清华大学经管学院corporate finance课件.ppt

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1、Chapter2FinancialAnalysisandForecasting1chapter2finacialanalysisandforecastingAgendaBasicFinancialStatements:AnOverviewFinancialStatementAnalysisFinancialForecasting2chapter2finacialanalysisandforecastingBasicFinancialStatements:AnOverviewTheIncomestatementTheBalancesheetTheCash-flowstatement3

2、chapter2finacialanalysisandforecastingIncomeStatementTheincomestatementismorelikeavideoofthefirm’soperationsforaspecifiedperiodoftime.YougenerallyreportrevenuesfirstandthendeductanyexpensesfortheperiodMatchingprinciple–GAAPsaytoshowrevenuewhenitaccruesandmatchtheexpensesrequiredtogeneratetherev

3、enue4chapter2finacialanalysisandforecastingIncomeStatementSales–CostofGoodSoldGrossProfit–SellingExpenses–AdministrativeExpensesEarningBeforeDepreciation,Interest,andTaxes(EBITDA)5chapter2finacialanalysisandforecastingIncomeStatementEarningBeforeDepreciation,Amotization,Interest,andTaxes(EBITDA

4、)–Depreciation-AmotizationEarningBeforeInterestsandTaxes(EBIT)6chapter2finacialanalysisandforecastingIncomeStatementEarningBeforeInterestsandTaxes(EBIT)–InterestsEarningBeforeTaxes–CorporateTaxesNetIncome7chapter2finacialanalysisandforecastingIncomeStatementNetIncome--PreferredStockDividends--C

5、ommonStockDividendsRetainedEarning8chapter2finacialanalysisandforecasting9chapter2finacialanalysisandforecasting10chapter2finacialanalysisandforecastingBalanceofPaymentThebalancesheetisasnapshotofthefirm’sassetsandliabilitiesatagivenpointintimeAssetsarelistedinorderofliquidityEaseofconversionto

6、cashWithoutsignificantlossofvalueBalanceSheetIdentityAssets=Liabilities+Stockholders’Equity11chapter2finacialanalysisandforecasting12chapter2finacialanalysisandforecasting13chapter2finacialanalysisandforecastingNetWorkingCapital≡CurrentAssets–CurrentLiabilitiesNWCusuallygrowswiththefirm14chapte

7、r2finacialanalysisandforecastingU.S.C.C.BalanceSheet2006200520062005Currentassets:CurrentLiabilities:Cashandequivalents$140$107Accountspayable$213$197Accountsreceivable294270Notespayable5053Inventories269280Accruedexpenses223205Ot