新华信1-asdfedcvawse-会计报表跟财务管理.ppt

会计报表和财务管理 会计报表和财务管理 会计报表 资产负债表，损益表，现金流量表 常用会计指标 Du Pont Chart 流行财务模型介绍 EVA MVA; CAPM SML;Gorden Model 企业兼并 Why(Synergy),Which Types How(Example,Case Study) 会计报表和财务管理 会计报表 资产负债表，损益表，现金流量表 常用会计指标 Du Pont Chart 流行财务模型介绍 EVA MVA; CAPM SML;Gorden Model 企业兼并 Why(Synergy),Which Types How(Example,Case Study) 会计报表和财务管理 会计报表 资产负债表，损益表，现金流量表 常用会计指标 Du Pont Chart 流行财务模型介绍 EVA MVA; CAPM SML;Gorden Model 企业兼并 Why(Synergy),Which Types How(Example,Case Study) Balance Sheet: Assets Balance Sheet:Liabilities and Equity Income Statement(P/L Sheet) Statement of Cash Flow(1997) Statement of Cash Flows (1997) The Du Pont system focuses on: Expense control Asset utilization Debt utilization Du Pont Equations ROA=Profit margin*Total assets turnover ROE=ROA*Equity multiplier ROE=(Profit margin)(Total asset turnover)(Equity multiplier) =Net income/sales*sales/Total Assets*Total assets/Common equity The other key ratios P/E ratio = The market price of stock /EPS EPS = Earnings/The shares outstanding What is your idea? MVA EVA (1) MVA: Market Value Added The difference between the market value of equity and the amount of equity capital that investors supplied MVA=Market value of equity-Equity capital supplied by investors =(Shares outstanding)(Stock Price) -Total common equity MVA EVA (2) MVA Example MVA EVA (3) EVA: Economic Value Added Value added to shareholders by management during a given year To measure the effects of managerial actions EVA = After-tax operating profit - After-tax cost of total capital = EBIT (1-Corporate tax rate)- After-tax cost of total capital Total capital includes: Long-term debt,preferred stock, and common equity MVA EVA (4) EVA case study CSX Corporation in 1988, stock price $28 BU:Locomotive,containers,trailer,railcars EVA approach lost $70M Selling off, increasing volume Till 1993, stock price $82.5 MVA EVA (5) Security analysts: The stock prices track EVA far more closely than other factors such as EPS,R