Chapter 2amp;3 Financial Statements and Analysis (财务报表与财务分析).pdfVIP

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) 1) Annual Report (年報：主要的資訊來源):年報中 包括2種資訊 a) 公司總經理的公開信(letter to stockholders) b) 4種基本的財務報表(financial statements) 2) 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: 1. Accounting liquidity (會計的變現性) 2. Debt versus equity (債務v.s. 權益) 3. 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. • Share