[经济学]第VII章 现金流量表分析.pptVIP

第VII章：现金流量表分析 学时：4.5学时（讲课3学时，实验1.5学时） 第一节：现金流量表概述 第二节：现金流量结构分析 第三节：现金流量变动趋势分析 第四节：现金流量财务比率分析 本章讲授要点 本章要求掌握现金流量结构分析；掌握现金流量比率分析；熟悉现金流量变动趋势分析；了解现金流量表的内容及编制方法 重点和难点 现金流量结构分析 现金流量比率分析 现金流量变动趋势分析 第一节：现金流量表概述 一、现金流量表编制原理和内容 二、现金流量与利润 三、现金流量分析评价的意义 一、现金流量表编制原理和内容 1. Concept: An accounting statement reflecting changes in cash flows “Cash”: cash and cash equivalents, including cash on hand, cash on deposit, and investment in short term highly liquid investmentsP286 Cash flow: cash inflow, cash outflow, and net cash flow 2. Format: Operating cash flow Investment cash flow Financing cash flow Cash inflow Cash outflow Net cash flow=cash inflow – cash outflow 3. Preparation of the cash flow statement: The operating activities section can be presented using the direct method and the indirect method P287 The direct method: It shows the operating cash receipts and payments The indirect method: adjusts NI for items that affect NI but not cash. It focuses on the differences between income and cash flow from operating activities If direct method is used, then net income must be reconciled to net cash flows from operating activities in a separate schedule If indirect method is used, then interest paid and income taxes paid must be disclosed Transactions that have no direct present effect but future effects on cash flows: acquiring land in exchange for common stock, the conversion of long-term bonds into common stock Disclosed in a separate schedule 中美现金流量分类上的不同 二、现金流量与利润 1.两者的一致性 2.两者的不一致性 Net cash provided by operating activities=Income before taxes＋……-…… Affecting profit but not cash(depreciation) Increase or decrease in operating items Investing activities 三、现金流量分析评价的意义 Cash is considered to be the lifeblood of the firm P285 Analysis and evaluation of cash flow can determine: 1. liquidity and debt paying ability 2. Earnings quality 3. Cash generating ability 4. Dividend paying ability 现金流量表的不足 1. 人为操纵 中牧股份2003年度实现净利润2296万元，经营活动产生的现金流量净额35206万元，后者是前者的14.33倍 然而，年末公司各项