《会计报表和财务管理方案分析.pptx》由会员分享，可在线阅读，更多相关《会计报表和财务管理方案分析.pptx（30页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、SINOTRUST1MBA基础培训基础培训会计报表和财务管理会计报表和财务管理会计报表和财务管理会计报表和财务管理SINOTRUST2MBA基础培训基础培训会计报表和财务管理会计报表和财务管理会计报表会计报表 资产负债表，损益表，现金流量表资产负债表，损益表，现金流量表常用会计指标常用会计指标 Du Pont Chart流行财务模型介绍流行财务模型介绍 EVA & MVA; CAPM & SML;Gorden Model企业兼并企业兼并 Why(Synergy),Which Types How(Example,Case Study)会计报表和财务管理SINOTRUST3MBA基础培训基础培训会
2、计报表和财务管理会计报表和财务管理Cash7,28257,600AR632,160351,200Inventories1,287,360 715,200 Total CA1,926,8021,124,000Gross FA1,202,950491,000Less: Deprec. 263,160 146,200 Net FA 939,790 344,800Total Assets2,866,5921,468,80019971996Balance Sheet: AssetsSINOTRUST4MBA基础培训基础培训会计报表和财务管理会计报表和财务管理19971996Accts payable52
3、4,160145,600Notes payable720,000200,000Accruals 489,600 136,000 Total CL1,733,760481,600Long-term debt1,000,000323,432Common stock460,000460,000Retained earnings (327,168) 203,768 Total equity 132,832 663,768Total L&E2,866,5921,468,800Balance Sheet:Liabilities and EquitySINOTRUST5MBA基础培训基础培训会计报表和财务管
4、理会计报表和财务管理Sales5,834,4003,432,000COGS5,728,0002,864,000Other expenses680,000340,000Deprec. 116,960 18,900 Tot. op. costs6,524,9603,222,900 EBIT(690,560)209,100Interest exp. 176,000 62,500 EBT (866,560) 146,600Taxes (40%) (346,624) 58,640 Net income (519,936) 87,960 19971996Income Statement(P/L Sheet
5、)SINOTRUST6MBA基础培训基础培训会计报表和财务管理会计报表和财务管理(523,936)OPERATING ACTIVITIES Net income(519,936)Add (sources of cash): Depreciation116,960 Increase in Accts. Payable378,560 Increase in accruals353,600Subtract (uses of cash): Increase in Accts.Receivable(280,960) Increase in inventories(572,160)Net cash pro
6、vided by ops.Statement of Cash Flow(1997)SINOTRUST7MBA基础培训基础培训会计报表和财务管理会计报表和财务管理Statement of Cash Flows (1997)L-T INVESTING ACTIVITIES Investment in fixed assets(711,950)FINANCING ACTIVITIES Increase in notes payable520,000 Increase in long-term debt676,568 Payment of cash dividends (11,000) Net cas
7、h from financing1,185,568NET CHANGE IN CASH(50,318)Plus: Cash at beginning of year 57,600Cash at end of year 7,282SINOTRUST8MBA基础培训基础培训会计报表和财务管理会计报表和财务管理The Du Pont system focuses on: Expense control Asset utilization Debt utilization SINOTRUST9MBA基础培训基础培训会计报表和财务管理会计报表和财务管理Du Pont EquationsROA=Profi
8、t margin*Total assets turnoverROE=ROA*Equity multiplierROE=(Profit margin)(Total asset turnover)(Equity multiplier) =Net income/sales*sales/Total Assets*Total assets/Common equity SINOTRUST10MBA基础培训基础培训会计报表和财务管理会计报表和财务管理The other key ratiosP/E ratio = The market price of stock /EPSEPS = Earnings/The
9、 shares outstandingWhat is your idea?SINOTRUST11MBA基础培训基础培训会计报表和财务管理会计报表和财务管理MVA & EVA (1)MVA: Market Value Added The difference between the market value of equity and the amount of equity capital that investors supplied MVA=Market value of equity-Equity capital supplied by investors =(Shares outsta
10、nding)(Stock Price) -Total common equity SINOTRUST12MBA基础培训基础培训会计报表和财务管理会计报表和财务管理MVA & EVA (2)MVA Example Coca-Cola in 1995Market value of Equity:$69bTotal common equity:$8bMVA: $61bEPS: $8.63GM in 1995Market value of Equity: $69bTotal common equity:$87bMVA: $18bEPS: $0.79SINOTRUST13MBA基础培训基础培训会计报表和
11、财务管理会计报表和财务管理MVA & EVA (3)EVA: Economic Value AddedValue added to shareholders by management during a given year To measure the effects of managerial actionsEVA = After-tax operating profit - After-tax cost of total capital = EBIT (1-Corporate tax rate)- After-tax cost of total capitalTotal capital
12、includes:Long-term debt,preferred stock, and common equitySINOTRUST14MBA基础培训基础培训会计报表和财务管理会计报表和财务管理MVA & EVA (4)EVA case studyCSX Corporation in 1988, stock price $28BU:Locomotive,containers,trailer,railcarsEVA approach lost $70MSelling off, increasing volumeTill 1993, stock price $82.5 SINOTRUST15MB
13、A基础培训基础培训会计报表和财务管理会计报表和财务管理MVA & EVA (5)Security analysts: The stock prices track EVA far more closely than other factors such as EPS,ROE and Operating MarginSINOTRUST16MBA基础培训基础培训会计报表和财务管理会计报表和财务管理CAPM Model & SML(1)CAPM Capital Asset Pricing ModelSML The Security Market LineSML EquationRequired re
14、turn On Stock I=Risk-free rate + (Market risk premium)(Stocks beta)OR Ki=KRF+(KM-KRF)biNote: KM,required rate of return on a portfolio consisting of all stocksSINOTRUST17MBA基础培训基础培训会计报表和财务管理会计报表和财务管理CAPM Model & SML(2)Beta(bi): A measure of the extent to which the returns on a given stock move with
15、the stock market.Beta is the theoretically correct measure of the stocks riskness.SINOTRUST18MBA基础培训基础培训会计报表和财务管理会计报表和财务管理CAPM Model & SML(3)The beta of some stocksStock Beta America Online2.10Bally Entertainment1.55Microsoft Corp1.20General Electric1.15Procter & Gamble1.05Coca-Cola1.00Heinz0.90Empi
16、re District Electric 0.55Source: Value Line, August 16,1996SINOTRUST19MBA基础培训基础培训会计报表和财务管理会计报表和财务管理.T-billsSMLkM = 15 kRF = 8-1 0 1 2SML: ki = 8% + (15% - 8%) bi .ki (%)Risk, biCAPM Model & SML(4)SINOTRUST20MBA基础培训基础培训会计报表和财务管理会计报表和财务管理CAPM Model & SML(5)SML1Original situationRequired Rate of Return
17、 k (%)SML200.51.01.52.0181511 8New SMLInvestors raise inflationexpectations by 3%SINOTRUST21MBA基础培训基础培训会计报表和财务管理会计报表和财务管理CAPM Model & SML(6)1.0kM = 18%kM = 15%SML1Original situationRequired Rate of Return (%)SML2After increasein risk aversionRisk, bi18158SINOTRUST22MBA基础培训基础培训会计报表和财务管理会计报表和财务管理Gorde
18、n Model （Constant Growth Model） To evaluate the stock price with the constant growth rate.P0= D0(1+g)/(Ks-g)P0the expected price of the stock todayD0dividend the stockholder expects to receive todayKsrequired return rate gexpected growth rateSINOTRUST23MBA基础培训基础培训会计报表和财务管理会计报表和财务管理Why do mergers occ
19、ur?Synergy“ 2 Plus 2 Equals 5 Effect”If companies A & B merge to form Company C, and if Cs value exceeds that of A & B taken separately, then synergy is said to exist.SINOTRUST24MBA基础培训基础培训会计报表和财务管理会计报表和财务管理 Operating Economies Economics of Scales in management,marketing,production,or distribution F
20、inancial Economies Lower transaction cost, better coverage Differential Management Efficiency More efficiency of the management more productivity of the weaker firms asset Increased market power Reduced competitionSynergy could arise fromSINOTRUST25MBA基础培训基础培训会计报表和财务管理会计报表和财务管理Tax consideration A pr
21、ofitable firm acquires a firm with large accumulated tax lossesPurchase of asset below their replacement cost(economic choice)Diversification Managers Personal incentivesThe other reasons of mergersSINOTRUST26MBA基础培训基础培训会计报表和财务管理会计报表和财务管理A horizontal merger In the same industry, such as two ICPA ver
22、tical merger Supplier-buyer, such as Intel & DellA congeneric merger The related enterprises, such as Microsoft & IBM A conglomerate merger The unrelated enterprises, such as American Online & Time-WarnerType of MergersSINOTRUST27MBA基础培训基础培训会计报表和财务管理会计报表和财务管理Analysis of a potential mergerThe Acquiri
23、ng Firm V.S The Target FirmValuing the target firmSetting the bid pricePostmerger controlStructuring the takeover bid Note:the goal of merger valuation is to value the target businesss equity because a business is acquired from its owners, not from its creditors SINOTRUST28MBA基础培训基础培训会计报表和财务管理会计报表和财
24、务管理Merger exampleThe acquring firm: Hightech The target firm: Apex CorporationStep 1: Valuing the target firm Discounted Cash Flow Approach (DCF) Gorden Model and CAPMStep 2: Setting the bid price The difference between Apexs MVA and the evaluated price Offer cash or securities The negotiating skill
25、s of the both sides The bargaining positions as determined by fundamental economic situation.Step 3 Postmerger control How to re-position the old managementStep 4 Takeover ActionSINOTRUST29MBA基础培训基础培训会计报表和财务管理会计报表和财务管理Merger Case StudyThe acquiring firm: Smittys Home Repair The target firm Hills HardwareYou should Identify which type of merger it isTake DCF analysisTake the scope of your bidPresent your decisions in 10 minutes with less than 5 slidesSINOTRUST30MBA基础培训基础培训会计报表和财务管理会计报表和财务管理