第二章财务报表、税和现金流量综述.ppt

* * * * 美国联合公司财务现金流量 企业现金流量 经营性现金流量 238 (息税前利润 加折旧减税） 资本性支出 －173 (取得的固定资产 减出售的资产资产) 净营运资本的增加 －23 合计 42 企业流向投资者的现金流量 负债 36 (利息加到期本金 减长期债务融资） 权益 6 (股利加股票回购 减新增权益融资） 合计 42 对股东的现金流量 股利 43 股票回购 6 流向股东的现金 49 来自新股发行的现金 －43 合计 6 美国联合公司财务现金流量 企业现金流量 经营性现金流量 238 (息税前利润 加折旧减税） 资本性支出 －173 (取得的固定资产 减出售的资产资产) 净营运资本的增加 －23 合计 42 企业流向投资者的现金流量 负债 36 (利息加到期本金 减长期债务融资） 权益 6 (股利加股票回购 减新增权益融资） 合计 42 企业资产所产生的现金流量与流向债权人和股东的现金流量应当相等。 快速测试 账面价值与市场价值的区别是什么？我们在决策时应使用哪一个价值概念？ 会计利润与现金流量的区别是什么？财务决策时需要考虑的是会计利润还是现金流量？ 平均税率与边际税率的区别是什么？财务决策时我们应使用平均税率还是边际税率？ 怎么计算公司的现金流量总额？计算等式是什么？到哪里可以寻找到所需的信息呢？ * * * * This slide contains hyperlinks to the Wall Street Journal, the NYSE, NASDAQ, the publisher (McGraw), and the SEC. * Note that Slides 4 through 7 from Chapter 1 could be reused here to emphasize the general structure of the balance sheet. The left-hand side of the balance sheet lists the assets of the firm. Current assets are listed first because they are the most liquid. Fixed assets can include both tangible and intangible assets, and they are listed at the bottom because they generally are not very liquid. These are a direct result of management’s investment decisions. (Please emphasize that “investment decisions” are not limited to investments in financial assets.) Note that the balance sheet does not list some very valuable assets, such as the people who work for the firm.The liabilities and equity (or ownership) components of the firm are listed on the right-hand side. This indicates how the assets are paid for. Since the balance sheet has to balance, total equity = total assets – total liabilities. The portion of equity that can most easily fluctuate to create this balance is retained earnings. The right-hand side of the balance sheet is a direct result of management’s financing decisions. Remember tha