财务管理基础（第6版）理查德·A·布雷利-chap003.pptVIP

6 8 10 11 12 13 14 15 18 19 20 23 24 26 3- * 3- * McGraw Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved Fundamentals of Corporate Finance Sixth Edition Richard A. Brealey Stewart C. Myers Alan J. Marcus Slides by Matthew Will Chapter 3 McGraw Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved Accounting and Finance Topics Covered The Balance Sheet The Income Statement The Statement of Cash Flows Accounting Practice Malpractice Taxes The Balance Sheet Definition Financial statement that show the value of the firm’s assets and liabilities at a particular point in time (from an accounting perspective). Balance Sheet PepsiCo Balance Sheet (December 31, 2006) $Millions The Balance Sheet The Main Balance Sheet Items Current Assets Cash Securities Receivables Inventories + Fixed Assets Tangible Assets Intangible Assets Current Liabilities Payables Short-term Debt + Long-term Liabilities + Shareholders’ Equity = The Balance Sheet Common-Size Balance Sheet All items in the balance sheet are expressed as a percentage of total assets. Common Size Balance Sheet Market Value vs. Book Value Book Values are determined by GAAP Market Values are determined by current values Generally Accepted Accounting Principles (GAAP) Procedures for preparing financial statements. Equity and Asset “Market Values” are usually higher than their “Book Values” Market Value vs. Book Value Example According to GAAP, your firm has equity worth $6 billion, debt worth $4 billion, assets worth $10 billion. The market values your firm’s 100 million shares at $75 per share and the debt at $4 billion. Q: What is the market value of your assets? A: Since (Assets=Liabilities + Equity), your assets must have a market value of $11.5 billion. Market Value vs. Book Value Example (continued) Book Value Balance Sheet Assets = $10 bil Debt = $4 bil Equity = $6 bil Market Value Balance Sheet Assets = $11.5 bil