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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;Gorden Model
2、企业兼并企业兼并Why(Synergy),Which TypesHow(Example,Case Study)会计报表和财务管理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.263,160 146,200 Net FA 939,
3、790 344,800Total Assets2,866,5921,468,80019971996Balance Sheet:AssetsSINOTRUST4Copyright2000 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 CL1,733,760481,600Long-term debt1,000,000323,432Com
4、mon stock460,000460,000Retained earnings(327,168)203,768 Total equity 132,832 663,768Total L&E2,866,5921,468,800Balance Sheet:Liabilities and EquitySINOTRUST5Copyright2000 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Sales5,834,4003,432,000COGS5,728,0002,864,000Other expenses680,00
5、0340,000Deprec.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)SINOTRUST6Copyright2000 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
6、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 provided by ops.Statement of Cash Flow(1997)SIN
7、OTRUST7Copyright2000 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 in long-term debt676,568 Payment of cash dividends (11,000)Net c
8、ash from financing1,185,568NET CHANGE IN CASH(50,318)Plus:Cash at beginning of year 57,600Cash at end of year 7,282SINOTRUST8Copyright2000 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 focuses on:Expense control Asset utilizationDebt utilization SINOTRUST9Copyrigh
9、t2000 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 income/sales*sales/Total Assets*Total assets/Common equity SINOTRUST10Copyright2000 B
10、y 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?SINOTRUST11Copyright2000 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 d
11、ifference 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 Price)-Total common equity SINOTRUST12Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计报表和财务管理
12、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:$0.79SINOTRUST13Copyright2000 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:Econo
13、mic 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 includes:Long-term debt,preferred stock,and
14、 common equitySINOTRUST14Copyright2000 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$28BU:Locomotive,containers,trailer,railcarsEVA approach lost$70MSelling off,increasing volumeTill 1993,stock price$82.5 SINOTRUST15Copyrig
15、ht2000 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 factors such as EPS,ROE and Operating MarginSINOTRUST16Copyright2000 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(
16、1)CAPM 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 stocksSINOTRUST17Copyright2000 By Sinotrust Management Consulting
17、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(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.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CAP
18、M Model&SML(3)The beta of some stocksStock Beta America Online2.10Bally Entertainment1.55Microsoft Corp1.20General Electric1.15Procter&Gamble1.05Coca-Cola1.00Heinz0.90Empire District Electric 0.55Source:Value Line,August 16,1996SINOTRUST19Copyright2000 By Sinotrust Management ConsultingMBA基础培训基础培训会计
19、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)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
20、inflationexpectations by 3%SINOTRUST21Copyright2000 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(6)1.0kM =18%kM =15%SML1Original situationRequired Rate of Return(%)SML2After increasein risk aversionRisk,bi18158SINOTRUST22Copyright2000 By Sinotrust Management Consulti
21、ngMBA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 todayKsrequired return rate gexpected growth rateSINOTRUST23Copyright2000
22、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.SINOTRUST24Copyright2000 By Sinotrust Management Consulting
23、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 mark
24、et powerReduced competitionSynergy could arise fromSINOTRUST25Copyright2000 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)Diversificatio
25、n Managers Personal incentivesThe other reasons of mergersSINOTRUST26Copyright2000 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 a
26、s Microsoft&IBM A conglomerate mergerThe unrelated enterprises,such as American Online&Time-WarnerType of MergersSINOTRUST27Copyright2000 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
27、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 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 e
28、xampleThe 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 sidesT
29、he bargaining positions as determined by fundamental economic situation.Step 3 Postmerger controlHow to re-position the old managementStep 4 Takeover ActionSINOTRUST29Copyright2000 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 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