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) 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,ROE and Operating Margin CAPM Model SML(1) CAPM Capital Asset Pricing Model SML The Security Market Line SML Equation Required return On Stock I= Risk-free rate + (Market risk premium)(Stock’s beta) OR Ki=KRF+(KM-KRF)bi Note: KM,required rate of return on a portfolio consisting of all st