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1、会计报表和财务管理1会计报表和财务管理会计报表资产负债表，损益表，现金流量表常用会计指标DuPontChart流行财务模型介绍EVA&MVA;CAPM&SML;GordenModel企业兼并Why(Synergy),WhichTypesHow(Example,CaseStudy)2Cash7,28257,600AR632,160351,200Inventories1,287,360715,200TotalCA1,926,8021,124,000GrossFA1,202,950491,000Less:Deprec.263,160146,200Net
2、FA939,790344,800TotalAssets2,866,5921,468,80019971996BalanceSheet:Assets19971996Acctspayable524,160145,600Notespayable720,000200,000Accruals489,600136,000TotalCL1,733,760481,600Long-termdebt1,000,000323,432Commonstock460,000460,000Retainedearnings(327,168)203,768Totalequity13
3、2,832663,768TotalL&E2,866,5921,468,800BalanceSheet:LiabilitiesandEquitySales5,834,4003,432,000COGS5,728,0002,864,000Otherexpenses680,000340,000Deprec.116,96018,900Tot.op.costs6,524,9603,222,900EBIT(690,560)209,100Interestexp.176,00062,500EBT(866,560)146,600Taxes(40%)(346,624)
4、58,640Netincome(519,936)87,96019971996IncomeStatement(P/LSheet)(523,936)OPERATINGACTIVITIESNetincome(519,936)Add(sourcesofcash):Depreciation116,960IncreaseinAccts.Payable378,560Increaseinaccruals353,600Subtract(usesofcash):IncreaseinAccts.Receivable(280,960)Increaseininventor
5、ies(572,160)Netcashprovidedbyops.StatementofCashFlow(1997)StatementofCashFlows(1997)L-TINVESTINGACTIVITIESInvestmentinfixedassets(711,950)FINANCINGACTIVITIESIncreaseinnotespayable520,000Increaseinlong-termdebt676,568Paymentofcashdividends(11,000)Netcashfromfinancing1,185,568N
6、ETCHANGEINCASH(50,318)Plus:Cashatbeginningofyear57,600Cashatendofyear7,282TheDuPontsystemfocuseson:ExpensecontrolAssetutilizationDebtutilization8DuPontEquationsROA=Profitmargin*TotalassetsturnoverROE=ROA*EquitymultiplierROE=(Profitmargin)(Totalassetturnover)(Equitymultiplier)
7、=Netincome/sales*sales/TotalAssets*Totalassets/Commonequity9TheotherkeyratiosP/Eratio=Themarketpriceofstock/EPSEPS=Earnings/ThesharesoutstandingWhatisyouridea?10MVA&EVA(1)MVA:MarketValueAddedThedifferencebetweenthemarketvalueofequityandtheamountofequitycapitalthatinvestorssup
8、pliedMVA=Marketvalueofequity-Equitycapitalsuppliedbyinvestors=(Share
