onInvestedCapital(财务报表分析,台湾中兴大学)
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andAnalysis(财务报表分析,台湾中兴大学)
Environmental Factors
Economic, Industry & Company News
• Impacts current & future financial condition and performance
Voluntary Disclosure
• Many factors encourage voluntary disclosure by managers
Customers
Environmental Factors
Equity Investors
• Active & Speculative Investors rely on financial reports
Creditors
• Solvency & Liquidity analysis relies on financial reports
Important Accounting Principles
• Double Entry - duality from accounting equation, A=L+E
• Historical Cost - fair & objective values from arm’s-length transactions
Information Perspective
• Amount
…of
• Timing
prospective
• Uncertainty net cash
inflows
Predictability & Decision
Usefulness
Historical Emphasis
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
• 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
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
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
财务报表分析文献
财务报表分析文献1.财务报表分析的概念纽约大学Leopold A.Bernstein（2012）把财务报表分析定义为：对企业的财务状况和成果进行的分析，通常包括对企业投资收益、盈利能力、短期支付能力、长期偿债能力、企业价值等进行分析与评价，从而得出对企业财务状况及成果的评价[1]。
美国学者Gerald L.White(1998)认为:对财务报表的分析，旨在对企业的资产负债表、利润表和现金流量表进行分析[2]。
国内学者如xxx、xxx等（2008）把其定义为：财务报表分析是财务分析人员根据企业财务报告信息及相关经济信息分析企业经济活动，其目的是反映企业财务状况和经营成果、预测未来可能的业绩，以帮助信息使用人员改善经营决策[3]。
从以上的定义可以看出，Leopold A.Bernstein把财务报表分析看做一个成果分析，通过各项财务指标来评价企业的财务状况；杜胜利、谢志华等主要把财务报表分析定为一个判定流程，评定企业过去和现在的财务状况和经验成果，对企业未来的经营成果和业绩做出预测。
虽然说国内外学者对财务报表分析的定义不同，但可以看出其共同点都认为财务报表分析是一种技术手段，是以财务报表和企业的相关经济活动信息为载体，目的是给报表的使用者提供企业经营活动方面的相关信息，综合国内外学者的观点，可以认为财务报表分析是对企业披露和隐含信息的一个挖掘过程。
2.财务报表分析存在的问题研究xxx指出：报表在披露信息层面包含一定的局限性，令针对财务报表的分析很难系统化及全面化开展[4]。
xxx指出：财务报表中的数据是分类汇总性数据，不能直接反映企业财务状况的详细情况[5]。
xxx指出：第一，财务报表以历史成本为基础，未考虑到现行计价与历史计价的差别。
第二，财务报表分析通常是假定报表是真实的，其真实性，要靠审计来验证，财务报表不能解决报表的真实性问题[6]。
xxx指出：第一，企业财务报表只能收集单个企业的财务数据信息，不能反映出同行业中其他企业的财务状况。
中兴公司财务分析
中兴公司财务分析报告实用文档目录第一部分会计分析 (5)1.1资产负债表分析 (5)1.1.1资产负债表的水平分析 (5)1.1.2资产负债表的垂直分析 (11)1.1.3资产负债表主要项目分析 (17)1.2所有者权益变动表分析 (24)1.2.1所有者权益水平分析 (24)1.2.2所有者权益垂直分析 (26)1.3利润表分析 (29)1.3.1利润表水平分析 (29)1.3.2利润表垂直分析 (31)1.3.3利润表分部分析 (33)1.3.4利润表分项分析 (33)1.4现金流量表分析 (36)1.4.1现金流量表水平分析 (36)实用文档1.4.2现金流量表结构分析 (39)第二部分财务效率分析 (42)2.1企业盈利能力分析 (42)2.1.1资本经营盈利能力分析 (42)2.1.2资产经营盈利能力分析 (44)2.1.2商品经营盈利能力分析 (46)2.2企业营运能力分析 (47)2.2.1总资产营运能力分析 (47)2.2.2流动资产营运能力分析 (48)2.2.3固定资产营运能力分析 (49)2.3企业偿债能力分析 (51)2.3.1企业的短期偿债能力分析 (51)2.3.2企业的长期偿债能力分析 (52)2.4企业发展能力分析 (54)2.4.1企业的单项能力分析 (54)2.4.2企业的综合能力分析 (57)第三部分综合分析 (58)实用文档3.1杜邦分析 (59)3.2趋势分析 (59)3.2.1利润表趋势分析 (59)3.2.2资产负债表趋势分析 (62)3.2.3现金流量趋势分析 (66)实用文档第一部分会计分析1.1资产负债表分析1.1.1资产负债表的水平分析资产负债表水平分析的目的之一就是从总体上概括了解资产、权益的变动情况，揭示出资产、负债和股东权益变动的差异，分析其差异产生的原因。
近年来国内通信行业继续保持较快的增长速度，中兴通讯公司紧抓市场脉搏，充分发挥产品多元化的优势，依靠以市场为导向的差异化策略，稳固国内市场，大力开拓国际市场，总资产稳步增长。
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
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
onInvestedCapital(财务报表分析,台湾中兴大学)
• 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
• Captures the effect of leverage (debt) capital on equity holder return
• Excludes all debt financing and preferred equity
Components of ROI
Market Value of Invested Capital
• Planning • Budgeting • Coordinating activities • Evaluating opportunities • Control
Components of ROI
Definition
Return on invested capital is defined as:
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
• Return on invested capital (ROI) is an important joint analysis
Return on Invested Capital
• Captures the effect of leverage (debt) capital on equity holder return
• Excludes all debt financing and preferred equity
Components of ROI
Market Value of Invested Capital
• Planning • Budgeting • Coordinating activities • Evaluating opportunities • Control
Components of ROI
Definition
Return on invested capital is defined as:
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
Analysis(财务报表分析,台湾中兴大学)-PPT文档资料
Purpose: To apply analysis tools to aid achuch as income forecasting and estimating earning power
Analyzing Revenues
Revenue Sources
• 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
Analyzing Profitability
Measuring Income--Estimation Issues
Management discretion is part of income measurement
Estimates of skilled and experienced professionals Some consensus (less variability)
❖ Estimation Issues ❖ Accounting Methods ❖ Incentives for Disclosure ❖ Diversity across Users
Analyzing Profitability
Measuring Income--Estimation Issues
Analyzing Revenues
Revenue Sources
• 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
Analyzing Profitability
Measuring Income--Estimation Issues
Management discretion is part of income measurement
Estimates of skilled and experienced professionals Some consensus (less variability)
❖ Estimation Issues ❖ Accounting Methods ❖ Incentives for Disclosure ❖ Diversity across Users
Analyzing Profitability
Measuring Income--Estimation Issues
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Income Investedcapital
Components of ROI
Invested Capital Defined
• No universal measure of invested capital exists
• Different measures of invested capital reflect different financiers’ perspectives
• Perspective is that of the individual investor
• Focus is on individual shareholder, not the company
• Uses the purchase price of securities as invested capital
age
Components of ROI
Long-Term Debt Plus Equity Capital
• Perspective is that of the two main suppliers of long-term financing — long-term creditors and equity shareholders
depreciation expense ➢ Acquisitions of new depreciable assets offset a declining
capital base ➢ It fails to recognize increased maintenance costs as assets
ROI Relation
•ROI relates income, or other performance measure, to a company’s level and source of financing
•ROI allows comparisons with alternative investment opportunities
• Planning • Budgeting • Coordinating activities • Evaluating opportunities • Control
Components of ROI
Definition
Return on invested capital is defined as:
• Captures the effect of leverage (debt) capital on equity holder return
• Excludes all debt financing and preferred equity
Components of ROI
Market Value of Invested Capital
optimisticor pessimistic forecasts
• ROI aids in evaluating prior forecast performance
Return on Invested Capital
For Planning and Control
ROI assists managers with:
(4) planning and
control
Return on Invested Capital
Evaluating Managerial Effectiveness
• Management is responsible for all company activities
• ROI is a measure of managerial effectiveness in business activities
Components of ROI
Computing Invested Capital
• Usually computed using average capital available for the period
• Typically add beginning and ending invested capital amounts and divide I
Total Assets
• Perspective is that of its total financing base
• Called return on assets (ROA)
ROA: measures operating efficiency/ performance reflects return from all financing does not distinguish return by
Return on Invested Capital
Application of ROI
ROI is applicable to:
(1) evaluating managerial effective-
ness
(2) assessing profitability
(3) earnings forecasting
Assists in Forecasting Earnings
• ROI links past, current, and forecasted earnings with
invested capital
• ROI adds discipline
to forecasting
• ROI helps identify
• Excludes intangible assets from invested capital
Adjustment is not valid as: ➢ Lack of information or increased
uncertainty does not justify exclusion
• Assumes certain assets not recognized in financial statements
• Uses the market value of invested capital (debt and equity)
Components of ROI
Investor Invested Capital
Components of ROI
Alternative Measures of Invested Capital
Five Common Measures:
• Total Assets • Long-Term Debt Plus Equity • Equity • Market Value of Invested Capital • Investor Invested Capital
Components of ROI
Total Assets
Unproductive Asset Adjustment • Assumes management not responsible for
earning a return on capital not in operations • Excludes idle plant, facilities under
• 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
•Riskier investments are expected to yield a higher ROI
•ROI impacts a company’s ability to succeed, attract financing, repay creditors,and reward owners
over all investment ➢ assess overall management effectiveness
Components of ROI
Total Assets
Intangible Asset Adjustment
• Assumes skepticism of intangible asset values
• More accurate computation is to average interim amounts — quarterly or monthly
Components of ROI
• ROI relates key summary measures: profits with financing
• ROI conveys return on invested capital from different financing perspectives
Return on Invested Capital
• ROI depends on the skill, resourcefulness, ingenuity, and motivation of management
Return on Invested Capital
Measuring Profitability
• ROI is an indicator of company profitability
depreciable assets
Adjustment is not valid as: ➢ ROA analysis focuses on the performance
of the entire company ➢ It is inconsistent with computation of income net of
Components of ROI
Invested Capital Defined
• No universal measure of invested capital exists
• Different measures of invested capital reflect different financiers’ perspectives
• Perspective is that of the individual investor
• Focus is on individual shareholder, not the company
• Uses the purchase price of securities as invested capital
age
Components of ROI
Long-Term Debt Plus Equity Capital
• Perspective is that of the two main suppliers of long-term financing — long-term creditors and equity shareholders
depreciation expense ➢ Acquisitions of new depreciable assets offset a declining
capital base ➢ It fails to recognize increased maintenance costs as assets
ROI Relation
•ROI relates income, or other performance measure, to a company’s level and source of financing
•ROI allows comparisons with alternative investment opportunities
• Planning • Budgeting • Coordinating activities • Evaluating opportunities • Control
Components of ROI
Definition
Return on invested capital is defined as:
• Captures the effect of leverage (debt) capital on equity holder return
• Excludes all debt financing and preferred equity
Components of ROI
Market Value of Invested Capital
optimisticor pessimistic forecasts
• ROI aids in evaluating prior forecast performance
Return on Invested Capital
For Planning and Control
ROI assists managers with:
(4) planning and
control
Return on Invested Capital
Evaluating Managerial Effectiveness
• Management is responsible for all company activities
• ROI is a measure of managerial effectiveness in business activities
Components of ROI
Computing Invested Capital
• Usually computed using average capital available for the period
• Typically add beginning and ending invested capital amounts and divide I
Total Assets
• Perspective is that of its total financing base
• Called return on assets (ROA)
ROA: measures operating efficiency/ performance reflects return from all financing does not distinguish return by
Return on Invested Capital
Application of ROI
ROI is applicable to:
(1) evaluating managerial effective-
ness
(2) assessing profitability
(3) earnings forecasting
Assists in Forecasting Earnings
• ROI links past, current, and forecasted earnings with
invested capital
• ROI adds discipline
to forecasting
• ROI helps identify
• Excludes intangible assets from invested capital
Adjustment is not valid as: ➢ Lack of information or increased
uncertainty does not justify exclusion
• Assumes certain assets not recognized in financial statements
• Uses the market value of invested capital (debt and equity)
Components of ROI
Investor Invested Capital
Components of ROI
Alternative Measures of Invested Capital
Five Common Measures:
• Total Assets • Long-Term Debt Plus Equity • Equity • Market Value of Invested Capital • Investor Invested Capital
Components of ROI
Total Assets
Unproductive Asset Adjustment • Assumes management not responsible for
earning a return on capital not in operations • Excludes idle plant, facilities under
• 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
•Riskier investments are expected to yield a higher ROI
•ROI impacts a company’s ability to succeed, attract financing, repay creditors,and reward owners
over all investment ➢ assess overall management effectiveness
Components of ROI
Total Assets
Intangible Asset Adjustment
• Assumes skepticism of intangible asset values
• More accurate computation is to average interim amounts — quarterly or monthly
Components of ROI
• ROI relates key summary measures: profits with financing
• ROI conveys return on invested capital from different financing perspectives
Return on Invested Capital
• ROI depends on the skill, resourcefulness, ingenuity, and motivation of management
Return on Invested Capital
Measuring Profitability
• ROI is an indicator of company profitability
depreciable assets
Adjustment is not valid as: ➢ ROA analysis focuses on the performance
of the entire company ➢ It is inconsistent with computation of income net of