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1、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 Gorden Model 企业兼并 Why(Synergy),Which Types How(Example,Case Study),会计报表和财务管理,Balance Sheet: Assets,Balance Sheet:Liabilities and Equity,Income Statement(P/L Sheet),Statement of Cash Flow(1997),Statement of Cash Flows (1997),L-T INVESTI
2、NG 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,7,2
3、82,The Du Pont system focuses on:,Expense control Asset utilization Debt utilization,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,The ot
4、her key ratios,P/E ratio = The market price of stock /EPS EPS = Earnings/The shares outstanding What is your idea?,MVA & EVA (1),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 capita
5、l supplied by investors =(Shares outstanding)(Stock Price) -Total common equity,MVA & EVA (2),MVA Example,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,MVA & EVA (3),EVA
6、: 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,p
7、referred stock, and common equity,MVA & EVA (4),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 (5),Security analysts: The stock prices track EVA far more cl
8、osely than other factors such as EPS,ROE and Operating Margin,CAPM Model & SML(1),CAPM Capital Asset Pricing Model SML The Security Market Line SML Equation Required return On Stock I= Risk-free rate + (Market risk premium)(Stocks beta) OR Ki=KRF+(KM-KRF)bi Note: KM,required rate of return on a port
9、folio consisting of all stocks,CAPM Model & SML(2),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 stocks riskness.,CAPM Model & SML(3),The beta of some stocks Stock Beta America Online2.10 Bally Ent
10、ertainment1.55 Microsoft Corp1.20 General Electric1.15 Procter & Gamble1.05 Coca-Cola1.00 Heinz0.90 Empire District Electric 0.55 Source: Value Line, August 16,1996,CAPM Model & SML(4),CAPM Model & SML(5),CAPM Model & SML(6),Gorden Model （Constant Growth Model）,To evaluate the stock price with the c
11、onstant growth rate. P0= D0(1+g)/(Ks-g) P0the expected price of the stock today D0dividend the stockholder expects to receive today Ksrequired return rate gexpected growth rate,Why do mergers occur?,Synergy “ 2 Plus 2 Equals 5 Effect” If companies A & B merge to form Company C, and if Cs value excee
12、ds that of A & B taken separately, then synergy is said to exist.,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 productiv
13、ity of the weaker firms asset Increased market power Reduced competition,Synergy could arise from,Tax consideration A profitable firm acquires a firm with large accumulated tax losses Purchase of asset below their replacement cost(economic choice) Diversification Managers Personal incentives,The oth
14、er reasons of mergers,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 M
15、ergers,Analysis of a potential merger,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 businesss equity because a business is acquired from its owners, not fro
16、m its creditors,Merger example,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 Apexs 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
