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1、FinancialStatements,Taxes,andCashFlowChapter2KeyConceptsandSkillsKnowthedifferencebetweenbookvalueandmarketvalue（会计价值/账面价值与市场价值的区别）Knowthedifferencebetweenaccountingincomeandcashflow（会计收益和现金流量的区别）Knowthedifferencebetweenaverageandmarginaltaxrates（平均税率和边际税率的区别）
2、Knowhowtodetermineafirm’scashflowfromitsfinancialstatements（怎样从企业的财务报表中推算其现金流量）2.1ChapterOutlineTheBalanceSheet资产负债表TheIncomeStatement损益表Taxes所得税CashFlow现金流量2.2BriefIntroductionFinancialStatements:formaldocumentsissuedbyfirmstoprovidefinancialinformationaboutt
3、heirbusiness&financialtransactions.Firmsmustregularlyissueatleastthreeprimarystatements:BalanceSheetIncomeStatementStatementofCashFlows2.3Whatarefinancialstatements?2.1TheBalanceSheetThebalancesheetisasnapshotofthefirm’sassetsandliabilitiesatagivenpointintimeA
4、ssetsarelistedinorderofliquidityEaseofconversiontocashWithoutsignificantlossofvalueBalanceSheetIdentityAssets=Liabilities+Stockholders’Equity2.4Figure2.12.5Lefthandside-Assets(资产)Assetsarelistedinorderofliquidity(流动性)SpeedandEaseofconversiontocashCurrentandfix
5、edassets2.6Anassetthathasalifeoflessthanoneyear,e.g.cash,shortterminvestment,inventory,accountreceivable.Currentassets『流动资产』Fixedassets『固定资产』Anassetthathaslifeoflongerthanoneyear,canbetangibleorintangible,e.g.machine,truck,buildings,trademark,patent,etc.RightH
6、andSide–Liabilitiesandowner’sequity2.7paymenttermshorterthanoneyearpaymenttermlongerthanoneyearThedifferencebetweentotalassetsandtotalliabilitiesistheshareholders’equity,orcommonequity,orowner’sequityBalanceSheetIdentityAssets=Liabilities+Owners’Equity;orOwner
7、s’equity=Assets–Liabilities2.8Thebalancesheetisintendedtoreflectthefactthat,ifthefirmweretosellallofitsassetsandusethemoneytopayoffitsdebts,thenwhateverresidualvalueremainedwouldbelongtotheshareholders.Sothelefthandsideisalwaysequaltotherighthandside.Financial
8、leverage(财务杠杆)Financialleverage:debtislikealeverinthesensethatusingitcangreatlymagnifybothgainsandloses;Financialleverageismeasuredbyliabilities/assets,orliabilities/equity;Themore
