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会计报表和财务管理

会计报表和财务管理. 会计报表 资产负债表，损益表，现金流量表 常用会计指标 Du Pont Chart 流行财务模型介绍 EVA & MVA; CAPM & SML;Gorden Model 企业兼并 Why(Synergy),Which Types How(Example,Case Study). 会计报表和财务管理. 1997. 1996. Cash. 7,282. 57,600. AR. 632,160. 351,200. Inventories. 1,287,360. 715,200. Total CA. 1,926,802.

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会计报表和财务管理

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  1. 会计报表和财务管理

  2. 会计报表 资产负债表，损益表，现金流量表 常用会计指标 Du Pont Chart 流行财务模型介绍 EVA & MVA; CAPM & SML;Gorden Model 企业兼并 Why(Synergy),Which Types How(Example,Case Study) 会计报表和财务管理

  3. 1997 1996 Cash 7,282 57,600 AR 632,160 351,200 Inventories 1,287,360 715,200 Total CA 1,926,802 1,124,000 Gross FA 1,202,950 491,000 Less: Deprec. 263,160 146,200 Net FA 939,790 344,800 Total Assets 2,866,592 1,468,800 Balance Sheet: Assets

  4. 1997 1996 Accts payable 524,160 145,600 Notes payable 720,000 200,000 Accruals 489,600 136,000 Total CL 1,733,760 481,600 Long-term debt 1,000,000 323,432 Common stock 460,000 460,000 Retained earnings (327,168) 203,768 Total equity 132,832 663,768 Total L&E 2,866,592 1,468,800 Balance Sheet:Liabilities and Equity

  5. 1997 1996 Sales 5,834,400 3,432,000 COGS 5,728,000 2,864,000 Other expenses 680,000 340,000 Deprec. 116,960 18,900 Tot. op. costs 6,524,960 3,222,900 EBIT (690,560) 209,100 Interest exp. 176,000 62,500 EBT (866,560) 146,600 Taxes (40%) (346,624) 58,640 87,960 Net income (519,936) Income Statement(P/L Sheet)

  6. OPERATING ACTIVITIES Net income (519,936) Add (sources of cash): Depreciation 116,960 Increase in Accts. Payable 378,560 Increase in accruals 353,600 Subtract (uses of cash): Increase in Accts.Receivable (280,960) Increase in inventories (572,160) Net cash provided by ops. (523,936) Statement of Cash Flow(1997)

  7. Statement of Cash Flows (1997) L-T INVESTING ACTIVITIES Investment in fixed assets (711,950) FINANCING ACTIVITIES Increase in notes payable 520,000 Increase in long-term debt 676,568 Payment of cash dividends (11,000) Net cash from financing 1,185,568 NET CHANGE IN CASH (50,318) Plus: Cash at beginning of year 57,600 Cash at end of year 7,282

  8. Expense control Asset utilization Debt utilization The Du Pont system focuses on:

  9. Du Pont Equations • ROA=Profit margin*Total assets turnover • ROE=ROA*Equity multiplier • ROE=(Profit margin)(Total asset turnover)(Equity multiplier) =Net income/sales*sales/Total Assets*Total assets/Common equity

  10. P/E ratio = The market price of stock /EPS EPS = Earnings/The shares outstanding What is your idea? The other key ratios

  11. MVA: Market Value Added The difference between the market value of equity and the amount of equity capital that investors supplied MVA=Market value of equity-Equity capital supplied by investors =(Shares outstanding)(Stock Price) -Total common equity MVA & EVA (1)

  12. MVA Example MVA & EVA (2) Coca-Cola in 1995 Market value of Equity:$69b Total common equity:$8b MVA: $61b EPS: $8.63 GM in 1995 Market value of Equity: $69b Total common equity:$87b MVA: $18b EPS: $0.79

  13. EVA: Economic Value Added Value added to shareholders by management during a given year To measure the effects of managerial actions EVA = After-tax operating profit - After-tax cost of total capital = EBIT (1-Corporate tax rate)- After-tax cost of total capital Total capital includes: Long-term debt,preferred stock, and common equity MVA & EVA (3)

  14. EVA case study CSX Corporation in 1988, stock price $28 BU:Locomotive,containers,trailer,railcars EVA approach lost $70M Selling off, increasing volume Till 1993, stock price $82.5 MVA & EVA (4)

  15. Security analysts: The stock prices track EVA far more closely than other factors such as EPS,ROE and Operating Margin MVA & EVA (5)

  16. CAPM Capital Asset Pricing Model SML The Security Market Line SML Equation Required return On Stock I= Risk-free rate + (Market risk premium)(Stock’s beta) OR Ki=KRF+(KM-KRF)bi Note: KM,required rate of return on a portfolio consisting of all stocks CAPM Model & SML(1)

  17. Beta(bi): A measure of the extent to which the returns on a given stock move with the stock market. Beta is the theoretically correct measure of the stock’s riskness. CAPM Model & SML(2)

  18. The beta of some stocks Stock Beta America Online 2.10 Bally Entertainment 1.55 Microsoft Corp 1.20 General Electric 1.15 Procter & Gamble 1.05 Coca-Cola 1.00 Heinz 0.90 Empire District Electric 0.55 Source: Value Line, August 16,1996 CAPM Model & SML(3)

  19. CAPM Model & SML(4) SML: ki = 8% + (15% - 8%) bi . SML ki (%) kM = 15 kRF = 8 . T-bills Risk, bi -1 0 1 2

  20. CAPM Model & SML(5) Investors raise inflationexpectations by 3% Required Rate of Return k (%) New SML SML2 SML1 18 15 11 8 Original situation 0 0.5 1.0 1.5 2.0

  21. CAPM Model & SML(6) Required Rate of Return (%) After increase in risk aversion SML2 kM = 18% kM = 15% SML1 18 15 Original situation 8 Risk, bi 1.0

  22. To evaluate the stock price with the constant growth rate. P0= D0(1+g)/(Ks-g) P0 the expected price of the stock today D0 dividend the stockholder expects to receive today Ks required return rate g expected growth rate Gorden Model （Constant Growth Model）

  23. Synergy “ 2 Plus 2 Equals 5 Effect” If companies A & B merge to form Company C, and if C’s value exceeds that of A & B taken separately, then synergy is said to exist. Why do mergers occur?

  24. Operating Economies Economics of Scales in management,marketing,production,or distribution Financial Economies Lower transaction cost, better coverage Differential Management Efficiency More efficiency of the management more productivity of the weaker firm’s asset Increased market power Reduced competition Synergy could arise from

  25. Tax consideration A profitable firm acquires a firm with large accumulated tax losses Purchase of asset below their replacement cost(economic choice) Diversification Manager’s Personal incentives The other reasons of mergers

  26. A horizontal merger In the same industry, such as two ICP A vertical merger Supplier-buyer, such as Intel & Dell A congeneric merger The related enterprises, such as Microsoft & IBM A conglomerate merger The unrelated enterprises, such as American Online & Time-Warner Type of Mergers

  27. The Acquiring Firm V.S The Target Firm Valuing the target firm Setting the bid price Postmerger control Structuring the takeover bid Note:the goal of merger valuation is to value the target business’s equity because a business is acquired from its owners, not from its creditors Analysis of a potential merger

  28. The acquring firm: Hightech The target firm: Apex Corporation Step 1: Valuing the target firm Discounted Cash Flow Approach (DCF) Gorden Model and CAPM Step 2: Setting the bid price The difference between Apex’s MVA and the evaluated price Offer cash or securities The negotiating skills of the both sides The bargaining positions as determined by fundamental economic situation….. Step 3 Postmerger control How to re-position the old management Step 4 Takeover Action Merger example

  29. The acquiring firm: Smitty’s Home Repair The target firm Hill’s Hardware You should Identify which type of merger it is Take DCF analysis Take the scope of your bid Present your decisions in 10 minutes with less than 5 slides Merger Case Study

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