




版權(quán)說明:本文檔由用戶提供并上傳,收益歸屬內(nèi)容提供方,若內(nèi)容存在侵權(quán),請進(jìn)行舉報(bào)或認(rèn)領(lǐng)
文檔簡介
OnProjectReport/ReadingsMarketvalue,usenumberofsharesoutstanding,donotuseaveragenumberofsharesoutstandingIdentifysourceofdataorquotesCommonsizeanalysis,showamountsandpercentagesOnlyanalyzenotesthatarerelatedtoourcurrentlectureTaketurntowritethereport,donotleavetoonepersonInfinalexams,Imayprovideyouwithrawmaterialsandasamplearticlefromourreadingsforyoutoanalyzetherawmaterialsandwriteasimilararticle.Sogetfamiliarwithallarticles.Again,understandbutdonotmemorize.OnProjectReport/ReadingsMark1FirmNamesEagleEye:ValuationAnalysisStrategyInvestoriumFirmNamesEagleEye:Valuation2StatementofCashFlowCashflowfromOperatingactivities:(營運(yùn)活動) cashreceiptsfromcustomers cashdisbursedto: suppliersofmerchandise employeesforsalariesCashflowfrominvestingactivities:(投資活動) purchaseofbuildings,equipments,plants proceeds(進(jìn)帳)fromsalesoflongtermassetsCashflowfromfinancingactivities:(融資活動) borrowing/repaylongtermdebts issuingnewshares
StatementofCashFlowCashflo3項(xiàng)目報(bào)告或讀書英文課件4OverviewoftheStatementofCashFlowsInAOL2000balancesheet,cashandcashequivalentincreasedfrom$936millionsto$2,490millions.How?Thestatementofcashflows…(a)explainsthereasonsforachangeincash.(b)classifiesthereasonsforthechangeasanoperating,investingorfinancingactivity.(c)reconcilesnetincomewithcashflowfromoperations.OverviewoftheStatementofC5MontgomeryWardb.f.bankruptMontgomeryWardb.f.bankrupt6ThedifferencebetweenearningsandcashflowsI/SExplainchangeinretainedearningsI/Sisaccrued-basedI/SrecognizepropertyrightsI/SrequireestimatesI/SisanopinionI/Sisproneto(易于)manipulationFirmscansurvivealongstring(長串)ofnegativeearningsSCFexplainchangeincashandcashequivalentN/ASCFemphasize“actualpossessment”SCFdoesnotSCFisafactSCFissotoamuchlessdegreeFirmsgobankruptwithalongstringofnegativecashflows(outflow)Thedifferencebetweenearning7Cashflowequation
A=L+EΔA=ΔL+ΔEΔcash+Δnon-cashA=ΔL+ΔEΔcash+ΔcurrentA(otherthancash)+Δnon-currentA=ΔcurrentL+Δnon-currentL+ΔEΔcash=ΔcurrentL+Δnon-currentL+ΔE-ΔcurrentA(otherthancash)-Δnon-currentACashflowequationA=L+E8項(xiàng)目報(bào)告或讀書英文課件9項(xiàng)目報(bào)告或讀書英文課件10CashflowfromoperationCashflowsrelatedtosellinggoodsandservices;thatis,theprinciplebusiness(主營業(yè)務(wù))
ofthefirmThemainsourceofpayoffstoshareholdersandcreditorsThereasonforthefirmstoexistIffirmsdonotinthelongrungeneratemorecashfromoperationthanthereturnsoffundstoshareholdersandcreditors,thefirmsgobankruptCashflowfromoperationCashf11Cashflowfromoperation-componentsCashcollectedfromcustomersCashcollectedasinterest(利息)onloanstoothersCashcollectedasdividends(股利)oninvestmentonotherfirms’stocksCashpaidtosuppliersCashpaidtoemployeesCashpaidtootherserviceproviders:landlords,marketingagency,auditors,consultants,…CashpaidtogovernmentCashpaidtocreditorsasinterestonborrowedmoneyCashflowfromoperation-compo12項(xiàng)目報(bào)告或讀書英文課件13CashflowfrominvestingactivitiesCashflowsrelatedtotheacquisitionorsaleofnon-currentassets:investment,land,property,plants,equipments…Tomaintainthecurrentproductivityoftheoperation,afirmmustreplaceassetsthattheywearout
(消耗)Togrowitsoperation,afirmmustacquireadditionalassetsOldassetsmaybesoldastheybecomeobsolete
(過時(shí)),orasthefirmchangeproductionInvestingactivitiesthusprovideresourcetogeneratecashflowfromoperationsCashflowfrominvestingactiv14Cashflowfrominvestingactivities-componentsCashreceivedfromsalesofland,investment,property,plantsandequipmentCashpaidtoacquireland,investment,property,plantsandequipmentCashflowfrominvestingactiv15項(xiàng)目報(bào)告或讀書英文課件16CashflowfromfinancingactivitiesCashflowsrelatedtolong-termliabilitiesandowners’equityThesourceofcashtobeusedininvestingandoperatingactivitiesTwosources:shareholdersandcreditorsThispartofSCFalsoindicateshowmuchcashthefirmreturnstoitscapitalproviders,i.e.,cashdistributiontoshareholdersandcreditorsNote:short-termliabilitiesgeneratedinoperation,suchasaccountpayable,isnotrelatedtothiscategoryCashflowfromfinancingactiv17Cashflowfromfinancingactivities-componentsCashreceivedfromissuingcorporatedebtsortakinguploansCashreceivedfromissuingcommonsharesorpreferredsharesCashpaidtorepaydebtsorloansCashpaidtorepurchasesharesCashpaidtoshareholdersasdividendsCashflowfromfinancingactiv18項(xiàng)目報(bào)告或讀書英文課件19項(xiàng)目報(bào)告或讀書英文課件20Relationsamongthecashflowsfromthethreecategoriesofactivities1CFfromFin.Act.CFfromInv.ActCFFromOp.Act.Relationsamongthecashflows21FreeCashFlow=Cashflowfromoperatingactivities +CashflowfrominvestingactivitiesIfpositive,normaloperationgeneratesmorecashthatitconsumes,suchasthecaseofastablefirmIfnegative,normaloperationgeneratesinsufficientamountofcashtobeself-sustaining,suchasagrowingfirmFreeCashFlow=Cashflowfrom22TwomethodstopreparetheoperatingportionofSCFDirectmethodofpresentationcalculatescashflowfromoperationsbysubtractingcashdisbursementstosupplies,employees,andothersfromcashreceiptsfromcustomers.Theindirectmethodcalculatescashflowfromoperationsbyadjustingnetincomefornoncashrevenuesandexpenses.Mostfirmspresenttheircashflowsusingtheindirectmethod.Twomethodstopreparetheope23SCF-DirectmethodThedirectmethodissimpleandstraight:CashcollectedfromcustomersCashcollectedasinterest(利息)onloanstoothersCashcollectedasdividends(股利)oninvestmentonotherfirms’stocksCashpaidtosuppliersCashpaidtoemployeesCashpaidtootherserviceproviders:landlords,marketingagency,auditors,consultants,…CashpaidtogovernmentCashpaidtocreditorsasinterestonborrowedmoneySCF-DirectmethodThedirectme24IndirectmethodSCFreconcilesnetincomewithcashflowfromoperationΔcash=ΔcurrentL+Δnon-currentL+ΔE-ΔcurrentA(otherthancash)-Δnon-currentAΔcash=[ΔcurrentL-ΔcurrentA(otherthancash)]+[Δnon-currentL+ΔE]–[Δnon-currentA]Op.Fin.Inv.IndirectmethodSCFreconciles25IndirectmethodSCFreconcilesnetincomewithcashflowfromoperationNetIncomeisaccrual-based,whenwecalculatenetincome,wedonotcarewhethercashhasbeenreceivedorpaidButcurrentassetsandcurrentliabilitiesaccountsareimpactedwhenwecalculatenetincome,e.g.,wedebitaccountreceivableandcreditrevenuewhenfinishingasalesactivityIndirectmethodSCFreconciles26IndirectmethodSCFreconcilesnetincomewithcashflowfromoperationSointheexampleabove,netincomeishigherthancashflowfromoperationbecausethistransactionincreasesnetincomebyincreasingrevenues,butdoesnotincreasecashbecausewedebitaccountreceivableandnocashiscollectedyet.Therefore,togettothebalanceofcashfromnetincome,wesubtracttheincreaseinaccountreceivableaccount.Thisprocedureconfirmstothecashequationinwhichincrease(positivechange)incurrentassetsotherthancashdecreasecashflowfromoperation.IndirectmethodSCFreconciles27IndirectmethodSCFreconcilesnetincomewithcashflowfromoperationTheindirectmethod:Netincome+depreciationIncreaseincurrentassetsaccounts+decreaseincurrentassetsaccountsdecreaseincurrentliabilitiesaccounts+increaseincurrentliabilitiesaccounts=CashflowfromoperationIndirectmethodSCFreconciles28Notestofinancialstatements-oncashflowsNotestofinancialstatements-29Iscashtheking?CashistheultimatepayoffstocapitalprovidersEstablishedfinancetheorytoldusthethevalueofafirmisthepresentvalueofallitsfuturedividendsIscashtheking?Cashistheu30Iscashtheking?Earningsdonotalwaysgohand-in-handwithcashflows-Operationalreason:agrowingfirmcanhavefastgrowthinearnings,butduetotheexpansion,itisconsistentlyshortofcash;adecliningfirmmayhavedecliningearningsbutthrowoutlargeamountofcashduetolackofinvestingopportunities-Earningsmanagementreason:Afirmmaymanagethenon-cashearningstoincreaseearnings,butnottoincreasecashflow.Iscashtheking?Earningsdon31CashflowpatternfordifferentfirmsCashflowfrom:ABCDOperation$(3)$7$15$8Investing(15)(12)(8)(2)Financing185(7)(6)NetCF0000New,growingfirmGrowinglessrapidlyMature,stablefirmDecliningfirmCashflowpatternfordifferen32
Iscashtheking?-Sloan[1996]AccountingReview
Iscashtheking?-Sloan[199633Iscashtheking?-Sloan[1996]AccountingReviewIscashtheking?-Sloan[1996]34Iscashtheking?-Sloan[1996]AccountingReviewIscashtheking?-Sloan[1996]35Iscashtheking?-Barthelal.(2001)Iscashtheking?-Barthelal.36InvestingMottoYoucanpocketcash,butyoucannotpocketearnings! ---myselfInvestingMotto37OnProjectReport/ReadingsMarketvalue,usenumberofsharesoutstanding,donotuseaveragenumberofsharesoutstandingIdentifysourceofdataorquotesCommonsizeanalysis,showamountsandpercentagesOnlyanalyzenotesthatarerelatedtoourcurrentlectureTaketurntowritethereport,donotleavetoonepersonInfinalexams,Imayprovideyouwithrawmaterialsandasamplearticlefromourreadingsforyoutoanalyzetherawmaterialsandwriteasimilararticle.Sogetfamiliarwithallarticles.Again,understandbutdonotmemorize.OnProjectReport/ReadingsMark38FirmNamesEagleEye:ValuationAnalysisStrategyInvestoriumFirmNamesEagleEye:Valuation39StatementofCashFlowCashflowfromOperatingactivities:(營運(yùn)活動) cashreceiptsfromcustomers cashdisbursedto: suppliersofmerchandise employeesforsalariesCashflowfrominvestingactivities:(投資活動) purchaseofbuildings,equipments,plants proceeds(進(jìn)帳)fromsalesoflongtermassetsCashflowfromfinancingactivities:(融資活動) borrowing/repaylongtermdebts issuingnewshares
StatementofCashFlowCashflo40項(xiàng)目報(bào)告或讀書英文課件41OverviewoftheStatementofCashFlowsInAOL2000balancesheet,cashandcashequivalentincreasedfrom$936millionsto$2,490millions.How?Thestatementofcashflows…(a)explainsthereasonsforachangeincash.(b)classifiesthereasonsforthechangeasanoperating,investingorfinancingactivity.(c)reconcilesnetincomewithcashflowfromoperations.OverviewoftheStatementofC42MontgomeryWardb.f.bankruptMontgomeryWardb.f.bankrupt43ThedifferencebetweenearningsandcashflowsI/SExplainchangeinretainedearningsI/Sisaccrued-basedI/SrecognizepropertyrightsI/SrequireestimatesI/SisanopinionI/Sisproneto(易于)manipulationFirmscansurvivealongstring(長串)ofnegativeearningsSCFexplainchangeincashandcashequivalentN/ASCFemphasize“actualpossessment”SCFdoesnotSCFisafactSCFissotoamuchlessdegreeFirmsgobankruptwithalongstringofnegativecashflows(outflow)Thedifferencebetweenearning44Cashflowequation
A=L+EΔA=ΔL+ΔEΔcash+Δnon-cashA=ΔL+ΔEΔcash+ΔcurrentA(otherthancash)+Δnon-currentA=ΔcurrentL+Δnon-currentL+ΔEΔcash=ΔcurrentL+Δnon-currentL+ΔE-ΔcurrentA(otherthancash)-Δnon-currentACashflowequationA=L+E45項(xiàng)目報(bào)告或讀書英文課件46項(xiàng)目報(bào)告或讀書英文課件47CashflowfromoperationCashflowsrelatedtosellinggoodsandservices;thatis,theprinciplebusiness(主營業(yè)務(wù))
ofthefirmThemainsourceofpayoffstoshareholdersandcreditorsThereasonforthefirmstoexistIffirmsdonotinthelongrungeneratemorecashfromoperationthanthereturnsoffundstoshareholdersandcreditors,thefirmsgobankruptCashflowfromoperationCashf48Cashflowfromoperation-componentsCashcollectedfromcustomersCashcollectedasinterest(利息)onloanstoothersCashcollectedasdividends(股利)oninvestmentonotherfirms’stocksCashpaidtosuppliersCashpaidtoemployeesCashpaidtootherserviceproviders:landlords,marketingagency,auditors,consultants,…CashpaidtogovernmentCashpaidtocreditorsasinterestonborrowedmoneyCashflowfromoperation-compo49項(xiàng)目報(bào)告或讀書英文課件50CashflowfrominvestingactivitiesCashflowsrelatedtotheacquisitionorsaleofnon-currentassets:investment,land,property,plants,equipments…Tomaintainthecurrentproductivityoftheoperation,afirmmustreplaceassetsthattheywearout
(消耗)Togrowitsoperation,afirmmustacquireadditionalassetsOldassetsmaybesoldastheybecomeobsolete
(過時(shí)),orasthefirmchangeproductionInvestingactivitiesthusprovideresourcetogeneratecashflowfromoperationsCashflowfrominvestingactiv51Cashflowfrominvestingactivities-componentsCashreceivedfromsalesofland,investment,property,plantsandequipmentCashpaidtoacquireland,investment,property,plantsandequipmentCashflowfrominvestingactiv52項(xiàng)目報(bào)告或讀書英文課件53CashflowfromfinancingactivitiesCashflowsrelatedtolong-termliabilitiesandowners’equityThesourceofcashtobeusedininvestingandoperatingactivitiesTwosources:shareholdersandcreditorsThispartofSCFalsoindicateshowmuchcashthefirmreturnstoitscapitalproviders,i.e.,cashdistributiontoshareholdersandcreditorsNote:short-termliabilitiesgeneratedinoperation,suchasaccountpayable,isnotrelatedtothiscategoryCashflowfromfinancingactiv54Cashflowfromfinancingactivities-componentsCashreceivedfromissuingcorporatedebtsortakinguploansCashreceivedfromissuingcommonsharesorpreferredsharesCashpaidtorepaydebtsorloansCashpaidtorepurchasesharesCashpaidtoshareholdersasdividendsCashflowfromfinancingactiv55項(xiàng)目報(bào)告或讀書英文課件56項(xiàng)目報(bào)告或讀書英文課件57Relationsamongthecashflowsfromthethreecategoriesofactivities1CFfromFin.Act.CFfromInv.ActCFFromOp.Act.Relationsamongthecashflows58FreeCashFlow=Cashflowfromoperatingactivities +CashflowfrominvestingactivitiesIfpositive,normaloperationgeneratesmorecashthatitconsumes,suchasthecaseofastablefirmIfnegative,normaloperationgeneratesinsufficientamountofcashtobeself-sustaining,suchasagrowingfirmFreeCashFlow=Cashflowfrom59TwomethodstopreparetheoperatingportionofSCFDirectmethodofpresentationcalculatescashflowfromoperationsbysubtractingcashdisbursementstosupplies,employees,andothersfromcashreceiptsfromcustomers.Theindirectmethodcalculatescashflowfromoperationsbyadjustingnetincomefornoncashrevenuesandexpenses.Mostfirmspresenttheircashflowsusingtheindirectmethod.Twomethodstopreparetheope60SCF-DirectmethodThedirectmethodissimpleandstraight:CashcollectedfromcustomersCashcollectedasinterest(利息)onloanstoothersCashcollectedasdividends(股利)oninvestmentonotherfirms’stocksCashpaidtosuppliersCashpaidtoemployeesCashpaidtootherserviceproviders:landlords,marketingagency,auditors,consultants,…CashpaidtogovernmentCashpaidtocreditorsasinterestonborrowedmoneySCF-DirectmethodThedirectme61IndirectmethodSCFreconcilesnetincomewithcashflowfromoperationΔcash=ΔcurrentL+Δnon-currentL+ΔE-ΔcurrentA(otherthancash)-Δnon-currentAΔcash=[ΔcurrentL-ΔcurrentA(otherthancash)]+[Δnon-currentL+ΔE]–[Δnon-currentA]Op.Fin.Inv.IndirectmethodSCFreconciles62IndirectmethodSCFreconcilesnetincomewithcashflowfromoperationNetIncomeisaccrual-based,whenwecalculatenetincome,wedonotcarewhethercashhasbeenreceivedorpaidButcurrentassetsandcurrentliabilitiesaccountsareimpactedwhenwecalculatenetincome,e.g.,wedebitaccountreceivableandcreditrevenuewhenfinishingasalesactivityIndirectmethodSCFreconciles63IndirectmethodSCFreconcilesnetincomewithcashflowfromoperationSointheexampleabove,netincomeishigherthancashflowfromoperationbecausethistransactionincreasesnetincomebyincreasingrevenues,butdoesnotincreasecashbecausewedebitaccountreceivableandnocashiscollectedyet.Therefore,togettothebalanceofcashfromnetincome,wesubtracttheincreaseinaccountreceivableaccount.Thisprocedureconfirmstothecashequationinwhichincrease(positivechange)incurrentassetsotherthanc
溫馨提示
- 1. 本站所有資源如無特殊說明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙,網(wǎng)頁內(nèi)容里面會有圖紙預(yù)覽,若沒有圖紙預(yù)覽就沒有圖紙。
- 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
- 5. 人人文庫網(wǎng)僅提供信息存儲空間,僅對用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理,對用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯,并不能對任何下載內(nèi)容負(fù)責(zé)。
- 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容,請與我們聯(lián)系,我們立即糾正。
- 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對自己和他人造成任何形式的傷害或損失。
最新文檔
- 奶牛飼養(yǎng)管理策略與實(shí)踐指南
- 公務(wù)摩托使用管理辦法
- 心電圖動態(tài)監(jiān)測在急性下壁心梗早期診斷中的價(jià)值研究
- 桶裝涂料庫存管理辦法
- 工業(yè)遺產(chǎn)保護(hù)視角下的悲劇理論研究
- 梧州生態(tài)竹節(jié)管理辦法
- 面向未來的物流經(jīng)濟(jì)學(xué)教學(xué)改革研究
- 單位應(yīng)當(dāng)落實(shí)消防安全主體責(zé)任
- 秋游安全活動方案
- 安全生產(chǎn)標(biāo)準(zhǔn)化的評定標(biāo)準(zhǔn)
- ctcs-3級列控系統(tǒng)概述課件
- 2022年汕頭澄海區(qū)教師招聘考試真題
- 考研題土力學(xué)
- 雙向拉伸聚酯薄膜生產(chǎn)知識
- 綠山墻的安妮-練習(xí)答案(完整版)資料
- 2022年小學(xué)美術(shù)教師進(jìn)城(選調(diào))招聘考試模擬試題(共五套)
- 貴陽小升初分班全真模擬測A卷
- GB/T 77-2007內(nèi)六角平端緊定螺釘
- 中華人民共和國安全生產(chǎn)法
- 九年一貫制學(xué)校教育教學(xué)管理制度匯編
- 鋼筋混凝土框架結(jié)構(gòu)設(shè)計(jì)講義
評論
0/150
提交評論