chap010Prospective Analysis(财务报表分析,台湾中兴大学)
财务报表分析论文（Financialstatementanalysis）
财务报表分析论文（Financial statement analysis）For financial statement analysis, please refer to:Talking about the analysis of enterprise financial accounting reportTry the financial and operating results ultimately reflected in the financial report, so the financial accounting report is a major source of information of enterprise operators, shareholders, creditors and potential investors to understand and grasp the business situation and development level. In order to make the financial accounting report users understand and grasp the real economic connotation of the enterprise financial accounting report, we must use the scientific method to carry on the comprehensive analysis. The financial statements of an enterprise are mainly composed of accounting statements, accounting statements and financial statements (except for enterprises that do not prepare and provide financial statements). Then, how to analyze these accounting statements and footnotes, I think the following aspects should be carried out:I. Analysis of enterprise performanceFinancial accounting report users are more concerned about the operation of enterprises, such as income, profits and other indicators of completion, and compared with the same period of the previous year, such as changes. Specific analysis can be carried out from the following aspects:(1) analysis of the composition of enterprise income;The income of the enterprise mainly includes the main business income and other business income. Among them, the main business income is the most important corporate income indicators, the analysis of the indicators, you can use the current income compared with the same period of the previous year, the general use of the last three years of data as well. In the main business income analysis process, we must pay attention to the proportion of revenue items in the total amount of revenue, in order to understand the main business of enterprises in the same industry status and development prospects. The main business income shall have an absolute share of the total revenue of the enterprise, otherwise, the enterprise shall be deemed to be in an abnormal economic condition or whose main business is not outstanding.(two) analyzing the profitability of enterprisesProfit index is one of the most important indicators of economic benefits. Through the analysis of this index, we can understand the level of profitability and development prospects of enterprises. We can also evaluate the stability of enterprise profit sources by observing the share of operating profit, investment income, subsidy income and out of business net income in total profits of enterprises.(three) analyze the influence of cost and expense on enterprise profitCost is an important factor affecting business profits. Under the condition of certain income, the lower the cost, the greaterthe profits of the enterprise, and vice versa. This can be verified by selling profit margins or cost margins. At the same time, the need for further decomposition of the cost, in order to understand the project cost proportion, so that managers can effectively compress the expenses to get the maximum output with minimum input.Two, asset management efficiency analysisFor enterprises, the operation ability of each asset reflects the management level and efficiency of the existing assets. The higher the efficiency of the use of assets, the faster the turnover, reflecting the better liquidity of assets, the ability to repay debt is stronger, the assets of enterprises have been fully utilized. Analysis on the efficiency of asset management, mainly through the following indicators, namely, accounts receivable turnover, inventory turnover rate, investment return rate, turnover rate of fixed assets and current assets turnover and total asset turnover.Accounts receivable turnover rate, usually by aging analysis method, the key analysis should be the quality status of accounts receivable, evaluate the rationality of accounting method for the loss of bad debts, bad debts and bad debts, but also a concrete analysis of its causes.Analysis of inventory turnover, mainly to the index with the same industry and enterprises before the year is compared, but also affect the inventory turnover rate of individual factors for further analysis, such as raw materials, semi-finished products, finished goods inventory turnover, in order to findout the root cause of the level of inventory turnover.The analysis of the return on investment mainly depends on the period of investment and the payback period of investment, so as to know whether the investment of an enterprise is effective and how much the degree of investment risk is.The analysis of the turnover ratio of the three major assets (liquid assets, fixed assets and total assets) mainly depends on the efficiency of the use of assets and whether there is any bad assets.Three, solvency analysisSolvency is the ability of an enterprise to pay its due debts, including the ability to repay short-term and long-term debt. Debt paying ability is the most concern of creditors. In view of the safety of enterprises, more and more attention has been paid to shareholders and investors. The solvency of an enterprise is mainly through liquidity ratio, quick ratio, asset liability ratio, shareholder equity ratio and interest protection multiple.1. generally, the liquidity ratio is 2, which is ideal. But there are different requirements for different industries,For non productive enterprises, liquidity is mainly cash and liquidity receivable due to less inventory. Its low liquidity ratio is also reasonable.2. generally speaking, the quick ratio is more suitable for 1.However, due to the possibility of longer accounts receivable in current assets, the actual solvency of an enterprise will be affected. In order to make up for the limitations of this ratio, the objective evaluation of the solvency of an enterprise can also be assessed by using an overspeed ratio. The index is to use the company's quick assets, that is, monetary funds, short-term securities, notes receivable and the reputation of the customer's accounts receivable to reflect and measure the liquidity of enterprises and short-term solvency. The index because of the important factors removed has nothing to do with the cash flow such as prepaid expenses and the impact of the quick ratio of credibility as credibility is not high customer accounts receivable, therefore, to objectively evaluate the firm's liquidity and short-term debt paying ability.3. generally speaking, the asset liability ratio is 60%, more appropriate. The ratio is too low, indicating that the enterprises do not have a strong sense of debt management, the ratio is too high, and the financial risk of enterprises is too great.4., for the shareholder equity ratio, the index value is large, indicating the high risk of financial structure, the protection of the interests of creditors is lower; and the value of this index is small, is a low-risk financial structure.5. what is the surplus of interest paid by the interest guarantee times?. The higher the value of the index, the smaller the business risk, the greater the ability to repay the debt.Four. Cash flow analysisThe cash flow statement is used to reflect the firm's ability to create net cash flows. The analysis of the cash flow statement, due to information and help users to understand the changes in statements of enterprises in a certain period of cash inflow and outflow, forecast future cash flow during the evaluation of enterprise financial structure and ability to repay the debts, determine the enterprise to adapt to external environment changes, adjust the room for cash payments, to reveal the relationship between enterprises the level of profitability and cash flow. Since the objectivity of cash flow is related to other indicators, the analysis of cash flow can be a good complement to other indicators.1. cash flow and sales income ratio. The ratio represents the cash flow earned for each one yuan sales income. The higher the ratio, the better the effect of cash flow, the stronger the ability to pay.2. cash flow and operating profit ratio. The ratio represents the cash flow earned for each one yuan operating profit. The higher the ratio, the higher the quality of the business is, the more profits the company will make in cash.3. net cash flow to net profit ratio. The ratio shows the amount of net cash inflow from operating activities in each net profit realized, reflecting the level of the net profit of the enterprise and the ability of the enterprise to pay dividends.4. cash flow rate of return on assets. The ratio reflects thecash flow per dollar of assets. The higher the ratio, the higher the efficiency of the use of assets.5. debt to cash ratio, the ratio of net cash flows from operating activities to average current liabilities. Because the profit year does not necessarily have enough cash to repay the debt, so the implementation of debt cash flow index system based on the use of cash, can fully reflect the business activities generated net cash inflow to what extent can guarantee the payment of current liabilities.Five. Analysis of notes in financial statementsBecause the content stipulated in the financial statements has certain fixity and stipulation, only the quantitative financial information can be provided. As an important supplement to the accounting statements, the annotations of accounting statements mainly explain and explain the contents that are not included in the accounting statements or the details of the disclosures. The analysis of these important matters is essential. It helps to inform users of the dynamics of the business and to identify the existing problems and development potential of the enterprise and to make investment decisions. These notes are of value to users of financial reports include contingencies and events after the balance sheet date and related transactions.1. an analysis of a problem or a matter. "Business" or "event" means an uncertain state or situation that may result in an enterprise's profits or losses. Because of the consequences of or have to wait for the future of the event or not happen tobe confirmed, so the enterprise generally should not be recognized or contingent liabilities and assets. But must be disclosed in the report, these common contingencies have already discounted commercial acceptance or liabilities, pending litigation, arbitration or the formation of contingent liabilities, providing debt guarantee for other companies or liability, these issues could lead to the loss of funds of enterprises, is the potential financial risks of the enterprise.2. events after the balance sheet date.After the date of the balance sheet items, items from the balance sheet date to the financial report quoted on the approval between the need to adjust or explanation. These matters have both favorable and unfavorable aspects of enterprises, financial report users through analysis of matters, can quickly determine these important matters will bring certain economic benefits for the enterprise or the enterprise will suffer significant economic losses.3., related transactions. The related transaction of an enterprise is a transaction conducted between the related enterprises for a certain purpose. For these transactions, we should focus on understanding the essence of the transaction, whether to understand the enterprise to be traded assets are non important assets of the enterprise, whether by trading in assets can bring certain economic benefits to the enterprises in the future.In a word, the analysis of enterprise financial report is a veryimportant and meticulous work. The purpose is to find out the problems existing in the process of production and management in order to judge the current financial situation of enterprises and predict the future trends. Enterprise managers, creditors, shareholders and potential investors, through the analysis of reports, can understand the information of enterprises from different angles in a timely manner, so as to make a series of decisions for the purpose of the enterprise.。
最新英文台湾中兴大学金融系王之彦老师的财务报表分析chap006精品资料
Economic Income
Income Measurement
Concepts
Accounting Concept of Income:
• Based on accrual accounting • Capture aspects of both economic income and
permanent income
income - $500 depreciation*)
*Condo’s useful life is 50 years and its salvage value is $75,000—yearly straight-line depreciation is $500
Income Measurement
Concepts
Illustration Facts:
• Net (free) cash flow = $(88,000) • Operating cash flow = $12,000 • Economic income = $37,000 • ($12,000 rental income + $25,000 holding gain) • Accounting income = $11,500 ($12,000 rental
Concepts
Economic Income:
Two measures reflect the economic concept
• economic income • permanent income
Income Measurement
Concepts
Economic Income:
• Equals net cash flows + the change in the present value of future cash flows
最新英文台湾中兴大学金融系王之彦老师的财务报表分析chap005精品资料
Equity method accounting—reports the parent’s investment in the subsidiary, and the parent’s share of the subsidiary’s results, as line items in the parent’s financial statements (referred to as one-line consolidation)
Investment 25,000 Equity earnings 25,000
(to record proportionate share of investee company earnings)
Cash 5,000 Investment 5,000
(to record receipt of dividends)
Intercorporate Investments
Equity Method Accounting
Investment account: ➢ Initially recorded at acquisition cost ➢ Increased by % share of investee earnings ➢ Decreased by dividends received
2,000,000 Beg.
Div. 20,000 100,000 Inc.
2,080,000 End.
Equity Investments
Important Points in Equity Method Accounting
The investment account represents the proportionate share of the stockholders’ equity of the investee company. Substantial assets and liabilities may, therefore, not be recorded on balance sheet unless the investee is consolidated. This can have important implications for the analysis of the investor company. Investment earnings (the proportionate share of the earnings of the investee company) should be distinguished from core operating earnings in the analysis of the earnings of the investor company. Investments accounted for under the equity method are reported at adjusted cost, not at market value. Substantial unrealized gains may, therefore, not be reflected in assets or stockholders’ equity.
财务报表分析培训PPT课件(带内容)
财务报表分析培训
报告人：XXX
时间：20xx年x月x日
目录
CONTENTS
01
财务报表分析的意义
02
企业在财务报表分析中的问题
03
如何分析财务报表
04 功效系数法企业财务绩效评价分析
PART 01
财务报表分析的意义
Analysis of financial statements
b. 现金流动负债比率： *测量企业清偿能力和经营现金流量是否充足的指标； *判别利润质量的利器，特别推荐。 *所谓40%的理想值对于国内公司意味“高门槛”。但谨防经营现金 流的操纵。
c. 资产负债率的研究： *股市的平均水平（50%）； *大中型国有企业的平均水平（67%）； *从日韩企业的资产负债率水平谈资本市场和企业的融资结构问题； *资产负债评价的特殊性：与财务杠杆是否带来较高的股东回报有关。
T
一、功效系数法财务绩效考核方法 1. 指标体系 基本指标体系 修正指标体系（见《企业经理财务报表分析讲座》） 2. 权数设置 3. 点评：在指标的设定和权数的安排上都体现了以投资报酬率为核心，并反映影响该核心指标的其他
分解指标，这一点与杜邦比率分析体系的精神是 一致的。 运用《用友通宝财务报表分析专家系统》对一家企业的财务绩效进行评价。
如何分析财务报表
（2）负债质量的讨论（所谓“零营运资本”管理） （3）资产负债表的趋势分析 （4）资产负债表的结构分析 （5）资产负债表的比率分析
Analysis of financial statements
如何分析财务报表
a. 流动比率、速动比率在国内运用存在的问题： *信用水平的普遍低下； *可能被操纵。
中兴通讯股份有限公司2018年度财务报表分析报告
中兴通讯股份有限公司2018 年度财务报表分析报告1财务报表数据3.1.2 长期偿债能力分析 ....... (31)3.2营运能力分析 ......... (34)1.1资产负债表 .......... (1)3.2.1 流动资产周转分析 ....... .. (34)1.2利润表 ............... (4)3.2.2 固定资产周转分析 ....... .. (36)1.3现金流量表 .......... (5)3.2.3 总资产周转分析 ......... .. (37)1.4所有者权益变动表 ........................ (7)3.3盈利能力分析 ......... (37)2会计报表分析3.3.1 资产经营盈利能力分析 (37)2.1资产负债表分析 ....... . (8)3.3.2 资本经营盈利能力分析 (38)2.1.1 水平趋势分析 .......... .. (8)3.3.3 商品经营盈利能力分析 (40)2.1.2 垂直结构分析 .......... .. (14)3.3.4 盈利质量分析 ........... ......462.2利润表分析 .......... (18)3.4发展能力分析 ......... (47)2.2.1 水平趋势分析 .......... (18)3.4.1 资产资本成长分析 ....... .. (47)2.2.2 垂直结构分析 .......... .. (21)3.4.2 营业收益成长分析 ....... .. (48)2.3现金流量表分析 ....... (24)3.4.3 每股净资产分析 ......... .. (49)2.3.1 水平趋势分析 .......... .. (24)4杜邦分析2.3.2 垂直结构分析 .......... .. (26)4.1 杜邦分析表 ........... (50)2.4所有者权益变动表分析 . (27)4.2 杜邦分析图 ........... (50)2.4.1 水平趋势分析 .......... .. (27)5数据来源及计算说明2.4.2 垂直结构分析 .......... .. (28)5.1 数据来源 .............. .. 523财务指标分析5.2计算说明 .............. .. 523.1偿债能力分析 ......... .. (29)3.1.1 短期偿债能力分析 ...... .. (29)1.1 资产负债表表格 1 2016-2018 年度资产负债表中兴通讯股份有限公司，简称中兴通讯，所属的行业是通信传输设备，公司总部位于广东省。
财务报表分析英文课件70页PPT文档
Primary Types of Financial Statements
Balance Sheet
A summary of a firm’s financial position on a given date that shows total assets = total liabilities + owners’ equity.
Prepaid Exp d
5 c. Amounts owed by
Accum Tax Prepay
10 customers.
Current Assetse $1,195 d. Future expense items
Fixed Assets (Cost)f 1030
already paid.
Less: Acc. Depr. g
Shareholders -- Focus on the profitability and long-term health of the firm.
6-3
Examples of Internal Uses of Statement Analysis
Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities. Control -- Focus on return on investment for various assets and asset efficiency. Understand -- Focus on understanding how suppliers of funds analyze the firm.
台湾大学财务廖咸兴-Project Analysis Training
Operating cash flow
Net Cash Flow
- 5,400
Years 1 - 12
16,000 13,000
2,000 450 550 220 330 780 780
NPV= $478
8- 7
Sensitivity Analysis
Example - continued
Possible Outcomes
NPV = -900 + 4.355(3.5xPlanes Sold - 12.5)
8- 13
Break Even Analysis
Answer Solving for “Planes Sold”
0 = -900 + 4.355 (3.5xPlanes Sold - 12.5)
Planes Sold = 63
DOL = % change in profits % change in sales
8- 15
Operating Leverage
Example - A company has sales outcomes that range from $16mil to $19 mil, Depending on the economy. The same conditions can produce profits in the range from $550,000 to $1,112,000. What is the DOL?
8- 11
Break Even Analysis
Year 0 Years 1 - 6
Investment
$900
Sales
15.5xPlanes Sold
Var. Cost
财务报表分析(PPT 57页)
内部增长率 ROA b 1 ROA b
ROA：资产收益率； b：留存比率。
2-52 可持续增长率
• 可持续增长率是指在使用内部资金和外部债务资 金且保持债务比率不变的情况下企业可以达到的 最大增长率。
可持续增长率 ROE b 1 ROE b
• 全球化和国际竞争导致会计规则的差异使得跨 国比较更加困难。
• 企业可以可取不同的会计处理方法，选择不同 的时间作为财年结束日期，使会计报表很难比 较。另外，一些企业出现非正常或暂时性事件， 可能影响企业业绩。
2-44 2.6 外部融资与增长
• 投资于新资产 —由资本预算决策决定 • 财务杠杆比率— 由资本结构决策决定 • 股东分红比率— 由股利政策决定 • 流动性需求 — 由净营运资本决策决定
2-0
Chapter Two
财务报表分析Corporate Finance Ross • Westerfield • Jaffe
2 8th Edition
8th Edition
2-1 本章要点
• 掌握三张财务报表的内容 • 掌握财务报表的比率分析 • 掌握杜邦分析法 • 理解长期财务计划 • 理解外部融资与企业增长
2-45 财务计划要素
• 销售收入预测
• 预计的财务报表
• 资产需求
• 融资需求 • 调节变量
※ 参阅P47 一个简单的财务计划模型
2-46 销售百分比方法
• 财务报表中一些项目直接与销售收入挂钩， 其他项目与销售收入不直接相关。
• 利润表 – 成本随销售收入变化而变化； – 折旧和利息成本与销售收入不直接相关； – 股利发放与销售收入不直接相关。