Chap02黄卓公司金融学.pdf

Chapter 2 第二章 Financial Statements and Cash Flow 财务报表与现金流 Key Concepts and Skills 关键概念和技能  Understand the information provided by financial statements 熟悉财务报表提供的信息  Differentiate between book and market values 区分账面价值和市场价值  Know the difference between average and marginal tax rates 熟悉平均税率和边际税率的区别  Know the difference between accounting income and cash flow 熟悉会计收入和现金流的区别  Calculate a firm’s cash flow 计算企业的现金流 2-1 Chapter Outline 本章内容 2.1 The Balance Sheet 资产负债表 2.2 The Income Statement 利润表 2.3 Taxes 税收 2.4 Net Working Capital 净运营资本 2.5 Financial Cash Flow 财务现金流 2.6 The Accounting Statement of Cash Flows 会计现金流量表 2.7 Cash Flow Management 现金流管理 2-2 Sources of Information 财务信息来源  Annual reports 公司年报  Wall Street Journal 华尔街日报  Internet 互联网  NYSE () 纽约证券交易所  NASDAQ () 纳斯达克交易所  Textbook () 教科书  SEC 美国证券交易委员会  中国证券报  中国证监会  门户网站的财经频道 2-3 2.1 The Balance Sheet 资产负债表  An accountant’s snapshot of the firm’s accounting value at a specific point in time 在某一特定时点，企业会计价值的一个快照  The Balance Sheet Identity is:资产负债表恒等式： Assets ≡ Liabilities + Stockholder’s Equity 资产≡负债+股东权益 2-4 U.S. Composite Corporation Balance Sheet 2010 2009 2010 2009 Current assets: Current Liabilities: Cash and equivalents $140 $107 Accounts payable $213 $197 Accounts rece