Chap019财务报表分析.ppt

INVESTMENTS | BODIE, KANE, MARCUS INVESTMENTS | BODIE, KANE, MARCUS Copyright ? 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 19 Financial Statement Analysis 财务报表分析 * 19-* Financial statement analysis can be used to discover mispriced securities. 可以被用于发现被错误定价的证券 Financial accounting data are widely available, but Accounting earnings and economic earnings are not always the same thing! 重要：会计盈利和经济盈利不总是一样的 Financial Statement Analysis财务报表分析 * 19-* Income Statement: 损益表 Profitability over time Balance Sheet: 平衡表 Financial condition at a point in time Statement of Cash Flows: 现金流量表 Tracks the cash implications of transactions. Financial Statements财务报表 * 19-* Table 19.1 Consolidated Statement of Income for Hewlett-Packard, 2009惠普公司的合并损益表 * 19-* Table 19.2 Consolidated Balance Sheet for Hewlett-Packard, 2009惠普公司的合并资产负债表 * 19-* Table 19.3 Statement of Cash Flows for Hewlett-Packard, 2009惠普公司的合并现金流量表 * 19-* Accounting Versus Economic Earnings会计利润和经济利润 Economic earnings经济利润 Sustainable cash flow that can be paid to stockholders without impairing productive capacity of the firm 投资者得到的现金流，不伤害公司的持续发展，或者是真实利润 Accounting earnings会计利润 Affected by conventions regarding the valuation of assets，会计报表反映出来的经济利润，受到各类计价方式和其他因素的影响 * 19-* Profitability Measures盈利能力度量 ROE measures profitability for contributors of equity capital. After-tax profit/book value of equity ROA measures profitability for all contributors of capital. EBIT/total assets 净资产收益率ROE，资本收益率ROA 息税前利润EBIT（Interest rate, Tax) * 19-* Past vs. Future ROE历史与未来 ROE is a key determinant of earnings growth.净资产收益是收益增长的重要指标 Past profitability does not guarantee future profitability.过去不等于未来 Security values are based on future profits. Expectations of future dividends determine today’s stock value. 证券价值由未来盈利决定 * 19-* Financial Leverage and ROE财务杠杆与ROE ROE can differ from ROA because of leverage.财务杠杆导致两者不同 Leverage makes ROE more volatile.财务杠杆可以使得ROE不稳定 Let t=tax rate and r=interest rate, the