财务管理课件chap002.ppt

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财务管理课件chap002.ppt

McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Financial Statements, Taxes, and Cash Flow Chapter 2 煮钢晦烷序续忿量锥放捡砧敛舆谰肮狗已典求希珠甄炼啃焕向矮帐氮围拘财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 1 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Key Concepts and Skills nKnow the difference between book value and market value nKnow the difference between accounting income and cash flow nKnow the difference between average and marginal tax rates nKnow how to determine a firms cash flow from its financial statements 言所霄坊煽燃影朽芜货贬履硅柒窍翠仕云参绿肌送哄搁人僵咸炉尘挞轿睡财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 2 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Outline nThe Balance Sheet nThe Income Statement nTaxes nCash Flow 阁仁谷然疙扦剥葱烹抄叮沾卒兼鲜碉家耗撮懦薛欲由定复略乐氨杖挛大拈财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 3 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin The Balance Sheet nThe balance sheet is a snapshot of the firms assets and liabilities at a given point in time nAssets are listed in order of liquidity nEase of conversion to cash nWithout significant loss of value nBalance Sheet Identity nAssets = Liabilities + Stockholders Equity 绥臀湾篱后吉迭秸榷胖肿梨抹玲讥锄偏画踢就锈挥乎秉初殷进蝎箭州讳恋财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 4 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Figure 2.1 狭牛顺样应魏霍泌碧侨兜熔及绣蹄法恭枉劲霍缠缀兑猩牧蕊担弊网桃楷贡财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 5 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin US Corporation Balance Sheet Table 2.1 裔岸嫡海封痉妇玛灸嘎绰斩鞍飞肩镍隧劳淖基持噬熟救螟盯贼逞挽庚匡蜕财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 6 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Market vs. Book Value nThe balance sheet provides the book value of the assets, liabilities and equity. nMarket value is the price at which the assets, liabilities or equity can actually be bought or sold. nMarket value and book value are often very different. Why? nWhich is more important to the decision-making process? 肥魄狱魂澈阂萄频戌漳俏膘亡豌窘聘讯沟国判逝攒仍卸哈盾勇雁犁数怪离财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 7 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Klingon Corporation KLINGON CORPORATION Balance Sheets Market Value versus Book Value BookMarke t BookMarke t AssetsLiabilities and Shareholders Equity NWC$ 400 $ 600 LTD$ 500 $ 500 NFA 700 1,000 SE6001,100 1,1001,6001,1001,600 獭宋宦烛故坛破烦逞媚跌疚恳行挥酣赚在依镇凹朗赊怠仆渝长赎纱宠仆轻财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 8 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Income Statement nThe income statement is more like a video of the firms operations for a specified period of time. nYou generally report revenues first and then deduct any expenses for the period nMatching principle GAAP say to show revenue when it accrues and match the expenses required to generate the revenue 份甘弥介瀑攫镍义侩枕捎柞颅洲共荚啼糊菱宁惮断隧轰矫跨抨陛使致柔排财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 9 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Table 2.2 豁奠黍会葫搜课恨腋简兄傍僳急捅渴情格怂蔽测秘骋罕捉昧窟卿谐单努知财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 10 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Work the Web Example nPublicly traded companies must file regular reports with the Securities and Exchange Commission nThese reports are usually filed electronically and can be searched at the SEC public site called EDGAR nClick on the web surfer, pick a company and see what you can find! 冰系少哗茄子柱肢充箍左皱侯柒暑蘑审嚣衬甥腹癸匈神讽畔难吉抓诸必犁财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 11 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Taxes nThe one thing we can rely on with taxes is that they are always changing nMarginal vs. average tax rates nMarginal the percentage paid on the next dollar earned nAverage the tax bill / taxable income nOther taxes 品遮磺秩割汐橙询井非衰谗肺蔽健怔湍彬禽幼涧抵姨膳军饲赵佬贰漓疚炒财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 12 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: Marginal Vs. Average Rates nSuppose your firm earns $4 million in taxable income. nWhat is the firms tax liability? nWhat is the average tax rate? nWhat is the marginal tax rate? nIf you are considering a project that will increase the firms taxable income by $1 million, what tax rate should you use in your analysis? 羽俱奎其官槽韵辨艳戳家俺忠素供格佐摔厨捌利读藐柔粥帚炬勇驯宛稽茂财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 13 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin The Concept of Cash Flow nCash flow is one of the most important pieces of information that a financial manager can derive from financial statements nThe statement of cash flows does not provide us with the same information that we are looking at here nWe will look at how cash is generated from utilizing assets and how it is paid to those that finance the purchase of the assets 看甥孝肾射樟距滩轧稍笛梅笨个钒词谩只递御堡厕杏庄略占靳膀糖晕墟掏财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 14 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Cash Flow From Assets nCash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to Stockholders nCash Flow From Assets = Operating Cash Flow Net Capital Spending Changes in NWC 任颐淌被粹莫令姥渐凛鬼丛砖其推导截部售拢霓份厉吏啄甸户龟靠沮涌沏财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 15 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: US Corporation nOCF (I/S) = EBIT + depreciation taxes = $547 nNCS ( B/S and I/S) = ending net fixed assets beginning net fixed assets + depreciation = $130 nChanges in NWC (B/S) = ending NWC beginning NWC = $330 nCFFA = 547 130 330 = $87 nCF to Creditors (B/S and I/S) = interest paid net new borrowing = $24 nCF to Stockholders (B/S and I/S) = dividends paid net new equity raised = $63 nCFFA = 24 + 63 = $87 频务溪彦侨底商胆诉涂郝肮焦樟吼当赐吵嫡呆魄厄赞钓芳源嵌链感难断络财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 16 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Table 2.5 稽冒盔宅起务樊结搐蝶曾球彬踪辟挺杖曲俘藕眷淑伦哀额楷拘蚜口笛战雏财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 17 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: Balance Sheet and Income Statement Information nCurrent Accounts n2001: CA = 4500; CL = 1300 n2002: CA = 2000; CL = 1700 nFixed Assets and Depreciation n2001: NFA = 3000; 2002: NFA = 4000 nDepreciation expense = 300 nLT Liabilities and Equity n2001: LTD = 2200; Common Equity = 500; RE = 500 n2002: LTD = 2800; Common Equity = 750; RE = 750 nIncome Statement Information nEBIT = 2700; Interest Expense = 200; Taxes = 1000; Dividends = 1250 粹蚤婆沫捏痊伙浪姻露港淌欠浦选溅题砷矢年脊韧愉舱羔胜佯挝姿房漾幌财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 18 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: Cash Flows nOCF = 2700 + 300 1000 = 2000 nNCS = 4000 3000 + 300 = 1300 nChanges in NWC = (2000 1700) (1500 1300) = 100 nCFFA = 2000 1300 100 = 600 nCF to Creditors = 200 (2800 2200) = -400 nCF to Stockholders = 1250 (750 500) = 1000 nCFFA = -400 + 1000 = 600 nThe CF identity holds. 耪孔奋腺酷赠岸膨丁警郊阁寨喜膊致肢绽嘉咀驭莎皂苗站俄黔蹈窖桑奄糯财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 19 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Quick Quiz nWhat is the difference between book value and market value? Which should we use for decision making purposes? nWhat is the difference between accounting income and cash flow? Which do we need to use when making decisions? nWhat is the difference between average and marginal tax rates? Which should we use when making financial decisions? nHow do we determine a firms cash flows? What are the equations and where do we find the information? 椭拄即裴砷杭失汁摔圭杯物粥阻牙徒纳缆沿洛瓮奉玉呛蒲巾倦顿檄咱告呀财务管理课件 c h a p 0 0 2 财务管理课件 c h a p 0 0 2 20

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