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財管 CH2 Financial Statement Analysis (公式 (Net Working Capital = Current…
財管 CH2
Financial Statement Analysis
先備知識
Financial Statement
Public company 要定期發佈
US: 每季 10-Q / 每年 10-K to SEC
大部分國家遵守 IFRS
美、日 => GAAP
Balance Sheet
Assets = Liabilities + Stockholders' Equity
左：公司如何運用資金做投資
右：資金來源
Assets
Current Assets
定義：現金 & 一年內可轉換成現金的資產
Cash & Short Term Investment
現金 & 短期債券
Account Receivable 應收帳款
Inventories 存貨
材料、半成品、成品
Other Current Assets
ex：預付帳款
Long-Term Assets
Net Property, Plant & Equipment 固定資產淨額
固定資產投資 - 折舊攤銷 (D&A)
Goodwill & Tangible Assets 無形資產
收購時，可能以比帳面資產更高的價格收購，差額以此項補齊
Liabilities
Current Liabilities
定義：一年內可償清之債務
Account Payable 應付帳款
Short Term Debt
未付 salary & tax
Long Term Liabilities
Long Term Debt
到期日一年以上債務
Capital Leases 資本租賃
例如：租房子
Deferred Taxes
Stockholders' Equity
Book Value of Equity = Assets - Liabilities
Book Value 可能被低估 => 許多公司價值未被列於資產中
Market Value of Equity = Shares outstanding * Market price per share
=> 可當作 market capitalization (市值)
Book Value => 取決於過去使用資本的成本
Market Value => 取決於市場預期現有資本未來會產生的價值
Market-to-Book Ratio
=> 小於 1 為 Value Stock 價值股，被低估
=> 大於 1 為 Growth Stock 成長型股票
Enterprise Value
Enterprise Value = Market Value of Equity + Debt - Cash
公式
Net Working Capital = Current Assets - Current Liabilities
=> 短期內可用於營運的資金
Book Value of Equity = Assets - Liabilities
=> 股東權益帳面價值
Market Value of Equity = Shares outstanding * Market price per share
=> 股東權益市場價值
Enterprise Value = Market Value of Equity + Debt - Cash
ROE = Net Income / Book Value of Equity
=> 股東投資的回報
ROA = (Net Income + Interest Expense) / Book Value of Assets
=> 股東&債權人投資的回報
Operating Returns
ROE = Net Income / Book Value of Equity
=> 股東投資的回報
ROA = (Net Income + Interest Expense) / Book Value of Assets
=> 股東&債權人投資的回報
ROE vs. ROA
=> ROA 對財務槓桿較不敏感
Income Statement