[经济学]兹维博迪金融学第二版课件Chapter03.ppt

Chapter 3:  Managing Financial Health and Performance Chapter 3 Contents 3.1 Functions of Financial Statements 3.2 Review of Financial Statement 3.3 Market values v. Book Values 3.4 Accounting v. Economic Measures of Income 3.5 Return on Shareholders v. Return on Book Equity 3.6 Analysis Using Financial Ratios 3.7 The Financial Planning Process 3.8 Constructing a Financial Planning Model 3.9 Growth the Need for External Financing 3.10 Working Capital Mgmt. 3.11 Liquidity Cash Mgmt. 3.1 Functions of Financial Statements Financial Statements: Provide information to the owners creditors of a firm about the current status and past performance Provide a convenient way for owners creditors to set performance targets to impose restrictions of the managers of the firm Provide a convenient templates for financial planning 3.2 Review of Financial Statements Balance Sheets Income Statements Cash-Flow Statements The Balance Sheet Summarizes a firms assets, liabilities, and owner’s equity at a moment in time Amounts measured at historical values and historical exchange rates Prepared according to GAAP, Generally Accepted Accounting Principles GAAP modified occasionally by the Financial Accounting Standards Board Exchange-listed companies must comply with Securities and Exchange Commission (SEC) rules The Balance Sheet Major Divisions: Assets Current assets (less than a year) Long-term assets (longer than a year Depreciation Liabilities and Stockholder’s Equity Liabilities Current Liabilities Long-term debt Equity GPC Balance Sheet on December 31 The Income Statement Summarizes the profitability of a company during a time period Major Divisions: Revenue cost of goods sold Gross margin General administrative and selling expenses (GSA) Operating income Debt service Taxable income Corporate Taxes Net income The Income Statement Important Reminders: Retained earnings are not added to the cash balance in the balance sheet, but are added to shareholder’s equity Accou