北大光华课件财务报表分析Chap2

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1、北大光华课件财务北大光华课件财务报表分析报表分析Chap2March 1,2003,WSJChapter 2:the Balance Sheet（资产负债表）Assets (资产）=Current Assets(流动资产）Cash and cash equivalents （现金和银行存款）Account Receivable（应收账款）Inventory（存货）Long-term Assets（长期资产）Investment（长期投资）Building,Property,plants and equipments(PPE)Intangible assets（无形资产）Liabilities+

2、Equity(负债+权益）Current liabilities（流动负债）Account Payable（应付帐款）Salary Payable（应付工资）Income Tax Payable（应交税金）Long-term debts with maturity date within one year（一年内到期长期负债）Long-term Debts（长期负债）Note Payable（应付票据）Bond Payable（应付债券）Shareholders equity（股东权益）Common Stock（普通股）Paid-In-Capital In Excess of Par（相当于资

3、本公积金溢价发行）Retained Earnings（保留盈余，相当于盈余公积和未分配利润）Todays Schedule1.A typical balance sheet2.Definitions of assets,liabilities and equity3.Double entry system（复式簿记制度）and T-accounts（T形账户）4.Accounting equation（会计等式）and some journal entry（日记账分录）exercises5.An exercise:prepare balance sheet6.Valuation of asse

4、ts and liabilities7.Undervalued assets,Hidden assets and hidden liabilities8.Read balance sheet and supplementary notes9.The use of balance sheet:Market-to-book ratio in equity investing10.Common size analysis of Balance SheetAssets(资产）a)Assets are resources that may provide the firm with future eco

5、nomic benefits through the generation of cash flows(现金流）.b)To be recorded by accountants,an asset must have been acquired the right of use,and the value of the assets future benefit must,to a reasonable extent,quantifiable.c)If something that the company owns will provide benefits in the future,but

6、the benefits are hard to identify and measure,then we do not recognize this thing as asset.(see hidden asset)Liabilities（负债）a)A type of financing（融资）b)Arises when 1)receive goods or services without paying cash;2)borrow moneyc)Represents obligation to pay cash to a third party when liabilities becom

7、e dued)Usually quantifiablee)Liability financing is a good thing,unlessShareholders Equity(股东权益）a)Equity=Assets Liabilitiesb)It is financing by shareholders,i.e.,owners of the companyc)Two classes of shareholders:common shareholders（普通股股东）and preferred shareholders（优先股股东）Common shareholders vs.Prefe

8、rred shareholdersCommon shareholdersPreferred shareholdersHave full voting rightsGenerally no voting rightsReceive dividends only when company decides to distribute dividendsGenerally receive a fixed amount of dividends annuallyCommon shares are usually traded on stock exchangesGenerally noHigh risk

9、Low riskMore like debts without a maturity dateRetained Earnings1.Accumulated net income（累积净利润）(profits/losses),less dividends,since the inception（起始）of the firm2.The third form of financing of the company-shareholders direct investments,borrowing money,and making money by the company itself3.Every

10、year,when we prepare financial statements,we transfer net income,be it profit or loss,into retained earnings,and dividends,if any,are paid out of retained earnings.The Accounting Process编制会计分录登记分类账编制试算平衡表编制结账分录编制调整分录调整后试算平衡表Double entry system-Journal EntryDr.Account a#Cr.Account b#The convention fo

11、r accountants to record the impact of a transaction on the company.Double-entry System-T-Account(ledger account)Assets CashDebit(借记）Credit（贷记）Liabilities/Equity Account PayableDebit CreditAccounting Equation:Assets=Liabilities+EquitySuppose now ABC companys accounting equation looks as follows;for e

12、very journal entry in the next few slides,check after that journal entry,whether the accounting equation still holds.1,000,000 =300,000 +700,000How to acquire equity?1.On Jan.1,2003,ABC company issues 10,000 common shares to investors for$12 per share.The shares have a$10 par value(股票面值）Dr.Cash 120,

13、000 Cr.Common Stock 100,000 Cr.Additional Paid-In-Capital 20,000 （资本公积溢价发行）2.On Jan.2,2003,D company exchanges a piece of land with ABC for 2,000 ABC common shares.The land is valued at 20,000.Dr.Land 20,000 Cr.Common stock 20,0003.On Jan.31,2003,Bill Gates foundation donates$50,000 to ABC companyDr

14、.Cash 50,000 Cr.Donated capital(equity)50,000 （资本公积捐赠）4.On Feb.3,2003,Preferred shareholders converted$300,000 worth of preferred shares to 20,000 common sharesDr.Preferred stock 300,000 Cr.Common shares 200,000 Cr.Additional Paid-In-Capital 100,000How to acquire or pay off liabilities?4.On Feb.5,20

15、03,ABC purchased$20,000 worth of inventory(存货）.It paid$15,000 cash,and bought the rest on account.Dr.Inventory 20,000 Cr.Cash 15,000 Cr.Account Payable 5,000(应付账款）5.On July 1,ABC received$25,000 from E company as rents for the next twelve months for a warehouse that ABC rented to E.Dr.Cash 25,000 Cr

16、.Unearned rent 25,000（预收租金）6.On Sep.1,2003,ABC company borrowed$280,000 from Bank F as Note Payable.The note has a maturity date on Aug.31,2007 and an annual interested rate of 6%.Dr.Cash 280,000 Cr.Note Payable 280,0007.On Feb.2,2003,ABC paid money it owes suppliers for Feb.5 purchase of inventory.

17、Dr.Account Payable 5,000 Cr.Cash 5,0008.On Dec.31,2003,ABC recognizes rent revenues from renting its warehouse in 2003.Dr.Unearned Rent 12,500 Cr.Rent Revenue 12,500How to acquire Assets?9.On April 3,2003,ABC company paid$1,000 cash to obtain office supplies Dr.Office supplies 1,000 Cr.Cash 1,00010.

18、On May 5,2003,ABC company bought equipments for$198,000 with cash Dr.Equipment 198,000 Cr.Cash 198,00011.On June 1,2003,ABC subscribe to Wall Street Journal and paid annual fee of$120.Dr.Prepaid subscription expense 120(预付款）Cr.Cash 12012.Dec.31,2003,recognize subscription expense for the year 2003Dr

19、.Subscription expense 70 Cr.Prepaid subscription expense 70 13.In 2003,ABC company spent$29,800 on the development of a software that the company is likely to produce in the new futureDr.Software development cost 29,800 Cr.Cash 29,800Exercise:Preparing balance sheetProblem 29 on page 89 of SW(answer

20、s available on course website)Valuation of AssetsAn asset has different valuations depending on what assumptions you make regarding the use of the asset:Historical cost（历史成本）Replacement cost(entry cost 重置成本）Current net realizable value(exit value 可变现净值）Net Present value of future cash flows(NPV,净现值)

21、Valuation of Assets-Historical costIf the firm is to operate indefinitely(going concern);Set the lower limit(in expectation)on the value of the assets future benefits to the firm at the time of acquisition;Under this scenario(情形),objectivity principle demands the use of historical cost.Valuation of

22、Assets-Replacement cost The cost to acquire an asset to replace an old asset,and to provide the same service as the old asset.Example:factory plants and equipments are destroyed in a fire.To claim insurance coverage,the company will use replacement costthat is,the amount of money needed today to mak

23、e the factory run again.Valuation of Assets-Current net realizable value If an asset has to be sold,the net amount of cash(selling price less selling cost)the firm gets is the current net realizable valueIt is the lowest price the firm would accept selling the asset Valuation of Assets-Net Present v

24、alue of future cash flows If the firm intends to purchase and hold on to an asset,net present value of future cash flows sets the highest price the buyer would accept buying the assetsIt represents discounted future benefits to the firm from the assetValuation of Assets:other issues1.Monetary assets

25、 vs.Non-monetary assets2.Principles underlying asset valuation3.Going concern（持续经营）4.Objectivity（客观性）5.Historical cost6.Conservatism（审慎性，稳健主义）Valuation of LiabilitiesMost liabilities are monetary liabilities so carried on balance sheet at net present valueSome non-monetary liabilities,such as warran

26、ty（维修保证）,are carried at estimated costs to fulfill the obligationsUndervalued Assets and Hidden“Assets”1.Accounting is based on historical cost.The value of assets may change according to market conditions,but accounting does not change the value of assets on balance sheet undervalued2.Accounting is

27、 conservative.Expenditures that generate difficult-to-measure future benefits are not recognized as assets.For example,advertising cost hidden Undervalued Assets1.Inventories bought last year,the inventory price gone up this year,then book value of inventory understates the market value of inventory

28、2.A building acquired by GE 100 years ago in downtown New York3.A piece of land on which oil was discovered4.With some maintenance work,an equipment with original useful life of 10 years can be used for 20 yearsHidden“Assets”Something that benefits a companys future cash flows,but that is not recogn

29、ized on balance sheet.1.Managerial talents:Jack Welch not on GEs balance sheet;Bill Gates not on Microsofts balance sheet2.Employee talents:number of employees with Harvard MBAs not shown up on Enrons balance sheet3.Drug patents:Mercks balance sheet does not show its patent protection periods4.Contr

30、acts:Boeings balance sheet does not know number of aircrafts being ordered5.Connections:Enrons balance sheet does not show how much contribution it made to George Bush and Dick Cheneys presidential election.6.Reputation(brand name):Arthur Andersons balance sheet did not show the reputation the firm

31、earned for 70 years honest work.Look for Undervalued and Hidden AssetsProblem 39 of Chapter 2 of SW,Page 97Hidden“Liabilities”Some obligation that a company has to fulfill in the future but currently not recognized on balance sheet:1.Environmental costs2.Pending legal obligations（未决诉讼）3.Outstanding

32、employee stock options4.Money losing derivative trades5.Enrons SPE合并报表商誉减去累计折旧递延所得税或有事项少数股东权益Hidden liabilities,the case of Enron$124.8$124.8$124.8$124.8$4.02$115.2$115.2$115.2:4th quarter of 2000,$531st quarter of 2001,$57.93rd quarter of 2001,reverse$53+$57.9=110.9 as lossesUnderstanding notes1.Su

33、mmary of significant accounting policies2.Provide detailed analysis of aggregate numbers on the three statements3.Disclose information that is not recorded in statements,but required to be disclosed.Market-to-Book ratio(P/B ratio)（股票总市值/股东权益帐面价值）On Dec.31,2001,GE common shares were traded at$40.08(f

34、rom )Total Market Capitalization:$40.08*9,925,938,000=397,931,595,040GEs Market-to-Book(P/B ratio)=397,931,595,040/54,824,000,000=7.26Why GE stock was sold 6.26 times more than its value on balance sheet on Dec.31,2001?1.Assets on balance sheet are undervalued,e.g.,GE building at downtown New York c

35、ity.2.Hidden assets not shown on balance sheet3.Balance sheet,i.e.,accounting,is backward looking,emphasizes historical cost;stock price is forward looking,reflects investors expectations on future cash flows that GE will generate4.Market mispricingP/B Anomaly1.Stock return(Stock price t Stock price

36、 t-1)/Stock price t should be explained by the risk for holding this stock(CAPM beta).High risk stock earns high return.2.But researchers found stocks with high price-to-book ratio earn low returns,while stocks with low price-to-book ratio earn high returns,controlling for stock beta.(e.g.,Fama and

37、French Journal of Finance,1992)3.Potential risk factor or market mispricing?4.Low book-to-market stocks are called growth(glamour)stocks,and high book-to-market stocks are called value stocks.Common size analysis of Balance SheetExpress every item on balance sheet as a percentage of total assets(tot

38、al liabilities and equity)Cross-time comparison of common-size balance sheet reveals changes in the structure of investing and financingCross-section comparison of common-size balance sheet reveals the efficiency of investing and financing relative to comparable firmsCommon size analysis of Balance

39、SheetMicrosoft corporation 1999 balance sheet Common-size analysisAnalyst Reportshttp:/mit.edu/wysockip/www/535/analyst.htmGive your group a name,e.g.,BAIN Consulting GroupBe creative on the format,style and presentation of each of your reports,you are the one to please customersInvesting mottoToday the only people who dont think markets work are the North Koreans,the Cubans and the stock pickers.“-Rex Sinquefield of Dimentional Fund Advisor,Fortune July 6,1998,pp152