毕业 财务报表分析与运用

The analysis and use of financial statementChapter1FRAMEWORK FORFINANCIAL STATEMENTANALYSIS NEEDFORFINANCIAL STATEMENTANALYSISThe UnitedSates hasthe mostcomplex financial reporting systemin theword..Detailed ac-countingprinciples areaugmented byextensive disclosurerequirements.The financialstate-ments oflargemultinationals addup todozens of pages,and manyof thesefirms voluntarilypublish additional叶actbooks”for disseminationto financial analysis and other interestedusers.Financial reportingin othermajor developedcountries andmany emergingmarkets hasalso evolvedsubstantiallyin recentyears.with anincreasing emphasis on providinginformation usefulto bothdomesticand foreigncreditors and equity investors.International Accounting Standards havebecome acrediblerival to U.S.standards.In anideal word,the userof financial statements couldfocus onlyon thebottom linesfinancialreporting:net incomeand stockholdersequity.If financial statements werecomparable amongcompaniesregardless ofcountry,consistent overtime,and alwaysfully reflectingthe economicpositionof firm,financial statementanalysis wouldbe simple,and thistext avery shortone.The financialreporting systemis notperfect.Economic eventsand accountingentries donotcorrespond precisely;they divergeacross thedimensions oftiming,recognition,and measurement.Financial analysis and investmentdecisions arefurther complicatedby variationsin accountingtreatmentamong countriesin eachof thesedimensions.Economic eventsand accounting recognition ofthose eventsfrequently takeplace atdifferent times.One exampleof phenomenonis the recognition ofcapital gains and losses only uponsale inmost cases.Appreciation of a realestate investment,which tookplace overa periodof manyyears,for example,receives income statement recognitiononly in the periodmanagement choosesfor itsdisposal.Similarly,long-lived assetsare writtendown.Most oftime.In the fiscal periodof managemenfschoice.The periodof recognitionmay beneither the period inwhich theimpairment tookplace northeperiod ofsale ordisposal.Accounting fordiscontinued operations.In the same manner.Results inrecognitionof lossin aperiod differentfrom when the lossoccurred orthe disposalis consummated.In addition,many economicevents donot receiveaccounting recognitionat all.Most contracts,forexample,are notreflected in financial statementswhen enteredinto,despite significanteffects onfinancialcondition andoperating andfinancial risk.Some contracts,such as某些经济实体减去他的债务以后，在净资产中的剩余权益在实务上，一些金融工具既有债务的特点又有股东权益的特点，从而更难对其进行分类可转换债券和可赎回优先股是第10章研究的两个常见的例子那一章也讨论了FASB的征求意见稿，它针对具有债务和股东权益双重特点的金融工具进行确认和计量利润表利润表报告公司业绩，即它的经营活动的成果它解释了两个连续的资产负债表日之间，公司在资产、负债和股东权益上的一些变化，而不是全部变化采用权责发生制概念，意味着利润表和资产负债表是相互关联的利润表编制要求遵循配比原则，该原则规定惟独在收入和相关成本在统一会计期间进行会计确认时，才干对业绩进行评估这就要求姜维获取收入所发生的费用和相关收入在同一期间确认例如，机器的成本在他的经济寿命期内（当他被用于生产过程中）被且认为费用折旧，而不是在他被购买时就被确认为费用利润表的构成要素在SFAC6，收入被定义为一个经济实体……因交付或者生产商品，提供服务或者其他作为企业正在进行的重大或者中心经营业务的活动……而流入的现金费用被定义为因交付或者生产商品，提供服务或者其他作为企业正在进行的重大或者中心经营业务的活动……而流出的现金这些定义清晰的排斥了利得（和亏损），他们的定义为由于边缘的或者偶然的交易导致股东权益（净资产）的增加（减少）…因此利得或者亏损是非经营事项如资产出售、法律诉讼和市场价值变化（包括汇率变化）所产生的利得或者损失像SFAC6中其它定义一样，这些定义正如他们所表述的那样易于被接受，但实践起来确有难度例如，投资活动对金融机构而言是中心”活动，但对创造型企业而言是边缘活动类似的资产（比如汽车）的销售对于一个零售商而言是偶然的，但对于一家汽车租赁公司而言却是中心”活动存货由于报废对其进行的注销是更难描述其特征这是一项营业费用还是亏损？在某种程度上，一方面要区分收入和费用，另一方面要区分利得和损失，这是关于时常性与非时常性活动、”经营与非经营活动以及非常项目等争议的先兆从分析师的角度看，披露比分类更重要，在许多情况下，分析师更喜欢自己对经营和非经营活动进行区分然而从数据库使用者的角度看，该争议的结果是很重要的更重要的是对何时对收入、费用进行确认的问题作出裁决该确认裁决是报告的收入的主要决定因素，特别对技术类和其他新经济”企业而言leases and hedging activities,are recognized in the financial statementsby somecompanies,butdisclosed onlyin footnotesby others.Disclosure requirementsfor derivativesandhedgingactivities areinplace inmany jurisdictions,but recognitionand measurementis onlyrecently requiredin the UnitedStated.Further,generally acceptedaccounting principlesGAAP in theUnited States andelsewhere permiteconomicevents thatdo receiveaccountingrecognitionto be recognizedindifferent waysby differentfinancial statement prepares.Inventory anddepreciation offixed assetsare onlytwo of the significantareaswhere comparabilitymay belacking.Financial reportsoften containsupplementary datathat,although notincluded in the statementsthemselves,help thefinancialstatementuser tointerpret thestatements or adjust measuresof corporateperformancesuch asfinancial ratiosto makethem morecomparable,consistent overtime,and morerepresentativeof economicreality.When makingadjustments tofinancial statements,we willseek todiscernsubstance fromform andexploit the information containedin footnotesand supplementaryschedulesof datain theannual reportand SECfilings.The analytictreatment of“off-balance-sheet”financing activitiesisagood exampleof thisprocess.We alsoillustrate theuse ofreconciliations toU.S.GAAP inforeign registrantsForm20-F filings.Finally,information from outside thefinancialreportingprocess can be usedto makefinancial datamoreuseful.Estimating theeffects ofchanging priceson corporateperformance,for example,may requiretheuseofprice datafromoutsidesources.FOCUS ONINVESTMENT DECISIONSThisbook isconcerned withthe conceptsand techniquesof financial analysis employed by usersoffinancial statementswho areexternal to the company.Principal emphasisison thefinancialstatements ofcompanieswhose securitiesare publiclytraded.The techniquesdescribed aregenerally applicable to theanalysis of financialstatements preparedaccording toU.S.GAAP.However,we w川also discussthepronouncements of the InternationalAccountingStandardsBoard IASBand standardsetters in othercountries,compare themtoU.S.GAAP,and analyzefinancialstatementsprepared inaccordance withtheseother reportingstandards.Classes ofUsersExternal usersof financialinformation encompassa widerange of interests butcan beclassified intothreegeneral groups:Credit andequity investorsGovernmentexecutive andlegislative branches,regulatory bodies,and taxauthoritiesThe generalpublic andspecial interestgroups,labor unions,and consumergroupsEach of these user groups hasa particularobjective infinancialstatementanalysis,but,as theFASBstated,the primaryuser areequity investors and creditors.However,theinformationsupplied toinvestors and creditorsis likelyto begenerally usefulto otherusergroupsas well.Hence,financialaccounting standardsare gearedtothepurposes andperceptions of investorsandcreditors.That is thegroup forwhom theanalytical techniquesin thisbook areintended.The underlyingobjective of financialanalysis is thecomparative measurementof riskand returntomake investmentor creditdecisions.These decisionsrequire estimatesof thefuture,be ita mouth,a year,oradecade.General-purpose financialstatements,which describethe past,provide onebasis forprojectingfuture earningsand cashflows.Many of the techniquesused inthis analyticalprocess arebroadlyapplicableto all typesof decisions,but thereare alsospecialized techniquesconcerned withspecificinvestment interestsor,inotherwords,risks andreturns specificto oneclass ofinvestors orsecurities.The equity investor isprimarily interestedin the long-term power of the company,its abilityto grow,and,ultimately,its abilityto paydividends andincrease invalue.Since theequityinvestorbears theresidualrisk inan enterprise,the largestand mostvolatile risk,the requireanalysisisthe mostcomprehensiveof anyuser andencompasses techniquesemployed byall otherexternal user.Creditors needsomewhat differentanalytical approaches.Short-term creditors,such asbanks andtradecreditors,place moreemphasis onthe immediateliquidity of the businessbecause theyseek anearlypayback of their investment.Long-term earningpower ofthe companyinvestors inbonds,such asinsurancecompanies andpension funds,are primarilyconcerned withthelong-term assetposition andearningpowerofthecompany.They seekassurance ofthe paymentofinterestand thecapability ofretiringor refundingthe obligationat maturity.Credit risksare usuallysmaller thanequity risksand may bemore easilyquantifiable.More subordinatedor juniorcreditors,especially ownersof“high-yield debt,however,bear risksimilarto thoseof equityinvestorsandmay findanalytic techniquesnormally appliedto equityinvestmentsmore relevantthan thoseemployedbycreditors.Financial Informationand CapitalMarketsThe usefulnessof accounting information in the decision-making processesofinvestorsand creditorshasbeen thesubject ofmuch academicresearch over the last35years.That researchhas examinedtheinterrelationship ofaccountinginformationand reportingstandards infinancial marketsin greatdetail.Attimes,the researchconclusions arehighly criticaloftheaccounting standard-setting processand oftheutility of financialanalysis.This criticismis basedon researchperformed ina capitalmarket setting.Thesefindings donot negatethe usefulnessoffinancialanalysisofindividual securitiesthat may be mispricedorof decisionsmade outsidea capitalmarket setting.PRINCIPAL FINANCIALSTATEMENTSThe BalanceSheetThe balance sheet statementoffinancialposition reportsmajor classesand amountsof assetsresourcesowned orcontrolled by the firm,liabilities externalclaims onthose assets,and stockholderequityownerscapital contributionsandother internally generatedsources ofcapital and theirinterrelationships atspecific pointsin time.Assets reportedonthe balancesheet are eitherpurchased buythe firmor generatedthroughoperations:they are,directly orindirectly,finances by the creditorsand stockholdersofthefirm.Thefundamental accountingrelationship providesthe basisfor recordingall transactionsinfinancialreportingand isexpressed asthebalancesheet equation:Assets A=Liabilities L+Stockholders EquityEIn theUnitedStatesfirm issuebalance sheetsat theend ofeach quarterandtheend ofthefiscal.Annual orsemiannual reportinginthenorm inmost othercountries.Elements ofthe BalanceSheetSFAC6discusses theelements offinancialstatements.Although thisstatement alsodeals withnonprofitorganizations,we restrictour commentsto businessenterprises.Assets aredefined inSFAC6asProbable futureeconomic benefitsobtained orcontrolled bya particular entity asa result of pasttransactions or events.This definitionseems tobe noncontroversial.Its weaknessis itslack ofreference torisk.It seemstous thatan enterprisethat retainsthe riskof ownershipstiH“owns”the asset.This issueis important,forexample,as itrelates tothe saleof assets such asaccounts receivable,loans,and mortgages;seechapter11whentheseller retainssome riskof loss.Liabilities aredefined,similarly asProbablefuture sacrificesof economicbenefits arisingfrom presentobligations ofparticularentitytotransfer assetsor provideservices toother entitiesinthefuture asa resultofpatransactionsorevents.Again,the definitionreads well.Yet itpermits thenonrecognition ofcontractual obligationsuch asoperatingleases seechapterll.The interpretationof presentobligation^^and“resultofpast transactionsorevents^^is keyto accountingfor allsuch contracts;some believethat onlypayments immediatelydueas aconsequence ofcompleted transactionscreate liabilities.Others believethat alllong-term contactsshouldberecognized as long-term liabilities.Another importantproblem areaisthederecognition ofliabilitiesthat havebeen prefundedbut remainoutstanding.As requiredbythefundamental accountingequation.Stockholder9equity isthereforeThe residualinterest inthe netassets of an entitythat remainsafter deductingits liabilities.In practice,some financialinstruments havecharacteristics ofboth liabilitiesand equities,makingthem difficultto categorize.Convertible debtand redeemablepreferreds aretwo commonexamplesexamined inchapter

10.That chapteralso discussesthe FASBExposure DraftED onrecognition andmeasurementof instrumentswith equityand liabilitycharacteristics.The IncomeStatementThe incomestatement statementof earningsreports onthe performanceofthefirm,the resultof itsoperatingactivities.It explainssome butall ofthe changesintheassets,liabilities,andequityofthefirmbetween twoconsecutive balancesheet dates.Use ofthe accrualconcept meansthat incomeand thebalancesheetareinterrelated.The preparationoftheincomestatementis governedbythematching principle,which statesthatperformance canbe measuredonly ifrevenues andrelated costsare accountedfor duringthesametimeperiod.This requirestherecognitionof expensesincurred togenerate revenuesinthesame periodas therelatedrevenues.For example,the costofamachine isrecognizedas an expenseit isdepreciated overitsuseful lifeas it is usedin productionrather thanasanexpense intheperioditispurchased.Elements ofthe IncomeStatementRevenues aredefined inSAFC6asInflows...ofanentity...from deliveringor producinggoods,rendering services,or otheractivities thatconstitutethe entity^ongoing majoror centraloperationsExpense aredefined asOutflows...from deliveringor producinggoods,rendering services,or carryingout otheractivitiesthat constitutethe entitysongoing majoror centraloperations.These definitionsexplicitly excludegains and losses,defined asIncreasesdecreases inequity netassets fromperipheral orincidental transactions...Gains orlosses are,therefore,nonoperating events.Examples wouldinclude gainsandlossesfromasset sales,lawsuits,and changesin marketvalues includingcurrency rates.These definitionsare,like the otherinSFAC6,easy toaccept asstated.The difficultiescome inpractice.For example,investment activitiesmaybe“central”toafinancial institutionbut“peripheral tomanufacturingcompany.Similarly,sales ofassetssuchas automobilesmaybe“incidental toretailer but“central toa carrental firm.The write-down ofinventories dueto obsolescenceis moredifficult tocharacterize:is thisan operatingexpense ora lossTo someextent,the distinctionbetween revenueandexpense onthe onehand andgainsandlossesontheotherisaprecursor ofthe controversiesoverthe；characterizations of“recurring versusnonrecurring activities/9operating versusnonoperating activities；9and^extraordinary items

9.From theanalyst point of view,disclosure ismore importantthanclassification;analysts preferto maketheir owndistinctions betweenoperating andnonoper-ating eventsinmany instances.From thepointofview ofdatabase user,however,the outcomeofthedebate isimportant.Even moreimportant isthe decisionon whento recognizerevenues andexpenses.The recognitiondecisioncanbea majordeterminant ofreported income,especially fortechnology andother“neweconomy^^enterprises.财务报表分析与运用第一章财务报表分析的框架财务报表分析的重要性美国有着世界上最复杂的财务报告系统，广泛披露的要求扩大了详细的会计原则大型跨国公司的财务报表加起来有好几打纸，许多这样的公司自愿发布额外的“账簿事实给财务分析师和其他感兴趣的使用者近几年来，财务报告在其他主要发达国家和新兴市场也得到了很大的发展，重点逐渐转向为国内外的债权人和股东权益投资者提供实用的信息国际会计准则已经成为与美国会计准则相匹敌的对手在理想的世界里，财务报表的使用者只能关注财务报告的底线净利润和股东所有者权益如果财务报表在公司间（忽略国家因素）具有可比性，会计处理方法保持一贯性，并且彻底反映公司的经济状况，那末财务报表分析将会非常简单，本书也很简短财务报告系统并不完美经济事项和会计分录没有精确的对应起来，导致他们差异的原因来源于时间，确认，计量尺度的不同由于不同国家的尺度不同，又导致不同的会计处理方法，是的财务分析和投资决策复杂化经济事项与这些事项的会计确认通常发生在不同时间这种现象的一个例子就是资本利得和资本损失在大多数情况下惟独在出手时候才进行确认例如，不动产投资在多年以后发生增值，惟独在管理层打算处置不动产投资的会计期间才在利润表上确认类似的，长期资产的注销，在大多数情况下，发生在管理层决定注销的会计期间确认的期间也许既不是资产减值发生的期间，也不是资产出售或者发生清理的期间同样，终止经营的会计处理导致损失确认的期间与发生损失以及清理完毕的期间不同此外，许多经济事项根本没有进行会计确认例如大多数合同在订立的时候并没有反映在财务报表中，尽管其对公司的财务状况、经营风险和财务风险有显著影响一些合同,比如租赁和调皮合同，在一些公司的财务报表中虽然被确认，但在其他公司则仅仅披露在财务报表附注中在许多国家的立法中，对金融衍生品和套期行为的披露要求已经存在，但对其进行确认和计量则是美国最近才刚刚开始提出的要求进一步讲，在美国和其他地方，公认会计原则允许由不同的财务报表编织着将没有在会计确认的经济事项通过不同的方式进行确认存货和固定资产折旧只是这其中的两个缺乏可比性的重要事项财务报告往往包含补充资料，尽管这些资料没有被包括在报表中，但它们有助于报表使用者解释报表或者调整对公司业绩的评估（例如财务比率）,从而使得报表具有可比性、在时间上保持一致性，且更好的代表经济事项党对报表进行调整时，我们要从行驶中区分出本质，从年报的财务报表附注和补充资料以及SEC上市申报文件中发掘出信息对资产负债表外筹资行为的分析处理就是说明这一过程的一个很好地例子我们也在国外注册人20-F表格上市申报文件中说明如何根据美国GAAP调节相关数据最后，可以利用来自财务报告之外的信息来时财务资料更为有效果例如，估计价格变化对公司业绩的影响，可能要求使用来源于外部的价格资料聚焦投资决策本书关注公司外部的财务报表使用者所采用的财务分析的概念和技巧重点在于上市公司的财务报表，所说明的技巧通常可用于分析根据美国GAAP编制的报表然而我们也讨论国际会计准则委员会指定的准则和其他国家的准则制定者指定的准则，并将它们与美国的GAAP进行比较，同时分析根据其他的报告准则编制的财务报表报表使用者的分类财务信息的外部使用者包括了范围广泛的利益相关者，但他们可以分为以下3个群体1债权人和股东权利投资者2政府（行政和立法分支机构）、监管机构和和税务当局3普通公众和特定利益群体、公会、和消费群体每一报表使用群体在财务报表分析中都有其各自的目标，但如FASB所言，主要使用者是股东权益投资者和债权人然而提供给投资者和债权人的信息可能对其他报表使用群体也同样有效因此财务会计准则致力于满足投资者和债权人的信息需求本书中的分析技巧正是致力于服务这一群体的财务分析的主要目标是通过对风险与回报的比较计量来坐车投资或者贷款决策然而这些决策要求对未来进行估计，比如说一个月、一年甚至十年通用财务报表时描述过去的，她们为预测未来赢余和现金流提供了基础分析过程中使用的许多技巧可以广泛用于所有的决策类型，但是也有一些专门的技巧与特定的投资利益有关，换句话讲，分险和汇报专属于某一类投资者或者某一类证券股东权益投资者主要关注公司的长期获利能力、他的成长能力和他最终支付股利以及提升价值的能力由于股东权益投资者承担着企业的剩余风险，声誉风险是风险程度最高并且也是最多变的风险，于是所要求进行的分析是所有使用者中最全面的，包括了所有其他外部使用者所采用的分析技巧债权人则需要稍微不同的分析方法短期债权人（如银行和商业往来的债务人），把重点更多的放在交易的当前偿债能力上，应为他们希翼早日收回投资长期债权投资者（如保险公司和退休基金）主要关注长期资产状况和公司盈利能力，他们追求稳定征服利息和到期偿还本金的能力贷款风险通常小于股东权益风险并且可能更容易计量然而更多的从属或者次级债权人，特别是高收益”债券的所有者，承担着与股东权益投资者相类似的风险，她们可能会发现通常运用于股东权益投资的分析方法比普通债权人采用的投资分析方法更为有效财务信息和资本市场在投资者和债权人的决策过程中，会计信息的有效性在过去的35年来已经成为不少学术研究的课题该研究详细调查了会计信息与资本市场报告准则之间的相互关系有事，研究得出的结论对会计准则的制定过程和财务分析的有效性进行了非常严厉的批评该批评是以在资本市场上进行的研究为基础的这些研究结果并没与否定对可能被错误定价的单个证券进行财务分析的有效性和从资本试产外部进行决策的有效性主要的财务报表资产负债表资产负债表（财务状况表）报告了特定十点主要类别的资产（公司拥有或者控制的资产）、负债（外界对这些资产的求偿权）和股东权益（所有者的资本交款和其他内生的资本）的金额以及他们之间的相互关系资产负债表上报告的资产或者有公司购买而来，或者通过经营产生，他们或者直接或者间接地由公司的债权人和股东提供资金基本的会计关系为在财务报告中确认的交易提供了基础资产负债表的等式表示如下（）（）（）资产A=负债L+股东权益E在美国，公司在每一季度结束和每一会计年度结束时发表的资产负债表在大多数其他国家，普通发布年报和半年报资产负债表的要素SFAC6讨论了财务报表的要素尽管该公报也设计了非盈利组织，但我们将我们的评述限制在工商企业在SFAC6中资产被定义为由于过去的交易或者事项二可能导致的被某一特定的经济实体取得或者控制的未来经济利益这一定义从表面上看无庸置疑，他的缺点是没有涉及风险因素似乎一个保留财产所有权风险的企业，他仍然拥有该资产这个问题很重要，例如，他与资产（如应收账款、贷款和抵押，参见本书11章）的出售有关，资产出售时卖方保留了一部份损失风险类似的，负债定义为；由于过去的交易或者事项而导致某一特定经济实体承担的现存债务，这种债务因要求经济尸体在将来向其他经济实体转移资产或者提供服务而很有可能在未来抛却某些经济利益同样，该定义读起来不错然而它允许不确认契约债务，如经营租赁（参见本书第11章）对现存债务和由于过去的交易或者事项的解释对所有这些七月进行会计处理的关键-些人认为，作为交易完成的结果，惟独即将到期支付才产生了负债其他人认为所有长期七月都应该被确认为长期负债另一重要的问题是取销对已经预先提供资金但仍未获得清偿的负债的确认正如会计基本等式所要求的，股东权益是。