财务报表与财务分析.pptVIP

Chapter 2 3 Financial Statements and Analysis (財務報表與財務分析) The Stockholders’ Report The guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles (GAAP)(用於準備與維持財務記錄及報告的指導方針是一般會計原則(GAPP)). Sources of Financial Information (財務資訊的來源) Annual Report (年報：主要的資訊來源):年報中包括2種資訊 公司總經理的公開信(letter to stockholders) 4種基本的財務報表(financial statements) 美國的證管會(SEC) 臺灣的金管會 2.1-2.2 The Balance Sheet Income Statement (資產負債表損益表) The income statement provides a financial summary of a company’s operating results during a specified period.(流量的觀念) The balance sheet presents a summary of a firm’s financial position at a given point in time.(存量的觀念) The Balance Sheet Identity is: Assets ≡ Liabilities + Stockholder’s Equity The accounting definition of income is: Revenue – Expenses ≡ Income Balance Sheet Analysis When analyzing a balance sheet, the Finance Manager should be aware of three concerns: Accounting liquidity (會計的變現性) Debt versus equity (債務 v.s. 權益) Value versus cost (價值 v.s. 成本) Accounting Liquidity(變現性/流動性) Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value (所謂變現性是指在沒有嚴重損失價值之下，可以容易且快速的將資產轉換成現金) Current assets are the most liquid. (流動資產最具變現性) Some fixed assets are intangible. (某些固定資產是無形資產) The more liquid a firm’s assets, the less likely the firm is to experience problems meeting short-term obligations. (企業的資產越具變現性，則企業越不可能經歷無法滿足短期債務的問題) Liquid assets frequently have lower rates of return than fixed assets. (變現性高的資產之報酬率會比固定資產者低) Debt versus Equity Creditors generally receive the first claim on the firm’s cash flow. Shareholder’s equity is the residual difference between assets and liabilities. The Income Statement The operations section (營運部分) of the income statement reports the firm’s revenues and expenses from principal operations. The non-operating section (非營運部分) of the income statement includes all financing costs, such as interest expense. Usually a sep