财务管理基础 第13版 教学课件Chap002_PPT.ppt

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1、ReviewofAccounting2ChapterOutlineIncomeStatementPrice-earningsRatioBalanceSheetStatementofCashFlowsTax-freeInvestments(Deprecation)2BasicFinancialStatementsIncomeStatementBalanceSheetStatementofCashFlows3IncomeStatementDevicetomeasuretheprofitabilityo

2、fafirmoveraperiodoftimeItcoversadefinedperiodoftimeItispresentedinastair-steporprogressivefashiontoexamineprofitorlossaftereachtypeofexpenseitemisdeducted4IncomeStatement(cont’d)Sales–CostofGoodsSold(COGS)=GrossProfit(GP)GP–Expenses=EarningsBeforeInte

3、restandTaxes(EBIT)orOperatingIncome(OI)EBIT–Interest=EarningsBeforeTaxes(EBT)EBT–Taxes=EarningsAfterTaxes(EAT)orNetIncome(NI)5IncomeStatement(cont’d)6ReturntoCapitalThreeprimarysourcesofcapital:BondholdersPreferredstockholdersCommonstockholdersEarning

4、spershareInterpretedintermsofnumberofoutstandingsharesMaybepaidoutindividendsorretainedbycompanyforsubsequentreinvestmentStatementofretainedearningsIndicatesdispositionofearnings7StatementofRetainedEarnings8Price-Earnings(P/E)RatioMultiplierappliedtoe

5、arningspersharetodeterminecurrentvalueofcommonstockSomefactorsthatinfluenceP/E:EarningsandsalesgrowthofthefirmRisk(volatilityinperformance)Debt-equitystructureofthefirmDividendpaymentpolicyQualityofmanagement9Price-Earnings(P/E)Ratio(cont’d)Allowscomp

6、arisonoftherelativemarketvalueofmanycompaniesbasedon$1ofearningspershareIndicatesexpectationsaboutthefutureofacompanyPrice-earningsratioscanbeconfusing10Price-earningsRatiosforSelectedUSCompanies11LimitationsoftheIncomeStatementIncomegained/lostdurin

7、gagivenperiodisafunctionofverifiabletransactionsStockholders,hence,mayperceiveonlyamuchsmallergain/lossfromactualday-to-dayoperationsFlexibilityinreportingtransactionsmightresultindifferingmeasurementsofincomegainedfromsimilareventsattheendofatimeperi

8、od12BalanceSheetIndicateswhatthefirmownsandhowtheseassetsarefinancedintheformofliabilitiesorownershipinterestDelineatesthefirm’sholdingsandobligationsItemsarestatedonanoriginalcostbasisratherthanatcurrentmarketvalue13BalanceSheetItemsLiquidity