[經(jīng)濟(jì)學(xué)]財(cái)務(wù)報(bào)表與證券定價(jià)佩因曼英文ppt-資料下載頁(yè)
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【正文】 ?Value lost (expenses) ?Net value added ( ine) 4. Accruals adjust cash flows Accruals Value added that is not cash flow Adjustments to cash inflows that are not value added 429 The Ine Statement: Dell Inc. 430 The Revenue Calculation Revenue = Cash receipts from sales + New sales on credit ? Cash received for previous periods39。 sales ? Estimated sales returns and rebates ? Deferred revenue for cash received in advance of sale + Revenue previously deferred 431 The Expense Calculation Expense = Cash paid for expenses + Amounts incurred in generating revenue but not yet paid ? Cash paid for generating revenues in future periods + Amounts paid in the past for generating revenues in the current period 432 Earnings and Cash Flows Earnings = [C I] i + I + accruals = C i + accruals ? The earnings calculation adds back investments and puts them back in the balance sheet. It also adds accruals. 433 Earnings and Cash Flows: WalMart Stores ____________________________________________________________________________ W al Mart S tores, I nc. 1988 1989 1990 1991 1992 1993 1994 1995 1996 C ash fr om oper ations 536 828 968 1,422 1,553 1,540 2,573 3,410 2,993 C ash invest m ents 627 541 894 1, 526 2,150 3,506 4,486 3,792 3,332 F re e c ash flow ( 91) 287 74 (104) (597) (1,966) (1,913) (382) (339) Net in e 628 837 1,076 1,291 1,608 1,995 2,333 2,681 2,740 Eps .28 .37 .48 .57 .70 .87 434 Accruals, Investments and the Balance Sheet Accruals and investments are put in the balance sheet Shareholders’ equity = Cash + Other Assets Liabilities Earnings Cash from Operations Accruals Free cash flow Cash from Operations Investments 435 The Balance Sheet: Dell Inc. 436 The articulation of the financial statements through the recording of cash flows and accruals I n v e st me n t a n d d i s i n v e st me n t b y o w n e r s Ea r n i n g s N e t c h a n g e in o w n e r s’ e q u ity SS tt aa tt ee m ee nn tt oo ff SS hh aa rr ee hh oo ll dd ee rr ss ’’ EE qq uu ii tt yy –– yy ee aa rr 11 C a s h f r o m o p e r a t i o n s + A c c r u a l s N e t i n c o m e II nn cc oo m ee SS tt aa tt ee m ee nn tt –– yy ee aa rr 11 C a s h f r o m o p e r a t i o n s C a s h f r o m i n v e st i n g D e b t f i n a n c i n g N e t c h a n g e i n c a sh C aa ss hh FF ll oo w SS tt aa tt ee m ee nn tt –– yy ee aa rr 11 C a s h 0 + O t h e r A sse t s 0 T o t a l A sse t s 0 L i a b i l i t i e s 0 Ow n e r s’ e q u ity 0 C a s h 1 + O t h e r A sse t s 1 T o t a l A sse t s 1 L i a b i l i t i e s 1 Ow n e r s’ e q u ity 1 EE nn dd ii nn gg BB aa ll aa nn cc ee SS hh ee ee tt –– yy ee aa rr 11 B eg innin g s t o ck s F lo w s E ndin g s t o ck s EE nn dd ii nn gg BB aa ll aa nn cc ee SS hh ee ee tt –– yy ee aa rr 00 Eq u i t y f i n a n c i n g Net cash flows from all activities increases cash in the balance sheet Cash from operations increases ine and shareholders’ equity Cash investments increase other assets Cash from debt financing increases liabilities Cash from equity financing increases shareholders’ equity Accruals increase ine, shareholders’ equity, assets and liabilities 437
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