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1、北大光华课件财务北大光华课件财务报表分析报表分析chap3Outlineoftodayslecture1.Atypicalincomestatement2.Definitionofaccountingperiod(会计期间),Revenues,Expenses,CostofGoodsSold,Earnings,andNetIncome3.Cashaccounting(收付实现制)anditsinadequacies(不足)4.AccrualAccounting(权责发生制)anditsstrengths5.4.1Revenuerecognition,matchingprincipleandex
2、penserecognition(收入确认、配比原则和费用确认)6.4.2Adjustingjournalentries(调整会计分录)7.5. Expensing(费用化)versuscapitalization(资产化)ofexpenditures8.6. Relationsbetweenincomestatementandbalancesheet9.7. Timeseriesandcrosssectionanalysisofincomestatement10.8. Earningsmanagementexamples11.9. P/Eratio(市盈率)andearnings-based
3、marketanomaliesDefinitionsRevenueRevenuesareinflowsofnetassets(assetslessliabilities)fromsellinggoodsorprovidingservicesGain/LossSometimesafirmengagesinunusual,non-operatingactivitiesandmakesorlosessomemoney.Assetsinflows/outflowsasaresultofsuchactivitiesarecalledgainsorlosses.ExpensesExpensesmeasur
4、esthenetassetsthatafirmconsumesintheprocessofgeneratingrevenuesCostofGoodsSoldIfafirmbuyandsell,orproduceandsell,products,thenetassetsthatdirectlygointotheproductssold,arecalledcostofgoodssold.NetIncomeAlsocalledbottomline,itisthedifferencebetweenallrevenuesandgains,andallcostsofgoods,expensesandlos
5、ses.EarningsOnincomestatement,beforewereachbottomlinenetincome,someintermediarysumsarecalledearnings,suchasearningsfromcontinuingoperation.Ledger(T-Account)treatmentofincomestatementaccountsRevenuesGainsExpenses(inc.COGS)LossDividendsCashAccountingRevenues:recognizedatthetimethatcashisreceivedExpens
6、es:recognizedatthetimethatcashisdisbursedNote:Cashreceivedfromanddisbursed(分发)toshareholdersandcreditors(债权人)isneitherrevenuesnorexpenses,anddoesnotenterincomestatementundercashaccountingAnexample:AtoyretailerstartsbusinessonNovember1,19x0,Hepaystwomonthsrentonhisstore,$2,000,onthatday,andalsopurcha
7、sesandpayfor$35,000toys.However,hesellsnothinginNovember.InDecember,hesellsallthetoyswithasalespriceof$40,000andcollects$5,000incashCashAccountingIncomeStatementNovemberDecemberRevenues$0$5,000LessExpensesandCOGS:CostofGoodsSold35,0000Rentalexpense2,0000NetIncome($37,000)$5,000ProblemswithCashAccoun
8、ting1.Mismatchthecostofefforts(expenses)withtheoutputoftheefforts(revenues)2.Delayrecognitionofrevenues3.ProvideopportunitiestomanageearningsAccrualAccountingRevenuerecognition:followrealizationprinciple(实现原则)1)Afirmhasperformedall,ormostof,theservicesitexpectstoprovide2)Thefirmhasreceivedcashorsome
9、otherassetscapableofreasonablyprecisemeasurement,suchasaccountreceivablesAccrualAccountingExpenserecognition:a)Whenanassetisuseddirectlytogeneraterevenues,theusedassetbecomesexpense.E.g.,Asoldbooks,thecosttopurchasethesoldbooksbecomeCOGS,apartofexpenses.Thisiscalledmatching principle(配比原则)ofaccounti
10、ng.b)Whenanusedassetisindirectlyrelatedtothecurrent,andonlythecurrent,periodrevenues,wetreattheusedassetasexpense.E.g.,cashtopayforadvertisement,salaryfortheCEO.c)Whenanassetisusedtobenefitboththecurrentandthefutureperiod,thebenefit,nevertheless,notmattercurrentorfuture,ishardtoidentifyandmeasure,we
11、treattheusedassetasexpense.E.g.,cashusedtopayresearchanddevelopmentforpharmaceuticalcompanies.Thisisconservative principle(稳健原则)ofaccounting.AccrualAccountingIncomeStatementNovemberDecemberRevenues$0$40,000LessExpensesandCOGS:CostofGoodsSold035,000Rentalexpense1,0001,000NetIncome(1,000)4,000Adjustin
12、gJournalEntriesUnderAccrualAccountingUnderaccrualaccounting,somejournalentriesarenotexplicitlyrelatedtoatransaction.Wemaketheseentries,adjustingjournalentries,mostlikelyattheendofanaccountingperiod.Therearefourtypesofadjustingentries:1.Unearnedrevenue(客户预付款)2.AccruedRevenue(应计收入)3.Prepaidexpense(预付费
13、用)4.Accruedexpense(应计费用)UnearnedRevenueExample:SupposeyouaretheaccountantofGuanghuaandGuanghuaspolicyistoproportionatelyreturnstudenttuitionswheneverastudentchoosestoquitschool(notabadact,BillGatesquittedHarvard).SoonSeptember1,2002,youpaid$80,000toGuanghuafortwo-yeartuitions.Receivecashrecognizerev
14、enueUnearnedRevenueOnSep.1,2002,althoughGuanghuareceivedthecash,toit,thecashreceivedisunearnedrevenue.Thatis,Guanghuahasnotprovidedyoueducationalserviceyet.Guanghuasjournalentry:Dr.Cash$80,000Cr.UnearnedRevenue(liability)$80,000OnDec.31,2002,afteryouhavespenthalfayearatGuanghuatoenjoyitssuperbservic
15、e,Guanghuahasearnedone-fourthofthetuitions.Journalentry:Dr.UnearnedRevenue$20,000Cr.Revenue$20,000AccruedRevenueExample:IfyouareamanufactureofcarsandIboughtacarfromyouonNov.12,2002for$3,000,butweagreethatIpayyounextyear.YouhaveearnedthemoneybecauseItookthecar.Butyouhavenotreceivedthecash.Still,itisy
16、ourmoneyandyourrevenue.Dr.AccountReceivable$3,000Cr.Revenue$3,000RecognizerevenueReceivecashPrepaidexpenseExample,backtotheGuanghuacase,fromyourpointofview,the$80,000isprepaidexpense.Thatis,ifonSep.2,2002,youwanttoquitschool,youwillgetmoneyback(ifyouwanttotrythis,pleasedosobeforeoraftermycourse).Tha
17、tis,youstillownthemoney.PaycashrecognizeexpensePrepaidexpenseOnSep.1,2002,youraccount:Dr.Prepaidtuitions$80,000Cr.Cash$80,000OnDec.31,2002,youDr.Tuitionexpense$20,000Cr.Prepaidexpense$20,000Ifyouquitschoolonthisday,youget$60,000backfromtheschool.AccruedExpenseExample,youworkedforyourcompanyinDecembe
18、r2002,andyourcompanywillpayyoursalaryof$3,000ofDecemberinJanuary2003.Buttothecompany,expensehasincurredin2002,althoughcashisnotpaidinDecemberof2002.SothecompanyDr.Expense$3,000Cr.Salarypayable$3,000recognizeexpensepaycashTheFinalStagesoftheAccountingProcess(refertoapremieronaccountinghandout)OnDec.3
19、1oftheyear,theaccountantsfinishedalljournalentries,postedtoledger(T-accounts),calculatedthebalance(余额)ofeveryledgeraccount,anddidatrialbalance.Nowshe/hedoesadjustedjournalentries,andthenpoststoledgeragain,anddoesanadjustedtrialbalance.Whatshe/hehasinhandsnowisalistofaccounts.Next:1)Prepareincomestat
20、ement2)Closeincomestatementaccountstoretainedearningsaccount3)Preparebalancesheet4)Q.E.DExpensingvs.CapitalizationofExpenditures1.Afirmpaysemployeesalaries,wesaythefirmexpenseemployeesalary2.Expensedexpendituresgotoincomestatement3.Expensedexpenditureshelpgeneraterevenuesincurrentperiod4.Ifafirmexpe
21、nsestheexpenditure,currentearningswillbelowerbythatamount1.Afirmbuyabuilding,wesaythefirmcapitalizethebuildingasasset.2.Capitalizedexpendituresgotobalancesheet3.Capitalizedexpenditureshelpgeneraterevenuesincurrentandfutureperiods4.Ifafirmcapitalizestheexpenditure,currentearningswillnotbeloweredbytha
22、tamountExpensingvs.CapitalizationofExpendituresButlifeisnotsosimpleandstraightforward.Sometimesitisdifficulttodeterminewhethertheexpendituresbenefitfutureperiods,andifitbenefitsfutureperiods,itisdifficulttodeterminewhichfutureperiodwillbenefit.Therefore,firmsexpensesomeexpendituresthatmayotherwisebe
23、capitalized.ThisisaconservativetreatmentoftheexpendituresbyGAAP.1.Marketingexpenditures2.ResearchandDevelopment3.StockoptionsTheWorldcomscandalJune26,2002,Worldcomreportsitoverstatedearningsby$3.8billioninthepastfewyears.Itquicklyaskedforchapter11protectionWhatdidtheydo?Capitalizeexpendituresthatsho
24、uldhavebeenexpensed.Thatis,$3.8billionshouldnotbeonbalancesheet,butgothroughincomestatementasexpense.In2001,thecompanyreportsearningsof1.4billion,whichshouldhavebeenalossyear.Therelationbetweenbalancesheetandincomestatement1.Assets=Liabilities+Equity2.Equity=Contributedcapital(股本)+RetainedEarnings(R
25、E)3.Ending(期末余额)RE=Beginning(期初余额)RE+NetIncomeDividends4.NetIncome=RevenuesExpenses5.A=L+Contributedcapital+BeginningRE+(RevenuesExpenses)Dividends6.Therefore,revenuesincreaseassetsandequity7.expensesdecreasesassetsandequityTimeSeriesanalysisofcommon-sizeincomestatementCrosssectionanalysis(横向分析)ofco
26、mmon-sizeincomestatementGrowthanalysisofincomestatementAfewitemsonI/Sexplained1.Costofrevenues=Costofgoodssold(COGS)2.SalesandMarketing3.Selling,generalandadministrative4.Productdevelopment5.Depreciationandamortization6.Operatingincomeorincomefromoperation7.Extraordinaryitem:unusualandinfrequent8.Ne
27、tIncome9.Earningspershare-primary10.Earningspershare-diluted11.Earningspershare-endofyearnumberofshares,oraveragenumberofshares?12.ProFormaearnings=AsifearningsAOL2000AOL2000EarningsManagement-WhyFormanagers:earnings-basedbonusForshareholders:earnings-basedbondcovenantForthecompany:BetterIPOprice(新股
28、上市发行价)AvoidgovernmentregulationAvoidpayingemployeehighsalariesEarningsManagement-HowAccelerateordelayrevenuesAccelerateordelayexpensesTakeone-timegainsorcharges:bigbathEarningsmanagementWhogain,wholose?EnroncaseWorldcomcasePrice-to-earningsratioP/EP/EisareadyyardstickforvaluationUsecomparablefirmsP/
29、EtopriceIPOstocksP/Eisaroughindicatorofrelativeover-valuationorunder-valuationAverageP/EratioofallstocksonamarketindicatesthelevelofvaluationofthemarketP/EanomalyHighP/Estocks(glamour stocks, growth stocks)earnlowerreturnintheone-year-aheadperiod;lowP/Estocks(value stocks)earnhigherstockreturnsinthe
30、sameperiod.Thereturndifferentialisnotexplainedbyrisk.FamaandFrenchJournalofFinance1992,thenumbersaremonthlyreturninpercentageHighP/E23456789LowP/E0.930.941.031.181.221.331.421.461.471.74Caveats(提醒)inusingP/Einvaluation1.NegativeearningscannotbeusedincomputingP/E2.Earningscontaintransitory(临时的)items,
31、orone-timeitemsthatdriveP/Eupordowntemporarily3.P/Eratioismeaningfulonlywhenearningscomefromnormal,repetitiveoperation4.Ininvestingcommunity,peopleusedifferentearningstocomputeP/E,lagearnings,leadearnings,averageearningsInvestingMotto“FinancialStatementislikebikini,whatitrevealsisinteresting,butwhatitconcealsitvital.”BurtonG.Malkiel