1、財務報表認識,圖1 損益表與資產負債表之連結架構,企業經營基本活動(1/3),融資企業基本的資金來源有二:負債(舉債)與股東權益(發行股票) 企業選擇融資方式之決策規則?負債營運性負債金融性負債 公司舉債融資,不論營運狀況如何,都有義務按時還本付息,具有法律強制性。股東權益資產負債 股東權益又稱淨值公司沒有一定要配發股利給普通股的義務普通股的請求權是剩餘請求權當財務結構中負債的比重過高時,龐大的本利負荷往往成為景氣逆轉時的致命傷 什麼是稅盾效果?,企業經營基本活動(2/3),投資 投資是指企業將所融通而來的資金用來購買營運資產,藉以創造營收,進而創造利潤 如何衡量投資效率?龐大的投資並不能保證
2、未來的成功,適當及有效率的投資才是成功的要素 如何觀察投資資源之浪費?營業公司績效乃是營業、投資、融資三部分共同運作交互作用的綜合結果 現金流量表之表達樣式,企業經營基本活動(3/3),三大財務報表資產負債表載列了融資來源和投資項目損益表將營業成果呈現出來現金流量表則將應計基礎下的稅後淨利轉化為現金基礎下的營業現金流量以及現金餘額現金流量表相對於損益表有何重要性?損益常續性問題?,公開說明書簡介(1/4),公司概況公司簡介:包括設立日期、公司及工廠地址與電話,以及公司沿革等項目。公司組織:包括組織系統、關係企業、各主要經理人與董、監事姓名,以及董事、監察人、總經理及副總經理之酬勞等。資本及股份
3、:包括股本形成經過、股權分散情形,以及近三年度每股市價、淨值、盈餘、股利等相關資料。公司債、特別股以及參與海外存託憑證之發行情形。,公開說明書簡介(2/4),營運概況經營情形:包括業務內容、市場及產銷概況、員工人數等固定資產及其他不動產轉投資事業主要契約營業及資金運用計畫營業計畫:包括上年度營業報告、本年度營業計畫概要、產銷計畫、收支的盈餘預算,以及處分或取得不動產或長期投資計畫等。現金增資或發行公司債資金運用計畫分析:包括前次融資計畫與運用說明,以及本次之計畫分析。,公開說明書簡介(3/4),財務狀況近五年度簡明財務資料:簡明資產負債表與損益表、最近五年度查核簽證會計師姓名及查核意見、財務分
4、析,以及會計科目重大變動說明。財務報表:最近二年度財務報表、財務附註,及其他揭露事項、本年度財務預測、最近一年度經會計師查核簽證之母子公司合併財務報表等。財務概況及其他重要事項:包括從事背書保證及資金貸予他人情形 、從事衍生性商品交易之相關內容,以及期後事項等。 何謂期後事項?,公開說明書簡介(4/4),特別記載事項包括證券承銷商評估報告、律師法律意見書、最近五年度辦理募集與發行有價證券案件及委託證券承銷商辦理情形等。重要決議、公司章程及相關法規,資產負債表(1/10),資產負債表屬於一種靜態存量報表,由資產、負債與股東權益三大部分所組成。資產負債表主要係報導在某一個特定時點下,公司的資產狀況
5、,以及購置這些資產的資金來源 。會計恆等式 A(Assets)L(Liabilities)EQ(Equity) 資產 負債 股東權益資產與負債的列示順序係按流動性陳列為什麼?資本包括長期負債與股東權益,資產負債表(2/10),資產現金及約當現金現金,包括硬幣、紙幣、支票或活期性存款、即期支票、匯票、銀行本票、保付支票等約當現金通常是指到期日在三個月以內、變現力幾乎等同於現金的資產,諸如國庫券、可轉讓銀行定存單、商業本票、銀行承兌匯票等現金的內控原則職能分工、交易分割、內部稽核、定期輪休現金收入內控原則隨收隨寄隨存現金支出內控原則支票為之補償性存款概念,義守公司向銀行貸款200,000,雙方言明
6、義守公司必須回存一成,借款利率10%,存款孳息5%,試計算該借款之實質利率。,資產負債表(3/10),金融資產企業投資金融資產分為三類:交易目的金融資產:以短期獲利為目的者(應按公平價值入帳,評價損益認列於損益表) 持有至到期日金融資產(應按攤銷後成本入帳)備供出售金融資產:非屬以上兩列者(應按公平價值入帳,未實現損益認列於股東權益項下),資產負債表(4/10),應收票據與應收帳款係指因出售產品或勞務而發生的對顧客之貨幣請求權。呆帳的估計方法:銷貨百分比法(又稱為損益表法),乃是直接估計銷貨中有多少的百分比可能成為呆帳。帳款餘額百分比法(又稱為資產負債表法),乃是估計在應收帳款總額中有多少百分
7、比可能成為呆帳帳齡分析法,根據每筆應收帳款的帳齡來估計呆帳費用,不同的帳齡給予不同的呆帳比率。如何檢測公司之收款政策是否落實?你知道票據貼現嗎?,資產負債表(5/10),存貨係指企業以供正常營業出售為目的而買入、製造中,或已製造完成但尚未售出的資產。存貨的認定通常是以所有權(而非實體商品)為判定標準。 附買回銷售合約?表外融資?長期投資自民國95年起長期投資之會計處理,可分為兩大類:(1) 權益法:投資公司對被投資公司有控制能力者,資產負債表(6/10),投資公司持有被投資公司有表決權股份20以上,未具有控制能力者。但有證據顯示投資公司對被投資公司無重大影響力者,不在此限。投資公司持有被投資公
8、司有表決權股份雖未達20,但對被投資公司有重大影響力者。表決權股份不高,但有重大影響力者(2) 金融商品會計處理準則規定:不符合上述權益法條件者應採用金融商品會計處理準則之規定處理(如前所述企業投資金融資產的分類)。,資產負債表(7/10),固定資產公司為了生產為營銷商品而購買的廠房設備與生財器具,在資產負債表帳上的固定資產金額是來自歷史成本,而非變現價值。負債長期負債與流動負債如何劃分,有何影響?(負債比率)應付票據支票及商業本票等,係指簽付人同意於約定日期支付一定金額的書面承諾。應付帳款應付帳款的內容專指因賒購原物料、商品及勞務等而發生的負債。 負債融資案例,案例,小將預備買新車,業務員推
9、薦一項優惠分期付款專案:汽車總價$750,000,頭期款$300,000,餘款分五年攤還 每月月底繳交$11427。業務員指稱5年共繳交$685,620元,扣除本金450,000後,利息共計$235,620,平均一年利息$47,124,年利率約10.5% 相當優惠。請問您贊同業務員之分析嗎?若小將可向美美銀行以12%之利率借款$450,000,請問小將參加優惠分期方案還是向銀行借款買車較划算 (提示:請先算出優惠方案之實際年利率) ?,解答,(A) 分期付款每期之還款金額雖固定,但每期均有攤還部份本金,使本金隨還款期數增加而遞減,故每年平均都以$450,000本金來計算利率是不對的。(B) $
10、750,000 $300,000=$450,000 $450,000 = 11,427 PVIFAi,60 i 1.5% (月利率) 1.5% 12 18% (年利率) 12%向銀行借款利率(12%)較優惠分期方案利率(18%)為低,故向銀行借款買車較划算。,資產負債表(8/10),應計負債係指已發生、但帳上尚未記錄,於會計期間結束時應調整入帳的負債,如應付利息、薪資、租金、所得稅等。長期負債係指不需於一年或一個營業週期內(以較長者為準)償付之負債,包括長期銀行借款、長期應付票據、公司債等。股東權益投入資本投入資本係來自股東所投入的資金,包括普通股與特別股。,資產負債表(9/10),保留盈餘本
11、期稅後淨利在扣除了現金股利後,是為保留在公司內部做為後續成長之用的本期保留盈餘。其他綜合淨利舉凡非因股東投入資金的變化所造成的股東權益變動,即稱為綜合淨利(comprehensive income)。綜合淨利除了由損益表轉來的本期稅後淨利外,還包括其他綜合淨利。,資產負債表(10/10),不經損益表而直接計入股東權益表之其他綜合淨利項目投資可供出售證券的未實現市價漲跌損益額外退休金負債超過前期服務成本的變動數某些衍生性金融商品的損益外幣財務報表的轉換調整數,損益表(1/7),損益表描述一段時間內的經營成果,屬於流量觀念 稅後淨利代表著經營一段期間下來,最後屬於股東的成果。典型的損益表主要分成三
12、部分 :銷貨收入到銷貨毛利的過程銷貨毛利到營業利益的過程營業利益到稅後淨利的過程管理導向之損益表有何不同?銷貨毛利與邊際貢獻有何不同?會計數字=經濟實質+衡量誤差+人為操縱,損益表(2/7),1.銷貨收入到銷貨毛利銷貨收入或營業收入:銷貨收入係指出售產品或勞務予顧客所獲得之收入,不管該項交易所取得的是現金或是應收票據、應收帳款銷貨成本或營業成本:係指與銷貨有關的直接費用,也就是當公司出售商品、產生銷貨收入時,針對該商品已投入的直接相關成本。毛利:為銷貨收入扣除與商品本身直接相關的成本後,所得到的利潤產品組合與毛利率?尋找毛利率高者?,新產品規劃 Basic Formulae,Contribut
13、ion Margin邊際貢獻,Contribution Margin equals sales less variable costs CM = S(銷貨收入) VC(變動成本)Contribution Margin per unit equals unit selling price less variable cost per unit CMu = SP VCu,Contribution Margin,Contribution Margin also equals contribution margin per unit multiplied by the number of units
14、soldCM = CMu x Q(數量)Contribution Margin Ratio (percentage) equals contribution margin per unit divided by selling priceCMR = CMu SP,Contribution Margin Income Statement Derivations,A horizontal presentation of the Contribution Margin Income Statement:Sales VC FC = Operating Income (OI)(SP x Q) (VCu
15、x Q) FC = OIQ (SP VCu) FC = OIQ (CMu) FC = OIRemember this last equation, it will be used again in a moment,CVP, Graphically,Total costs line,Operating loss area,Breakeven point = 25 units,Total costs line,損失區,利潤區,Breakeven point = 25 units,Total revenues line,Operating income,Variable costs,Fixed c
16、osts,Breakeven Point 損益兩平點,Recall the last equation in an earlier slide:Q (CMu) FC = OIA simple manipulation of this formula, and setting OI to zero will result in the Breakeven Point (quantity):BEQ = FC CMu At this point, a firm has no profit or loss at a given sales level,Breakeven Point, continue
17、d,If per-unit values are not available, the Breakeven Point may be restated in its alternate format:BE Sales = FC CMR,Breakeven Point, extended: Profit Planning,With a simple adjustment, the Breakeven Point formula can be modified to become a Profit Planning toolProfit is now reinstated to the BE fo
18、rmula, changing it to a simple sales volume equationQ = (FC + OI) CM,案例,長榮航空共有5架飛機,每架可搭載乘客200人,每架每月最多可飛行60航次,每次燃料費$5,000,旅客每人成本為$20,票價為每人$70,每架飛機每月固定成本為$10,000,公司其他固定成本為$150,000。 試求:(一)如公司每月飛行100班次,至少應有載客率?,才有$100,000之盈餘?(二)如平均載客率為60%、每架飛機平均每月應飛行幾次才能達到損益兩平點?,解答,(一)設每架飛機旅客為X人($70$20)100X100$5,0005$10
19、,000$150,000$100,0005,000X800,000 X160載客率16020080%(二)20060%120人設每架飛機每月飛行Y次($70$20)5Y1205Y$5,0005$10,000$150,00005,000Y200,000 Y40,CVP and Income Taxes 考慮所得稅,From time to time it is necessary to move back and forth between pre-tax profit (OI) and after-tax profit (NI), depending on the facts presente
20、dAfter-tax profit can be calculated by:OI x (1-Tax Rate) = NINI can substitute into the profit planning equation through this form:OI = I I NI I (1-Tax Rate),Sensitivity Analysis 敏感度分析,CVP provides structure to answer a variety of “what-if” scenarios“What” happens to profit “if”:Selling price change
21、sVolume changesCost structure changesVariable cost per unit changesFixed cost changes,案例,大新公司之產品單位售價$250,單位變動成本$150,每月之固定成本$35,000。(1)固定成本與銷貨金額變動:假定大新公司每月出售400單位,也就是說每月銷貨收入$100,000,而該公司管理人員認為每月廣告費增加$20,000會增加銷貨收入$60,000,則廣告費用是否應增加?,(2)變動成本與銷貨金額變動:以大新公司為例,假若目前每月可出售400單位產品,而管理人員意圖以較高品質的零件投入生產,此項改變將使單位
22、變動成本增加$10,不過銷售部經理預估銷售量可增加到每個月480單位。是否應使用此高品質原料?(3)固定成本、銷貨價格及銷售量的變動:回到原例題,大新公司目前每月出售400單位產品。為求增加銷售,管理人員欲將每單位價格售價降低$20,並增加廣告費用每月$15,000;管理人員認為這兩個步驟採行可增加銷貨量50%,問此項決策是否應採行?,(4)變動成本、固定成本及銷售量變動:大新公司目前每月出售400單位產品,而銷貨經理認為若增加銷售人員之銷售佣金每單位$15以替代原本的固定薪資總額每月$6,000,如此可增加每月銷售量15%。試問此變動應否採行?(5)銷貨價格變動:大新公司目前每月出售400單
23、位產品,該公司有機會出售一批150單位的產品給某一批發商,若有一個雙方皆可接受之價格,而此類銷貨並不會影響正常之銷貨。且大新公司希望此特殊訂單銷貨能有$3,000之利潤,則大新公司之報價應為多少?,Margin of Safety 安全邊際,One indicator of risk, the Margin of Safety (MOS) measures the distance between budgeted sales and breakeven sales:MOS = Budgeted Sales BE SalesThe MOS Ratio removes the firms siz
24、e from the output, and expresses itself in the form of a percentage:MOS Ratio = MOS Budgeted Sales,損益表(3/7),2.銷貨毛利到營業利益銷貨毛利扣除銷管費用後,即得到營業利益,代表在報表期間內,該公司本業營業的獲利結果營業利益與毛利的差別,在於後者僅扣除與產品直接攸關的銷貨成本,而營業利益則已減去為產生銷貨收入而發生的所有成本,比毛利更接近最終的利潤。,損益表(4/7),3.營業利益到稅後淨利營業利益非直接相關的其他收入非直接相關的其他費用稅前淨利,再經過營利事業所得稅及非常項目等之加減後,即
25、為稅後淨利稅後淨利代表著經營一段期間下來,最後屬於股東的成果 營業外收支:利息收入及利息支出、兌換盈餘及兌換損失、處分資產利得或損失、 投資收益或損失、非經常發生事項,損益表(5/7),稅前淨利與稅後淨利稅前淨利可作為不同公司間經營績效比較的基礎 稅後淨利係評估股東權益報酬之基礎 每股盈餘EPS與股價有何關聯?,損益表(6/7),本期盈餘代表著公司在本期營業活動的成果,可以代表著公司的本期營業獲利績效,然而要以每股盈餘來衡量獲利績效,其實存在不少的限制(1)本期盈餘無法涵蓋公司在長期間投資活動所創造出來的價值,就此點來看,EPS較適合做為短期績效之參考。(2)每股盈餘的多寡受到公司發行股數以及
26、股利政策的影響,發行股數越多、股票股利越高,就使得流通在外股數增加而使每股盈餘下降。每股股利,損益表(7/7),特殊損益表項目停業部門相關項目非常損益項目會計原則累積變更影響數少數股權盈餘(虧損),Strategy, Balanced Scorecard策略及平衡計分卡,Strategic Profitability Analysis策略性利潤分析,Strategy策略,Strategy specifies how an organization matches its own capabilities (潛力)with the opportunities in the marketplace
27、 to accomplish its objectivesA thorough understanding of the industry is critical to implementing a successful strategy,Five Aspects of Industry Analysis,Number and strength of competitorsPotential entrants to the marketAvailability of equivalent products(替代品)Bargaining power of customersBargaining
28、power of input suppliers五力分析,Basic Business Strategies,Product Differentiation an organizations ability to offer products or services perceived by its customers to be superior and unique relative to the products or services of its competitorsLeads to brand loyalty and the willingness of customers to
29、 pay high pricesCost Leadership an organizations ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost controlLeads to lower selling prices,Implementation of Strategy,Many companies have introduced a Balanced Sco
30、recard to manage the implementation of their strategies,The Balanced Scorecard,The balanced scorecard translates an organizations mission and strategy into a set of performance measures that provides the framework for implementing its strategyIt is called the balanced scorecard because it balances t
31、he use of financial and nonfinancial performance measures to evaluate performance,Balanced Scorecard Perspectives,Financial財務構面Customer顧客構面Internal Business Perspective內部流程構面Learning and Growth學習成長,The Financial Perspective,Evaluates the profitability of the strategyUses the most objective measures
32、in the scorecardThe other three perspectives eventually feed back into this dimension,The Customer Perspective,Identifies targeted customer and market segments and measures the companys success in these segments,The Internal Business Prospective,Focuses on internal operations that create value for c
33、ustomers that, in turn, furthers the financial perspective by increasing shareholder valueIncludes three subprocesses:InnovationOperationsPost-sales service,The Learning and Growth Perspective,Identifies the capabilities the organization must excel at to achieve superior internal processes that crea
34、te value for customers and shareholders,The Balanced Scorecard Flowchart,Balanced Scorecard Implementation,Must have commitment and leadership from top managementMust be communicated to all employees,Features of a Good Balanced Scorecard,Tells the story of a firms strategy, articulating a sequence o
35、f cause-and-effect relationships: the links among the various perspectives that describe how strategy will be implementedHelps communicate the strategy to all members of the organization by translating the strategy into a coherent and linked set of understandable and measurable operational targets,F
36、eatures of a Good Balanced Scorecard,Must motivate managers to take actions that eventually result in improvements in financial performancePredominately applies to for-profit entities, but has some application to not-for-profit entities as wellLimits the number of measures, identifying only the most
37、 critical onesHighlights less-than-optimal tradeoffs that managers may make when they fail to consider operational and financial measures together,Balanced Scorecard Implementation Pitfalls易犯錯誤,Managers should not assume the cause-and-effect linkages are precise: they are merely hypothesesManagers s
38、hould not seek improvements across all of the measures all of the timeManagers should not use only objective measures: subjective measures are important as well,Balanced Scorecard Implementation Pitfalls,Managers must include both costs and benefits of initiatives placed in the balanced scorecard: c
39、osts are often overlookedManagers should not ignore nonfinancial measures when evaluating employeesManagers should not use too many measures,Evaluating Strategy,Strategic Analysis of Operating Income three parts:Growth Component measures the change in operating income attributable solely to the chan
40、ge in the quantity of output sold between the current and prior periodsPrice-Recovery Component measures the change in operating income attributable solely to changes in prices of inputs and outputs between the current and prior periods,Evaluating Strategy,Strategic Analysis of Operating IncomeProdu
41、ctivity Component measures the change in costs attributable to a change in the quantity of inputs between the current and prior periods,Revenue Effect of Growth,Cost Effect of Growth for Variable Costs,Cost Effect of Growth for Fixed Costs,Assuming Adequate Current Capacity:,Cost Effect of Growth fo
42、r Fixed Costs,Assuming Inadequate Current Capacity:,Revenue Effect of Price Recovery,Cost Effect of Price Recovery,Variable Costs:,Cost Effect of Price Recovery,Fixed Costs with Adequate Capacity,Cost Effect of Price Recovery,Fixed Costs without Adequate Capacity,Cost Effect of Productivity for Vari
43、able Costs,Cost Effect of Productivity for Fixed Costs,With Adequate Capacity,Cost Effect of Productivity for Fixed Costs,Without Adequate Capacity,The Management of Capacity,Managers can reduce capacity-based fixed costs by measuring and managing unused capacityUnused Capacity is the amount of prod
44、uctive capacity available over and above the productive capacity employed to meet consumer demand in the current period,Analysis of Unused Capacity,Two Important Features:Engineered Costs result from a cause-and-effect relationship between the cost driver and the resources used to produce that outpu
45、tDiscretionary Costs have two parts:They arise from periodic (annual) decisions regarding the maximum amount to be incurredThey have no measurable cause-and-effect relationship between output and resources used,Managing Unused Capacity,Downsizing (Rightsizing) is an integrated approach of configurin
46、g processes, products, and people to match costs to the activities that need to be performed to operate effectively and efficiently in the present and future,現金流量表(1/5),現金流量表整理出某一段期間中,企業現金餘額變化的來龍去脈影響現金餘額變化的交易可概分為三類活動:營業活動之現金流量屬於自發性現金流量,此一部份的金額越高、越穩定,通常即意味著公司越具有流動性、償債能力、支付股息能力,以及投資能量投資活動之現金流量公司在投資活動部
47、分所投注的現金或處分投資所產生的現金流入,現金流量表(2/5),融資活動之現金流量營業活動或投資活動,其現金流出都需要有資金挹注,而資金來源除了營業活動本身的銷貨收入與利潤外,有時更須向外部籌措,這些屬於融資(償還融資)的現金流量即稱為融資活動之現金流量何謂營運資金?營業活動之現金流量稅後淨利損益表中的非現金項目屬非現金費用和損失,並沒有實際的現金流出,所以要加回;非現金收入和利得並沒有實際現金流入,所以要扣除,現金流量表(3/5),損益表中之投資活動損益既然是投資活動,就不屬於營業活動,應移至投資活動去報導,所以要加回投資損失、減去投資收益資產負債表中遞延所得稅資產與負債變動當遞延所得稅資產
48、增加時,表示有現金流出(繳納所得稅),故要減去;當遞延所得稅負債增加時,表示現金流出減少(暫時不用繳等未來再繳),故要加回。資產負債表中與銷貨進貨有關項目加上資產減額與負債增額、減去資產增額與負債減額,現金流量表(4/5),投資活動之現金流量自由現金流量營業活動現金流量投資活動現金流量自由現金流量是屬於債權人與股東所共同擁有的現金流量 當自由現金流量為正時,可用以償還舉債、發放股利,或是購回庫藏股當自由現金流量為負時,表示公司由營業活動所創造的現金流量不足以支應投資活動,須向外融資。融資活動之現金流量 損益表中的淨利,固然可相當程度地顯示該公司的獲利績效,但是絕不等同於現金,現金流量表(5/5),管理當局的財務調度與外部投資人的投資決策都是一項值得注意的訊息,因其意味著在此階段公司的財務彈性,特別是融資管道是否暢通現金流量表所報導的是過去某段期間的現金流量,並不能代表未來,在分析時,必須同時參閱附表或補充揭露才能瞭解整體營業與投資狀況。,