[财务管理]现金流量与财务分析.pptx

Chapter3CashFlowsandFinancialAnalysis(現金流量與財務分析)

AFinancialInformation(財務資訊)(p.57)FinancialinformationistheresponsibilityofmanagementCreatedbywithin-firmaccountants(由公司內的會計師編製)andreviewedbyauditors(公司外的稽查員來檢閱)CreatesaconflictofinterestbecausemanagementwantstoportrayfirminapositivelightPublishedtoavarietyofaudiences

A-1UsersofFinancialInformationInvestorsandFinancialAnalystsMajorpartofanalyst’sjobistomakeacarefulstudyofrecentfinancialstatementsVendors/CreditorsUsefinancialinformationtodetermineifthefirmisexpectedtomakegoodonloansManagementpinpointstrengthsandweaknessesinoperations

A-2SourcesofFinancialInformation(財務資訊的來源)p.59AnnualReport(主要的資訊來源)RequiredofallpubliclytradedfirmsTendtoportrayfirminapositivelight,sotendtobiasedinfavorofmanagement’sperformanceBrokeragefirmsandinvestmentadvisoryservicesprovidereportsonmostlargefirms.Example:ValueLine(價值線),Moody’s,SP

A-3TheOrientationofFinancialAnalysis(財務分析的導向)p.62AccountingisconcernedwithfinancialstatementsFinanceisconcernedwithusingthedatacontainedwithinfinancialstatementstomakedecisions(使用財報上的資料去作決策)

BTheStatementofCashFlows(p.63)ConstructedfromtheBalanceSheetandIncomeStatement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,andfinancingactivities)依據現金的來源與使用

B-2BusinessCashFlows(p.66)CashFlowsRulesAssetincrease?useofcashAssetdecrease?sourceofcashLiabilityincrease?sourceofcashLiabilitydecrease?useofcash

B-3ConstructingtheStatementofCashFlows(Example:p.69)-1

B-3ConstructingtheStatementofCashFlows(Example:p.69)-1Alsoassumefirmpaida$500dividendandsoldstockfor$800duringtheyear.

B-3ConstructingtheStatementofCashFlows(Example:p.69)-2Whilethefirmwasprofitable,itstillhadtoborrowmoneyandsellstocktofinancetheincreaseinFixedAssets.

B-4FreeCashFlows-1(p.73)Underno