公司財務分析——財務報表與財務分析中英文(已修改)
2024-10-31 11:32 本頁面
【正文】 Chapter 2 amp。 3 Financial Statements and Analysis (財務報表與財務分析 ) ： ； :； ： The Stockholders’ Report ? The guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles (GAAP)(用於準備與維持財務記錄及報告的指導方針是一般會計原則(GAPP)). ? Sources of Financial Information (財務資訊的來源 ) 1) Annual Report (年報 ： 主要的資訊來源 ):年報中包括 2種資訊 a) 公司總經理的公開信 (letter to stockholders) b) 4種基本的財務報表 (financial statements) 2) 美國的證管會 (SEC) amp。 臺灣的金管會 The Balance Sheet amp。 Ine Statement (資產負債表 amp。損益表 ) ? The ine statement provides a financial summary of a pany’s operating results during a specified period.(流量的觀念 ) ? The balance sheet presents a summary of a firm’s financial position at a given point in time.(存量的觀念 ) ? The Balance Sheet Identity is: Assets ≡ Liabilities + Stockholder’s Equity ? The accounting definition of ine is: Revenue – Expenses ≡ Ine Balance Sheet Analysis ? When analyzing a balance sheet, the Finance Manager should be aware of three concerns: 1. Accounting liquidity (會計的變現(xiàn)性 ) 2. Debt versus equity (債務 . 權益 ) 3. Value versus cost (價值 . 成本 ) Accounting Liquidity(變現(xiàn)性 /流動性 ) ? Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value (所謂變現(xiàn)性是指在沒有嚴重損失價值之下 ，可以容易且快速的將資產轉換成現(xiàn)金 ) ? Current assets are the most liquid. (流動資產最具變現(xiàn)性 ) ? Some fixed assets are intangible. (某些固定資產是無形資產 ) ? The more liquid a firm’s assets, the less likely the firm is to experience problems meeting shortterm obligations. (企業(yè)的資產越具變現(xiàn)性 ，則企業(yè)越不可能經歷無法滿足短期債務的問題 ) ? Liquid assets frequently have lower rates of return than fixed assets. (變現(xiàn)性高的資產之報酬率會比固定資產者低 ) Debt versus Equity ? Creditors generally receive the first claim on the firm’s cash flow. ? Shareholder’s equity is the residual difference between assets and liabilities. Value versus Cost ? Under GAAP, audited financial statements of firms in the . carry assets at cost. ? Market value is the price at which the assets, liabilities, and equity could actually be bought or sold, which is a pletely different concept from historical cost. The Ine Statement 1) The operations section (營運部分 ) of the ine statement reports the firm’s revenues and expenses from principal operations. 2) The nonoperating section (非營運部分 ) of the ine statement includes all financing costs, such as interest expense. 3) Usually a separate section reports the amount of taxes levied on ine. 4) Net ine (淨利 ) is the “
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