财务报表分析与证券估值全套配套课件英文PPT中文PPT案例教学建议Chap002.ppt 25页

CHAPTERTWOMcGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved. Chapter22-2 WhatYouWillLearnFromThisChapterThebroadpictureofthefirmthatispaintedbythefinancialstatementsThecomponentpartsofeachfinancialstatementHowthefinancialstatementsfittogether(or“articulate”)TheaccountingrelationsthatgovernthefinancialstatementsThestocksandflowequationthatdictateshowshareholders’equityisupdatedTheconceptofcomprehensiveincomeTheaccountingprinciplesthatdictatehowthebalancesheetismeasuredHowprice-to-bookratiosareaffectedbyaccountingprinciplesTheaccountingprinciplesthatdictatehowearningsaremeasuredHowprice-earningsratiosareaffectedbyaccountingprinciplesThedifferencebetweenmarketvalueaddedandearningsWhyfundamentalanalystswantaccountantstoenforcethereliabilitycriterionHowfinancialstatementsanchorinvestors2-3 TheBigPictureforThisChapterThefinancialstatementsarethelensonthebusiness.Theydrawapictureintwoways:1.Thewaythatthecomponentpartsofthestatementsfittogethersketchesoutthepicture2.ThenumbersreportedwithineachcomponentfillsoutthesketchAccountingequationsdescribehowthecomponentsfittogether2-4 TheFourFinancialStatementsBalanceSheetIncomeStatementCashFlowStatementStatementofShareholders’Equity2-5 TheBalanceSheet:Nike,Inc.,20102-6 HowBalanceSheetComponentsFitTogetherAssets=Liabilities+Shareholders’EquityOr:Shareholders’Equity=Assets–LiabilitiesCompareto:ValueofEquity=ValueofFirm–ValueofDebt2-7 TheIncomeStatement:Nike,Inc.,20102-8 TheComponentsoftheIncomeStatementNetRevenue–CostofGoodsSold=GrossMarginGrossMargin–OperatingExpenses=OperatingIncomeOperatingIncome–InterestExpense+InterestIncome=IncomebeforeTaxesIncomebeforeTaxes–IncomeTaxes=IncomeafterTaxesandbeforeExtraordinaryItemsIncomebeforeExtraordinaryItems+ExtraordinaryItems=NetIncomeNetIncome–PreferredDividends=NetIncomeAvailabletoCommonOperatingincomeissometimescalledearningsbeforeinterestandtaxes(ebit)2-9 TheCashFlowStatement:Nike,Inc.,20102-10 TheComponentsoftheCashFlowStatementChangeinCash=CashfromOperations+CashfromInvesting+CashfromFinancing2-11 TheStatementofShareholders’Equity:Nike,Inc.,20102-12 TheComponentsoftheEquityStatementEndingequity=Beginningequity+Total(comprehensive)income–NetpayouttoshareholdersComprehensiveincome=Netincome+OthercomprehensiveincomeNetpayouttoshareholders=Dividends+Sharerepurchases–ShareissuesTheStocksandFlowEquation:2-13 TheArticulationoftheFinancialStatements:HowTheyFitTogetherInvestmentanddisinvestmentbyownersNetincomeandothercomprehensiveincomeNetchangeinowners’equityStatementofShareholders’EquityRevenuesNetincomeIncomeStatementCashfromoperationsCashfrominvestingCashfromfinancingNetchangeincashCashFlowStatementCash-LiabilitiesTotalAssetsOwners’equityBeginningBalanceSheet+OtherAssets-LiabilitiesCashTotalAssetsOwners’equityEndingBalanceSheetBeginningstocksFlowsEndingstocksOtherAssets+Expenses2-14 ASummaryoftheAccountingRelations2-15 AccountingforaSavingsAccountAmountinvested:$100Earningsrate:5%2-16 IntrinsicValueandBookValueIntrinsicPremium:IntrinsicValueofEquity–BookValueofEquityMarketPremium:MarketValueofEquity–BookValueofEquityIntrinsicPrice-to-BookRatio:Price-to-BookRatio:2-17 PercentilesofP/BRatiosforU.S.Firms,1963-20102-18 MeasurementintheBalanceSheetHistoricalCostAccountingFairValueAccountingBox2.3intextexplainshoweachitemofassetsandliabilitiesismeasured.2-19 MeasuringValueAddedValueadded=EndingValue–BeginningValue+DividendStockReturn=(ThestockreturnissometimesreferredtoasMarketValueAdded)Accountingvalueadded=Endingbookvalue–Beginningbookvalue+Netpayout=Comprehensiveearnings2-20 PrinciplesofEarningsMeasurementRecognizevalueaddedonlywhenyouhaveacustomerRevenuerecognitionprinciplesAddvaluewhenithasbeenearned(usuallywhenasaleismade).MatchingprincipleMatchexpensesagainstrevenueforwhichtheyareincurred.Accountingvalueadded(earnings)=Revenue–Expenses2-21 GoodMatching:ExamplesOnlycostsofgoodsoldarematchedtosalesrevenue,notthefullcostsofproducingorbuyinginventoryduringtheperiod.Thus,grossmargin(Revenue–Costofgoodsold)measuresvalueaddedfromtradingwithcustomers.Costsforgoodsnotsoldarereportedinthebalancesheet,asinventory,tobematchedwithrevenueinfutureperiodswhentheinventoryissold.Costsofbuyingplantarenotexpensedwhenincurred.Rather,thecostis“capitalized”onthebalancesheetanddepreciatedoveryearswhentheplantproducesrevenues.Depreciationisamethodofmatchingthecostofplanttotherevenuestheplantgenerates.Employeepensioncostsarerecordedasanexpenseintheperiodthatemployeesgeneraterevenues,notwhentheyarepaid(inretirement).2-22 BadMatching:ExamplesResearchanddevelopmentexpendituresareexpensedwhenincurred,ratherthanmatchedto(subsequent)revenuestheygenerate.Advertisingandpromotioncostsareexpensedwhenincurred,ratherthanmatchedto(subsequent)revenuestheygenerate.Estimatingusefullivesforplantassetsthataretoolong:Depreciationisunderstated.2-23 PercentilesofP/ERatiosforU.S.Firms,1963-20102-24 GuidingPrinciplesforRecognizingAccountingValueAddedTheFundamentalistCreedDon’tmixwhatyouknowwithspeculationTheAccountant’sRestatementoftheCreed(TheReliabilityCriterion)Accountingnumbersshouldbebasedonobjectiveevidence,freeofopinionandbiasGotoAccountingClinicI:BasicAccountingPrinciples2-25