【正文】 1 CMA學(xué)習(xí)系統(tǒng) 第二部分：財(cái)務(wù)決策 CMA Learning System Part 2: Financial Decision Making 主講： 張宇 CMA 2 第一章：財(cái)務(wù)報(bào)表分析 Section A: Financial Statement Analysis 3 第一節(jié)：基本的財(cái)務(wù)報(bào)表分析 Topic 1: Basic Financial Statement Analysis 4 百分比式財(cái)務(wù)報(bào)表 CommonSize Statements ?百分比式財(cái)務(wù)報(bào)表 – 某一報(bào)表項(xiàng)目的百分比 ?可作如下之用 – 比較同一財(cái)務(wù)報(bào)表中的不同元素，分析某企業(yè)在若干年間的發(fā)展趨勢(shì)，比較同一行業(yè)內(nèi)不同規(guī)模的企業(yè)，將公司績(jī)效與行業(yè)平均水平相比 ?Commonsize statements – percentage of a selected item on the statement ?Used in several way pare elements in a single year, analyzes trends across a number of years, pare business of differing sizes within an industry, pare performances and position within an industry 5 垂直的百分比式財(cái)務(wù)報(bào)表 ?垂直的百分比式財(cái)務(wù)報(bào)表 – 基本數(shù)額（資產(chǎn)負(fù)債表中的總資產(chǎn)或者損益表中的凈銷售額），圖表 2A1, 2A2, 2A3, 582584頁(yè) Vertical CommonSize Statements ?Vertical CommonSize Statement – base amount (total assets on the balance sheet and sales on the ine statement), figure 2A1, Figure 2A2, page 4, Figure 2A3, page 5 百分比式財(cái)務(wù)報(bào)表 CommonSize Statements 6 水平的百分比式財(cái)務(wù)報(bào)表 ?水平的百分比式財(cái)務(wù)報(bào)表 – 變化分析或趨勢(shì)分析，同一公司不同期間的主要財(cái)務(wù)報(bào)表和關(guān)系，基準(zhǔn)年份金額的一定百分比， 2A4, 585頁(yè) Horizontal CommonSize Statements ?Horizontal monsize statements – variation analysis or trend analysis, key financial statement values and relation for the same pany over a period of years, as a percentage of the base year amount, figure 2A4, page 7 百分比式財(cái)務(wù)報(bào)表 CommonSize Statements 7 現(xiàn)金流量表 Statement of Cash Flows 現(xiàn)金流量表的構(gòu)成和分類 ?經(jīng)營(yíng)活動(dòng) – 調(diào)整到凈利中的非現(xiàn)金費(fèi)用和收入事項(xiàng)包括：折舊費(fèi)用和無(wú)形資產(chǎn)的攤銷；抵延成本的攤銷；抵延所得稅的變化；應(yīng)付債券溢價(jià)和折價(jià)的攤銷；來(lái)自使用權(quán)益法核算的被投資方的收益 Component and Classifications ?Operating activities – noncash expense and revenue items added back to ine: depreciation and amortization of assets, amortization of deferred cost, changes in deferred ine taxes, amortization of a premium or discount on bonds payable, ine from an equity method investee 8 現(xiàn)金流量表的構(gòu)成和分類 ?投資活動(dòng) – 長(zhǎng)期資產(chǎn)賬戶的變化有關(guān)，投資現(xiàn)金流入的事項(xiàng)有出售 PPE的現(xiàn)金流入，出售對(duì)其他實(shí)體的債券或股權(quán)的投資；收回對(duì)其他實(shí)體的貸款本金（利息屬于營(yíng)運(yùn)現(xiàn)金流）。投資現(xiàn)金的流出有夠買 PPE；其他公司的債券和股票；以及向其他實(shí)體提供貸款。 Component and Classifications ?Investing activities – e from changes in longterm asset, cash inflow from sales of PPE, investments in another entity’s debt or equity securities, collection of the principal on loans to another entity, cash outflow result from purchases of PPamp。E, other panies debt or equity securities and granting loan to other entities 現(xiàn)金流量表 Statement of Cash Flows 9 現(xiàn)金流量表的構(gòu)成和分類 ?籌資活動(dòng) – 與長(zhǎng)期負(fù)債或權(quán)益帳戶的變化有關(guān)?；I資現(xiàn)金流入包括出售本實(shí)體的股權(quán)或發(fā)行債券與票據(jù)?，F(xiàn)金流出包括向股東支付股利；回收股份或贖回企業(yè)的債券。 Component and Classifications ?Financing activities – e from changes in longterm liability or equity amount, cash inflow from sales of entity’s equity securities or issuance of debt , cash outflow from payments to stockholders for dividends, reacquire capital stock or redeem outstanding debt 現(xiàn)金流量表 Statement of Cash Flows 10 間接法和直接法 ?間接法 – 圖表 2A5， 588頁(yè) ?直接法 – 圖表 2A6， 588頁(yè) ?附注 – 披露重大的非現(xiàn)金投資和籌資活動(dòng)，在間接法中披露支付的利息和所得稅 Indirect and Direct Methods ?Indirect Method – figure 2A5, page 10 ?Direct Method – figure 2A6, page 10 ?Footnotes – disclose significant noncash investing and financing activities, and disclose interest paid and ine taxes in indirect method 現(xiàn)金流量表 Statement of Cash Flows 11 現(xiàn)金流量表舉例 ?現(xiàn)金流量表 圖表 2A7， 589頁(yè) Example of a Statement of Cash Flows ?Statement of Cash Fl