武汉大学公司金融课件(六)　

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1、FINANCIALSTATEMENTANALYSISFINANCIALSTATEMENTSBALANCESHEET1.Thebasicbalancesheetidentity(p.23Ross),namely:Assets=Liabilities+Shareholder’sEquityAssets:whatafirmowns.Liabilities:whatafirmowesShareholder’sequity:thedifferencebetweenwhatafirmownsandwhatthefirmowes.IMPORTANTELEMENTSTONOTE

2、2.LIQUIDITY:3.DEBTvsEQUITY:4.MARKETVALUEvsBOOKVALUE:INCOMESTATEMENT1.TheINCOMESTATEMENTrefleetstheflowofactivitythroughthefirmduringanyfiscalperiod.Financialanalystsneedtoadapttheinformationcontainedintheincomestatementtorefleettwoveryimportantdifferences:2.CashFlowversusAccrual3.Non

3、-cashItems1.ConsolidatedStatementsofCashFlowsalongwiththeBalanceSheetandtheIncomeStatement.CASHFLOWANALYSISOurgoal,then,istotaketheinformationinthefinancialstatementsandrepackageitinamannerthatfocusesoncashflow.Remember,thefundamentalgoalistoFOLLOWTHECASH!CashFlowCashflowCashflowFrom

4、=to+toAssetsBondholdersShareholdersThinkaboutthatforaminute:ifthenetcashgeneratedbyalltheassetsofthefirmdoesn'tfloweithertothedebtholdersortheowners,wherewoulditgo.Cashflowfromassetscanbebrokenintothreecomponents:Operatingcashflow:Thethreeitemsthatmustbedealtwithcorrectlyare:1.Intere

5、st:2.Depreciationoramortization:3.Taxes:1.Capitalspending:netcapitalspendingisjustthemoneyspentonfixedassetslessmoneyreceivedfromthesaleoffixedassets.Butremember,theendperiodbalancehasbeenreducedbytheamountofdepreciationthatwasincludedasanexpenseintheincomestatementforthatperiod.That

6、wasnotacashoutlay!Additionstonetworkingcapital:thenetworkingcapitalattheendoftheperiodMINUSthenetworkingcapitalatthebeginningoftheperiod.CashFlowtoBondholders(orcreditors)canalsobebrokenintotwoportions:1.Theinterestpaidtothebondholders.2.Thenetnewborrowing.CashFlowtoShareholderscanbe

7、brokendownintotwoportions:1.Dividendspaid2.NetNewEquityCASHFLOWIDENTITY:OPERATINGEBIT+DEP'NCASHFLOW-TAXESNETCAPITALFAend-FAbegSPENDING+DEPZNNWCend-NWCbeginCHANGETONETWORKINGCAPITALCASHFLOWTOBONDHOLDERS+CASHFLOWTOSHAREHOLDERSU.S.CCEXAMPLEINTEREST-NETNEWDEBTDIVIDEND-NETNEWEQUITYComplet

8、ethecashflow