Chap6Some-notes-on-reports财务报表分析课件.ppt
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- Chap6Some notes on reports 财务报表 分析 课件
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1、Some notes on reports1.Good reports have the following attributes:StructuredLogicalClearly worded2.Most groups may draw different conclusions from income statement and balance sheet.This report highlights the difficulty of analyzing financial statements and a business,you need more information,backg
2、round knowledge,current events,etc.to stay informed.Event studies and Market anomalies1.Realized rate of return(or return)(实现回报)Firm A stocks close price on 12/31/00 was$1,and on 12/31/01 is$1.15,then Realized rate of return for 2001 is 15%2.Required rate of return(normal rate of return)(正常回报,预期回报)I
3、f firm As CAPM beta is 1.1,risk-free rate is 5%,and market risk premium is 6%,then firm As required rate of return according to CAPM0.05+1.1*0.06=11.6%3.Abnormal rate of return(or abnormal return)(超常回报)15%-11.6%=3.4%for 2001Portfolio returns and Portfolio abnormal returns in 2001-Compared to CAPM de
4、mandsRealized rate of returnRequired rate of return(CAPM)Abnormal returnStock A15%11.6%3.4%Stock B20%15%5.0%Stock C-5%10%-15%(Equally-weighted)beta-adjusted abnormal return to the portfolio:(3.4+5.0-15)/3=-2.2%Portfolio returns and Portfolio abnormal returns in 2001 Compared to the general marketRea
5、lized rate of returnRealized return on DJ 30 IndexAbnormal returnStock D15%5%10%Stock E20%5%15%Stock F-5%5%-10%(Equally-weighted)market-adjusted abnormal return to the portfolio:(10+15-10)/3=5%Portfolio returns and Portfolio abnormal returns in 2001 Compared to the general market Another caseRealize
6、d rate of returnRealized return on DJ 30 IndexAbnormal returnStock G10%5%5%Stock H9%5%4%Stock I-15%5%-20%(Equally-weighted)market-adjusted abnormal return to the portfolio:(5+4-20)/3=-3.67%Hedging strategy and hedge returnSuppose that,God forbid,on Jan.1,2001,you know the end results in the two prev
7、ious slides,then you buy stocks D,E,F(using$1M)and sell short(空卖)stocks G,H,I(for$1M).Now you have a hedge portfolio with six stocks.Your investment in this hedge portfolio is zero dollar.On Dec.31,2001,your realized return is(5-(-3.67)=8.67%.This is your hedge return.Event studies and Market anomal
8、iesWe know:Net Income=Cash flow from operation(cash earnings)+accrued earningsOn April 1 of every year,we rank all stocks on the ratio of accrual earnings/total assets,then we buy stocks whose ratios are in the lowest 10%of all stocks(low accrual stock),and sell short stocks whose ratios are in the
9、highest 10%of all stocks(high accrual stocks).Other analogical(类似)anomalies1.P/B anomaly2.P/E anomalyFinancial statement analysis is about 1)identifying mis-valued individual stocks,and 2)identifying accounting-based systematic market anomaliesOutline for the rest of this course1.Analyze accounts in
10、 financial statements:The measurement of each accountEarnings management through specific accountsValuation implications of specific accounts2.Ratio analysis:Profitability analysis Growth analysis Liquidity analysis and solvency analysisEarnings management common techniques1.Selecting accounting pri
11、nciples or standards when GAAP allows a choice,e.g.(例如的简写),LIFO/FIFO for inventory costing(先进先出/后进先出)2.Making estimates in the application of accounting principles,e.g.,bad debts ratio(坏帐准备率)3.Timing transactions or constructing transactions to allow recognizing a)revenues or expense in regular oper
12、ation,e.g.,early delivery of products(提前送货)b)non-recurring or one-time items,e.g.,take asset impairment charge(资产减值)Chapter 6:Revenue recognition and Account receivable1.Revenue recognition principles2.Recognize revenues at the time of sale 3.Account receivable and bad debts4.Manage earnings through
13、 account receivables5.Recognize revenues at a time other than the time of sale6.Manage earnings through revenue recognition Chapter 6:Revenue recognition and Account receivableSales are the core activity of a companyCredit sales are used to promote salesOnce a company has credit sales,it runs the ri
14、sk of some customers not payingSome customers not paying generates bad debtsBut no credit sales is even worse,because the company loses businessRevenue recognition:Realization principle1.A firm has performed all,or a substantial portion of the services it expects to provide or,in the case of product
15、 warranties,can forecast with reasonable precision the cost of providing future services-obligations2.The firm has received cash,a receivable,or some other asset capable of reasonably precise measurement or,if the firm has offered to let the customer return the product for refund,the firm can estima
16、te the returns with reasonably precision-benefitsRecognize revenues at the time of saleAssume the following are the balances of I-sell company on Jan.1,2001.Account ReceivableAllowance(reserves)for bad debts(坏帐准备)Customer group A:$1M(3 months old)Customer group B:$3M(6 months old)$4M$70,000$70,000In
17、 2001,I-Sell company sold$2M goods to customer group C on account(赊帐)on July 1,2001,so the company:Dr.Account Receivable 2M Cr.Sales Revenue 2M The company expects to collect cash from this customer group in June 2002.Assume the only cost/expense item in 2001 is COGS of$1.5M,then the income statemen
18、t for 2001:Revenue 2M-COGS 1.5M Net Income 0.5MIn Match 2002,customer I-bankrupt from customer group C defaults(拒付)on the money he owes the company,$15,000.What shall the company do?Dr.bad debt expense 15,000(坏帐费用)Cr.Account Receivable 15,000What is wrong with this treatment?Which accounting princip
19、le does this treatment violate?So the direct write-off method(直接注销法)of bad debts violates the matching principle of accounting.The manager in 2001 could sell products like crazy by making unsafe credit sales,which results in high revenues and high earnings.The Manager then collects huge-amount of ea
20、rnings-based bonus and leaves the company.If the company changes its manager on Jan.1,2002,then the new manager takes the blame for bad judgment made by or bad behavior of the old manager.Therefore,we should recognize the bad debt expense in the year the credit sale is made,i.e.,in 2001,not in 2002
21、when the default actually occurs.But in 2001,we do not know whether any customer,let alone(更别提)a particular customer,will default.So we have to estimate bad debt expense according to our experience.Allowance method(预提法)Let us estimate bad debt expense at the time of sales in 2001.According to I-Sell
22、 companys past experience,1%of total new account receivables from current year credit sales will ultimately become uncollectible.In 2001,$2M credit sales*1%=20,000This amount should go into 2001 income statement since it matches the revenues recognized in 2001.Revenue 2M-COGS 1.5M -Bad debt expense:
23、0.02M Net Income 0.48MAllowance method-Journal entriesWhen the credit sale was made in 2001,Dr.Account Receivable 2MCr.Revenue 2MDr.Bad debt expense 20,000 Cr.Allowance for bad debts 20,000Understand allowance:Since the birth of a child,each year the parents put$3,000 into a bank account earmarked f
24、or the childs college education.We may call the money in the bank account allowance.Basically,allowance method puts something aside to prepare for an event to occur in the future.Allowance method-T-accountsOn Dec.31,2001,the T-accounts look like this:Account ReceivableAllowance for bad debtsCustomer
25、 group A:$1M(15 months old)Customer group B:$3M(21 months old)$4MCustomer group C:$2M(6 months old)$6M$70,000$70,000$20,000$90,000Allowance method-balance sheetCurrent assetsCash#Account receivable 6MLess:allowance for bad debts 0.09MNet account receivable 5.91MInventory#Estimating bad debt expense-
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