财务管理现金流量与财务分析.pptVIP

Chapter 3Cash Flows and Financial Analysis(現金流量與財務分析)第一页，共二十九页。 A Financial Information (財務資訊) (p.57)Financial information is the responsibility of managementCreated by within-firm accountants (由公司內的會計師編製) and reviewed by auditors(公司外的稽查員來檢閱)Creates a conflict of interest because management wants to portray firm in a positive lightPublished to a variety of audiences第二页，共二十九页。 A-1 Users of Financial InformationInvestors and Financial AnalystsMajor part of analyst’s job is to make a careful study of recent financial statementsVendors/CreditorsUse financial information to determine if the firm is expected to make good on loansManagementpinpoint strengths and weaknesses in operations第三页，共二十九页。 A-2 Sources of Financial Information (財務資訊的來源)p.59Annual Report (主要的資訊來源) Required of all publicly traded firmsTend to portray firm in a positive light, so tend to biased in favor of management’s performanceBrokerage firms and investment advisory services provide reports on most large firms.Example: Value Line (價值線), Moody’s, SP第四页，共二十九页。 A-3 The Orientation of Financial Analysis (財務分析的導向)p.62Accounting is concerned with financial statementsFinance is concerned with using the data contained within financial statements to make decisions (使用財報上的資料去作決策)第五页，共二十九页。 B The Statement of Cash Flows (p.63)Constructed from the Balance Sheet and Income Statement需要2個連續年度的資產負債表及當年的損益表來形成現金流量表編表的方式有2種依據3個不同的活動(operating, investing, and financing activities)依據現金的來源與使用第六页，共二十九页。 B-2 Business Cash Flows (p.66)Cash Flows RulesAsset increase ? use of cashAsset decrease ? source of cashLiability increase ? source of cashLiability decrease ? use of cash第七页，共二十九页。 B-3 Constructing the Statement of Cash Flows (Example:p.69)-1第八页，共二十九页。 B-3 Constructing the Statement of Cash Flows (Example:p.69)-1Also assume firm paid a $500 dividend and sold stock for $800 during the year.第九页，共二十九页。 B-3 Constructing the Statement of Cash Flows (Example:p.69)-2While the firm was profitable, it still had to borrow money an