单击此处编辑母版标题样式,SINOTRUST,1,MBA基础培训,会计报表和财务管理,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,Du Pont Chart,流行财务模型介绍,EVA Gorden Model,企业兼并,Why(Synergy),Which Types,How(Example,Case Study),会计报表和财务管理,Cash,7,282,57,600,AR,632,160,351,200,Inventories,1,287,360,715,200,Total CA,1,926,802,1,124,000,Gross FA,1,202,950,491,000,Less:Deprec.,263,160,146,200,Net FA,939,790,344,800,Total Assets,2,866,592,1,468,800,1997,1996,Balance Sheet:Assets,1997,1996,Accts payable,524,160,145,600,Notes payable,720,000,200,000,Accruals,489,600,136,000,Total CL,1,733,760,481,600,Long-term debt,1,000,000,323,432,Common stock,460,000,460,000,Retained earnings,(327,168),203,768,Total equity,132,832,663,768,Total L&E,2,866,592,1,468,800,Balance Sheet:Liabilities and Equity,Sales,5,834,400,3,432,000,COGS,5,728,000,2,864,000,Other expenses,680,000,340,000,Deprec.,116,960,18,900,Tot.op.costs,6,524,960,3,222,900,EBIT,(690,560),209,100,Interest exp.,176,000,62,500,EBT,(866,560),146,600,Taxes(40%),(346,624),58,640,Net income,(519,936),87,960,1997,1996,Income Statement(P/L Sheet),(523,936),OPERATING ACTIVITIES,Net income,(519,936),Add(sources of cash):,Depreciation,116,960,Increase in Accts.Payable,378,560,Increase in accruals,353,600,Subtract(uses of cash):,Increase in Accts.Receivable,(280,960),Increase in inventories,(,572,160,),Net cash provided by ops.,Statement of Cash Flow(1997),Statement of Cash Flows(1997),L-T INVESTING ACTIVITIES,Investment in fixed assets,(711,950),FINANCING ACTIVITIES,Increase in notes payable,520,000,Increase in long-term debt,676,568,Payment of cash dividends,(11,000),Net cash from financing,1,185,568,NET CHANGE IN CASH,(50,318),Plus:Cash at beginning of year,57,600,Cash at end of year,7,282,The,Du Pont,system focuses on:,Expense control,Asset utilization,Debt utilization,Du Pont Equations,ROA,=Profit margin*Total assets turnover,ROE,=ROA*Equity multiplier,ROE,=(Profit margin)(Total asset turnover)(Equity multiplier),=,Net income/sales*sales/Total Assets*Total assets/Common equity,The other key ratios,P/E ratio=,The market price of stock/EPS,EPS=Earnings/The shares outstanding,What is your idea?,MVA&EVA(1),MVA:Market Value Added,The difference between the market value of equity and the amount of equity capital that investors supplied,MVA=Market value of equity-Equity capital supplied by investors,=(Shares outstanding)(Stock Price),-Total common equity,MVA&EVA(2),MVA Example,Coca-Cola in 1995,Market value of Equity:$69b,Total common equity:$8b,MVA:$61b,EPS:$8.63,GM in 1995,Market value of Equity:$69b,Total common equity:$87b,MVA:,$18b,EPS:$0.79,MVA&EVA(3),EVA:Economic Value Added,Value added to shareholders,by management during a given year,To measure the effects of managerial actions,EVA=,After-tax operating profit-After-tax cost of total capital,=,EBIT(1-Corporate tax rate)-After-tax cost of total capital,Total capital includes:,Long-term debt,preferred stock,and common equity,MVA&EVA(4),EVA case study,CSX Corporation in 1988,stock price$28,BU:Locomotive,containers,trailer,railcars,EVA approach lost$70M,Selling off,increasing volume,Till 1993,stock price$82.5,MVA&EVA(5),Security analysts:,The stock prices track EVA far more closely than other factors such as EPS,ROE and Operating Margin,CAPM Model&SML(1),CAPM Capital Asset Pricing Model,SML The Security Market Line,SML Equation,Required return On Stock I=,Risk-free rate+(Market risk premium)(Stocks beta),OR K,i,=K,RF,+(K,M,-K,RF,)b,i,Note:,K,M,required rate of return on,a portfolio consisting of all stocks,CAPM Model&SML(2),Beta(b,i,):,A measure of the extent to which the returns on a given stock move with the stock market.,Beta is the theoretically correct measure of the stocks riskness.,CAPM Model&SML(3),The beta of some stocks,Stock Beta,America Online2.10,Bally Entertainment1.55,Microsoft Corp1.20,General Electric1.15,Procter&Gamble1.05,Coca-Cola1.00,Heinz0.90,Empire District Electric 0.55,Source:Value Line,August 16,1996,.,T-bills,SML,k,M,=15,k,RF,=8,-1 0 1 2,SML:k,i,=8%+(15%-8%)b,i,.,k,i,(%),Risk,b,i,CAPM Model&SML(4),CAPM Model&SML(5),SML,1,Original situation,Required Rate,of Return k(%),SML,2,00.51.01.52.0,18,15,11,8,New SML,Investors raise inflationexpectations by 3%,CAPM Model&SML(6),1.0,k,M,=18%,k,M,=15%,SML,1,Original situation,Required Rate of Return(%),SML,2,After increase,in risk aversion,Risk,b,i,18,15,8,Gorden Model Constant Growth Model,To evaluate the stock price with the constant growth rate.,P,0,=D,0,(1+g)/(K,s,-g),P,0,the expected price of the stock today,D,0,dividend the stockholder,expects to receive today,K,s,required return rate,gexpected growth rate,Why do mergers occur?,Synergy,“2 Plus 2 Equals 5 Effect,If companies A&B merge to form Company C,and if Cs value exceeds that of A&B taken separately,then synergy is said to exist.,Operating Economies,Economics of Scales in management,marketing,production,or distribution,Financial Economies,Lower transaction cost,better coverage,Differential Management Efficiency,More efficiency of the management,more pr