CMA考試新考綱(官方)-part two 1 (1)課件

1CMA學(xué)習(xí)系統(tǒng)第二部分：財(cái)務(wù)決策

CMALearningSystemPart2:FinancialDecisionMaking主講：

CMA2第一章：財(cái)務(wù)報(bào)表分析

SectionA:FinancialStatementAnalysis3第一節(jié)：基本的財(cái)務(wù)報(bào)表分析

Topic1:BasicFinancialStatementAnalysis5垂直的百分比式財(cái)務(wù)報(bào)表垂直的百分比式財(cái)務(wù)報(bào)表–基本數(shù)額（資產(chǎn)負(fù)債表中的總資產(chǎn)或者損益表中的凈銷(xiāo)售額），圖表2A-1,2A-2,2A-3,582-584頁(yè)VerticalCommon-SizeStatementsVerticalCommon-SizeStatement–baseamount(totalassetsonthebalancesheetandnetsalesontheincomestatement),figure2A-1,Figure2A-2,page4,Figure2A-3,page5百分比式財(cái)務(wù)報(bào)表

Common-SizeStatements7現(xiàn)金流量表

StatementofCashFlows現(xiàn)金流量表的構(gòu)成和分類(lèi)經(jīng)營(yíng)活動(dòng)–調(diào)整到凈利中的非現(xiàn)金費(fèi)用和收入事項(xiàng)包括：折舊費(fèi)用和無(wú)形資產(chǎn)的攤銷(xiāo)；抵延成本的攤銷(xiāo)；抵延所得稅的變化；應(yīng)付債券溢價(jià)和折價(jià)的攤銷(xiāo)；來(lái)自使用權(quán)益法核算的被投資方的收益ComponentandClassificationsOperatingactivities–noncashexpenseandrevenueitemsaddedbacktonetincome:depreciationandamortizationofassets,amortizationofdeferredcost,changesindeferredincometaxes,amortizationofapremiumordiscountonbondspayable,incomefromanequitymethodinvestee8現(xiàn)金流量表的構(gòu)成和分類(lèi)投資活動(dòng)–長(zhǎng)期資產(chǎn)賬戶的變化有關(guān)，投資現(xiàn)金流入的事項(xiàng)有出售PPE的現(xiàn)金流入，出售對(duì)其他實(shí)體的債券或股權(quán)的投資；收回對(duì)其他實(shí)體的貸款本金（利息屬于營(yíng)運(yùn)現(xiàn)金流）。投資現(xiàn)金的流出有夠買(mǎi)PPE；其他公司的債券和股票；以及向其他實(shí)體提供貸款。ComponentandClassificationsInvestingactivities–comefromchangesinlong-termasset,cashinflowfromsalesofPPE,investmentsinanotherentity’sdebtorequitysecurities,collectionoftheprincipalonloanstoanotherentity,cashoutflowresultfrompurchasesofPP&E,othercompaniesdebtorequitysecuritiesandgrantingloantootherentities現(xiàn)金流量表

StatementofCashFlows10間接法和直接法間接法–圖表2A-5，588頁(yè)直接法–圖表2A-6，588頁(yè)附注–披露重大的非現(xiàn)金投資和籌資活動(dòng)，在間接法中披露支付的利息和所得稅IndirectandDirectMethodsIndirectMethod–figure2A-5,page10DirectMethod–figure2A-6,page10Footnotes–disclosesignificantnon-cashinvestingandfinancingactivities,anddiscloseinterestpaidandincometaxesinindirectmethod現(xiàn)金流量表

StatementofCashFlows11現(xiàn)金流量表舉例現(xiàn)金流量表-圖表2A-7，589頁(yè)ExampleofaStatementofCashFlowsStatementofCashFlows–IndirectMethod,Figure2A-7,page11現(xiàn)金流量表

StatementofCashFlows13流動(dòng)性和償付能力比率

Liquidity/SolvencyRatios償付能力–

向債權(quán)人償付到期債務(wù)的能力，或長(zhǎng)期內(nèi)的債務(wù)償還能力流動(dòng)性–

資產(chǎn)轉(zhuǎn)換為現(xiàn)金的速度能在多大程度上滿足到期債務(wù)的現(xiàn)金還款需求。揭示公司的短期償債能力Solvency–abilitytopaycreditorswhenamountsdue,ordebtpayingabilityinlongtermLiquidity–proximitytocashoftheassetandliabilities,anindicationofcompany’sabilitytomeetitsshorttermobligation14營(yíng)運(yùn)資本分析

WorkingCapital營(yíng)運(yùn)資本–公司短期內(nèi)的償付能力，短期內(nèi)的財(cái)務(wù)健康狀況；營(yíng)運(yùn)資本=流動(dòng)資產(chǎn)–流動(dòng)負(fù)債流動(dòng)資產(chǎn)–現(xiàn)金或其他短期投資流動(dòng)負(fù)債–一年之內(nèi)償付的債務(wù)，案例，592頁(yè)Workingcapital–company’sabilityintheshortruntopayitsobligation,short-termfinancialhealthWorkingcapital=currentassets–currentliabilitiesCurrentassets–cashorotherliquidinvestmentsCurrentliabilities–obligationpaidwithinayear,examples,page1616營(yíng)運(yùn)資本分析

WorkingCapital現(xiàn)金比率現(xiàn)金比率=（現(xiàn)金+有價(jià)證券）/流動(dòng)負(fù)債，案例，594頁(yè)現(xiàn)金流比率現(xiàn)金流比率=營(yíng)業(yè)現(xiàn)金流/流動(dòng)負(fù)債CashRatioCashRatio=(cash+marketablesecurities)/currentliabilitiesCashFlowRatioCashFlowRatio=OperationCashFlow/CurrentLiabilities17流動(dòng)性比率的敏感性分析SensitivityAnalysisontheLiquidityRatio流動(dòng)性比率的敏感性分析比率中的具體組成元素發(fā)生變化時(shí)，比率本身對(duì)這種變化的敏感性，案例，595頁(yè)SensitivityAnalysisontheLiquidityRatiosHowsensitivetheseratiosaretochangesintheircomponents,forexamples,page1919資本結(jié)構(gòu)分析

CapitalStructureAnalysis資本結(jié)構(gòu)–

長(zhǎng)期負(fù)債與權(quán)益的組合財(cái)務(wù)杠桿–

利用負(fù)債來(lái)提高對(duì)公司所有者（股東）的回報(bào)債務(wù)杠桿營(yíng)運(yùn)杠桿–

固定營(yíng)業(yè)成本的存在Capitalstructure–mixoflong-termdebtandequityFinancialleverage–useofdebttoincreasereturntoownersDebtasLeverage

Operatingleverage–existenceoffixedoperatingcosts20財(cái)務(wù)杠桿比率

FinancialLeverageRatio財(cái)務(wù)杠桿比率財(cái)務(wù)杠桿比率–

資產(chǎn)/權(quán)益財(cái)務(wù)杠桿–

對(duì)公司的盈余具有放大的作用FinancialLeverageRatioFinancialleverageratio=assets/equityFinancialleverage–magnifyingeffectonearning21與負(fù)債/債務(wù)相關(guān)的比率分析RatioAnalysisonDebt/Liabilities負(fù)債對(duì)總資產(chǎn)的比率負(fù)債對(duì)總資產(chǎn)的比率=總負(fù)債/總資產(chǎn)債務(wù)對(duì)權(quán)益比率債務(wù)對(duì)權(quán)益比率=總負(fù)債/權(quán)益長(zhǎng)期債務(wù)對(duì)權(quán)益比率=（總負(fù)債-流動(dòng)負(fù)債）/權(quán)益DebttoTotalAssetsRatioDebttoTotalAssetsRatio=TotalDebt/TotalAssetsDebttoequityratio

Debttoequityratio=TotalDebt/EquityLong-termDebttoEquityRatio=(TotalDebt–CurrentLiability)/Equity22與負(fù)債/債務(wù)相關(guān)的比率分析RatioAnalysisonDebt/Liabilities利息倍數(shù)（利息覆蓋）比率利息倍數(shù)比率=息稅前收益/利息費(fèi)用TimeInterest

Earned(InterestCoverage)RatioTimesInterestEarnedRatio=EarningBeforeInterestandTaxes/InterestExpense24表外融資

Off-BalanceSheetFinancing應(yīng)收賬款讓售–使用應(yīng)收賬款作抵押進(jìn)行貸款，避免相應(yīng)的應(yīng)付或負(fù)債記錄特殊目的實(shí)體–便于租賃活動(dòng)、貸款證券化、研發(fā)活動(dòng)或者金融衍生交易租賃–營(yíng)運(yùn)租賃，資本租賃合資企業(yè)Factoringofaccountsreceivables–borrowingusingaccountsreceivableascollateral,avoidrecordingapayableorliabilitySpecialPurposeEntities–facilitateleasingactivities,loansecuritization,R&Dactivities,tradinginfinancialderivativesLeases–operatinglease,capitalleaseJointventures–holdlessthan50%ofoutstandingshare(off-balancesheetfinancing)25營(yíng)運(yùn)活動(dòng)分析

OperatingActivityAnalysis經(jīng)營(yíng)周期=應(yīng)收賬款周轉(zhuǎn)天數(shù)+存貨周轉(zhuǎn)天數(shù)應(yīng)收賬款周轉(zhuǎn)率=賒銷(xiāo)額/平均總應(yīng)收帳款應(yīng)收帳款周轉(zhuǎn)天數(shù)=365/應(yīng)收賬款周轉(zhuǎn)率存貨周轉(zhuǎn)率=銷(xiāo)貨成本/平均存貨OperatingCycle=Day’sSalesinAccountsReceivable+Day’sSalesinInventoryAccountReceivableTurnoverRatio=CreditSales/AverageGrossAccountsReceivablesDaysSalesinReceivable=365/AccountsReceivableTurnoverInventoryTurnoverRatio=CostofGoodsSold/AverageInventory26營(yíng)運(yùn)活動(dòng)分析

OperatingActivityAnalysis存貨周轉(zhuǎn)天數(shù)=365/存貨周轉(zhuǎn)率其他周轉(zhuǎn)率總資產(chǎn)周轉(zhuǎn)率=銷(xiāo)售額/平均總資產(chǎn)固定資產(chǎn)周轉(zhuǎn)率=銷(xiāo)售額/平均凈PP&EDaysSalesinInventory=365/InventroyTurnoverRatioOtherTurnoverRatiosTotalAssetTurnoverRatio=Sales/AverageTotalAssetsFixedAssetTurnoverRatio=Sales/AveragenetPP&E27第三節(jié)：獲利能力分析Topic3:ProfitabilityAnalysis29每股收益

EarningperShare股利支付率股利支付率=普通股股利/可供普通股股東分配的盈余股利收益股利收益率=每股年股利/每股現(xiàn)行市價(jià)DividendPayoutRatioDividendpayoutratio=commondividends/EarningavailabletocommonshareholdersDividendYieldDividendyield=annualdividendspershare/Marketpricepershare30可持續(xù)增長(zhǎng)率

SustainableEquityGrowth可持續(xù)的增長(zhǎng)率=ROE（1-股利支付率）SustainableGrowthRate=ROE(1-DividendPayoutRatio)31資本投資回報(bào)率

ReturnonCapitalInvestment資本投資回報(bào)率的組成要素ROI–與公司所動(dòng)用的資本有關(guān)的利潤(rùn)率ROA–指標(biāo)上涉及的要素基本上與ROI相似ROE–與權(quán)益相關(guān)的利潤(rùn)率投資資本的定義–非生產(chǎn)性資產(chǎn)，應(yīng)折舊資產(chǎn)，優(yōu)先股股東的賬面價(jià)值ComponentsofReturnonCapitalInvestmentROI–essentiallythedegreeofprofitinrelationtothecapitaldeployedROA–samesetoffactorasROIROE–degreeoftheprofitinrelationtoequityDefinitionofInvestedCapital–unproductiveassets,depreciableassets,preferredshareholders’bookvalue32資本投資的回報(bào)率

ReturnonCapitalInvestment獲利能力分析毛利率=（銷(xiāo)售–銷(xiāo)貨成本）/銷(xiāo)售營(yíng)運(yùn)利潤(rùn)率=營(yíng)業(yè)收益/銷(xiāo)售凈利潤(rùn)率=凈收益/銷(xiāo)售ProfitabilityAnalysisGrossprofitmarginpercentage=(Sales–CostofSales)/SalesOperatingProfitMarginPercentage=OperatingIncome/SalesNetProfitMarginPercentage=NetIncome/Sales33資本投資的回報(bào)率

ReturnonCapitalInvestment費(fèi)用分析主要費(fèi)用=銷(xiāo)售，管理費(fèi)用，折舊費(fèi)用，攤銷(xiāo)費(fèi)用，維護(hù)，財(cái)務(wù)費(fèi)用，所得稅ExpenseAnalysisMajorexpense–selling,administrativeexpenses,depreciationexpense,amortization,maintenance,financingexpenses,incometaxes34資本投資的回報(bào)率

ReturnonCapitalInvestment投資回報(bào)率投資回報(bào)率（ROI）=業(yè)務(wù)單位的凈利潤(rùn)/業(yè)務(wù)單位的資產(chǎn)資產(chǎn)的回報(bào)率（ROA）ROA=凈收益/平均總資產(chǎn)ReturnonInvestmentReturnonInvestment(ROI)=NetProfitofBusinessUnit/AssetsofBusinessUnitReturnonAssets(ROA)ROA=NetIncome/AverageTotalAssets35資本投資的回報(bào)率

ReturnonCapitalInvestment杜邦模型ROA=凈收益/銷(xiāo)售×銷(xiāo)售/平均總資產(chǎn)，案例，616頁(yè)普通股權(quán)益回報(bào)的計(jì)算ROE=凈收益/平均權(quán)益財(cái)務(wù)杠桿比率=資產(chǎn)/權(quán)益

DuPontModelROA=NetIncome/Sales×Sales/AverageTotalAssets,forexample,page42CalculatingReturnonCommonEquityROE=NetIncome/AverageEquityFinancialLeverageRatio=Assets/Equity36收入分析

RevenueAnalysis收入–

從其客戶處所獲得的資源收入的來(lái)源收入的來(lái)源–

業(yè)務(wù)活動(dòng)在實(shí)質(zhì)上必須已經(jīng)完成，所有權(quán)風(fēng)險(xiǎn)必須有效地轉(zhuǎn)移給購(gòu)買(mǎi)者，收入以很高的準(zhǔn)確性進(jìn)行度量和估計(jì)，帶來(lái)現(xiàn)金、應(yīng)收款或者其他資產(chǎn)的增加，或則負(fù)債的下降，必須是與外部獨(dú)立實(shí)體進(jìn)行的交易R(shí)evenue–resourcesgeneratedbyabusinessfromcustomerSourceofRevenueRecognitionofrevenues–activitiesmustbesubstantiallycompleted,riskofownershipeffectivelypassedontothebuyer,therevenuemeasuredorestimatedwithsubstantialaccuracy,eitherincreasedincash,receivables,orotherassetordecreaseinaliability,businessactionmustbeatarm’slength37收入分析

RevenueAnalysis收入趨勢(shì)和穩(wěn)定性重要考慮–產(chǎn)品需求的彈性，需求趨勢(shì)作出預(yù)測(cè)的能力，競(jìng)爭(zhēng)程度，客戶集中度，對(duì)少數(shù)銷(xiāo)售代表的依賴程度，市場(chǎng)區(qū)域多樣化的程度收入、存貨與應(yīng)收賬款之間的相互關(guān)系RevenueTrendsandstabilityImportantconsideration–elasticallyofdemandforproducts,abilitytoanticipatedemandtrends,levelofcompetition,degreeofcustomerconcentrationanddependenceonasingleindustryorasinglecustomer,degreeofdependenceonsalesassociate,degreeofgeographicaldiversificationofmarketsInter-relationshipsBetweenRevenue,Inventory,andReceivables38收益度量分析

IncomeMeasurementAnalysis收益的量度出于很多原因–確定有把握的收益，以預(yù)測(cè)受益的大小，確定收益主要構(gòu)成元素的穩(wěn)定性，量度企業(yè)的收益獲取能力考慮以下幾種原因–估計(jì)，會(huì)計(jì)方法，披露激勵(lì)，使用者的不同需要Incomemeasuredforanumberofreasons–determinewhatincomecanbereliedonforpurposesofincomeforecasting,determinehowstablethemajorelementsofincomeare,measuretheearningpowerofthebusinessFollowingfactorsneededtobeconsidered–estimates,accountingmethods,disclosureincentives,differentneedsofusers39比率分析的局限性

LimitationsofRatioAnalysis內(nèi)部因素–

強(qiáng)調(diào)綜合指標(biāo)，基于過(guò)去的財(cái)務(wù)信息，包含非營(yíng)運(yùn)項(xiàng)目的信息，理解會(huì)計(jì)準(zhǔn)則，數(shù)據(jù)的合理性，因素之間的相互關(guān)系外部因素–

企業(yè)的狀況，在行業(yè)中的地位其他局限性–

使用不同的會(huì)計(jì)方法使相互比較變得困難，季節(jié)性波動(dòng)，分析企業(yè)集團(tuán)是困難的Internalfactors–emphasisonsummaryindicators,basedonpastfinancialinformation,containnon-operatingitems,understandingoftheaccountingprinciples,validityofnumber,correlationwithinfactorsExternalfactors–businesscondition,industrypositionOtherlimitation–useofdifferentaccountingmakecomparabilitydifficult,seasonalfluctuation,analyzingconglomeratesisdifficult40第四節(jié)：財(cái)務(wù)會(huì)計(jì)中的分析性問(wèn)題Topic4:AnalyticalIssuesinFinancialAccounting41經(jīng)濟(jì)利潤(rùn)和會(huì)計(jì)利潤(rùn)EconomicProfitandAccountingProfits經(jīng)濟(jì)利潤(rùn)–

在生命期內(nèi)實(shí)現(xiàn)盈利的凈現(xiàn)值會(huì)計(jì)利潤(rùn)–

一般公認(rèn)會(huì)計(jì)準(zhǔn)則設(shè)定的規(guī)則，需要用估計(jì)值EconomicProfit–netpresentvalueofitsearningoveritslifetimeAccountingprofit–followtherulessetbyGAAP,approximationareneeded42收益質(zhì)量

EarningQuality會(huì)計(jì)原則的選擇表外融資及其對(duì)財(cái)務(wù)報(bào)表的影響關(guān)于資產(chǎn)維護(hù)和未來(lái)獲利能力的規(guī)定經(jīng)濟(jì)力量對(duì)收益的影響SelectionofAccountingPrinciplesOff-balanceSheetFinancingandItsEffectontheFinancialsProvisionforMaintenanceofAssetsandFutureEarningPowerEffectofEconomicForcesonEarnings43收益質(zhì)量

EarningQuality收益的持久性重新構(gòu)建損益表–圖表2-9，630頁(yè)每股賬面價(jià)值=（總權(quán)益–優(yōu)先股權(quán)益）/發(fā)行在外的普通股股數(shù)，案例，631頁(yè)EarningPersistenceRecastincomestatement–figure2-9,page58BookValuePerShare=(TotalEquity–PreferredStockholder’sEquity)/NumberofCommonSharesofOutstanding,forexample,page6044收益質(zhì)量

EarningQuality收益的持久性市場(chǎng)價(jià)值與賬面價(jià)值的比率=現(xiàn)行股價(jià)/每股賬面價(jià)值市盈率=每股市價(jià)/EPS收益率=EPS/每股普通股的現(xiàn)行市價(jià)EarningPersistenceMarket-to-bookValueRatio=CurrentStockPrice/BookValueperSharePriceEarningRatio=MarketPriceperShare/EPSEarningYield=EPS/CurrentMarketPriceperCommonShare45價(jià)格變化和通貨膨脹的影響EffectsofChangingPriceandInflation通過(guò)膨脹–

重要考慮，案例，633頁(yè)Inflation–importantconsideration,forexample,page6146公允價(jià)值標(biāo)準(zhǔn)

FairValueStandards公允價(jià)值衡量–

資產(chǎn)或負(fù)債通過(guò)市場(chǎng)參與者之間的有序交易進(jìn)行交換，如果存在主市場(chǎng)，則該市場(chǎng)的價(jià)格就是公允價(jià)格，如果存在多個(gè)市場(chǎng)，則根據(jù)最有利市場(chǎng)中的價(jià)格來(lái)確定公平價(jià)值Fairvaluemeasurement–assumedassetorliabilityexchangedinanorderlytransactionbetweenmarketparticipants,thepriceatthemarketisfairvalueifprinciplemarketexist,themostadvantageousmarketusedtodeterminethefairvalueiftherearemultiplemarket47公允價(jià)值標(biāo)準(zhǔn)

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