第讲MPACC财务报表分析.pptx

第一讲 财务报表分析框架林斌考核出勤及上课表现（含Quiz和上课提问）：10分平时作业成绩：30分以小组为单位进行考评，每组6人左右；报告陈述10分，书面报告20分；期末成绩：60分教材及参考书教材Krishna G. Palepu Paul M. Healy, Business Analysis and Valuation (Fourth Edition) .中译本(朱荣译,经营分析与评价,东北财经大学出版社,2008)主要参考书黄世忠主编《财务报表分析：理论·框架·方法与案例》，中国财政经济出版社，2007年版Stephen Penman, Financial Statement Analysis and Security Valuation, Fourth edition, New York, NY: McGraw-Hill/Irwin, 2009.吴世农《CEO财务分析与决策》，北京大学出版社，2008主要内容财务报表分析框架盈余质量和利润操纵分析财务报表分析基本方法财务报表分析财务预测估值分析本讲主要内容财务报表分析逻辑起点财务报表分析框架（HBS框架） QUIZ 1Balance sheet at end of yearCash and marketable securities0.7%11%1.5%261.9%Accounts and notes receivable0.718.07.8733.5Inventories 8.717.04.5_Property, Plant, and Equipment (net)22.228.7159.018.1Other assets1.972.829.2122.6 Total assets34.2%147.5%202.0%1136.1%Current Liabilities 7.7%30.8%14.9%936.9%Lon-term Debt7.612.7130.871.5Other noncurrent liabilities 2.624.61.827.2Shareholders’equity16.379.454.5100.5 Total equities34.2%147.5%202.0%1136.1%Income statement for year Sales revenue100%100%100%100%Cost of goods sold(74.1)(31.6)(79.9)_Operating expenses(19.7)(37.1)_(41.8)Research and development-(10.1)__Interest(0.5)(3.1)(4.6)(36.6)Income taxes(2.2)(6.0)(5.2)(8.6)Net income3.5%12.1%10.5%13.0%财务报表分析逻辑起点如何进行财务报表分析有效的报表分析要求分析者不仅要学会运用会计数据,而且要善于运用非会计数据。会计数据只是企业实施其经营战略的“财务表现”，忽略对企业所处环境和经营战略的分析，报表分析只能是一种重形式、轻实质的“数字游戏”工欲善其事，必先利其器（HBS财务报表分析框架等）如何学好“财务报表分析”课Tell me, I’ll forgetShow me, I may rememberInvolve me, I’ll understandUsers of Firms’ Financial Information (Demand Side)Equity InvestorsInvestment analysisManagement performance evaluationDebt InvestorsProbability of defaultDetermination of lending ratesCovenant violationsManagementStrategic planningInvestment in operationsEvaluation of subordinatesEmployeesSecurity and remunerationLitigantsDisputes over value in the firmCustomersSecurity of supplyGovernmentsPolicy makingRegulationTaxationGovernment contractingCompetitors Investors and management are the primary users of financial statements财务报表分析逻辑起点(债权人视角)收入质量成长性波动性盈利质量利润质量研发投入空间毛利