referred to as long-term capitalization
• Excludes current liability financing
Components of ROI
Equity Capital
• Perspective is that of equity holders
Return on Invested Capital
Application of ROI
ROI is applicable to:
(1) evaluating managerial effective-
ness
(2) assessing profitability
(3) earnings forecasting
• ROI relates key summary measures: profits with financing
• ROI conveys return on invested capital from different financing perspectives
Return on Invested Cቤተ መጻሕፍቲ ባይዱpital
• Assumes certain assets not recognized in financial statements
• Uses the market value of invested capital (debt and equity)
Components of ROI
Investor Invested Capital
age
Components of ROI
Long-Term Debt Plus Equity Capital

onInvestedCapital(财务报表分析,台湾中兴大学)-PPT文档资料

onInvestedCapital(财务报表分析,台湾中兴大学)-PPT文档资料
over all investment ➢ assess overall management effectiveness
Components of ROI
Total Assets
Intangible Asset Adjustment
• Assumes skepticism of intangible asset values
• Referred to as long-term capitalization
• Excludes current liability financing
Components of ROI
Equity Capital
• Perspective is that of equity holders
optimisticor pessimistic forecasts
• ROI aids in evaluating prior forecast performance
Return on Invested Capital
For Planning and Control
ROI assists managers with:
construction, surplus plant, surplus inventories, surplus cash, and deferred charges from invested capital
Adjustment is not valid as it fails to: ➢ recognize that management has discretion
Components of ROI
Computing Invested Capital
• Usually computed using average capital available for the period

chap009Profitability Analysis(财务报表分析,台湾中兴大学)

chap009Profitability Analysis(财务报表分析,台湾中兴大学)

Analyzing Profitability
Measuring Income
Income is defined as revenues less expenses over a reporting period
This definition does not yield a unique amount becauseபைடு நூலகம்of: Estimation Issues Accounting Methods
Analyzing Profitability
Measuring Income--Incentives for Disclosure
Reality: Each of us possess opinions--we see the world from different perspectives Managers bring strong views to the table Managers feel pressures of competition and society Directors expect results Shareholders concentrate on the bottom line Creditors want safeguards Financial analysts dislike surprises Accounting preparers and auditors demand acceptable practices
These estimates require:
• Use of judgment and probabilities • Allocations of revenues and expenses across periods • Prediction of the future usefulness of many assets • Forecasts of future obligations

chap011CreditAnalysis(财务报表分析,台湾中兴大学)

chap011CreditAnalysis(财务报表分析,台湾中兴大学)
2. No direct relation between working capital account balances and patterns of future cash flows
3. Managerial policies are directed primarily at efficient and profitable asset utilization and secondly at liquidity
prepaid expenses
Liquidity and Working Capital
Current Ratio
Three important qualifications 1. Liquidity depends to a large extent on prospective cash
flows
Liquidity and Working Capital
Working Capital
Working capital more relevant when related to other key variables such as Sales Total assets Working capital is of limited value as an absolute amount
Liquidity and Working Capital
Current Assets
Classification as current asset depends on:
1. Manament’s intent 2. Industry practice
Balance Sheet
Analysis must assess this classification

英文台湾中兴大学金融系王之彦老师的财务报表分析chap(3)_OK

英文台湾中兴大学金融系王之彦老师的财务报表分析chap(3)_OK
Lease – contractual agreement between a
lessor (owner) and a lessee (user or renter) that gives the lessee the right to use an asset owned by the lessor for the lease term
Potential information sources: Liability prospectus, annual report, SEC filings, and creditor information services (e.g., Moody’s)
7
Leases
Leasing Facts
Frequencies of Different Lease Types - Lessee
7.00% 2.00%
35.83%
55.17%
Operating only Both types Capital only Neither
11
Leases
Accounting for Leases – An Illustration
Obligations that arise from operating activities--examples are accounts payable, unearned revenue, advance payments, taxes payable, postretirement liabilities, and other accruals of
Analyzing Financing Ac
tivities
3
CHAPTER
McGraw-Hill/Irwin

财务报表分析 (台湾中兴大学)chap007

财务报表分析 (台湾中兴大学)chap007

How much cash is generated from or used in operations? What expenditures are made with cash from operations?
How are dividends paid when confronting an operating loss?
Statement of Cash Flows
Depreciation Add-Back Sales - Expenses - Depreciation and amortization expense Net Income + Depreciation expense +/- Gains (losses) on sales of assets +/- Cash generated (used) by current assets and liabilities Net cash flows from operating activities
Cash Flow Analysis
7
CHAPTER
McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
Statement of Cash Flows
Relevance of Cash Flows
Gould Corporation Comparative Balance Sheet As of December 31, Year 2 Year 2 $ 75,000 48,000 54,000 6,000 440,000 (145,000) 51,000 $ 529,000 $ 51,000 18,000 30,000 175,000 200,000 55,000 $ 529,000 Year 1 $ 51,000 39,000 60,000 9,000 350,000 (125,000) 58,000 $ 442,000 $ 56,000 14,000 150,000 200,000 22,000 $ 442,000 Absolute Value of Change $ 24,000 9,000 6,000 3,000 90,000 20,000 7,000 5,000 4,000 30,000 150,000 175,000 33,000

财务报表分析 (台湾中兴大学)chap001


• Selling resources
Investing
Financing
Investing = Financing
Business Activities
Investing Activities
Planning Activities
Financial Activities
Operating Activities
Intrinsic Value
Accounting Analysis
Process to evaluate and adjust financial statements to better reflect economic reality
Comparability problems — across firms and across time Manager estimation error Distortion problems Earnings management Accounting Risk
Equity Analysis
Management & Control Types of Business Analysis
Labor Negotiations
Regulation
Director Oversight
Financial Management
External Auditing
Mergers, Acquisitions & Divestitures
Financial Analysis
Intrinsic Value
Dynamics of Business Activities
Business Activities

AnalysisandValuation(财务报表分析,台湾中兴大学


reclassified, their pre-tax amounts along with their tax effects
must be removed
•• Income tax disclosures enable one to separate factors that either
reduce or increase taxes such as:
••Analyzing earnings persistence is a main analysis objective
••Attributes of earnings persistence include:
• Stability • Predictability • Variability • Trend • Earnings management • Accounting methods
•
Recast earnings components
to yield meaningful
classifications and a relevant
format for analysis
•
Components
can
be
rearranged, subdivided, and tax
effected
•
ห้องสมุดไป่ตู้
•Earnings Persistence
•Recasting and Adjusting
•Information for Recasting and Adjusting
•➢ Income statement, including its subdivisions: • Income from continuing operations • Income from discontinued operations • Extraordinary gains and losses • Cumulative effect of changes in accounting

onInvestedCapital(财务报表分析,台湾中兴大学)

• Perspective is that of the individual investor
• Focus is on individual shareholder, not the company
• Uses the purchase price of securities as invested capital
construction, surplus plant, surplus inventories, surplus cash, and deferred charges from invested capital
Adjustment is not valid as it fails to: ➢ recognize that management has discretion
Return on Invested Capital
McGraw-Hill/Irwin
8
CHAPTER
© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
Return on Invested Capital
Importance of Joint Analysis
• Joint analysis is where one measure is assessed relative to another
• Return on invested capital (ROI) is an important joint analysis
Return on Invested Capital
Income Invested capital
Components of ROI
Invested Capital Defined

chap004 Analyzing Investing Activities(财务报表分析-台湾中兴大学)


Current Asset Introduction
Analysis of Cash and Cash Equivalents
• Does not present serious valuation problems because of its liquidity • Requires special precautions against theft and defalcation • Examine for restrictions on disposition
Prepaid expenses are advance payments for services or goods not yet received that extend beyond the current accounting period—examples are advance payments for rent, insurance, utilities, and property taxes
Current Asset Introduction
Analysis of Securitization
Balance Sheet Effects of Securitization
Assets Cash Receivables Other current assets Total current assets Noncurrent assets Total assets Liabilities Current liabilities Noncurrent liabilites Equity Before $ 50 400 150 600 900 $ 1,500 $ 400 500 600 After $ 450 0 150 600 900 $ 1,500 $ 400 500 600 Adjusted $ 450 400 150 1,000 900 $ 1,900 $ 800 500 600
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• Use available information adjust income measurement consistent with one’s objectives
Analyzing Revenues
Two-Phase Analysis of Income
Analysis of income and its components involves two phases 1. Analysis of accounting and its measurements
Profitability Analysis
ห้องสมุดไป่ตู้
McGraw-Hill/Irwin
9
CHAPTER
© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
Analyzing Profitability
Focus of Profitability Analysis
• Different segments usually experience varying rates of profitability, risk, and growth
• Asset composition and financing requirements of segments often vary
❖ Estimation Issues ❖ Accounting Methods ❖ Incentives for Disclosure ❖ Diversity across Users
Analyzing Profitability
Measuring Income--Estimation Issues
• Evaluation, projection, and valuation of income is aided by segment analysis
• Segments share characteristics of variability, growth, and risk • Income forecasting benefits from forecasts by segments • Must separate and interpret the impact of individual segments
Shareholders concentrate on the bottom line Creditors want safeguards Financial analysts dislike surprises Accounting preparers and auditors demand acceptable
Purpose: To apply knowledge of accounting to yield a measure of income, and its components, consistent with the analysis objectives
2. Applying analysis tools to income (and its components) and interpreting the analytical results
related? ➢ When is revenue recorded? ➢ How is revenue measured?
Analyzing Revenues
Revenue Sources
➢ Knowledge of major sources of revenues is important to profitability analysis
practices
Analyzing Profitability
Measuring Income--Incentives for Disclosure
Result: “Acceptable” methods, not necessarily
“appropriate” methods
Analyzing Profitability
Purpose: To apply analysis tools to aid achieve the analysis objectives—such as income forecasting and estimating earning power
Analyzing Revenues
Revenue Sources
Analyzing Profitability
Measuring Income--Accounting Methods
Professional experience
Regulatory agendas
Business happenings
Accounting standards governing
Analyzing Profitability
Measuring Income--Incentives for Disclosure
Ideally: Financial statements fairly present transactions and
events Accounting is neutral—not affecting how
Analysis of revenues (sales) helps address questions such as:
➢ What are the major sources of revenue? ➢ How persistent are revenue sources? ➢ How are revenues, receivables, and inventories
➢ Profitability analysis is a key part of financial statement analysis
➢ All financial statements are pertinent to profitability analysis
➢ Emphasis of profitability analysis is on the income statement
income measurement
Social Influences
Political pressures
Academic research
Analyzing Profitability
Measuring Income--Accounting Methods
Methods reflect the outcome of numerous factors, including compromises Discretion is permitted to accommodate different business circumstances Methods geared toward “general-purpose” financial statements
➢ Each market and product line often has its own growth pattern, profitability, and future potential
➢ Common-size analysis of revenues shows the percent of each major class of revenue to its total
➢ Graphical analysis is a useful tool to interpret the sources of revenues
Analyzing Revenues
Revenue Sources
Diversified Companies present special challenges
Measuring Income--Diversity Across Users
• Financial statements are general-purpose reports serving diverse needs of many users
• Diversity of views implies an analysis uses income as an initial measure of profitability
Analyzing Profitability
Measuring Income--Incentives for Disclosure
Reality:
Each of us possess opinions--we see the world from different
perspectives
Managers bring strong views to the table Managers feel pressures of competition and society Directors expect results
Income measurement depends on estimates of future events
These estimates require:
• Use of judgment and probabilities • Allocations of revenues and expenses across periods • Prediction of the future usefulness of many assets • Forecasts of future obligations
Analyzing Profitability
Measuring Income
Income is defined as revenues less expenses over a reporting period