1、,Corporate Finance Ross Westerfield Jaffe,Sixth Edition,第二章 会计报表与现金流量,北京理工大学 管理与经济学院 肖淑芳 2004年2月,第2章 会计报表与现金流量,Chapter Outline 2.1 The Balance Sheet 2.2 The Income Statement 2.3 Net Working Capital 2.4 Financial Cash Flow 2.5 Summary and Conclusions,第2章 会计报表与现金流量,从公司理财角度来看会计报表:资产负债表 损益表现金流量表注意区别:帐面价
2、值和市场价值的不同会计收益和现金流量的不同 重点: 将会计报表数据转换为公司理财所需的现金流量。,第2章 会计报表与现金流量,2.1 资产负债表 （P17） 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资产负债表编制的基础：资产负债+所有者权益 资产构成取
3、决于的投资决策； 负债与所有者权益的构成取决于资本结构决策； 所有者权益是股东在企业清偿债务后的剩余权益。,The Balance-Sheet Model of the Firm,The Balance-Sheet Model of the Firm,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Shareholders Equity,Current Liabilities,Long-Term Debt,What long-term investments should the firm engage in?,The Capital B
4、udgeting Decision,The Balance-Sheet Model of the Firm,How can the firm raise the money for the required investments?,The Capital Structure Decision,Current Assets,Fixed Assets 1 Tangible 2 Intangible,Shareholders Equity,Current Liabilities,Long-Term Debt,The Balance-Sheet Model of the Firm,How much
5、short-term cash flow does a company need to pay its bills?,The Net Working Capital Investment Decision,Net Working Capital,Shareholders Equity,Current Liabilities,Long-Term Debt,Current Assets,Fixed Assets 1 Tangible 2 Intangible,The Balance Sheet of the U.S. Composite Corporation,Liabilities (Debt)
6、,Assets,20X2,20X1,and Stockholders Equity,20X2,20X1,Current assets:,Current Liabilities:,Cash and equivalents,$140,$107,Accounts payable,$213,$197,Accounts receivable,294,270,Notes payable,50,53,Inventories,269,280,Accrued expenses,223,205,Other,58,50,Total current liabilities,$486,$455,Total curren
7、t assets,$761,$707,Long-term liabilities:,Fixed assets:,Deferred taxes,$117,$104,Property, plant, and equipment,$1,423,$1,274,Long-term debt,471,458,Less accumulated depreciation,-550,-460,Total long-term liabilities,$588,$562,Net property, plant, and equipment,873,814,Intangible assets and other,24
8、5,221,Stockholders equity:,Total fixed assets,$1,118,$1,035,Preferred stock,$39,$39,Common stock ($1 per value),55,32,Capital surplus,347,327,Accumulated retained earnings,390,347,Less treasury stock,-26,-20,Total equity,$805,$725,Total assets,$1,879,$1,742,Total liabilities and stockholders equity,
9、$1,879,$1,742,The assets are listed in order by the length of time it normally would take a firm with ongoing operations to convert them into cash.Clearly, cash is much more liquid than property, plant and equipment.,Balance Sheet Analysis,When analyzing a balance sheet, the financial manager should
10、 be aware of three concerns: 会计流动性（Accounting liquidity） 负债与权益（Debt versus equity） 市价与成本（Value versus cost）,第2章 会计报表与现金流量,2.1.1 会计流动性(Accounting liquidity)（P17）会计流动性是指资产变现的速度及其难易程度。 衡量流动性的两个指标：转化为现金的难易程度其价值的损失程度 资产的流动性与盈利能力是反方向变化的。 企业避免财务困境与其资产的流动性有关。,第2章 会计报表与现金流量,2.1.2 负债与权益(Debt versus equity )（P
11、18）债权人是对企业现金流量的第一索取人； 权益所有人是企业现金流量的剩余所有人。股东权益资产-负债,第2章 会计报表与现金流量,2.1.3 市价与成本(Value versus cost)（P18）帐面价值（carrying value or book value-cost） 市场价值（market value） Managers job is to create a value for the firm that is higher than its cost. 大多数报表使用者所关心的是企业的市场价值而不是帐面价值（成本）。 资产负债表外的有价值资产：优秀管理水平、良好的经营条件等。,第
12、2章 会计报表与现金流量,Market Vs. Book ValueThe balance sheet provides the book value of the assets, liabilities and equity.（GAAP in USA and SSAPs-Statements of Standard Accounting Practice in UK） Market value is the price at which the assets, liabilities or equity can actually be bought or sold. Market value
13、 and book value are often very different. Why? Which is more important to the decision-making process?,第2章 会计报表与现金流量,2.2 The Income Statement,The income statement is more like a video of the firms operations for a specified period of time. It measures performance over a specific period of time.The a
14、ccounting definition of income is,2.2 The Income Statement,The income statement includes several sections:the operation sectionnon-operating sectiontaxes section,U.S.C.C. Income Statement,(in $ millions),20X2,Income Statement,U.S. COMPOSITE CORPORATION,Total operating revenues,Cost of goods sold,Sel
15、ling, general, and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Dividends: $43,The operations section of the income statement reports the firms r
16、evenues and expenses from principal operations,$2,262,- 1,655,- 327,- 90,$190,29,$219,- 49,$170,- 84,$86,(in $ millions),20X2,Income Statement,U.S. COMPOSITE CORPORATION,Total operating revenues,$2,262,Cost of goods sold,- 1,655,Selling, general, and administrative expenses,- 327,Depreciation,- 90,O
17、perating income,$190,Other income,29,Earnings before interest and taxes,$219,Interest expense,- 49,Pretax income,$170,Taxes,- 84,Current: $71,Deferred: $13,Net income,$86,Retained earnings: $43,Dividends: $43,The non-operating section of the income statement includes all financing costs, such as int
18、erest expense.,U.S.C.C. Income Statement,(in $ millions),20X2,Income Statement,U.S. COMPOSITE CORPORATION,Total operating revenues,Cost of goods sold,Selling, general, and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax in
19、come,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Dividends: $43,Usually a separate section reports as a separate item the amount of taxes levied on income.,$2,262,- 1,655,- 327,- 90,$190,29,$219,- 49,$170,- 84,$86,U.S.C.C. Income Statement,(in $ millions),20x2,Income Statement
20、,U.S. COMPOSITE CORPORATION,Total operating revenues,Cost of goods sold,Selling, general, and administrative expenses,Depreciation,Operating income,Other income,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Divide
21、nds: $43,Net income is the “bottom line”.-earnings per share,$2,262,- 1,655,- 327,- 90,$190,29,$219,- 49,$170,- 84,$86,U.S.C.C. Income Statement,Income Statement Analysis,There are three things to keep in mind when analyzing an income statement:公认会计准则（GAAP） 非现金项目（Non Cash Items） 时间和成本（Time and Costs
22、）,第2章 会计报表与现金流量,2.2.1 公认会计准则 （GAAP or SSAPs）收入确认原则：货物已经交换或服务已经提供，盈利过程已经在实质上完成时确认收入，而未必与收到现金的时间一致。 收入与费用配比原则 ：首先按收入确认原则确认收入，然后在从收入减去为获得与此收入而发生的费用，而未必与支出现金的时间一致。损益表上所显示的收入和费用现金流入和现金流出 损益表上所显示的净利润现金净流入。,第2章 会计报表与现金流量,2.2.2 非现金项目 （P20）资产经营价值的大小取决于它所能产生的现金流量,但现金流量没有直接发明应在损益表中。会计收入与现金流量不同的原因是存在“非现金项目”。 例如
23、：折旧（P20）递延税款（P20）现金流量的时间对于合理预计市场价值非常关键，因此我们要了解如何从非会计分录中分离出现金流量。,第2章 会计报表与现金流量,2.2.3 时间和成本 （P20）从财务管理角度划分短期和长期的标志是成本是固定的还是变动的。 短期决策就涉及到固定费用和变动费用问题，而在长期决策中所有费用均为变动费用。财务会计将成本费用划分为生产成本和期间费用。 生产成本包括直接材料成本、直接人工成本和制造费用。 期间费用是指发生在特定时期内的成本，包括销售费用、一般费用和管理费用等。,第2章 会计报表与现金流量,2.3 净营运资本（P20）Net working capital =
24、current assets - current liabilitiesChange in net working capital = net working capital - net working capital of last year,The Balance Sheet of the U.S.C.C.,Liabilities (Debt),Assets,20X2,20X1,and Stockholders Equity,20X2,20X1,Current assets:,Current Liabilities:,Cash and equivalents,$140,$107,Accou
25、nts payable,$213,$197,Accounts receivable,294,270,Notes payable,50,53,Inventories,269,280,Accrued expenses,223,205,Other,58,50,Total current liabilities,$486,$455,Total current assets,$761,$707,Long-term liabilities:,Fixed assets:,Deferred taxes,$117,$104,Property, plant, and equipment,$1,423,$1,274
26、,Long-term debt,471,458,Less accumulated depreciation,-550,-460,Total long-term liabilities,$588,$562,Net property, plant, and equipment,873,814,Intangible assets and other,245,221,Stockholders equity:,Total fixed assets,$1,118,$1,035,Preferred stock,$39,$39,Common stock ($1 par value),55,32,Capital
27、 surplus,347,327,Accumulated retained earnings,390,347,Less treasury stock,-26,-20,Total equity,$805,$725,Total assets,$1,879,$1,742,Total liabilities and stockholders equity,$1,879,$1,742,Here we see NWC grow to $275 million in 20X2 from $252 million in 20X1.,This increase of $23 million is an inve
28、stment of the firm.,第2章 会计报表与现金流量,2.4 财务现金流量（P21）现金流量是指现金流入量、现金流出量以及它们之间的差额。法定会计报表中的“现金流量表”与公司理财中现金流量不同。(p21)现金流量不同与净营运资本。,第2章 会计报表与现金流量,从会计恒等式得到的现金流量平衡公式为：CF（A）=CF（B）+CF（S） CF（A）-源自资产的现金流量 CF（B）-流向债权人的现金流量 CF（S）-流向股东的现金流量该公式反映了企业通过其经营活动创造的现金最终是归债权人和股东所有。,第2章 会计报表与现金流量,首先, 讨论等式左边-源自资产的现金流量 源自资产的现金流量
29、 = 经营性现金流量-资本性支出- 净营运资本的变化在企业经营活动中，一部分经营性现金流量被重新投入到企业中，具体包括固定资产投资（资本性支出）和流动资产投资（净营运资本的变化）。,第2章 会计报表与现金流量,经营性现金流量是指源自企业日常经营活动(销售产品和提供劳务)的现金流量。 经营性现金流量=息税前利润（EBIT）+折旧-所得税经营性现金流量说明了企业来自日常经营的现金流入水平是否能够维持其日常的现金流出。 负的经营性现金流量通常是企业陷入财务困境的标志。,第2章 会计报表与现金流量,资本性支出是指在资本性资产上的净支出： 资本性支出=固定资产购买-固定资产销售=期末固定资产-期初固定资
30、产=期末净固定资产-期初净固定资产+折旧 资本性支出可能为正也可能为负。,第2章 会计报表与现金流量,净营运资本的变化是指在净营运资本上的投资额。净营运资本的变化=期末净营运资本-期初净营运资本净营运资本的变化可能为正也可能为负。,第2章 会计报表与现金流量,其次, 讨论等式右边：流向债权人的现金流量和流向股东的现金流量代表了向债权人和股东的净支付额。流向债权人的现金流量 =支付的利息和本金-新增净借款流向股东的现金流量=支付的股息和股票回购-新增净权益资本,第2章 会计报表与现金流量,最后验证现金流量平衡公式的成立：CF（A）=CF（B）+CF（S）,第2章 会计报表与现金流量,The Ba
31、lance Sheet of the U.S. Composite Corporation,Liabilities (Debt),Assets,20X2,20X1,and Stockholders Equity,20X2,20X1,Current assets:,Current Liabilities:,Cash and equivalents,$140,$107,Accounts payable,$213,$197,Accounts receivable,294,270,Notes payable,50,53,Inventories,269,280,Accrued expenses,223,
32、205,Other,58,50,Total current liabilities,$486,$455,Total current assets,$761,$707,Long-term liabilities:,Fixed assets:,Deferred taxes,$117,$104,Property, plant, and equipment,$1,423,$1,274,Long-term debt,471,458,Less accumulated depreciation,-550,-460,Total long-term liabilities,$588,$562,Net prope
33、rty, plant, and equipment,873,814,Intangible assets and other,245,221,Stockholders equity:,Total fixed assets,$1,118,$1,035,Preferred stock,$39,$39,Common stock ($1 per value),55,32,Capital surplus,347,327,Accumulated retained earnings,390,347,Less treasury stock,-26,-20,Total equity,$805,$725,Total
34、 assets,$1,879,$1,742,Total liabilities and stockholders equity,$1,879,$1,742,U.S.C.C. Income Statement,(in $ millions),20X2,Income Statement,U.S. COMPOSITE CORPORATION,Total operating revenues,Cost of goods sold,Selling, general, and administrative expenses,Depreciation,Operating income,Other incom
35、e,Earnings before interest and taxes,Interest expense,Pretax income,Taxes,Current: $71,Deferred: $13,Net income,Retained earnings: $43,Dividends: $43,$2,262,- 1,655,- 327,- 90,$190,29,$219,- 49,$170,- 84,$86,Cash Flow from Financing Activities（P30）,(in $ millions),20X2,U.S. COMPOSITE CORPORATION,Cas
36、h Form from Financing Activities,retirement of debt -73 Proceeds from long-term debt sales 86 Dividends -43 Repurchase of stock -6 Proceeds from new stock issue 43 Cash flow from financing activities 7,Financial Cash Flow of the U.S.C.C.,Cash Flow of the Firm,Operating cash flow,$238,(Earnings befor
37、e interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt financing),Equity,6,(
38、Dividends plus repurchase of,equity minus new equity financing),Total,$42,Operating Cash Flow: EBIT $219 Depreciation $90 Current Taxes ($71) OCF $238,Financial Cash Flow of the U.S.C.C.,(in $ millions),20X2,Financial Cash Flow,U.S. COMPOSITE CORPORATION,Cash Flow of the Firm,Operating cash flow,$23
39、8,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt fina
40、ncing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,Capital Spending Purchase of fixed assets $198 Sales of fixed assets (25) Capital Spending $173,Financial Cash Flow of the U.S.C.C.,(in $ millions),20X2,Financial Cash Flow,U.S. COMPOSITE CORPORATION,Cash Flow
41、 of the FirmAssets,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Net Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Creditors,$36,(Interes
42、t plus retirement of debt,minus long-term debt financing),Stockholders,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,Capital Spending ending fixed assets 1423+245=1668 -beginning fixed assets 1274+221= 1495 Capital Spending $173,Financial Cash Flow of the U.S.C.C.,(in
43、$ millions),20X2,Financial Cash Flow,U.S. COMPOSITE CORPORATION,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Tota
44、l,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt financing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,NWC grew from $275 million in 20X2 from $252 million in 20X1. This increase of $23 million is the ad
45、dition to NWC.,Financial Cash Flow of the U.S.C.C.,(in $ millions),20X2,Financial Cash Flow,U.S. COMPOSITE CORPORATION,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of
46、fixed assets),Additions to net working capital,-23,Total,$42,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt financing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,Financial Cash Flow of the U.S.C.C.,(in $ mil
47、lions),20X2,Financial Cash Flow,U.S. COMPOSITE CORPORATION,Cash Flow of the Firm,Operating cash flow,$238,(Earnings before interest and taxes,plus depreciation minus taxes),Capital spending,-173,(Acquisitions of fixed assets,minus sales of fixed assets),Additions to net working capital,-23,Total,$42
48、,Cash Flow of Investors in the Firm,Debt,$36,(Interest plus retirement of debt,minus long-term debt financing),Equity,6,(Dividends plus repurchase of,equity minus new equity financing),Total,$42,Cash Flow to Creditors Interest $49 Retirement of debt 73Debt service 122 Proceeds from new debt sales (86) Total 36,
