[经济学]罗斯-公司理财第七版Corporate Finance课件Ch02.ppt

Chapter Outline 2.1 The Balance Sheet 2.2 The Income Statement 2.3 Net Working Capital 2.4 Financial Cash Flow 2.5 The Statement of Cash Flows 2.6 Summary and Conclusions Sources of Information Annual reports Wall Street Journal Internet NYSE () Nasdaq () Text () SEC EDGAR 10K 10Q reports 2.1 The Balance Sheet An accountant’s snapshot of the firm’s accounting value as of a particular date. The Balance Sheet Identity is: Assets ≡ Liabilities + Stockholder’s Equity When analyzing a balance sheet, the financial manager should be aware of three concerns: accounting liquidity, debt versus equity, and value versus cost. The Balance Sheet of the U.S. Composite Corporation Balance Sheet Analysis When analyzing a balance sheet, the financial manager should be aware of three concerns: Accounting liquidity Debt versus equity Value versus cost Accounting Liquidity Refers to the ease and quickness with which assets can be converted to cash. Current assets are the most liquid. Some fixed assets are intangible. The more liquid a firm’s assets, the less likely the firm is to experience problems meetingshort-term obligations. Liquid assets frequently have lower rates of return than fixed assets. Debt versus Equity Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow. Thus shareholder’s equity is the residual difference between assets and liabilities. Value versus Cost Under GAAP audited financial statements of firms in the U.S. carry assets at cost. Market value is a completely different concept. 2.2 The Income Statement The income statement measures performance over a specific period of time. The accounting definition of income is Revenue – Expenses ≡ Income U.S.C.C. Income Statement U.S.C.C. Income Statement U.S.C.C. Income Statement U.S.C.C. Income Statement Income Statement Analysis There are three things to keep in mind when analyzing an income statement: GAAP Non Cash Items Time and Costs Generally Accepted Accounting Principles