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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第一页，共三十二页。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，现金流量表常用常用(chn yn)会计指标会计指标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 TypesHow(Example,Case Study)会计报表和财务管理第二页，共三十二页。SINO
2、TRUST3MBA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:Assets第三页，共三十二页。SINOTRUST4MBA基础培训基础培训会计报表和财务管理会计报表和财务
3、管理19971996Accts payable524,160145,600Notes 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 Equity第四页，共三
4、十二页。SINOTRUST5MBA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 19971996Inco
5、me Statement(P/L Sheet)第五页，共三十二页。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 invent
6、ories(572,160)Net cash provided by ops.Statement of Cash Flow(1997)第六页，共三十二页。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
7、 of cash dividends (11,000)Net cash from financing1,185,568NET CHANGE IN CASH(50,318)Plus:Cash at beginning of year 57,600Cash at end of year 7,282第七页，共三十二页。SINOTRUST8MBA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 utilizationDebt utilization 第八页，共三十二页。SINOTRUST9MBA基
8、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=Profit margin*Total assets turnoverROE=ROA*Equity multiplierROE=(Profit margin)(Total asset turnover)(Equity multiplier)=Net income/sales*sales/Total Assets*Total assets/Common equity 第九页，共三十二页。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 ratios
9、P/E ratio=The market price of stock/EPSEPS=Earnings/The shares outstandingWhat is your idea?第十页，共三十二页。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 o
10、f equity-Equity capital supplied by investors =(Shares outstanding)(Stock Price)-Total common equity 第十一页，共三十二页。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
11、 common equity:$87bMVA:$18bEPS:$0.79第十二页，共三十二页。SINOTRUST13MBA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(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-Co
12、rporate tax rate)-After-tax cost of total capitalTotal capital includes:Long-term debt,preferred stock,and common equity第十三页，共三十二页。SINOTRUST14MBA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$70MSelli
13、ng off,increasing volumeTill 1993,stock price$82.5 第十四页，共三十二页。SINOTRUST15MBA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 Margin第十五页，共三十二页。SINOTRUST16MBA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)CAP
14、M Capital Asset Pricing ModelSML The Security Market LineSML EquationRequired return 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 stocks第十六页，共三十二页。SINOTRUST17MBA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&SM
15、L(2)Beta(bi):A measure of the extent to which the returns on a given stock move with the stock market.Beta is the theoretically correct measure of the stocks riskness.第十七页，共三十二页。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 Enterta
16、inment1.55Microsoft Corp1.20General Electric1.15Procter&Gamble1.05Coca-Cola1.00Heinz0.90Empire District Electric 0.55Source:Value Line,August 16,1996第十八页，共三十二页。SINOTRUST19MBA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)第十九页，共三十二页。SINOTRUS
17、T20MBA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 k(%)SML200.51.01.52.0181511 8New SMLInvestors raise inflationexpectations by 3%第二十页，共三十二页。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 Re
18、turn(%)SML2After increasein risk aversionRisk,bi18158第二十一页，共三十二页。SINOTRUST22MBA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Gorden 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
19、todayKsrequired return rate gexpected growth rate第二十二页，共三十二页。SINOTRUST23MBA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 occur?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.第二十三页，共三十二页。SINOTRUST
20、24MBA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 EconomiesEconomics of Scales in management,marketing,production,or distributionFinancial EconomiesLower transaction cost,better coverageDifferential Management EfficiencyMore efficiency of the management more productivity of the weaker firms assetIncreased ma
21、rket powerReduced competitionSynergy could arise from第二十四页，共三十二页。SINOTRUST25MBA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 considerationA profitable firm acquires a firm with large accumulated tax lossesPurchase of asset below their replacement cost(economic choice)Diversification Managers Personal incentivesThe
22、other reasons of mergers第二十五页，共三十二页。SINOTRUST26MBA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 mergerIn the same industry,such as two ICPA vertical mergerSupplier-buyer,such as Intel&DellA congeneric mergerThe related enterprises,such as Microsoft&IBM A conglomerate mergerThe unrelated enterprises,such as
23、 American Online&Time-WarnerType of Mergers第二十六页，共三十二页。SINOTRUST27MBA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 Acquiring 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
24、the target businesss equity because a business is acquired from its owners,not from its creditors 第二十七页，共三十二页。SINOTRUST28MBA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 exampleThe acquring firm:Hightech The target firm:Apex CorporationStep 1:Valuing the target firmDiscounted Cash Flow Approach(DCF)Gorden Model
25、and CAPMStep 2:Setting the bid priceThe difference between Apexs MVA and the evaluated price Offer cash or securitiesThe negotiating skills of the both sidesThe bargaining positions as determined by fundamental economic situation.Step 3 Postmerger controlHow to re-position the old managementStep 4 T
26、akeover Action第二十八页，共三十二页。SINOTRUST29MBA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 firmHills 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 slides
27、第二十九页，共三十二页。SINOTRUST30MBA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第三十页，共三十二页。1、有时候读书是一种巧妙地避开思考的方法。2022/11/72022/11/7Monday,November 7,20222、阅读一切好书如同和过去最杰出的人谈话。2022/11/72022/11/72022/11/711/7/2022 5:37:41 AM3、越是没有本领的就越加自命不凡。2022/11/72022/11/72022/11/7Nov-2207-Nov-224、越是无能的人，越喜欢挑剔别人的错儿。2022/11/72022/11/72022/11/7Mo
28、nday,November 7,20225、知人者智，自知者明。胜人者有力，自胜者强。2022/11/72022/11/72022/11/72022/11/711/7/20226、意志坚强的人能把世界放在手中像泥块一样任意揉捏。07 十一月 20222022/11/72022/11/72022/11/77、最具挑战性的挑战莫过于提升自我。十一月 222022/11/72022/11/72022/11/711/7/20228、业余生活要有意义，不要(byo)越轨。2022/11/72022/11/707 November 20229、一个人即使已登上顶峰，也仍要自强不息。2022/11/7202
29、2/11/72022/11/72022/11/710、你要做多大的事情，就该承受多大的压力。11/7/2022 5:37:41 AM2022/11/707-11月-2211、自己要先看得起自己，别人才会看得起你。11/7/2022 5:37 AM11/7/2022 5:37 AM2022/11/72022/11/712、这一秒不放弃，下一秒就会有希望。07-Nov-2207 November 20222022/11/713、无论才能知识多么卓著，如果缺乏热情，则无异纸上画饼充饥，无补于事。Monday,November 7,202207-Nov-222022/11/714、我只是自己不放过自己而已，现在我不会再逼自己眷恋了。2022/11/72022/11/707 November 202205:37谢谢谢谢(x i x i e)(x i x i e)大大家家第三十一页，共三十二页。内容(nirng)总结会计报表和财务管理。=Net income/sales*sales/Total Assets*Total assets/Common equity。P/E ratio=The market price of stock/EPS。Empire District Electric 0.55。-1 0 1 2第三十二页，共三十二页。