现金流量与财务分析

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1、Chapter3CashFlowsandFinancialAnalysis(現金流量與財務分析)天马行空官方博客：http://t.qq.com/tmxk_docin；QQ:1318241189；QQ群：175569632A>FinancialInformation(財務資訊)(p.57)FinancialinformationistheresponsibilityofmanagementCreatedbywithin-firmaccountants(由公司內的會計師編製)andreviewedbyauditors(公司外的稽查員來檢閱)Createsaconf

2、lictofinterestbecausemanagementwantstoportrayfirminapositivelightPublishedtoavarietyofaudiencesA-1>UsersofFinancialInformationInvestorsandFinancialAnalystsMajorpartofanalyst’sjobistomakeacarefulstudyofrecentfinancialstatementsVendors/CreditorsUsefinancialinformationtodetermineifthefi

3、rmisexpectedtomakegoodonloansManagementpinpointstrengthsandweaknessesinoperationsA-2>SourcesofFinancialInformation(財務資訊的來源)p.59AnnualReport(主要的資訊來源)RequiredofallpubliclytradedfirmsTendtoportrayfirminapositivelight,sotendtobiasedinfavorofmanagement’sperformanceBrokeragefirmsandinvestm

4、entadvisoryservicesprovidereportsonmostlargefirms.Example:ValueLine(價值線),Moody’s,S&PA-3>TheOrientationofFinancialAnalysis(財務分析的導向)p.62AccountingisconcernedwithfinancialstatementsFinanceisconcernedwithusingthedatacontainedwithinfinancialstatementstomakedecisions(使用財報上的資料去作決策)B>TheStat

5、ementofCashFlows(p.63)ConstructedfromtheBalanceSheetandIncomeStatement需要2個連續年度的資產負債表及當年的損益表來形成現金流量表編表的方式有2種依據3個不同的活動(operating,investing,andfinancingactivities)依據現金的來源與使用B-2>BusinessCashFlows(p.66)CashFlowsRulesAssetincreaseuseofcashAssetdecreasesourceofcashLiabilityincreasesource

6、ofcashLiabilitydecreaseuseofcashB-3>ConstructingtheStatementofCashFlows(Example:p.69)-1B-3>ConstructingtheStatementofCashFlows(Example:p.69)-1Alsoassumefirmpaida$500dividendandsoldstockfor$800duringtheyear.B-3>ConstructingtheStatementofCashFlows(Example:p.69)-2Whilethefirmwasprofita

7、ble,itstillhadtoborrowmoneyandsellstocktofinancetheincreaseinFixedAssets.B-4>FreeCashFlows-1(p.73)UndernormalconditionsmostfirmsgeneratepositivecashflowfromoperationsSomeofthesefundsareusedtomaintainlong-runcompetitivepositionReplaceworn-outfixedassetsPaydividendsonPreferredStockB-4>

8、FreeCashFlow