[财务管理]现金流量与财务分析.ppt

Chapter 3 Cash Flows and Financial Analysis (現金流量與財務分析) A Financial Information (財務資訊) (p.57) Financial information is the responsibility of management Created by within-firm accountants (由公司內的會計師編製) and reviewed by auditors(公司外的稽查員來檢閱) Creates a conflict of interest because management wants to portray firm in a positive light Published to a variety of audiences A-1 Users of Financial Information Investors and Financial Analysts Major part of analyst’s job is to make a careful study of recent financial statements Vendors/Creditors Use financial information to determine if the firm is expected to make good on loans Management pinpoint strengths and weaknesses in operations A-2 Sources of Financial Information (財務資訊的來源)p.59 Annual Report (主要的資訊來源) Required of all publicly traded firms Tend to portray firm in a positive light, so tend to biased in favor of management’s performance Brokerage firms and investment advisory services provide reports on most large firms. Example: Value Line (價值線), Moody’s, SP A-3 The Orientation of Financial Analysis (財務分析的導向)p.62 Accounting is concerned with financial statements Finance is concerned with using the data contained within financial statements to make decisions (使用財報上的資料去作決策) B The Statement of Cash Flows (p.63) Constructed from the Balance Sheet and Income Statement 需要2個連續年度的資產負債表及當年的損益表來形成現金流量表 編表的方式有2種 依據3個不同的活動(operating, investing, and financing activities) 依據現金的來源與使用 B-2 Business Cash Flows (p.66) Cash Flows Rules Asset increase ? use of cash Asset decrease ? source of cash Liability increase ? source of cash Liability decrease ? use of cash B-3 Constructing the Statement of Cash Flows (Example:p.69)-1 B-3 Constructing the Statement of Cash Flows (Example:p.69)-1 B-3 Constructing the Statement of Cash Flows (Example:p.69)-2 B-4 Free Cash Flows-1 (p.73) Under normal conditions most firms generate positive cash flow from operations Some of these funds are used to maintain long-run competitive position Replace worn-out fix