公司理财(第二章).ppt

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1、3-2AccountingandFinanceUnderstandingfinancialaccountingisessentialtounderstandingcorporatefinance.KeyComponentsoftheFinancials:TheBalanceSheetTheIncomeStatementTheStatementofCashFlows3-3TheBalanceSheetDefinition:TheBalanceSheetisafinancialstatementthatshowsthefirm’sassetsandliabilitiesata

2、particulartime.Whyisituseful?Equation:TotalAssets=TotalLiabilities+Shareholders’EquityNetWorkingCapital=CurrentAssets–CurrentLiab.3-4TheBalanceSheetCurrentAssetsCash&SecuritiesReceivablesInventoriesFixedAssetsTangibleAssetsIntangibleAssets+___________________TotalAssetsCurrentLiabilitiesP

3、ayablesShort-termDebt+Long-termLiabilities+Shareholders’Equity____________________TotalLiabilities&Shareholders’Equity=3-5AssetsAssetsrepresenttheusesofafirm’sfundsi.e.Assetsshowwhatthefirm“owns”LiquidAssetscanbeconvertedeasilyintocashCurrentvs.FixedAssets3-6CurrentAssets:ExamplesWhichoft

4、hefollowingassetsistypicallyconsideredmostliquid?Leastliquid?MarketablesecuritiesAccountsreceivableInventoriesWhichofthefollowingisacurrentasset?PropertythatafirmownsAfirm’sproductionequipmentUnsoldinventories3-7FixedAssetsTangibleAssetsIntangibleAssetsGoodwill3-8FixedAssets:ExampleWhicho

5、fthefollowingrepresenttangibleassets?Intangibleassets?PropertyProductionFacilitiesPatentsProductionEquipmentTrademarksCopyrights3-9LiabilitiesLiabilitiesrepresentthesourcesofafirm’sfunding.(i.e.Liabilitiesrepresentwhatafirm“owes.”)Currentvs.Long-TermLiabilitiesCurrentAssets–CurrentLiabili

6、ties=NetWorkingCapital3-10Liabilities:ExampleWhichofthefollowingisacurrentliability?Bonddebtthatmaturesin3yearsAbankloanthatisduein24monthsAnobligationtopayasupplierwithin6months3-11NetWorkingCapital:ExampleInthebalancesheetbelow,whatwasthevalueofnetworkingcapitalin2008?2009?3-12Common-Si

7、zeBalanceSheetAllbalancesheetitemsareexpressedasapercentageoftotalassets.Whyisthisuseful?3-13Common-SizeBalanceSheet:ExampleNotethechangesfrom2008to2009.3-14BookValuesvs.MarketValuesGAAP(GenerallyAcceptedAccountingPrinciples)BookValueValueofassetsorliabilitiesaccord