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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)会计报表和财务管理Cash7,28257,600AR632,160351,200Inventories1,287,360715,200TotalCA1,926,8021,124,000GrossFA1,202,950491,000Less:Deprec.263,160146,200NetFA939,790
2、344,800TotalAssets2,866,5921,468,80019971996BalanceSheet:AssetsStatementofCashFlows(1997)L-TINVESTINGACTIVITIESInvestmentinfixedassets(711,950)FINANCINGACTIVITIESIncreaseinnotespayable520,000Increaseinlong-termdebt676,568Paymentofcashdividends(11,000)Netcashfromfinancing1,185,568NET
3、CHANGEINCASH(50,318)Plus:Cashatbeginningofyear57,600Cashatendofyear7,282TheDuPontsystemfocuseson:ExpensecontrolAssetutilizationDebtutilizationDuPontEquationsROA=Profitmargin*TotalassetsturnoverROE=ROA*EquitymultiplierROE=(Profitmargin)(Totalassetturnover)(Equitymultiplier)=Netincome
4、/sales*sales/TotalAssets*Totalassets/CommonequityTheotherkeyratiosP/Eratio=Themarketpriceofstock/EPSEPS=Earnings/ThesharesoutstandingWhatisyouridea?MVA&EVA(1)MVA:MarketValueAddedThedifferencebetweenthemarketvalueofequityandtheamountofequitycapitalthatinvestorssuppliedMVA=Marketvalue
5、ofequity-Equitycapitalsuppliedbyinvestors=(Sharesoutstanding)(StockPrice)-TotalcommonequityMVA&EVA(2)MVAExampleCoca-Colain1995MarketvalueofEquity:$69bTotalcommonequity:$8bMVA:$61bEPS:$8.63GMin1995MarketvalueofEquity:$69bTotalcommonequity:$87bMVA:$18bEPS:$0.79MVA&EVA(3)EVA:EconomicVa
6、lueAddedValueaddedtoshareholdersbymanagementduringagivenyearTomeasuretheeffectsofmanagerialactionsEVA=After-taxoperatingprofit-After-taxcostoftotalcapital=EBIT(1-Corporatetaxrate)-After-taxcostoftotalcapitalTotalcapitalincludes:Long-termdebt,preferredstock,andcommonequityMVA&EVA(4)E
7、VAcasestudyCSXCorporationin1988,stockprice$28BU:Locomotive,containers,trailer,railcarsEVAapproachlost$70MSellingoff,increasingvolumeTill1993,stockprice$82.5MVA&EVA(5)Securityanalysts:ThestockpricestrackEVAfarmorecloselythanotherfactorssuchasEPS,ROEandOperatingMarginCAPMModel&SML(1)C
8、APMCapitalAssetPric
