Financial Statements and Cash Flow财务报表与现金流Chapter 2 第二章2-1Key Concepts and Skills 关键概念和技能Understand the information provided by financial statements熟悉财务报表提供的信息Differentiate between book and market values区分账面价值和市场价值Know the difference between average and marginal tax rates熟悉平均税率和边际税率的区别Know the difference between accounting income and cash flow熟悉会计收入和现金流的区别Calculate a firms cash flow计算企业的现金流2015-10-13Example： 问题：这些住宅建筑商的股东是否会因为公司核销损失几亿美元呢？2-2Chapter Outline 本章内容2.1 The Balance Sheet 资产负债表2.2 The Income Statement 利润表2.3 Taxes 税收2.4 Net Working Capital 净营运资本2.5 Financial Cash Flow 财务现金流2.6 The Accounting Statement of Cash Flows会计现金流量表2.7 Cash Flow Management 现金流管理2-3Sources of Information 财务信息来源Annual reports 公司年报Wall Street Journal 华尔街日报Internet 互联网NYSE () 纽约证券交易所NASDAQ () 纳斯达克交易所Textbook () 教科书SEC 美国证券交易委员会中国证券报中国证监会门户网站的财经频道2-42.1 The Balance Sheet 资产负债表An accountants snapshot of the firms accountingvalue at a specific point in time在某一特定时点，企业会计价值的一个快照The Balance Sheet Identity is:资产负债表恒等式：Assets Liabilities + Stockholders Equity资产负债+股东权益2-5U.S. Composite Corporation Balance Sheet2010200920102009Current assets:Current Liabilities:Cash and equivalentsAccounts receivableInventoriesOther$14029426958$10727028050Accounts payableNotes payableAccrued expensesTotal current liabilities$21350223$486$19753205$455Total current assets$761$707Long-term liabilities:Fixed assets:Deferred taxes$117$104Property, plant, and equipmentLess accumulated depreciation$1,423(550)$1,274(460)Long-term debtTotal long-term liabilities471$588458$562Net property, plant, and equipment873814Intangible assets and other245221Stockholders equity:Total fixed assets$1,118$1,035Preferred stock$39$39Common stock ($1 par value)Capital surplusAccumulated retained earningsLess treasury stockTotal equity55347390(26)$80532327347(20)$725Total assets$1,879$1,742Total liabilities and stockholders equity $1,879$1,7422-6美国联合公司资产负债表（百万）2010200920102009流动资产流动负债现金和视同现金应收账款库存资产其他$14029426958$10727028050应付账款应付票据应计费用流动负债合计$21350223$486$19753205$455流动资产合计$761$707长期负债:固定资产递延税金$117$104财产、厂房和设备累计折旧$1,423(550)$1,274(460)长期债务长期负债合计471$588458$562净财产、厂房和设备873814无形资产和其他245221股东权益:固定资产合计$1,118$1,035优先股$39$39普通股($1 面值）资本盈余（股本溢价）累计收益库存股票权益合计55347390(26)$80532327347(20)$725总资产$1,879$1,742负债和股东权益合计$1,879$1,7422-7Balance Sheet Analysis资产负债表分析When analyzing a balance sheet, the FinanceManager should be aware of three concerns:在分析资产负债表时，财务经理应该意识到以下三个关注点：1.2.3.Liquidity 流动性Debt versus equity 负债与权益Value versus cost 市价和成本Liquidity流动性Refers to the ease and quickness with which assets can be convertedto cashwithout a significant loss in value指在不引起价值大幅损失的情况下，资产变现的方便与快捷程度。流动资产一般指一年之内能够转化为现金的资产Current assets are the most liquid. 现金流动性最强Some fixed assets are intangible. 一些固定资产是无形的，如商标、专利The more liquid a firms assets, the less likely the firm is toexperience problems meeting short-term obligations.公司资产流动性越强，则短期偿债能力越强，其面临财务困境的可能性越小。Liquid assets frequently have lower rates of return than fixed assets.流动性资产的收益率一般低于固定资产。2-82-9Debt versus Equity 负债与权益负债是在规定的期限内偿付本金和利息的责任Creditors generally receive the first claim on thefirms cash flow.债权人一般对公司现金流拥有第一索要权。Shareholders equity is the residual differencebetween assets and liabilities.股东权益是资产减去负债的剩余。2-10Value versus Cost 市值和成本Under Generally Accepted Accounting Principles (GAAP),audited financial statements of firms in the U.S. carry assetsat cost.在美国公认会计准则（GAAP）下，美国经审计的公司财务报表对资产应按成本计价。Market value is the price at which the assets, liabilities, andequity could actually be bought or sold, which is a completelydifferent concept from historical cost.市值是资产、负债和权益可以被实际交易的价格，这同历史成本完全不同。许多财务报表的使用者，包括投资者和管理者，关心的是公司的市值。但这在资产负债表上是无法满足的。2-11Value versus Cost 市值和成本例2-1 市场价值与账面价值可尼公司固定资产的账面价值是700美元，市场评估价值约1000美元，净营运资本的账面价值是400美元，但如果所有的流动性账目被清算，可以得到约600美元。长期负债的账面价值和市场价值都是500美元。可尼公司所有者权益的账时价值是多少?其市场价值又是多少呢?2-11Value versus Cost 市值和成本例2-12.2 The Income Statement 利润表如果说资产负债表是快照，那么利润表就像是一段录像，记录了公司在两张快照之间做了些什么。Measures financial performance over a specificperiod of time衡量企业在某一特定时期内的业绩The accounting definition of income is:利润的会计定义为：Revenue Expenses Income收入 费用 利润2-122-13U.S.C.C. Income Statement联合公司利润表Total operating revenuesCost of goods soldSelling, general, and administrative expensesDepreciationOperating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxesCurrent: $71Deferred: $13Net incomeAddition to retained earningsDividends:The operationssection of the incomestatement reports thefirms revenues andexpenses fromprincipal operations.$2,2621,65532790$19029$21949$17084$86$43$432-14美国联合公司利润表总销售收入产品销售成本销售费用、一般费用及管理费用折旧营业利润其它利润息税前利润（）利息费用税前利润所得税当期: $71递延: $13净利润留存收益股利:利润表的经营活动部分反应公司的来自主营业务的收入和支出。息税前利润（）是一个重要指标$2,2621,65532790$19029$21949$17084$86$43$432-15Total operating revenuesCost of goods soldSelling, general, and administrative expensesDepreciationOperating incomeOther incomeEarnings before interest and taxesInterest expensePretax incomeTaxesCurrent: $71Deferred: $13Net incomeAddition to retained earnings:Dividends:$2,2621,65532790