第二章 财务报表与现金流.ppt

(2) Cash Flow to Creditors/Shareholders NWC Cash Flow to Creditors Cash Flow to Stockholders ? Cash Flow to Creditors = Interests paid – Net new borrowing ? Cash Flow to Shareholders = Dividends paid – Net new equity raised Chapter 2 Financial Statements, Taxes, and Cash Flows Chapter Outline ? The Balance Sheet ? The Income Statement ? Taxes ? Cash Flow 1. The Balance Sheet - Figure 2.1 NWC LTD NFA SE NWC US Corporation Balance Sheet – Table 2.1 The Balance Sheet ? The balance sheet is a snapshot of the firms assets and liabilities at a given point in time ? Assets are listed in order of liquidity – Ease of conversion to cash – Without significant loss of value ? Balance Sheet Identity – Assets = Liabilities + Stockholders Equity 万科 2007 年年报 宁夏恒力钢丝绳股份有限公司 600165 2008 年报（流动资产） 流动资产排序 宁夏恒力钢丝绳股份有限公司 600165 2008 年报（固定资产） 固定资产排序 宁夏恒力钢丝绳股份有限公司 600165 2008 年报（流动负债） 流动负债排序 宁夏恒力钢丝绳股份有限公司 600165 2008 年报（长期负债） 长期负债排序 Market Vs. Book Value ? The balance sheet provides the book value of the assets, liabilities and equity. ? Market value is the price at which the assets, liabilities or equity can actually be bought or sold. ? Market value and book value are often very different. Why? ? Which is more important to the decision- making process? Example 2.2 Klingon Corporation KLINGON CORPORATION Balance Sheets Market Value versus Book Value Iterms Book Market Book Market Assets Liabilities and Shareholders Equity NWC $ 400 $ 600 LTD $ 500 $ 500 NFA 700 1,000 SE 600 1,100 1,100 1,600 1,100 1,600 Questions P25 ? Liquidity ? Financial leverage ? Accounting value and market value TCLs Financial Leverage ? 截至 08 年前 3 季 TCL 最新总资产 2,414,223.50 万元，负债 1,790,266.32 万元。 What happens? 资产运作 投资行为 盈利分配与融资 Income statement 2.The Income Statement ? The income statement is more like a video of the firms operations for a specified period of time. ? You generally report revenues first and then deduct any expenses for the period ? Matching principle – GAAP say to s