分析金融建模chap002.pptx

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分析金融建模chap002.pptx

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2-1McGraw-Hill/IrwinCopyright?2011bytheMcGraw-HillCompanies,Inc.Allrightsreserved.

2-2KeyConceptsandSkillsKnow:ThedifferencebetweenbookvalueandmarketvalueThedifferencebetweenaccountingeandcashflowThedifferencebetweenaverageandmarginaltaxratesHowtodetermineafirm’scashflowfromitsfinancialstatements

2-3ChapterOutline2.1 TheBalanceSheet2.2 TheeStatement2.3 Taxes2.4 CashFlow

2-4TheBalanceSheetAsnapshotofthefirm’sassetsandliabilitiesatagivenpointintime(“asof…”)AssetsLeft-handside(orupperportion)InorderofdecreasingliquidityLiabilitiesandOwners’EquityRight-handside(orlowerportion)InascendingorderofwhenduetobepaidBalanceSheetIdentityAssets=Liabilities+Stockholders’Equity

2-5TheBalanceSheet

Figure2.1

2-6TheBalanceSheetNetworkingcapitalCurrentAssetsminusCurrentLiabilitiesUsuallypositiveforahealthyfirmLiquiditySpeedandeaseofconversiontocashwithoutsignificantlossofvalueValuableinavoidingfinancialdistressDebtversusEquityShareholders’equity=Assets-Liabilities

2-7U.S.CorporationBalanceSheet

Table2.1

2-8Marketvs.BookValueBookvalue=thebalancesheetvalueoftheassets,liabilities,andequity.Marketvalue=truevalue;thepriceatwhichtheassets,liabilities,orequitycanactuallybeboughtorsold.Marketvalueandbookvalueareoftenverydifferent.Why?Whichismoreimportanttothedecision-makingprocess?ReturntoQuickQuiz

2-9KlingonCorporation

Example2.2KLINGONCORPORATIONBalanceSheetsMarketValueversusBookValueBookMarketBookMarketAssetsLiabilitiesandShareholders’EquityCA$400$600LTD$500$500NFA7001,000Equity6001,100$1,100$1,600$1,100$1,600

2-10eStatementTheestatementmeasuresperformanceoveraspecifiedperiodoftime(period,quarter,year).ReportrevenuesfirstandthendeductanyexpensesfortheperiodEndresult=Nete=“BottomLine”DividendspaidtoshareholdersAdditionto