課程-財務(wù)分析應(yīng)用財報

財務(wù)分析應(yīng)用北京大學光華管理學院麻志明1助教周楷唐光華管理學院博士生Email：何頂光華管理學院博士生Email：

2第二章會計假設(shè)，財務(wù)報表關(guān)系,會計循環(huán)和基本分析框架3新東方

4新東方NewOrientalEducation&TechnologyGroup

5北大資源和方正科技公司網(wǎng)站6北大資源和方正科技

7如何找到年報1.公司網(wǎng)站-----投資者關(guān)系2.監(jiān)管機構(gòu)網(wǎng)站：SECedgar的例子3.證券交易所網(wǎng)站：上海，香港的例子4.Google，百度，門戶財經(jīng)板塊。。。。年報只是整個會計系統(tǒng)的一部分審計過，系統(tǒng)；及時性，細節(jié)8方正的例子：會計主體會計確認、計量、記錄、報告的空間范圍?！昂怂阏l的經(jīng)濟業(yè)務(wù)”會計主體與法人主體持續(xù)經(jīng)營、會計分期和貨幣計量假設(shè)和所有會計核算原則建立的基礎(chǔ)。更多相關(guān)的情況：當政府成為發(fā)債主體？9上市地新東方：NewYorkStockExchange北大資源：香港聯(lián)合交易所有限公司主板方正科技：上海證券交易所 會計準則，披露要求，審計要求10注冊地新東方：CaymanIslands北大資源：Bermuda方正科技：上海市 監(jiān)管，“教育行業(yè)不允許外資進入”更多好玩的“離岸”故事。。。。SOHO中國11財政年度結(jié)束日期新東方：May31北大資源：12月31日方正科技：12月31日為什么要有財政年度？12會計假設(shè)：持續(xù)經(jīng)營和會計分期持續(xù)經(jīng)營是假設(shè)會計主體的經(jīng)營活動，在可以預見的未來，按照現(xiàn)在的形式和目標，無限期地繼續(xù)下去，不會進行破產(chǎn)清算。會計分期是將企業(yè)持續(xù)不斷的經(jīng)營過程，人為地劃分為一定的時間段落，以便核算和報告會計主體的財務(wù)狀況和經(jīng)營成果。中國以公歷年度作為會計年度。美國75%Dec31美國政府？？13會計分期的影響現(xiàn)金收付和產(chǎn)生現(xiàn)金收付的經(jīng)濟行為不在同期發(fā)生：PKU的例子會計的解決辦法是收入認定原則和配比原則“RevenuePrinciple”and“MatchingPrinciple”因而產(chǎn)生了應(yīng)計“ACCRUALS”14計量貨幣新東方：美元北大資源：港幣方正科技：人民幣會計假設(shè)：貨幣計量是指企業(yè)在會計核算過程采用貨幣為計量單位。（幣值穩(wěn)定）原因：使實際成本原則、可比性原則和謹慎性原則成為可能會計的局限性15遵循的會計準則新東方：accountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica(“USGAAP”).北大資源：香港財務(wù)報告準則方正科技：中國企業(yè)會計準則16審計意見新東方：Unqualifiedopinionwithadditionallanguage北大資源：Clean方正科技：Clean審計意見在財務(wù)報告之前：檢過？17審計師新東方：DeloitteToucheTohmatsuCertifiedPublicAccountantsLLP北大資源：安永會計師事務(wù)所方正科技：上會會計師事務(wù)所（特殊普通合伙）18“四大”普華永道(PwC)德勤（Deloitte&Touche）安永（Ernst&Young）畢馬威（KPMG）

Big8----Big6----Big5----Big4審計費用-------出問題概率？裁判能錯幾次？雙會計師？強制輪換？19GlobalauditmarketPwC,2012.Whyglobalbusinessesneedglobalauditnetworks.PwC20ReportonInternalControlLargefirmsthataretradedintheUSalsohavetoissueareportoninternalcontrol.“SOX404report”.DifferenttimetableforU.S.andNon-U.S.firmsManagementAuditors21小結(jié)基本會計假設(shè)：會計主體；持續(xù)經(jīng)營；會計分期；貨幣計量；22BasicFinancialStatements

（新東方，北大資源和方正科技）ConsolidatedBalanceSheets;綜合財務(wù)狀況表;合并資產(chǎn)負債表ConsolidatedStatementsofOperations（eStatement）;綜合損益表;合并利潤表ConsolidatedStatementsofChangesinEquity;綜合權(quán)益變動表;合并所有者權(quán)益變動表ConsolidatedStatementsofCashFlows;綜合現(xiàn)金流量表;合并現(xiàn)金流量表為什么“Consolidated”“綜合”“合并”？23資產(chǎn)負債表（BalanceSheet）WhatisaBalanceSheet?–Afinancialdocumentthatreportswhattheorganizationownsandowes(i.e.,investingandfinancingactivities)atagivenpointoftime.MaintypesofaccountsonaB/SAssets資產(chǎn)Liabilities負債Owners’equity所有者權(quán)益24新東方Totalassets：1,353,441（Totalcurrentassets1,070,832）Totalliabilities：496,189（Totalcurrentliabilities489,835）Totalequity：857,252Totalliabilitiesandequity：1,353,441Totalassets=Totalliabilities+Totalequity25會計恒等式資產(chǎn)=負債+股東權(quán)益負債和股東權(quán)益反映的是企業(yè)資金的來源，資產(chǎn)反映的是企業(yè)資金的運用資產(chǎn)負債表是一個時點上企業(yè)的全身照26Formatissue27資產(chǎn)（Assets）AssetsResourcesthatacompanycontrolsProbablefutureeconomicbenefitsobtainedorcontrolledbyanentityasaresultofpasttransactionsorevents28負債（Liabilities）LiabilitiesObligationsofacompanyProbablefuturesacrificesofeconomicbenefitsarisingfrompresentobligationsofanentitytotransferassetsorprovideservicestootherentitiesinthefutureasaresultofpasttransactionsorevents29BalanceSheet(BS)DefinitionsAssets:EconomicresourcesthatareexpectedtogeneratefuturecashinflowsLiabilities:EconomicobligationstooutsidersexpectedtogeneratefuturecashoutflowsShareholders’Equity:Residualinterestinthefirm’sassetsafterdeductingliabilities30所有者權(quán)益（Shareholders’Equity）EquityNetworth(i.e.,wealth)ofcompanyResidualinterestintheassetsofanentityafterdeductingitsliabilitiesDistributionstoowners：Dividend（紅利，股息）31利潤表（eStatement）WhatisaneStatement?–Financialstatementsthatreportstheeconomicvaluecreated(ordestroyed???)bytheorganization.–It’sthe“grade”reportofthecompany.–Itsummarizestheoperatingactivitiesofafirm.32利潤表（eStatement）Revenue（收入）‐Expenses（費用，成本）（R&D;SG&A）Operatinge（營業(yè)利潤）+/‐NonrecurringGainsor(Losses)（非經(jīng)常性損益）Pretaxe（稅前利潤）‐eTaxes（所得稅）Nete（凈利潤）33RevenueRevenuesWealthgeneratedfromoperatingactivitiesInflowsofassetsoroutflowsofliabilitiesfromdeliveringorproducinggoods,renderingservices,orotheractivitiespartofentity’songoingmajororcentraloperations34ExpenseExpenses

Wealthconsumedtohelpgeneratebenefits(e.g.,revenue)Outflowsofassetsorinflowsofliabilitiesfromdeliveringorproducinggoods,renderingservices,orotheractivitiespartofentity’songoingmajororcentraloperations配比原則（Matchingprinciple）

35GainsGainsWealthgeneratedfromincidentalactivitiesIncreasesinequityfromperipheralorincidentalactivitiesandfromallothereventsaffectingentityexceptthoseresultingfromrevenueorinvestmentsbyowners36LossesLossesWealthconsumedbyincidentalactivitiesDecreasesinequityfromperipheralorincidentalactivitiesandfromallothereventsaffectingentityexceptthoseresultingfromexpensesordistributionstoowners37回到案例：新東方Nete=Revenue-Expenses+Gains-Losses38現(xiàn)金流量表（StatementofCashFlows）WhatisthepurposeoftheSCF?ExplainschangesincashandcashequivalentUsefultopredictsfuturecashflowsandevaluatescashefficiencyReportsthenetcashflowsrelatingtothefollowingthreeactivities:Operating（經(jīng)營活動）Investing（投資活動）Financing（籌資活動）39回到案例：新東方40所有者權(quán)益變動表

(StatementsofChangesinEquity)Whatisthepurpose?ProvidesinformationabouttheinvestmentsmadebytheownersofthefirmWhatarethemajorcomponents?Commonstock(股本)Additionalpaid-incapital(“APIC”)（資本公積）Retainedearnings（留存收益，未分配利潤）Accumulatedothercomprehensivee（累積其他綜合收益）41財務(wù)報表之間的關(guān)系Shareholders’EquityContributedCapital+RetainedEarnings+MiscellaneousEarnedCapitalBeginretainedearnings+Nete-DividendsRevenue

–Expenses+Gains-Losses財務(wù)報表之間的關(guān)系現(xiàn)金流量表43回到案例：新東方44小結(jié)各財務(wù)報表的基本結(jié)構(gòu)Assets=Liabilities+EquityNete=Revenue-Expenses+Gains-LossesBeginningretainedearnings+Nete-Dividends=EndingretainedearningsBeginningcash+Change(Operating;Investing;Financing)=Endingcash財務(wù)報表之間的關(guān)系45會計核算基礎(chǔ)

權(quán)責發(fā)生制VS收付實現(xiàn)制案例公司都用了哪一種？證據(jù)？權(quán)責發(fā)生制RecognitionpoliciesinnotesPresenceofoperatingassetsandliabilities46權(quán)責發(fā)生制VS收付實現(xiàn)制權(quán)責發(fā)生制：以權(quán)利和責任的發(fā)生作為確認收入和費用的依據(jù)–Recognizestheimpactofaneventasitoccurs現(xiàn)收現(xiàn)付制：以實際收到或支付款項作為確認收入和費用的依據(jù)Simplyaddsupthecashinflowsandoutflows學費的例子政府的例子：“打死不要緊，打傷主義真！”47CashVersusAccrualAccountingAccrualbettermatcheseconomiceffortwithassociatedeconomicbenefitsRevenuerecognitionMatchingproblemAccrualshavetobelinkedtocash-flowsatsomepointManagerialopportunisticmanipulation48AreEarningsBetterthanCashFlows

atCapturingValue?49Accrual‐BasedEarningsVSCashFlowsEarnings(betterinshortperiods,non-steadystates,andlongeroperatingcycles)5051Accrual

AnomalySloanTAR

199652Whystillneedcashflow?DeFond&Hung(2002)finditsusefulwhen:SolvencyorLiquidityisaproblem(血液)LargedivergencebetweenCashandNeteCurrentcashflowsareunusuallyimportantinagivenindustry53小結(jié)權(quán)責發(fā)生制和收付實現(xiàn)制的區(qū)別利潤表和現(xiàn)金流量表的各自信息54TheAccountingCycle

DuringtheperiodAnalyzetransactions.

Recordjournalentriesinthegeneraljournal.

Postamountstothegeneralledger.

Endoftheperiod

Adjustrevenuesandexpenses

andrelatedbalancesheetaccounts.Prepareacomplete

setoffinancialstatements.

Disseminatestatements

tousers.Closerevenues,gains,

expensesandlosses

toretainedearnings.55AnalyzetransactionsPurpose:CaptureeconomiceventsthatoccurviatransactionsthathaveaccountingsignificanceWhatisatransaction?Anyeventthatbothaffectsthefinancialpositionofanentityandcanbereliablyrecordedinmoneyterms.Whatdoesaccountingsignificancemean?Changesinthefinancialpositionofanentity56Prepareandpostoriginaljournalentries（編制會計分錄）PrepareandpostoriginaljournalentriesMustevaluatewhethereconomiceventhasaccountingsignificanceThisisa3stepprocess.Stepone:Whataccountsareinvolved?Steptwo:Didtheaccountsincreaseordecrease?Stepthree:Byhowmuchdideachaccountchange?57

復式記賬法（TheDouble‐EntrySystem）EachtransactionaffectsatleasttwoaccountsAssets=Liabilities+Shareholders’equityDebit/credit（借/貸）58Debits/Credits（借/貸）59有借必有貸，借貸必相等Thetypeofaccountdetermineshowincreasesanddecreasesarerecordedinit:6061DebitsandCredits

DebitLeft CreditRightAssets=Liabilities+Contributedcapital+Misc.earnedcapital+Beginningretainedearnings+Revenue-Expenses+Gains-Losses-DividendsAssets+Expenses+Losses+Dividends=Liabilities+Contributedcapital+Misc.earnedcapital+Beginningretainedearnings+Revenue+GainsRearrangetermssoonly+signsLeft-handsideDebitAccountsRight-handsideCreditAccounts62DebitsandCreditsJustremember:DebitsIncreaseAssetsTherestwillfollow!!63(a)AAAAissues$2,000ofadditionalcommonstocktonewinvestorsforcash.Step1:Identifyandclassifyaccountsandeffects1.Cash(+A)$2,000.2.ContributedCapital(+SE)$2,000.AnalyzingTransactionsA

=L+SEStep2:Istheaccountingequationinbalance?64(b)AAAAborrows$6,000fromthebanksigningathree-yearnote.Step1:Identifyandclassifyaccountsandeffects1.Cash(+A)$6,000.2.NotesPayable(+L)$6,000.AnalyzingTransactionsA

=L+SEStep2:Istheaccountingequationinbalance?65(c)AAAApurchasesnewovens,counters,refrigerators,andotherequipmentcosting$10,000,paying$2,000incashandsigningatwo-yearnoteforthebalance.Step1:Identifyandclassifyaccountsandeffects1.Equipment(+A)$10,000.2.Cash(-A)$2,000 NotesPayable(+L)$8,000.AnalyzingTransactionsA

=L+SEStep2:Istheaccountingequationinbalance?66‘Post’JournalEntriestotheLedgerCashBeginning10000(a)2000(b)6000(c)2000Ending1600067AccountsafterPostingEachaccounthasabalance?Thisamountisthedifferencebetweentheaccount’stotaldebitsandtotalcreditsCashBeginning10000(a)2000(b)6000(c)2000Ending16000Get:TheunadjustedtrialbalanceAlistofallaccountswiththeirbalancesProvidesacheckonaccuracybyshowingwhethertotaldebitsequaltotalcredits68AdjustingEntries(編制調(diào)整分錄)Propose:CapturealleventsandensureeventsplacedincorrectperiodAdjustmentprocessiswhereprofessionaljudgmentcomesin,causingbookkeepin