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Chapter3CashFlowsandFinancialAnalysis(現金流量與財務分析)A>FinancialInformation(財務資訊)(p.57)◼Financialinformationistheresponsibilityofmanagement◼Creat

edbywithin-firmaccountants(由公司內的會計師編製)andreviewedbyauditors(公司外的稽查員來檢閱)◼Createsaconflictofinterestbecausemanagementwan

tstoportrayfirminapositivelight◼PublishedtoavarietyofaudiencesA-1>UsersofFinancialInformation◼InvestorsandFinancialAnalysts◼Majo

rpartofanalyst’sjobistomakeacarefulstudyofrecentfinancialstatements◼Vendors/Creditors◼Usefinancialinformat

iontodetermineifthefirmisexpectedtomakegoodonloans◼Management◼pinpointstrengthsandweaknessesinoperationsA-2>SourcesofFinancialInform

ation(財務資訊的來源)p.59◼AnnualReport(主要的資訊來源)◼Requiredofallpubliclytradedfirms◼Tendtoportrayfirminapositivelight,sotendtobiasedinfavorofm

anagement’sperformance◼Brokeragefirmsandinvestmentadvisoryservicesprovidereportsonmostlargefirms.◼Example:Va

lueLine(價值線),Moody’s,S&PA-3>TheOrientationofFinancialAnalysis(財務分析的導向)p.62◼Accountingisconcernedwithfinancialstatements◼Financeisconcernedwithusin

gthedatacontainedwithinfinancialstatementstomakedecisions(使用財報上的資料去作決策)B>TheStatementofCashFlows(p.63)◼ConstructedfromtheBalanceSheetand

IncomeStatement◼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,andfinancingactivities)◼依據現金的來源與使用B-2>BusinessCashFlows(

p.66)◼CashFlowsRules◼Assetincreaseuseofcash◼Assetdecreasesourceofcash◼Liabilityincreasesourceofcash◼Liabilitydec

reaseuseofcashB-3>ConstructingtheStatementofCashFlows(Example:p.69)-1BelfryCompanyBelfryCompanyBalanc

eSheetIncomeStatementFortheperiodended12/31/X2Fortheperiodended12/31/X2Sales10,000$12/31/X112/31/X2COGS6,000$Cash1,0001,400Grossmargin4,000$Accou

ntsreceivable3,0002,900Inventory2,0003,200Expense1,600$CURRENTASSETS6,0007,500Depreciation500$FixedassetsEBIT1,900

$Gross4,0006,000Interest400$Accumulateddeprec.-1,000-1,500EBT1,500$Net3,0004,500Tax500$TOTALASSETS9,

00012,000NetIncome1,000$Accountspayable1,5002,100Accruals500400CURRENTLIABILITIES2,0002,500Long-termdebt5,0006,200Equity2,0003,300TO

TALCAPITAL7,0009,500TOTALLIABILITIESANDEQUITY9,00012,000AssetsLiabilitiesBelfryCompanyBelfryCompanyBalanceSheetIncomeS

tatementFortheperiodended12/31/X2Fortheperiodended12/31/X2Sales10,000$12/31/X112/31/X2COGS6,000$Cash1,0001,400Grossmargin

4,000$Accountsreceivable3,0002,900Inventory2,0003,200Expense1,600$CURRENTASSETS6,0007,500Depreciation500$

FixedassetsEBIT1,900$Gross4,0006,000Interest400$Accumulateddeprec.(1,000)(1,500)EBT1,500$Net3,0004,500Tax500$TOTALASSETS9,00012,000NetIncome1,

000$Accountspayable1,5002,100Accruals500400CURRENTLIABILITIES2,0002,500Long-termdebt5,0006,200Equity2,0003,300TOTA

LCAPITAL7,0009,500TOTALLIABILITIESANDEQUITY9,00012,000AssetsLiabilitiesB-3>ConstructingtheStatementofC

ashFlows(Example:p.69)-1Alsoassumefirmpaida$500dividendandsoldstockfor$800duringtheyear.B-3>ConstructingtheStatementofCashFlows(Example:

p.69)-2Whilethefirmwasprofitable,itstillhadtoborrowmoneyandsellstocktofinancetheincreaseinFixedAssets.BelfryC

ompanyStatementofCashFlowsFortheperiodended12/31/X2CASHFROMOPERATINGACTIVITIESNetincome1,000$Depreciation500$Ne

tchangesincurrentaccounts(600)$Cashfromoperatingactivities900$CASHFROMINVESTINGACTIVITIESPurchaseoffixeda

ssets(2,000)$CASHFROMFINANCINGACTIVITIESIncreaseinlong-termdebt1,200$Saleofstock800$Dividendpaid(500)$Cashfromfinancingactiviti

es1,500$NETCASHFLOW400$Beginningcashbalance1,000$Netcashflow400$Endingcashbalance1,400$B-4>FreeCashFlows-1(p.73)◼Undernormalcon

ditionsmostfirmsgeneratepositivecashflowfromoperations◼Someofthesefundsareusedtomaintainlong-runcompetitivepo

sition◼Replaceworn-outfixedassets◼PaydividendsonPreferredStockB-4>FreeCashFlows-2(p.73)◼Freecashflow(自由現金流量)isthecashgeneratedbeyon

dreinvestmentneeds(所產生的現金超過再投資所需的資金)◼FreeCFs=NetCF–non-operatingcashrequirements(tomaintainalong-runcompetitionposition)◼Freecas

hflowisthecashavailablefordistributiontocommonstockholders.C>RatioAnalysis(財務比率分析)p.73-90◼Comparisons◼History—

examinetrends(howthevaluehaschangedovertime)◼Competition—comparewithotherfirmsinthesameindustry◼Budget—compareactualvalueswithexpected

ordesiredvaluesC>RatioAnalysis-1◼CommonSizeStatements(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。◼Commonsizeincomestatement◼Presentseachlineasapercentofrevenue◼Commonsizebalancesheet◼Presentseachlineasapercentoftotalass

etsC>RatioAnalysis-2◼CommonSizeStatements(共同比報表)◼Thecommonsizeanalysisleadsustoasktherightquestions.Itdoesn’tgiveus

theanswers,butitgetsourinvestigationofproblemsstartedintherightdirection.◼Commonsizeanalysisisparticularlyusefuli

ncomparingafirm’sperformancewithitsownhistory.◼Example:p.74-75C>RatioAnalysis-3◼TrendanalysisbyCommon-base-yearstatements(同基年財務報表)趨勢分析是

指選定某一會計年度為基年(baseyear)，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。CommonSizeStatement

s$%$%Sales2,187,460$100.0%150,845$100.0%COGS1,203,103$55.0%72,406$48.0%Grossmargin984,357$45.0%78,439$52.0%Expenses5

05,303$23.1%39,974$26.5%EBIT479,054$21.9%38,465$25.5%Interest131,248$6.0%15,386$10.2%EBT347,806$15.9%23,079$15.3%Tax118,254

$5.4%3,462$2.3%NetIncome229,552$10.5%19,617$13.0%AlphaBetaC-3>Ratios-1(p.76)◼CategoriesofRatios(Table3.1)◼Liquid

ity—indicatefirm’sabilitytopayitsbillsintheshortrun◼AssetManagement—showhowthecompanyusesitsresourcestogeneraterevenue,profitandtoavoidcost

C-3>Ratios-2◼CategoriesofRatios(Table3.1)◼DebtManagement—showhoweffectivelythefirmhasusedborrowedfundsandwhetherornotithasahighamounto

fleverage◼Profitability—allowassessmentofthecompany’sabilitytomakemoney◼MarketValue—giveanindicationofhowinvestorsfeelaboutthecompany’sfinancialf

utureC-3>Ratios-3◼(1)Liquidityratios◼流動比率(hastoexceed1.0)◼速動比率/酸性測驗比率(不考慮存貨的比率)C-3>Ratios-4◼(2)Assetmanagementratios(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;ahigherturnoverisbetter)◼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)C-3>Ratios-5◼(3)DebtManagementRatios(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(fixedfinancialcharge&risk)◼利息保障倍數

(TIE;比率越高隱含安全性越高)◼現金涵蓋比率◼固定費用涵蓋比率C-3>Ratios-6◼ProfitabilityRatios(獲利能力比率):一般以百分比的方式表示◼銷貨報酬率(ROS);profitmargin;netprofitmargin◼資產報酬率(ROA)◼權益報酬率(RO

E)C-3>Ratios-7◼MarketValueRatios(市價比率)◼價盈比(P/Eratio;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)C-3>Ratios-8a◼DuPontEquations(杜邦恆等式):利用比率之間的關係

以洞悉營運之成功與否NetIncomesalesROATotalAssetssalesorNetIncomesalesROAsalesTotalAssetsorROE=ROStotalassetturnover==C-3>Ratios-8b◼ExtendedDuPontequati

onstatesthattheoperationofabusinessisreflectedinitsROE◼However,thisresult—goodorbad—canbemultipliedbyborro

wing◼Thewayyoufinanceabusinesscanexaggeratetheresultsfromoperations◼TheDuPontequationscanbeusedtoisolateproblemsC-3>Ratios-8cEquityM

ultiplierNetIncomesalestotalassetsROEStockholders'EquitysalestotalassetsorNetIncomesalestotalassetsROEsalestotalassetsStockholders'Equ

ityorROE=ROSTotalAsse==ROAtTurnoverEquityMultiplierorROE=ROAEquityMultiplierC-4>Limitations/WeaknessesofRatioAnal

ysis(p.90)◼(1)會計數字無法反映實際價值◼(2)會計方法的選擇影響比較效度(windowdressing)◼(3)多角化投資的影響◼(4)通膨的影響◼(5)標竿的選擇問題◼(6)會計數字的品質問題