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1、財財 務務 管管 理理 I Financial Management I 運用財務報表運用財務報表 Working with Financial Statements1Sec.1 現金流量與財務報表現金流量與財務報表 Cash Flow and Financial StatementslSources of Cash：公司產生現金的活動。* 資產減少(現金以外)：應收帳款收回，出售固定資產* 負債增加：發行債券，向銀行借款* 權益增加：增資，營業收入lUses of Cash：公司現金支出的活動 * 資產增加(現金以外)：購買原料或進貨，購買固定資產* 負債減少：償還債券，償還借款* 權益減少
2、：發放股利，營業費用2Sec.2 現金流量表 the Statement of Cash Flows l目的：為了比較不同公司或同一公司不同年度財務報表，所面臨的基本規模不同而無法逕行比較。lA common-Size Statement is a standardized financial statement presenting all items in percentage terms.lCommon-size balance sheet：每一個項目都以總資產的百分比來表示。lCommon-size income statement：每一個項目都以銷貨的百分比來表示。3Sec.2 現金
3、流量表(續）lCommon-Base Year Financial Statements：Trend AnalysisIt is a standardized financial statement presenting all items relative to a certain base-year amount.lCombined Common-Size and Base-Year Analysis* 目的：消除資產或銷貨不同所導致各帳戶呈現的成長或衰 退現象。* 先做共同比分析，再根據各項目的比率進行趨勢分析。 4Sec.3 比率分析比率分析 Ratio Analysisl短期償債能力
4、(流動性)比率 Short-term solvency, or liquidity, measures l長期償債能力(財務槓桿)比率Long-term solvency, or financial leverage, ratios l資產管理(週轉)率Asset management, or turnover, ratiosl獲利能力 Profitability ratiosl市場價值比 Market value ratios51.短期償債能力(流動性)指標Short-Term Solvency，Liquidity，Measuresl流動比率：l速動比率：Quick ( Acid-Test
5、) Ratio =l現金比率：l淨營運資金比：NWC to total assets ratio = l期間衡量： sliabilitieCurrentassetsCurrentratioCurrentsliabilitieCurrentInventoryassetsCurrentsliabilitieCurrentCashratioCashassetsTotalNWCtsoperatingdailyAverageassetsCurrentmeasureIntervalcos6流動比率：lUnit：dollars or times.lFor creditors：該比率愈高愈好。lFor fir
6、m：比率高固然穩健，然亦表示未充分利用流動資產。l流動比率至少應為1，若小於1則表示NCW0。lBe affected by various types of transactions：l借長資短，則流動比率。l保留大量舉債能力(特別是長期負債額度)者，低流動比率未必是壞現象。sliabilitieCurrentassetsCurrentratioCurrent7速動比率 Quick ( Acid-Test ) Ratio = lInventory：least liquid current asset.book values are least reliable. quality isnt c
7、onsidered.l剃除存貨係為避免錯估短期流動性。l以現金購買存貨，流動性應降低。但流動比率未變，速動比率則降低。sliabilitieCurrentInventoryassetsCurrent8其他流動性比率l現金比率：（極短期債權人所關心之比率）lNWC to total assets ratio =（短期流動性） l衡量期間：衡量一旦員工罷工，現金流入中斷，公司可維持之天數。average daily operating costs = sliabilitieCurrentCashratioCashassetsTotalNWCcostsoperatingdailyAverageass
8、etsCurrentmeasureInterval天365interest&ondepreciatiexcludingcostsTotal92.長期償債能力指標 Long-Term Solvency Measures (亦稱財務結構，財務槓桿比率 financial leverage ratio ) l總負債比 Total Debt Ratio = l長期負債比 Long-Term Debt Ratio = l利息保障倍數 Times Interest Earned ( TIE ) = l現金涵蓋比率Cash Coverage Ratio = assetsTotalequityTotalass
9、etsTotalequityTotaldebttermLongdebttermLongInterestEBITInterestEBDITInterestonDepreciatiEBIT10總負債比 Total Debt Ratio = l總負債比高低孰優，取決於資本結構政策。l同類比率：Debt-equity ratio = Equity multiplier = lEquity multiplier =l Total Debt Ratio assetsTotalequityTotalassetsTotalequityTotaldebtTotalequityTotalassetsTotalra
10、tioequityDebtequityTotaldebtTotalequityTotalequityTotalassetsTotal/1multiplierEquityassetsTotalequityTotal11111Long-Term Debt Ratio = l財務分析師較關心長期債務，因為Short-Term Debts 受交易實務(慣例)影響而常變動，較不受債務管理政策影響。lTotal capitalization 資本總額 = Long-Term Debt + Total EquityTotal assets 總資產 = Total capitalization + Short
11、-Term Debts (current liabilities) lDifferent people ( and different books ) mean different things by the term debt ratio.equityTotaldebttermLongdebttermLong12利息保障倍數 與 現金涵蓋比率 lTimes Interest Earned ( TIE ) = * 衡量公司對利息費用之保障能力* 亦稱利息涵蓋比率 interest coverage ratio。 lCash Coverage Ratio = * 為改進 TIE ratio 而設
12、* EBIT + Depreciation 代表的償付利息能力較符合 cash flow 觀念。 InterestEBITInterestEBDITInterestonDepreciatiEBIT133.資產管理 or 週轉率 Asset Management，or Turnover，Measures l目的：衡量資產使用效率，運用資產所能產生的銷貨金額。又稱資產利用比率 asset utilization ratios。( Sales 為核心)lInventory Turnover = Receivables Turnover = Total Asset Turnover = l其他：Pay
13、ables Turnover , NWC Turnover , Fixed Asset Turnover InventorysoldgoodsofCostsReceivableAccountSalesassetsTotalSales14存貨週轉率與庫存天數 Inventory Turnover and Days Sales in InventorylInventory Turnover = 只要無缺貨情形，Inventory Turnover 愈高愈好lDays Sales in Inventory = 代表存貨在出貨前平均存在天數。lInventory 若關心過去 以平均值計算為佳 若關心未
14、來 以期末值計算即可InventorysoldgoodsofCostTurnoverInventory天36515應收帳款週轉率與應收帳款回收天數 Receivables Turnover and Days Sales in Receivables lReceivables Turnover =lDays Sales in Receivables = ( 亦稱 Average Collection Period ，ACP )l應付帳款週轉率與付款天數 Payables Turnover = 付款天數 = sReceivableAccountSalesTurnoverceivablesRe365
15、天PayablesAccountsoldgoodofCostTurnoverPayables天36516其他 Asset Turnover Ratio：l衡量每1元 的各種 Assets 可創造多少 Sales。 lNWC Turnover =lFixed Asset Turnover =lTotal Asset Turnover = NWCSalesassetsfixedNetSalesassetsTotalSales174.Profitability Measures 獲利能力 l目的：Measure how efficiently the firm uses its assets and
16、 how efficiently the firm managers its operations.l重心在於 Net Income l邊際利潤 Profit Margin = Return on Assets ( ROA ) = Return on Equity ( ROE ) = SalesincomeNetassetsTotalincomeNetequityTotalincomeNet18邊際利潤 Profit Margin = l衡量每元之 Sales 可產生之 Net Income。l假如其他條件相同，則邊際利潤愈高代表費用率愈低。l影響邊際利潤之其他條件常不同，例如降低售價格可增加
17、銷貨量，邊際利潤固然降低，但可擴增市場占有率。SalesincomeNet19資產報酬率與股東權益報酬率 ROA ROE lROA= ROE= l公司目標在會計觀點上，ROE係基本的績效衡量指標。lROA與ROE之差異係因債務融資而產生。lROA與ROE均係會計報酬，並非以市場價值為基礎，故不宜與市場報酬相比較。 assetsTotalincomeNetequityTotalincomeNet205.Market Value Measures 市場價值指標lpublicly traded co.適用：因為財務報表不含市場價值資訊。l每股盈餘 EPS = l本益比 PE ratio = * 衡量
18、投資者願以多少價格購買目前1元之盈餘。* (虧損公司不適用)* 盈餘極低公司會有極高之本益比，應留意其適當性。庫藏股發行股數-goutstandinNISharesincomeNetEPSshareperPrice215.市場價值指標(續)l市價對帳面價值比 Market-to-Book Ratio = * MV代表公司投資之市價，BV代表公司投資之成本* 本比率為衡量公司之投資市價與投入成本比。shareperBVvalueBookshareperMVvalueMarket)()(22Sec4. 杜邦恆等式杜邦恆等式 The Du Pont Identityl公式：l= Profit Mar
19、gin Total Assets Turnover Equity Multiplier = Operating efficiency Assets use efficiency Financial leverage EAASSNIEAANISSSalesEAANIAssetAAssetENIEequityTotalNIincomeNetROE)()()()(23Sec4. The Du Pont Identity(續續)lOperating efficiency ROA ROE Assets use efficiency ROA ROE l Financial leverage ROE ，但書：* 必要條件：ROAinterest rate on the debt。* The use of debt financing has a number of other effects. ( 例如：股東權益風險提高 )24