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1、SINOTRUST1Copyright2000 By Sinotrust Management ConsultingMBA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，共三十一页。SINOTRUST2Copyright2000 By Sinotrust Management ConsultingMBA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;Go
2、rden Model企业企业(qy)兼并兼并Why(Synergy),Which TypesHow(Example,Case Study)会计报表和财务管理第二页，共三十一页。SINOTRUST3Copyright2000 By Sinotrust Management ConsultingMBA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
3、,160 146,200 Net FA 939,790 344,800Total Assets2,866,5921,468,80019971996Balance Sheet:Assets第三页，共三十一页。SINOTRUST4Copyright2000 By Sinotrust Management ConsultingMBA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 payable524,160145,600Notes payable720,000200,000Accruals 489,600 136,000 Total CL1,733,760481,60
4、0Long-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，共三十一页。SINOTRUST5Copyright2000 By Sinotrust Management ConsultingMBA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Sales5,834,4003,432,0
5、00COGS5,728,0002,864,000Other 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)第五页，共三十一页。SINOTRUST6Copyright2000 By Sino
6、trust Management ConsultingMBA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)Ne
7、t cash provided by ops.Statement of Cash Flow(1997)第六页，共三十一页。SINOTRUST7Copyright2000 By Sinotrust Management ConsultingMBA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
8、in long-term debt676,568 Payment 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，共三十一页。SINOTRUST8Copyright2000 By Sinotrust Management ConsultingMBA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 focus
9、es on:Expense control Asset utilizationDebt utilization 第八页，共三十一页。SINOTRUST9Copyright2000 By Sinotrust Management ConsultingMBA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=Profit margin*Total assets turnoverROE=ROA*Equity multiplierROE=(Profit margin)(Total asset turnover)(Equity multiplier)=Net i
10、ncome/sales*sales/Total Assets*Total assets/Common equity 第九页，共三十一页。SINOTRUST10Copyright2000 By Sinotrust Management ConsultingMBA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 shares outstandingWhat is your idea?第十页，共三十一页。SINOTRUST11Copyright20
11、00 By Sinotrust Management ConsultingMBA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 outstanding)(Stock Pr
12、ice)-Total common equity 第十一页，共三十一页。SINOTRUST12Copyright2000 By Sinotrust Management ConsultingMBA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:$18bE
13、PS:$0.79第十二页，共三十一页。SINOTRUST13Copyright2000 By Sinotrust Management ConsultingMBA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 tota
14、l capital =EBIT(1-Corporate tax rate)-After-tax cost of total capitalTotal capital includes:Long-term debt,preferred stock,and common equity第十三页，共三十一页。SINOTRUST14Copyright2000 By Sinotrust Management ConsultingMBA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$2
15、8BU:Locomotive,containers,trailer,railcarsEVA approach lost$70MSelling off,increasing volumeTill 1993,stock price$82.5 第十四页，共三十一页。SINOTRUST15Copyright2000 By Sinotrust Management ConsultingMBA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
16、 factors such as EPS,ROE and Operating Margin第十五页，共三十一页。SINOTRUST16Copyright2000 By Sinotrust Management ConsultingMBA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 return On Stock I=Risk-free rate+(Market risk premium)(Sto
17、cks beta)OR Ki=KRF+(KM-KRF)biNote:KM,required rate of return on a portfolio consisting of all stocks第十六页，共三十一页。SINOTRUST17Copyright2000 By Sinotrust Management ConsultingMBA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 the
18、 stock market.Beta is the theoretically correct measure of the stocks riskness.第十七页，共三十一页。SINOTRUST18Copyright2000 By Sinotrust Management ConsultingMBA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 Elec
19、tric1.15Procter&Gamble1.05Coca-Cola1.00Heinz0.90Empire District Electric 0.55Source:Value Line,August 16,1996第十八页，共三十一页。SINOTRUST19Copyright2000 By Sinotrust Management ConsultingMBA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，共三十一页。
20、SINOTRUST20Copyright2000 By Sinotrust Management ConsultingMBA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，共三十一页。SINOTRUST21Copyright2000 By Sinotrust Management Consulting
21、MBA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,bi18158第二十一页，共三十一页。SINOTRUST22Copyright2000 By Sinotrust Management ConsultingMBA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 evalu
22、ate 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 rate第二十二页，共三十一页。SINOTRUST23Copyright2000 By Sinotrust Management ConsultingMBA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
23、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，共三十一页。SINOTRUST24Copyright2000 By Sinotrust Management ConsultingMBA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 EconomiesEc
24、onomics 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 market powerReduced competitionSynergy could arise fro
25、m第二十四页，共三十一页。SINOTRUST25Copyright2000 By Sinotrust Management ConsultingMBA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 othe
26、r reasons of mergers第二十五页，共三十一页。SINOTRUST26Copyright2000 By Sinotrust Management ConsultingMBA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 conglome
27、rate mergerThe unrelated enterprises,such as American Online&Time-WarnerType of Mergers第二十六页，共三十一页。SINOTRUST27Copyright2000 By Sinotrust Management ConsultingMBA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 priceP
28、ostmerger 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 第二十七页，共三十一页。SINOTRUST28Copyright2000 By Sinotrust Management ConsultingMBA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 exa
29、mpleThe acquring firm:Hightech The target firm:Apex CorporationStep 1:Valuing the target firmDiscounted Cash Flow Approach(DCF)Gorden Model 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
30、 bargaining positions as determined by fundamental economic situation.Step 3 Postmerger controlHow to re-position the old managementStep 4 Takeover Action第二十八页，共三十一页。SINOTRUST29Copyright2000 By Sinotrust Management ConsultingMBA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 Ho
31、me 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第二十九页，共三十一页。1、有时候读书(dsh)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
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34、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 202216:43谢谢谢谢(x i x i e)(x i x i e)大大家家第三十页，共三十一页。内容(nirng)总结会计报表和财务管理。The difference between the market value of equity and the amount of equity capital that investors supplied。EVA=After-tax operating profit-After-tax cost of total capital第三十一页，共三十一页。