上市公司财务报表分析优秀课件

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1、第第0606讲讲 上市公司财务报表分析上市公司财务报表分析南开大学金融学科南开大学金融学科证券市场分析证券市场分析课程（课程（20122012年春季）年春季）张增伟张增伟南开大学经济学院金融学系南开大学经济学院金融学系主要内容主要内容【引言引言】会计与会计行业概论会计与会计行业概论n1 1 财务报表分析概述财务报表分析概述n2 2 财务报表分析的方法和原则财务报表分析的方法和原则n3 3 财务比率分析财务比率分析n4 4 财务报表分析注意事项财务报表分析注意事项【引言引言】会计与会计行业概论会计与会计行业概论（1 1）会计）会计n会计是指记录、分类、汇总、计量和报告发生在企业经济会计是指记录、

2、分类、汇总、计量和报告发生在企业经济活动当中的财务数据的行为。具体说来指以下过程：活动当中的财务数据的行为。具体说来指以下过程：n1 1）以原始凭证记录企业各项经济活动中发生的财务数据；）以原始凭证记录企业各项经济活动中发生的财务数据；n2 2）以会计科目对原始凭证进行分类和汇总；）以会计科目对原始凭证进行分类和汇总；n3 3）以会计政策与会计估计对一定会计期间的经营成果、财）以会计政策与会计估计对一定会计期间的经营成果、财务状况及现金流量加以计量；务状况及现金流量加以计量；n4 4）以财务报告的形式报告相应的计量结果。）以财务报告的形式报告相应的计量结果。n向投资者公开披露财务报告是上市公司

3、的法定义务，也是向投资者公开披露财务报告是上市公司的法定义务，也是上市公司会计工作的一项重要内容。上市公司会计工作的一项重要内容。（2 2）会计的一般功用）会计的一般功用n会计的一般功用是指合法、公允、一贯地记录与反映企业会计的一般功用是指合法、公允、一贯地记录与反映企业各项经济活动。其中：各项经济活动。其中：n1 1）“合法合法”：是指依法履行会计责任与审计责任；：是指依法履行会计责任与审计责任；n2 2）“公允公允”：是指确保财务报告的编制与列报满足充分：是指确保财务报告的编制与列报满足充分公平竞争前提下的真实性要求；公平竞争前提下的真实性要求；n3 3）“一贯一贯”：是指在企业持续经营期

4、间内一个会计期间：是指在企业持续经营期间内一个会计期间与下一个会计期间保持会计行为的前后一致性。与下一个会计期间保持会计行为的前后一致性。n对于上市公司来说，担当会计责任的是董事会，担当审计对于上市公司来说，担当会计责任的是董事会，担当审计责任的是证监会特许开展上市公司独立审计业务的会计师责任的是证监会特许开展上市公司独立审计业务的会计师事务所。事务所。（3 3）会计在证券市场的功用）会计在证券市场的功用n会计是证券市场的价值衡量工具。表现在：会计是证券市场的价值衡量工具。表现在：n1 1）公司股票、债券发行（包括股票的首次公开发行和以）公司股票、债券发行（包括股票的首次公开发行和以配股、增发

5、新股、可转换债券等形式进行的再融资）以公配股、增发新股、可转换债券等形式进行的再融资）以公开披露财务报告为前提条件，发行价格以公司财务报告体开披露财务报告为前提条件，发行价格以公司财务报告体现的投资价值为依据。现的投资价值为依据。n2 2）上市公司利润分配、股权转让、资产及债务重组等重）上市公司利润分配、股权转让、资产及债务重组等重大财务活动以财务报告提供的合法、公允、一贯的财务数大财务活动以财务报告提供的合法、公允、一贯的财务数据为依据。据为依据。n3 3）二级市场股票交易价格以上市公司的公允价值为基础，）二级市场股票交易价格以上市公司的公允价值为基础，投资者所面对的市场波动实际上是股价受供

6、求关系左右投资者所面对的市场波动实际上是股价受供求关系左右围绕公允价值展开的上下波动。当股价过度背离上市公围绕公允价值展开的上下波动。当股价过度背离上市公司公允价值的时候，无论是过高，还是过低，都会向公司公允价值的时候，无论是过高，还是过低，都会向公允价值回归。允价值回归。n 4 4）价值、帐面价值、交易价值、市场价值，或者股票）价值、帐面价值、交易价值、市场价值，或者股票投资价值，从会计的角度讲，它们的本质都应当是公允投资价值，从会计的角度讲，它们的本质都应当是公允价值。价值。n因此，作为证券市场最基本的价值衡量工具，会计应当因此，作为证券市场最基本的价值衡量工具，会计应当为证券发行人与投资

7、者、债权人记录与反映上市公司的为证券发行人与投资者、债权人记录与反映上市公司的公允价值。公允价值。（4 4）会计标准）会计标准n会计标准是从事会计工作必须遵循的计量标准。会计标准是从事会计工作必须遵循的计量标准。n如同产品生产必须遵循技术标准的道理一样，上市公司如同产品生产必须遵循技术标准的道理一样，上市公司所提供的财务报告，必须遵循会计标准，否则，就可能所提供的财务报告，必须遵循会计标准，否则，就可能是不真实与不公允的。是不真实与不公允的。n狭义的会计标准是指会计准则，广义的会计标准包括会狭义的会计标准是指会计准则，广义的会计标准包括会计准则与审计准则，以及计准则与审计准则，以及会计法会计法

8、和和注册会计师法注册会计师法。n之所以强调审计准则也是会计标准的一部分，一方面是之所以强调审计准则也是会计标准的一部分，一方面是因为就财务报告而言，独立审计的作用十分重要；另一因为就财务报告而言，独立审计的作用十分重要；另一方面是因为就会计标准本身不断完善的过程而言，审计方面是因为就会计标准本身不断完善的过程而言，审计准则往往领先于会计准则。准则往往领先于会计准则。（5 5）会计准则）会计准则n会计准则是指企业编制财务报告应当遵循的标准。会计准则是指企业编制财务报告应当遵循的标准。n目前，中国境内上市公司在编制正式财务报告时应当遵循目前，中国境内上市公司在编制正式财务报告时应当遵循财政部制订、

9、发布的财政部制订、发布的企业会计准则企业会计准则（CASCAS），在编制），在编制补充财务报告时还应当遵循民间国际组织补充财务报告时还应当遵循民间国际组织国际会计准国际会计准则委员会（则委员会（ IASCIASC）制订、发布的）制订、发布的国际会计准则国际会计准则（IASIAS）。）。（6 6）审计准则）审计准则n审计准则是指注册会计师对企业财务报告开展独立审计工审计准则是指注册会计师对企业财务报告开展独立审计工作应当遵循的标准。作应当遵循的标准。n目前，中国境内上市公司财务报告独立审计所依据的是中目前，中国境内上市公司财务报告独立审计所依据的是中国注册会计师协会制订、财政部发布的国注册会计师

10、协会制订、财政部发布的中国注册会计师中国注册会计师独立审计准则独立审计准则。（7 7）国际范围内的四大会计师事务所（）国际范围内的四大会计师事务所（20102010年数据）年数据）n德勤（德勤（DTTDTT），收入），收入265.78265.78亿美元，员工亿美元，员工124000124000人。人。 n普华永道（普华永道（PWCPWC），收入），收入265.69265.69亿美元，员工亿美元，员工116935116935人。人。 n安永（安永（Ernst & YoungErnst & Young），收入），收入213213亿美元，员工亿美元，员工9920399203人。人。 n毕马威（毕马威

11、（KPMGKPMG），收入），收入206206亿美元，员工亿美元，员工9300093000人。人。（8 8）国际范围内的四大会计师事务所（）国际范围内的四大会计师事务所（20092009年数据）年数据）n普华永道（普华永道（PWCPWC），收入），收入281.8281.8亿美元，员工亿美元，员工116935116935人。人。n德勤（德勤（DTTDTT），收入），收入274274亿美元，员工亿美元，员工124000124000人。人。n安永（安永（Ernest & YoungErnest & Young），收入），收入245.2245.2亿美元，员工亿美元，员工9920399203人。人。n毕

12、马威（毕马威（KPMGKPMG），收入），收入226.9226.9亿美元，员工亿美元，员工9300093000人。人。n排名第五的德豪国际收入为排名第五的德豪国际收入为51.4551.45亿美元，与四大的差距非亿美元，与四大的差距非常大。常大。（9 9）“四大四大”的五层薪酬体系的五层薪酬体系n“四大四大”在业内虽以劳动强度高闻名，但其报酬也很高。在业内虽以劳动强度高闻名，但其报酬也很高。“四大四大”在中国区级别一般分为五层，第一级是普通员工，在中国区级别一般分为五层，第一级是普通员工，下属又分为两级；第二级是资深员工，也分为三级；第三下属又分为两级；第二级是资深员工，也分为三级；第三级是经理

13、，第四级是高级经理，第五级为合伙人。级是经理，第四级是高级经理，第五级为合伙人。n第一年来第一年来“四大四大”的普通员工常被称为的普通员工常被称为SA1SA1或或“小朋友小朋友”；n工作一年后，常被称为工作一年后，常被称为SA2SA2；n资深员工常简称为资深员工常简称为“S1S1、S2S2、S3”S3”。n经理基本月薪为经理基本月薪为3000030000元；高级经理基本月薪为元；高级经理基本月薪为5000050000元。元。而合伙人（即而合伙人（即PartnerPartner）赚的比较多，最一般的合伙人每）赚的比较多，最一般的合伙人每年都有年都有100100多万以上。多万以上。 The Big

14、 FourThe Big FournDTT DTT 德勤德勤 18451845nDeloitte Touche TohmatsuDeloitte Touche TohmatsunPwC PwC 普华永道普华永道 18491849nPricewaterhouseCoopersPricewaterhouseCoopersnKPMG KPMG 毕马威毕马威 18701870nKlynveld Peat Marwick GoerdelerKlynveld Peat Marwick GoerdelernEY EY 安永安永 19061906nErnst & YoungErnst & YoungPwCPw

15、CnPricewaterhouseCoopers has been created by the merger of two PricewaterhouseCoopers has been created by the merger of two firms - Price Waterhouse and Coopers & Lybrand - each with firms - Price Waterhouse and Coopers & Lybrand - each with historical roots going back some 150 years. Set out below

16、are historical roots going back some 150 years. Set out below are some key milestones in the history of both firms. some key milestones in the history of both firms. n1849 Samuel Lowell Price sets up in business in London 1849 Samuel Lowell Price sets up in business in London n1854 William Cooper es

17、tablishes his own practice in London, 1854 William Cooper establishes his own practice in London, which seven years later becomes Cooper Brothers which seven years later becomes Cooper Brothers n1865 Price, Holyland and Waterhouse join forces in 1865 Price, Holyland and Waterhouse join forces in par

18、tnership 1874 Name changes to Price, Waterhouse & Co. partnership 1874 Name changes to Price, Waterhouse & Co. n1898 Robert H. Montgomery, William M. Lybrand, Adam A. Ross 1898 Robert H. Montgomery, William M. Lybrand, Adam A. Ross Jr. and his brother T. Edward Ross form Lybrand, Ross Brothers Jr. a

19、nd his brother T. Edward Ross form Lybrand, Ross Brothers and Montgomery and Montgomery n1957 Cooper Brothers & Co (UK), McDonald, Currie and Co 1957 Cooper Brothers & Co (UK), McDonald, Currie and Co (Canada) and Lybrand, Ross Bros & Montgomery (US) merge to form (Canada) and Lybrand, Ross Bros & M

20、ontgomery (US) merge to form Coopers & Lybrand Coopers & Lybrand n1982 Price Waterhouse World Firm formed 1982 Price Waterhouse World Firm formed n1990 Coopers & Lybrand merges with Deloitte Haskins & Sells 1990 Coopers & Lybrand merges with Deloitte Haskins & Sells in a number of countries around t

21、he world in a number of countries around the world n1998 Worldwide merger of Price Waterhouse and Coopers & 1998 Worldwide merger of Price Waterhouse and Coopers & Lybrand to create PricewaterhouseCoopers Lybrand to create PricewaterhouseCoopers KPMGKPMGnKPMG was formed in 1987 with the merger of Pe

22、at Marwick KPMG was formed in 1987 with the merger of Peat Marwick International (PMI) and Klynveld Main Goerdeler (KMG), and International (PMI) and Klynveld Main Goerdeler (KMG), and their respective member firms.their respective member firms.nSpanning three centuries, the organizations history ca

23、n be Spanning three centuries, the organizations history can be traced through the names of its principal founding members, traced through the names of its principal founding members, whose initials form the name KPMG.whose initials form the name KPMG.nK stands for KlynveldK stands for KlynveldnPiet

24、 Klynveld founded the accounting firm Klynveld Kraayenhof & Piet Klynveld founded the accounting firm Klynveld Kraayenhof & Co. in Amsterdam, in 1917. Co. in Amsterdam, in 1917. nP is for PeatP is for PeatnWilliam Barclay Peat founded the accounting firm William William Barclay Peat founded the acco

25、unting firm William Barclay Peat & Co. in London, in 1870. Barclay Peat & Co. in London, in 1870. nM stands for MarwickM stands for MarwicknJames Marwick founded the accounting firm Marwick, Mitchell & James Marwick founded the accounting firm Marwick, Mitchell & Co. with Roger Mitchell, in New York

26、 City, in 1897.Co. with Roger Mitchell, in New York City, in 1897.nG is for GoerdelerG is for GoerdelernDr. Reinhard Goerdeler was the first President of the Dr. Reinhard Goerdeler was the first President of the International Federation of Accountants, and was for several International Federation of

27、 Accountants, and was for several years the Chairman of KMG. He is credited with laying many of years the Chairman of KMG. He is credited with laying many of the foundations for the Klynveld Main Goerdeler merger.the foundations for the Klynveld Main Goerdeler merger.DTTDTTWilliam Welch DeloitteWill

28、iam Welch Deloitte George Touche George Touche Admiral Nobuzo TohmatsuAdmiral Nobuzo TohmatsuDTTDTTn1833 At the age of 15, William Welch Deloitte becomes an 1833 At the age of 15, William Welch Deloitte becomes an assistant to the Official Assignee at the Bankruptcy Court in assistant to the Officia

29、l Assignee at the Bankruptcy Court in the City of London. This was the ideal apprenticeship at that the City of London. This was the ideal apprenticeship at that time for a young man with an interest in the rapidly time for a young man with an interest in the rapidly developing field of public accou

30、nting.developing field of public accounting.n1845 Deloitte opens his own accountancy office opposite the 1845 Deloitte opens his own accountancy office opposite the Bankruptcy Court on Basinghall Street, London.Bankruptcy Court on Basinghall Street, London.n1849 In connection with the accounts of th

31、e Great Western 1849 In connection with the accounts of the Great Western Railway, W.W. Deloitte becomes the first person ever appointed Railway, W.W. Deloitte becomes the first person ever appointed as an independent auditor. Deloitte makes his reputation in as an independent auditor. Deloitte make

32、s his reputation in particular through his work in the railroad industry the particular through his work in the railroad industry the Web of its day. During the 1850s and 1860s, he develops the Web of its day. During the 1850s and 1860s, he develops the system for keeping railway accounts, subsequen

33、tly adopted as system for keeping railway accounts, subsequently adopted as the industry standard, that protected investors from the industry standard, that protected investors from mismanagement of funds. He also develops a system of account-mismanagement of funds. He also develops a system of acco

34、unt-keeping for hotels that was universally adopted by large keeping for hotels that was universally adopted by large hotels in Great Britain and overseas. hotels in Great Britain and overseas. n1854 Royal Charter is granted to the Society of Accountants in 1854 Royal Charter is granted to the Socie

35、ty of Accountants in Edinburgh, the first organized body of public accountants in Edinburgh, the first organized body of public accountants in the world. Among its founders was Alexander Thomas Niven, the world. Among its founders was Alexander Thomas Niven, under whose tutelage George A. Touche wou

36、ld qualify as an under whose tutelage George A. Touche would qualify as an accountant in Edinburgh 29 years later, before setting off for accountant in Edinburgh 29 years later, before setting off for London to practice his profession.London to practice his profession.n1857 Deloitte accepts his firs

37、t partner, Thomas Greenwood, who 1857 Deloitte accepts his first partner, Thomas Greenwood, who contributed 800 in capital. The firm becomes known as contributed 800 in capital. The firm becomes known as Deloitte & Greenwood.Deloitte & Greenwood.n1867 The Railway Companies Act lays down the auditors

38、 duties 1867 The Railway Companies Act lays down the auditors duties and responsibilities. A statutory form of railway accounts was and responsibilities. A statutory form of railway accounts was prescribed in 1868, and it is believed that Deloitte played a prescribed in 1868, and it is believed that

39、 Deloitte played a major part in designing the form and contents of such accounts major part in designing the form and contents of such accounts probably the first prescribed form of accounts in the probably the first prescribed form of accounts in the modern sense.modern sense.n1869 Admission to th

40、e partnership (at age 24) of John George 1869 Admission to the partnership (at age 24) of John George Griffiths, who exercised a major influence on the growth of Griffiths, who exercised a major influence on the growth of the firm until his retirement in 1902. For this entire period, the firm until

41、his retirement in 1902. For this entire period, the firm is known as Deloitte, Dever, Griffiths & Co.the firm is known as Deloitte, Dever, Griffiths & Co.n1880 Royal Charter issued incorporating the Institute of 1880 Royal Charter issued incorporating the Institute of Chartered Accountants in Englan

42、d and Wales, with W.W. Chartered Accountants in England and Wales, with W.W. Deloitte, Henry Dever, and John Griffiths among the founding Deloitte, Henry Dever, and John Griffiths among the founding members. Philip S. Ross co-founds North Americas first members. Philip S. Ross co-founds North Americ

43、as first accounting society.accounting society.n1880 First overseas Deloitte office opens in New York. 1880 First overseas Deloitte office opens in New York. Branches of this New York outpost are subsequently established Branches of this New York outpost are subsequently established in Cincinnati (1

44、905), Chicago and Montreal (1912), Boston in Cincinnati (1905), Chicago and Montreal (1912), Boston (1930), and Los Angeles (1945).(1930), and Los Angeles (1945).n1893 Charles Waldo Haskins and Elijah Watt Sells meet in 1893 Charles Waldo Haskins and Elijah Watt Sells meet in Washington, D.C. while

45、working for the Dockery Commission of Washington, D.C. while working for the Dockery Commission of the U.S. Congress, which was undertaking the first the U.S. Congress, which was undertaking the first comprehensive revision of the federal governments accounting comprehensive revision of the federal

46、governments accounting practices since the time of George Washington. Two years practices since the time of George Washington. Two years later, they form a partnership Haskins & Sells based in later, they form a partnership Haskins & Sells based in New York City.New York City.n1897 Retirement of Wil

47、liam Welch Deloitte.1897 Retirement of William Welch Deloitte.n1898 George Touche establishes his own firm in London.1898 George Touche establishes his own firm in London.n1900 George Touche and John Ballantine Niven form Touche, 1900 George Touche and John Ballantine Niven form Touche, Niven & Co.

48、in New York. At that time, there were fewer than Niven & Co. in New York. At that time, there were fewer than 500 certified public accountants in the U.S. Staff complement 500 certified public accountants in the U.S. Staff complement of Deloitte reaches 80 persons. Fees that year total 41,193.of Del

49、oitte reaches 80 persons. Fees that year total 41,193.n1901 Haskins & Sells opens first regional office in Chicago 1901 Haskins & Sells opens first regional office in Chicago and first overseas office in London.and first overseas office in London.n1902 For the first time, a lady typist (sic) is enga

50、ged by 1902 For the first time, a lady typist (sic) is engaged by the London office of Deloitte.the London office of Deloitte.n1905 Deloitte, Dever, Griffiths & Co. becomes Deloitte, 1905 Deloitte, Dever, Griffiths & Co. becomes Deloitte, Plender, Griffiths & Company. In the Hughes insurance Plender

51、, Griffiths & Company. In the Hughes insurance investigation, which rocked the financial world and led to investigation, which rocked the financial world and led to comprehensive revisions in the accounting methods of life comprehensive revisions in the accounting methods of life insurance companies

52、, Deloittes New York office collaborates insurance companies, Deloittes New York office collaborates for the first time with the firm of Haskins & Sells.for the first time with the firm of Haskins & Sells.n1911 Firm of George A. Touche & Co. is established in Canada.1911 Firm of George A. Touche & C

53、o. is established in Canada.n1917 George Touche is knighted by George V. Three years later, 1917 George Touche is knighted by George V. Three years later, he is made a baronet of the United Kingdom.he is made a baronet of the United Kingdom.n1925 Two of our U.K. and U.S. predecessor practices form a

54、 co-1925 Two of our U.K. and U.S. predecessor practices form a co-partnership in several countries under the name Deloitte, partnership in several countries under the name Deloitte, Plender, Haskins & Sells.Plender, Haskins & Sells.n1933 Congressional testimony by Haskins & Sells Managing 1933 Congr

55、essional testimony by Haskins & Sells Managing Partner Arthur Hazleton Carter is instrumental in promoting Partner Arthur Hazleton Carter is instrumental in promoting the establishment of the SEC, as well as the requirement that the establishment of the SEC, as well as the requirement that public ac

56、countants audit the financial statements of all public accountants audit the financial statements of all publicly traded companies.publicly traded companies.n1947 George Bailey & Co. is formed. Merges with Allen R. Smart 1947 George Bailey & Co. is formed. Merges with Allen R. Smart & Co. and Touche

57、, Niven & Co. to become Touche, Niven, Bailey & Co. and Touche, Niven & Co. to become Touche, Niven, Bailey & Smart. The first partners meeting, held in Highland Park, & Smart. The first partners meeting, held in Highland Park, Illinois, is attended by the firms 33 partners. Net service Illinois, is

58、 attended by the firms 33 partners. Net service revenues for the first year are US$3.6 million. revenues for the first year are US$3.6 million. n1952 Nobuzo Tohmatsu qualifies as a certified public 1952 Nobuzo Tohmatsu qualifies as a certified public accountant in Japan and becomes a partner in a fo

59、reign-accountant in Japan and becomes a partner in a foreign-affiliated accounting firm.affiliated accounting firm.n1952 Agreement reached to merge the businesses of Deloitte, 1952 Agreement reached to merge the businesses of Deloitte, Plender, Griffiths & Company and Haskins & Sells in the U.S., Pl

60、ender, Griffiths & Company and Haskins & Sells in the U.S., under the name Deloitte Haskins & Sells.under the name Deloitte Haskins & Sells.n1960 Touche, Niven, Bailey & Smart merges with George Touche & 1960 Touche, Niven, Bailey & Smart merges with George Touche & Co. (Britain) and Ross, Touche &

61、Co. (Canada) to form Touche, Co. (Britain) and Ross, Touche & Co. (Canada) to form Touche, Ross, Bailey & Smart.Ross, Bailey & Smart.n1961 Issuance of American Depositary Receipts in New York by 1961 Issuance of American Depositary Receipts in New York by Sony and Toshiba the first Japanese companie

62、s to sell their Sony and Toshiba the first Japanese companies to sell their securities in the U.S.securities in the U.S.n1965 Fraudulent bankruptcy of the Sanyo Special Steel Company 1965 Fraudulent bankruptcy of the Sanyo Special Steel Company leads to changes in Japans Certified Public Accountant

63、Law to leads to changes in Japans Certified Public Accountant Law to provide for the formation of audit corporations similar to provide for the formation of audit corporations similar to accounting partnerships in the U.S. and elsewhere.accounting partnerships in the U.S. and elsewhere.n1968 Under t

64、he leadership of Nobuzo Tohmatsu, Founding 1968 Under the leadership of Nobuzo Tohmatsu, Founding Partner, Tohmatsu Awoki & Co. (later Tohmatsu & Co.) starts Partner, Tohmatsu Awoki & Co. (later Tohmatsu & Co.) starts operations with 10 partners and staff in Tokyo and smaller, operations with 10 par

65、tners and staff in Tokyo and smaller, loosely affiliated practices in four other Japanese cities. By loosely affiliated practices in four other Japanese cities. By 1989, the firm has 800 people in its Tokyo office alone, and a 1989, the firm has 800 people in its Tokyo office alone, and a network of

66、 other offices throughout Japan, as well as Japanese network of other offices throughout Japan, as well as Japanese professionals on assignment in Touche Ross offices around the professionals on assignment in Touche Ross offices around the world.world.n1969 Adoption of the name Touche Ross & Co., at

67、 the conclusion 1969 Adoption of the name Touche Ross & Co., at the conclusion of a decade during which mergers were completed with more than of a decade during which mergers were completed with more than 50 other firms in the U.S. and formal associations created 50 other firms in the U.S. and forma

68、l associations created with national firms in 55 countries.with national firms in 55 countries.n1972 Touche Ross Chairman Robert Trueblood chairs a committee 1972 Touche Ross Chairman Robert Trueblood chairs a committee that leads to the establishment of the Financial Accounting that leads to the es

69、tablishment of the Financial Accounting Standards Board the FASB.Standards Board the FASB.n1975 Formal agreement is signed by which Tohmatsu Awoki & Co. 1975 Formal agreement is signed by which Tohmatsu Awoki & Co. become part of the Touche Ross International network.become part of the Touche Ross I

70、nternational network.n1978 The name Deloitte Haskins & Sells is adopted.1978 The name Deloitte Haskins & Sells is adopted.n1985 Creation of the Office of the Chairman Program (later the 1985 Creation of the Office of the Chairman Program (later the Global Strategic Clients Program).Global Strategic

71、Clients Program).n1990 Merger that creates Deloitte & Touche.1990 Merger that creates Deloitte & Touche.n1992 International organization is named Deloitte Touche 1992 International organization is named Deloitte Touche Tohmatsu International.Tohmatsu International.n1996 Deloitte & Touche Eastern Eur

72、ope divided into two 1996 Deloitte & Touche Eastern Europe divided into two organizations Deloitte & Touche Central Europe and Deloitte organizations Deloitte & Touche Central Europe and Deloitte & Touche CIS.& Touche CIS.n1997 Deloitte & Touche Central America is established.1997 Deloitte & Touche

73、Central America is established.n1998 International organization name is changed to Deloitte 1998 International organization name is changed to Deloitte Touche Tohmatsu.Touche Tohmatsu.n2000 Deloitte Touche Tohmatsu became a founding member of the 2000 Deloitte Touche Tohmatsu became a founding membe

74、r of the United Nations Global Compact, which seeks to promote United Nations Global Compact, which seeks to promote responsible global citizenship by advancing universal values responsible global citizenship by advancing universal values in business operations around the world.in business operation

75、s around the world.n2002 Deloitte Touche Tohmatsus global revenues were US$12.5 2002 Deloitte Touche Tohmatsus global revenues were US$12.5 billion.billion.n2003 A decision to not separate Deloitte Consulting allows 2003 A decision to not separate Deloitte Consulting allows Deloitte Touche Tohmatsu

76、to maintain its wide and deep range Deloitte Touche Tohmatsu to maintain its wide and deep range of multidisciplinary capabilities.of multidisciplinary capabilities.n2003 On 1 June, William G. Parrett is named Chief Executive 2003 On 1 June, William G. Parrett is named Chief Executive Officer of Del

77、oitte Touche Tohmatsu. Parrett joined the Officer of Deloitte Touche Tohmatsu. Parrett joined the organization in 1967, and became a partner in 1977.organization in 1967, and became a partner in 1977.n2003 On 1 October, Deloitte Touche Tohmatsu records its 10th 2003 On 1 October, Deloitte Touche Toh

78、matsu records its 10th consecutive year of annual growth, with combined worldwide consecutive year of annual growth, with combined worldwide revenues from its member firms totaling US$15.1 billion. revenues from its member firms totaling US$15.1 billion. Additionally, the global organization announc

79、es the launch of Additionally, the global organization announces the launch of the new brand name “Deloitte.” The change means that the the new brand name “Deloitte.” The change means that the firms known in various national and global markets as Deloitte firms known in various national and global m

80、arkets as Deloitte Touche Tohmatsu and Deloitte & Touche, while retaining their Touche Tohmatsu and Deloitte & Touche, while retaining their local legal names, will now be known by the brand local legal names, will now be known by the brand “Deloitte.”“Deloitte.”n2005 On 29 August, William Parrett,

81、CEO Deloitte Touche 2005 On 29 August, William Parrett, CEO Deloitte Touche Tohmatsu, announces the name of a strengthened Korean Deloitte Tohmatsu, announces the name of a strengthened Korean Deloitte member firmDeloitte Anjin LLC, the result of a transaction member firmDeloitte Anjin LLC, the resu

82、lt of a transaction between Deloitte Hana and Anjin LLC.between Deloitte Hana and Anjin LLC.n2005 On 1 September, Deloitte Touche Tohmatsu China merges 2005 On 1 September, Deloitte Touche Tohmatsu China merges with Pan-China Schinda, the second merger in the Mainland that with Pan-China Schinda, th

83、e second merger in the Mainland that year following a deal with Beijing Pan-China CPA Ltd.year following a deal with Beijing Pan-China CPA Ltd.n2005 On 19 December, Deloitte Touche Tohmatsu records its 12th 2005 On 19 December, Deloitte Touche Tohmatsu records its 12th consecutive year of annual gro

84、wth, with combined worldwide consecutive year of annual growth, with combined worldwide revenues from its member firms totaling US$18.2 billion, a revenues from its member firms totaling US$18.2 billion, a 10.9 percent increase over 2004 revenues of US16.4 billion.10.9 percent increase over 2004 rev

85、enues of US16.4 billion.n2006 Deloitte Touche Tohmatsu announces aggregate revenues of 2006 Deloitte Touche Tohmatsu announces aggregate revenues of more than US$20 billion in the fiscal year ending 31 May 2006, more than US$20 billion in the fiscal year ending 31 May 2006, an increase of 10 percent

86、 over 2005. It is the fourth an increase of 10 percent over 2005. It is the fourth consecutive year of double-digit revenue growth and the 13th consecutive year of double-digit revenue growth and the 13th consecutive year of continued growth.consecutive year of continued growth.n2007 On 1 June, Jame

87、s H. Quigley is named Chief Executive 2007 On 1 June, James H. Quigley is named Chief Executive Officer of Deloitte Touche Tohmatsu, succeeding William G. Officer of Deloitte Touche Tohmatsu, succeeding William G. Parrett. In addition, John P. Connolly is named the new Parrett. In addition, John P.

88、Connolly is named the new Chairman of the Board of DTT, succeeding Piet Hoogendoorn.Chairman of the Board of DTT, succeeding Piet Hoogendoorn.n2007 Deloitte Touche Tohmatsu announces aggregate revenues of 2007 Deloitte Touche Tohmatsu announces aggregate revenues of US$23.1 billion in the fiscal yea

89、r ending 31 May 2007, an US$23.1 billion in the fiscal year ending 31 May 2007, an increase of 15.5 percent over 2006. It is the fifth increase of 15.5 percent over 2006. It is the fifth consecutive year of double-digit revenue growth and the 14th consecutive year of double-digit revenue growth and

90、the 14th consecutive year of continued growth.consecutive year of continued growth.n2008 Deloitte Touche Tohmatsu announces aggregate revenues of 2008 Deloitte Touche Tohmatsu announces aggregate revenues of US$27.4 billion in the fiscal year ending 31 May 2008, an US$27.4 billion in the fiscal year

91、 ending 31 May 2008, an increase of 18.6 percent over 2007. It is the sixth increase of 18.6 percent over 2007. It is the sixth consecutive year of double-digit revenue growth. In addition, consecutive year of double-digit revenue growth. In addition, Deloitte grew by approximately 15,000 people in

92、the past year, Deloitte grew by approximately 15,000 people in the past year, with considerable growth in emerging markets.with considerable growth in emerging markets.n2010 In FY 2010, the Deloitte member firm network becomes the 2010 In FY 2010, the Deloitte member firm network becomes the largest

93、 private professional services network in the world, largest private professional services network in the world, based on aggregate member firm revenues and headcount.based on aggregate member firm revenues and headcount.n2010 On 31 July, the name of the global network becomes 2010 On 31 July, the n

94、ame of the global network becomes Deloitte Touche Tohmatsu Limited.Deloitte Touche Tohmatsu Limited.n2011 On 1 June, Barry Salzberg assumes the role of Chief 2011 On 1 June, Barry Salzberg assumes the role of Chief Executive Officer of Deloitte Touche Tohmatsu Limited, Executive Officer of Deloitte

95、Touche Tohmatsu Limited, succeeding James H. Quigley. In addition, on 2 June, Stephen succeeding James H. Quigley. In addition, on 2 June, Stephen Almond is named the new Chairman of the Board of DTTL, Almond is named the new Chairman of the Board of DTTL, succeeding John P. Connolly. succeeding Joh

96、n P. Connolly. n2011: On 22 September, Deloitte Touche Tohmatsu Limited 2011: On 22 September, Deloitte Touche Tohmatsu Limited announced aggregate member firm revenues of US$28.8 billion announced aggregate member firm revenues of US$28.8 billion for the fiscal year ended 31 May 2011, marking the h

97、ighest for the fiscal year ended 31 May 2011, marking the highest revenue ever recorded by the global member firm network.revenue ever recorded by the global member firm network.EYEYEYEYnYoung, born in Scotland in 1863 and a graduate of Glasgow Young, born in Scotland in 1863 and a graduate of Glasg

98、ow University, was privileged and soft-spoken. His interest University, was privileged and soft-spoken. His interest in investments and banking eventually led him to in investments and banking eventually led him to accounting. He migrated to the United States, settled in accounting. He migrated to t

99、he United States, settled in Chicago and, in 1906, founded Arthur Young & Co. Chicago and, in 1906, founded Arthur Young & Co. nBy contrast, the outgoing Ernst, born in 1881 in the By contrast, the outgoing Ernst, born in 1881 in the United States, in Cleveland, was basically self-made. United State

100、s, in Cleveland, was basically self-made. Following high school, he worked as a bookkeeper and, four Following high school, he worked as a bookkeeper and, four years later in 1903, joined with his brother, Theodore, to years later in 1903, joined with his brother, Theodore, to start Ernst & Ernststa

101、rt Ernst & Ernst. . nEntrepreneurs and Innovators. Ernst pioneered the idea Entrepreneurs and Innovators. Ernst pioneered the idea that accounting information could be used to make business that accounting information could be used to make business decisionsthe forerunner of management consulting. H

102、e decisionsthe forerunner of management consulting. He also was the first to advertise professional services. also was the first to advertise professional services. nYoung was profoundly interested in the development of Young was profoundly interested in the development of young professionals. In th

103、e 1920s he originated a staff young professionals. In the 1920s he originated a staff school; in the 1930s, his firm was the first to recruit school; in the 1930s, his firm was the first to recruit from university campuses. from university campuses. nBoth firms were quick to enter the global marketp

104、lace. As Both firms were quick to enter the global marketplace. As early as 1924, they allied with prominent British firmsearly as 1924, they allied with prominent British firmsYoung with Broads Paterson & Co., and Ernst with Whinney Young with Broads Paterson & Co., and Ernst with Whinney Smith & W

105、hinney. In 1979, Ernsts original agreement led to Smith & Whinney. In 1979, Ernsts original agreement led to the formation of Ernst & Whinney.the formation of Ernst & Whinney.nThese alliances were the first of many for both firms These alliances were the first of many for both firms throughout the w

106、orldand they are the roots of the global throughout the worldand they are the roots of the global organization today. organization today. nA New PowerErnst & Young. Ironically, A.C. Ernst and A New PowerErnst & Young. Ironically, A.C. Ernst and Arthur Young, who never met in life, died within days o

107、f Arthur Young, who never met in life, died within days of each other in 1948. each other in 1948. nIn 1989, the firms they started combined to create Ernst & In 1989, the firms they started combined to create Ernst & Young. The new organization quickly positioned itself on the Young. The new organi

108、zation quickly positioned itself on the leading edge of rapid globalization, new business leading edge of rapid globalization, new business technologies, and continuous business change. technologies, and continuous business change. （1010）国内四大会计师事务所（）国内四大会计师事务所（20092009年数据）年数据）n普华永道中天，收入普华永道中天，收入25.7

109、25.7亿人民币，员工亿人民币，员工43004300人。人。n德勤华永，收入德勤华永，收入23.723.7亿人民币，员工亿人民币，员工41164116人。人。n毕马威华振，收入毕马威华振，收入22.222.2亿人民币，员工亿人民币，员工37063706人。人。n安永华明，收入安永华明，收入19.619.6亿人民币，员工亿人民币，员工35693569人。人。n排名第五的中瑞岳华收入为排名第五的中瑞岳华收入为8.78.7亿，四大的优势也很明显。亿，四大的优势也很明显。n参考参考1 1： （）20112011年会计师事务所综合评价前百家信息年会计师事务所综合评价前百家信息 （中国注册会计师协会）（中

110、国注册会计师协会）1 1 财务报表分析概述财务报表分析概述（1 1）财务报表分析的内涵）财务报表分析的内涵n财务报表分析，简称财务分析，是指运用财务报表的有财务报表分析，简称财务分析，是指运用财务报表的有关数据对企业既往财务状况、经营成果及未来前景的一关数据对企业既往财务状况、经营成果及未来前景的一种评价。种评价。n根据不同适用范围，财务报表的类型多样，包含会计报根据不同适用范围，财务报表的类型多样，包含会计报表、税务报表、统计报表等。根据企业会计准则，对外表、税务报表、统计报表等。根据企业会计准则，对外报送的会计报表应称为外部报表，而对内部的报表则称报送的会计报表应称为外部报表，而对内部的报

111、表则称为内部报表（如成本归集表、费用统计表、销售统计表为内部报表（如成本归集表、费用统计表、销售统计表等）。等）。n总体而言，内部报表主要是供企业管理者依据财务信息总体而言，内部报表主要是供企业管理者依据财务信息作出管理决策用的，而外部报表主要是供投资者或监管作出管理决策用的，而外部报表主要是供投资者或监管机构了解企业经营状况用的。机构了解企业经营状况用的。n对外财务报表的指向主要是税务、财政等国家机关或相关对外财务报表的指向主要是税务、财政等国家机关或相关外部单位，通常包括三张主表，即资产负债表，损益表及外部单位，通常包括三张主表，即资产负债表，损益表及现金流量表。现金流量表。n事实上，内部

112、报表的信息量通常与外部报表有所不同，视事实上，内部报表的信息量通常与外部报表有所不同，视内部使用者不同而定，例如：内部使用者不同而定，例如：n（1 1）内部管理报表，通常给管理层使用，是将对外报送）内部管理报表，通常给管理层使用，是将对外报送的报表的格式按内部使用者的要求有所变更，使管理层对的报表的格式按内部使用者的要求有所变更，使管理层对于财务信息更一目了然。于财务信息更一目了然。n（2 2）重要报表项目的细分，比如收入的明细、成本的明）重要报表项目的细分，比如收入的明细、成本的明细，管理费用的明细，按项目或按部门的细分等等。细，管理费用的明细，按项目或按部门的细分等等。n（3 3）预算也是

113、一种内部报表。）预算也是一种内部报表。n（4 4）实际数据和预算数据的比较报表也是内部报表，可）实际数据和预算数据的比较报表也是内部报表，可以下发给各个部门用于考核。以下发给各个部门用于考核。n针对上市公司的财务报表分析主要集中于：会计报表分析、针对上市公司的财务报表分析主要集中于：会计报表分析、财务比率分析和预算分析。财务比率分析和预算分析。n会计报表是对企业经营活动的结构性财务表述，上市公司会会计报表是对企业经营活动的结构性财务表述，上市公司会计报表的目的是提供有助于广大投资者及其他使用者进行投计报表的目的是提供有助于广大投资者及其他使用者进行投资及相关经济决策的本公司财务状况、经营成果和

114、现金流量资及相关经济决策的本公司财务状况、经营成果和现金流量等信息。等信息。n根据国内企业会计制度，完整的会计报表内容包括：根据国内企业会计制度，完整的会计报表内容包括：n 资产负债表资产负债表n 利润表利润表n 利润分配表利润分配表n 现金流量表现金流量表n 资产减值明细表资产减值明细表n 股东权益增减变动股东权益增减变动n 应缴增值税明细表应缴增值税明细表n 分部报表分部报表n一份完整的财务会计报告应当包括：一份完整的财务会计报告应当包括：n 独立审计报告；独立审计报告；n 会计报表；会计报表；n 会计报表附注。会计报表附注。n除非上市公司拟进行中期分配，或再融资，或证监会要除非上市公司拟

115、进行中期分配，或再融资，或证监会要求，中期财务会计报告无须提供审计报告。季度报告无求，中期财务会计报告无须提供审计报告。季度报告无须接受独立审计，也无须提供全面的会计报表附注。须接受独立审计，也无须提供全面的会计报表附注。（2 2）财务报表分析的功能）财务报表分析的功能n通过分析资产负债表，可了解公司的财务状况，对公司的通过分析资产负债表，可了解公司的财务状况，对公司的偿债能力、资本结构是否合理、流动资金充足性等作出判偿债能力、资本结构是否合理、流动资金充足性等作出判断。断。n通过分析损益表，可了解分析公司的盈利能力、盈利状况、通过分析损益表，可了解分析公司的盈利能力、盈利状况、经营效率，对公

116、司在行业中的竞争地位、持续发展能力作经营效率，对公司在行业中的竞争地位、持续发展能力作出判断。出判断。n通过分析现金流量表，可了解和评价公司获取现金和现金通过分析现金流量表，可了解和评价公司获取现金和现金等价物的能力，并据以预测公司未来现金流量。等价物的能力，并据以预测公司未来现金流量。 （3 3）三大会计报表）三大会计报表n资产负债表资产负债表：反映公司在某一特定日期（往往是年末或季：反映公司在某一特定日期（往往是年末或季末）财务状况的静态报告，资产负债表反映的是公司资产、末）财务状况的静态报告，资产负债表反映的是公司资产、负债（包括股东权益）之间的平衡关系。负债（包括股东权益）之间的平衡关

117、系。n损益表（或利润及利润分配表）损益表（或利润及利润分配表）：是一定时期内（通常是：是一定时期内（通常是1 1年或年或1 1季内）经营成果的反映，是关于收益和损耗情况的季内）经营成果的反映，是关于收益和损耗情况的财务报表。损益表是一个动态报告，它展示本公司的损益财务报表。损益表是一个动态报告，它展示本公司的损益帐目，反映公司在一定时间的业务经营状况，揭示公司获帐目，反映公司在一定时间的业务经营状况，揭示公司获取利润能力的大小、潜力以及经营趋势。取利润能力的大小、潜力以及经营趋势。n现金流量表现金流量表：提供公司一定会计期间内现金和现金等价物：提供公司一定会计期间内现金和现金等价物流入和流出的

118、信息。流入和流出的信息。（1 1）财务报表分析的方法）财务报表分析的方法n主要有主要有3 3种：种：n1 1）单个年度的财务比率分析单个年度的财务比率分析。财务比率分析是指对本公。财务比率分析是指对本公司一个财务年度内的财务报表各项目之间进行比较，计算司一个财务年度内的财务报表各项目之间进行比较，计算比率，判断年度内偿债能力、资本结构、经营效率、盈利比率，判断年度内偿债能力、资本结构、经营效率、盈利能力情况等。能力情况等。n 2 2）对本公司不同时期的财务报表进行比较分析对本公司不同时期的财务报表进行比较分析。可以对。可以对公司持续经营能力、财务状况变动趋势、盈利能力作出分公司持续经营能力、财

119、务状况变动趋势、盈利能力作出分析，从一个较长的时期来动态地分析公司状况。析，从一个较长的时期来动态地分析公司状况。n3 3）与同行业其他公司进行比较分析与同行业其他公司进行比较分析。可以了解公司各种。可以了解公司各种指标的优劣，在群体中判断个体。使用本方法时常选用行指标的优劣，在群体中判断个体。使用本方法时常选用行业平均水平或行业标准水平，通过比较得出公司在行业中业平均水平或行业标准水平，通过比较得出公司在行业中的地位，认识优势与不足，真正确定公司的价值。的地位，认识优势与不足，真正确定公司的价值。2 2 财务报表分析的方法和原则财务报表分析的方法和原则（2 2）财务报表分析的原则）财务报表分

120、析的原则n1 1）全面原则全面原则。n必须将所有的指标、比率综合考虑，全方位考察公司财务必须将所有的指标、比率综合考虑，全方位考察公司财务总貌。总貌。n2 2）考虑个性原则考虑个性原则。n在考虑行业共性的同时，还需兼顾公司自身的特殊性。如在考虑行业共性的同时，还需兼顾公司自身的特殊性。如经营模式的差异、资产重组事项、偶发性事件影响等。经营模式的差异、资产重组事项、偶发性事件影响等。3 3 财务比率分析财务比率分析（1 1）偿债能力分析）偿债能力分析n1 1）流动比率流动比率。反映短期偿债能力。反映短期偿债能力。n 流动比率流动资产流动比率流动资产流动负债流动负债n2 2）速动比率速动比率。也称

121、酸性测试比率，比流动比率更进一步。也称酸性测试比率，比流动比率更进一步反映变现能力。反映变现能力。 速动比率（流动资产存货）速动比率（流动资产存货）流动负债流动负债n3 3）利息支付倍数利息支付倍数。是指企业经营业务收益与利息费用的。是指企业经营业务收益与利息费用的比率，用以衡量偿付借款利息的能力，也叫利息保障倍数。比率，用以衡量偿付借款利息的能力，也叫利息保障倍数。 利息支付倍数税息前利润利息支付倍数税息前利润利息费用利息费用n4 4）应收帐款周转率和周转天数应收帐款周转率和周转天数。及时收回应收帐款，不仅。及时收回应收帐款，不仅增强了企业的短期偿债能力，也反映出企业管理应收帐款方增强了企业

122、的短期偿债能力，也反映出企业管理应收帐款方面的效率。应收帐款周转率，是年度内应收帐款转为现金的面的效率。应收帐款周转率，是年度内应收帐款转为现金的平均次数，它说明应收帐款流动的速度。用时间表示的周转平均次数，它说明应收帐款流动的速度。用时间表示的周转速度是应收帐款周转天数，也叫应收帐款回收期或平均收现速度是应收帐款周转天数，也叫应收帐款回收期或平均收现期，它表示企业从取得应收帐款的权利到收回款项，转换为期，它表示企业从取得应收帐款的权利到收回款项，转换为现金所需要的时间。现金所需要的时间。应收帐款周转率销售收入应收帐款周转率销售收入平均应收帐款平均应收帐款应收财款周转天数应收财款周转天数360

123、360应收帐款周转率应收帐款周转率（2 2）资本结构分析）资本结构分析n1 1）股东权益比率股东权益比率。是股东权益与资产总额的比率。反映所有。是股东权益与资产总额的比率。反映所有者提供的资本在总资产中的比重，反映企业基本财务结构是者提供的资本在总资产中的比重，反映企业基本财务结构是否稳定。否稳定。n 股东权益比率股东权益比率( (股东权益总额股东权益总额资产总额资产总额)100%)100%2 2）资产负债比率资产负债比率。是负债总额除以资产总额的百分比，也就。是负债总额除以资产总额的百分比，也就是负债总额与资产总额的比例关系。资产负债率反映在总资是负债总额与资产总额的比例关系。资产负债率反映

124、在总资产中有多大比例是通过借债来筹资的，也可以衡量企业在清产中有多大比例是通过借债来筹资的，也可以衡量企业在清算时保护债权人利益的程度。算时保护债权人利益的程度。n 资产负债率资产负债率( (负债总额负债总额资产总额资产总额)100%)100%n参考参考2 2：汽车行业上市公司：汽车行业上市公司20102010年度资产负债率年度资产负债率n商用车企业中，江铃汽车（商用车企业中，江铃汽车（走势走势）负债率最低，为）负债率最低，为44.45%44.45%；第二位是中通客车，为第二位是中通客车，为51.5%51.5%；第三位是星马汽车，为；第三位是星马汽车，为58%58%。n乘用车企业中，海马汽车（

125、乘用车企业中，海马汽车（走势走势）负债率最低，为）负债率最低，为37.42%37.42%。排在第二的是广汽，为排在第二的是广汽，为49.67%49.67%，第三的长城汽车的负债率为，第三的长城汽车的负债率为50.31%50.31%。n内燃机行业中，东安动力（内燃机行业中，东安动力（走势走势）负债率最低，为）负债率最低，为37.88%37.88%。n零部件行业中，远东传动负债率仅为零部件行业中，远东传动负债率仅为7.47%7.47%。一汽富维则为。一汽富维则为29.08%29.08%，浙江万丰为，浙江万丰为31.19%31.19%。n化工类中，福耀玻璃负债率为化工类中，福耀玻璃负债率为44.71

126、%44.71%，佳通和双钱分别为，佳通和双钱分别为64.74%64.74%和和68.7%68.7%。000550000550江铃汽车近一年来的股价走势江铃汽车近一年来的股价走势000572000572海马汽车近一年来的股价走势海马汽车近一年来的股价走势600178600178东安动力近一年来的股价走势东安动力近一年来的股价走势n3 3）长期负债比率长期负债比率。是从总体上判断企业债务状况的一个。是从总体上判断企业债务状况的一个指标，它是长期负债与资产总额的比率。指标，它是长期负债与资产总额的比率。n 长期负债比率长期负债比率( (长期负债长期负债资产总额资产总额)100%)100%n4 4）股

127、东权益与固定资产比率股东权益与固定资产比率。是衡量公司财务结构稳定。是衡量公司财务结构稳定性的一个指标，反映购买固定资产所需要的资金有多大比性的一个指标，反映购买固定资产所需要的资金有多大比例是来自于所有者资本的。例是来自于所有者资本的。 是股东权益除以固定资产总是股东权益除以固定资产总额的比率。额的比率。n 股东权益与固定资产比率股东权益与固定资产比率 （股东权益总额（股东权益总额固固定资产总额）定资产总额）100%100%（3 3）经营效率分析）经营效率分析n1 1）存货周转率和存货周转天数存货周转率和存货周转天数。是衡量和评价企业购入存货、。是衡量和评价企业购入存货、投入生产、销售收回等

128、各环节管理状况的综合性指标。它是销投入生产、销售收回等各环节管理状况的综合性指标。它是销售成本被平均存货所除所得到的比率，或叫存货的周转次数。售成本被平均存货所除所得到的比率，或叫存货的周转次数。用时间表示的存货周转率就是存货周转天数。用时间表示的存货周转率就是存货周转天数。n 存货周转率销货成本存货周转率销货成本平均存货平均存货n 存货周转天数存货周转天数360360存货周转率存货周转率n2 2）固定资产周转率固定资产周转率。是销售收入与全部固定资产平均余额的比。是销售收入与全部固定资产平均余额的比值。该比率是衡量企业运用固定资产效率的指标。值。该比率是衡量企业运用固定资产效率的指标。n 固

129、定资产周转率销售收入固定资产周转率销售收入平均固定资产平均固定资产n3 3）总资产周转率总资产周转率。是销售收入与平均资产总额的比值，。是销售收入与平均资产总额的比值，反映资产总额的周转速度。反映资产总额的周转速度。n 总资产周转率销售收入总资产周转率销售收入平均资产总额平均资产总额n4 4）股东权益周转率股东权益周转率。是销售收入与平均股东权益的比值，。是销售收入与平均股东权益的比值，反映说明公司运用所有者资产的效率。反映说明公司运用所有者资产的效率。n 股东权益周转率销售收入股东权益周转率销售收入平均股东权益平均股东权益n5 5）主营业务收入增长率主营业务收入增长率。n 主营业务收入增长率

130、主营业务收入增长率 （本期主营业务收入上（本期主营业务收入上期主营业务收入）期主营业务收入）上期主营业务收入上期主营业务收入100%100%（4 4）盈利能力分析）盈利能力分析n1 1）销售毛利率销售毛利率。是毛利占销售收入的百分比。是毛利占销售收入的百分比。 销售毛利率销售毛利率( (销售收入销售成本销售收入销售成本)销售收入销售收入100%100%n2 2）销售净利率销售净利率。是税后利润与销售收入的百分比。是税后利润与销售收入的百分比。 销售净利率销售净利率( (税后利润税后利润销售收入销售收入)100%)100%n3 3）资产收益率资产收益率。是企业净利润与平均资产总额的百分比，表。是

131、企业净利润与平均资产总额的百分比，表明企业资产利用的综合效果。明企业资产利用的综合效果。 资产收益率资产收益率( (净利润净利润平均资产总额平均资产总额)100%)100%n4 4）股东权益收益率股东权益收益率。是净利润与平均股东权益的百分比。是净利润与平均股东权益的百分比。n 股东权益收益率股东权益收益率( (净利润净利润平均股东权益平均股东权益)100%)100%n5 5）主营业务利润率主营业务利润率。是主营业务利润与主营业务收入的百分。是主营业务利润与主营业务收入的百分比。比。n 主营业务利润率主营业务利润率( (主营业务利润主营业务利润主营业务收入主营业务收入)100% )100% （

132、5 5）投资收益分析）投资收益分析n1 1）普通股每股净收益普通股每股净收益。是本年盈余与普通股流通股数的比。是本年盈余与普通股流通股数的比值，反映普通股的获利水平。值，反映普通股的获利水平。 普通股每股净收益普通股每股净收益 （净利优先股股息）（净利优先股股息） 发发行在外的加权平均普通股股数行在外的加权平均普通股股数n2 2）股息发放率股息发放率。是普通股每股股利与每股净收益的百分比。是普通股每股股利与每股净收益的百分比。 股息发放率股息发放率( (每股股利每股股利每股净收益每股净收益)100%)100%n3 3）普通股获利率普通股获利率。是每股股息与每股市价的百分比，衡量。是每股股息与每

133、股市价的百分比，衡量普通股股东当期股息收益率的指标。普通股股东当期股息收益率的指标。 普通股获利率普通股获利率 每股股息每股股息每股市价每股市价100%100%n4 4）本利比本利比。是每股股价与每股股息的比值。可用以分析相对于。是每股股价与每股股息的比值。可用以分析相对于股息而言，股票价格是否被高估以及股票有无投资价值。股息而言，股票价格是否被高估以及股票有无投资价值。n5 5）市盈率市盈率。是每股市价与每股盈余的比率，是衡量公司盈利能。是每股市价与每股盈余的比率，是衡量公司盈利能力的重要指标，反映投资者对每元利润所愿支付的价格。力的重要指标，反映投资者对每元利润所愿支付的价格。n 市盈率每

134、股市价市盈率每股市价每股税后利润每股税后利润n6 6）投资收益率投资收益率。是公司投资收益除以平均投资额，反映公司利。是公司投资收益除以平均投资额，反映公司利用资金进行长、短期投资的获利能力。用资金进行长、短期投资的获利能力。n 投资收益率投资收益率 投资收益投资收益 ( (期初长、短期投资期末期初长、短期投资期末长、短期投资长、短期投资)2100%)2100%参考参考3 3：中国股市历史市盈率（：中国股市历史市盈率（1994-20081994-2008）n依照依照A A股历史大底和大顶统计的沪市大盘市场平均市盈率：股历史大底和大顶统计的沪市大盘市场平均市盈率：n1994.1.20-35.28

135、1994.1.20-35.28倍倍-大盘见所谓大盘见所谓777777铁底铁底 n1994.7.29-10.651994.7.29-10.65倍倍-大盘见历史大底大盘见历史大底325325点点 n1994.9.13-33.561994.9.13-33.56倍倍-大盘见阶段顶大盘见阶段顶10521052点点 n1995.2.7-18.971995.2.7-18.97倍倍-大盘见阶段顶大盘见阶段顶926926点点 n1996.1.19-19.441996.1.19-19.44倍倍-大盘见历史大底大盘见历史大底512512点点-大牛市开大牛市开始始 n1996.12.11-47.891996.12.1

136、1-47.89倍倍-大盘见短期阶段顶大盘见短期阶段顶12581258点点 n1996.12.25-33.621996.12.25-33.62倍倍-大盘见历史大底大盘见历史大底855855点点 n1997.5.12-59.641997.5.12-59.64倍倍-大盘见阶段大顶大盘见阶段大顶15101510点点 n1997.7.8-38.171997.7.8-38.17倍倍-大盘见阶段大底大盘见阶段大底10251025点点 n1998.6.4-46.271998.6.4-46.27倍倍-大盘见阶段顶大盘见阶段顶14221422点点 n1998.8.18-38.831998.8.18-38.83倍倍

137、-大盘见阶段大底大盘见阶段大底10431043点点 n1998.11.17-47.041998.11.17-47.04倍倍-大盘见阶段顶大盘见阶段顶13001300点点 n1999.5.17-38.091999.5.17-38.09倍倍-大盘见阶段大底大盘见阶段大底10471047点点-5.19-5.19行行情爆发情爆发-大牛市开始大牛市开始 n1999.6.30-63.081999.6.30-63.08倍倍-大盘见中级调整顶大盘见中级调整顶17561756点点 n1999.12.27-48.751999.12.27-48.75倍倍-大盘见大底大盘见大底13411341点点-2.14-2.14

138、行行情爆发情爆发-大牛市开始大牛市开始 n2000.2.17-58.422000.2.17-58.42倍倍-大盘见大盘见17701770创出历史新高创出历史新高 n2000.8.22-63,732000.8.22-63,73倍倍-大盘见大盘见21142114阶段顶阶段顶 n2000,9.25-57.372000,9.25-57.37倍倍-大盘见阶段低点大盘见阶段低点18741874点点 n2001.1.11-63.012001.1.11-63.01倍倍-大盘见阶段高点大盘见阶段高点2131.982131.98点点 n2001.2.22-56.832001.2.22-56.83倍倍-大盘见阶段低

139、点大盘见阶段低点18931893点点 n2001.6.14-66.162001.6.14-66.16倍倍-大盘见历史大顶大盘见历史大顶22452245点点 n2002.1.29-40.682002.1.29-40.68倍倍-大盘见阶段低点大盘见阶段低点13391339点点 n2002.6.25-76.72002.6.25-76.7倍倍-大盘见阶段高点大盘见阶段高点17481748点点 n2003.1.6-42.182003.1.6-42.18倍倍-大盘见阶段低点大盘见阶段低点13111311点点 n2003.4.16-36.142003.4.16-36.14倍倍-大盘见阶段高点大盘见阶段高点1

140、6491649点点 n2003.11.13-39.912003.11.13-39.91倍倍-大盘见阶段底大盘见阶段底13071307点点 n2004.4.7-38.812004.4.7-38.81倍倍-大盘见阶段顶大盘见阶段顶17831783点点 n2005.6.6-15.422005.6.6-15.42倍倍-大盘见历史大底大盘见历史大底998998点点 n2006.7.5-23.312006.7.5-23.31倍倍-大盘位于大盘位于17571757点点 n2007.2.27-35.252007.2.27-35.25倍倍-大盘位于大盘位于30493049点点 n2007.5.29-36.420

141、07.5.29-36.4倍倍-大盘见阶段顶大盘见阶段顶43354335点点 n2007.6.5-31.12007.6.5-31.1倍倍-大盘阶段性底大盘阶段性底34043404点点 n2007.10.16-47.042007.10.16-47.04倍倍-大盘见顶大盘见顶61246124点点 n2007.11.6-44.532007.11.6-44.53倍倍-大盘见顶大盘见顶55365536点点 n2008.9.4-15.532008.9.4-15.53倍倍-大盘是大盘是22772277点点n20102010年年8 8月月2525日日 1717倍倍n 基本结论：基本结论： n1 1）市盈率超过）

142、市盈率超过3030倍就有风险倍就有风险, ,超过超过4040倍风险很大倍风险很大, , 超过超过5050倍应尽快离开市场。倍应尽快离开市场。 n2 2）市盈率）市盈率3030倍以上的市场要以卖为主。倍以上的市场要以卖为主。 n3 3）市盈率）市盈率20-3020-30倍之间仅表示合理而已，上涨市持股持基倍之间仅表示合理而已，上涨市持股持基待涨待涨, , 下跌市尽量轻仓。下跌市尽量轻仓。 n4 4）市盈率）市盈率2020倍以下具备投资价值倍以下具备投资价值, , 主动买套。主动买套。 n5 5）市盈率）市盈率1616倍以下的股市果断进场。倍以下的股市果断进场。n7 7）每股净资产每股净资产。是净

143、资产除以发行在外的普通股股数，。是净资产除以发行在外的普通股股数，反映每股普通股所代表的股东权益额。反映每股普通股所代表的股东权益额。n 每股净资产净资产每股净资产净资产发行在外的普通股股数发行在外的普通股股数n8 8）净资产倍率净资产倍率。是每股市价除以每股净值，表明股价以。是每股市价除以每股净值，表明股价以每股净值的若干倍在流通转让，评价股价相对于净值而言每股净值的若干倍在流通转让，评价股价相对于净值而言是否被高估。是投资者判断某股票投资价值的重要指标。是否被高估。是投资者判断某股票投资价值的重要指标。n 净资产倍率本利比净资产倍率本利比 每股市价每股市价每股净值每股净值4 4 财务报表分

144、析注意事项财务报表分析注意事项n传统的财务分析，从短期偿债能力、长期偿债能力、盈利传统的财务分析，从短期偿债能力、长期偿债能力、盈利能力、资产管理能力、现金管理能力等方面出发，通过计能力、资产管理能力、现金管理能力等方面出发，通过计算一系列指标，来判断企业的财务状况。算一系列指标，来判断企业的财务状况。n由于对企业进行财务分析的主体较多，主要有内部管理者、由于对企业进行财务分析的主体较多，主要有内部管理者、股东、债权人、注册会计师、竞争对手、供应商、客户及股东、债权人、注册会计师、竞争对手、供应商、客户及有关监管部门等，不同的分析主体具有不同的分析目的，有关监管部门等，不同的分析主体具有不同的

145、分析目的，分析的重点也就有所不同。分析的重点也就有所不同。n而目前的企业财务分析具有公式化的倾向。而目前的企业财务分析具有公式化的倾向。n为了进行科学的财务分析，应特别关注以下问题：为了进行科学的财务分析，应特别关注以下问题：（1 1）注重历史分析与行业分析。）注重历史分析与行业分析。n财务分析的核心不是指标的计算，而是对指标值所进行的价财务分析的核心不是指标的计算，而是对指标值所进行的价值判断。这种判断的依据就是企业的历史状况和企业所处行值判断。这种判断的依据就是企业的历史状况和企业所处行业的状况。业的状况。n一个企业的财务状况，只有在历史比较和行业比较的过程中，一个企业的财务状况，只有在历

146、史比较和行业比较的过程中，才能对其作出科学的分析。才能对其作出科学的分析。n 1 1）历史分析。）历史分析。n就是要把企业的财务指标与本企业的历史数据进行比较，就是要把企业的财务指标与本企业的历史数据进行比较，特别是有关盈利能力的指标。由于企业的盈利能力受收入特别是有关盈利能力的指标。由于企业的盈利能力受收入确认政策、成本费用确认政策、折旧政策等相关会计政策确认政策、成本费用确认政策、折旧政策等相关会计政策的影响，所以，就某一期的会计报表，分析企业的盈利能的影响，所以，就某一期的会计报表，分析企业的盈利能力，一般不具有说服力，因为企业很容易通过改变相关会力，一般不具有说服力，因为企业很容易通过

147、改变相关会计政策而操纵盈利能力指标。计政策而操纵盈利能力指标。n但是，由于上述能够操纵盈利能力的方法一般只造成利润但是，由于上述能够操纵盈利能力的方法一般只造成利润的时间性差异，而不是永久性差异，如通过延长折旧年限、的时间性差异，而不是永久性差异，如通过延长折旧年限、降低年折旧率虽然可以提高当年的盈利水平，但如果进行降低年折旧率虽然可以提高当年的盈利水平，但如果进行适当的历史分析，就会发现企业利润的异常变化；并且，适当的历史分析，就会发现企业利润的异常变化；并且，随着固定资产的报废，通过改变折旧年限而透支的利润，随着固定资产的报废，通过改变折旧年限而透支的利润，也会通过固定资产清理损失而暴露出

148、来。也会通过固定资产清理损失而暴露出来。n 2 2）行业分析。）行业分析。n就是要把企业的财务指标与同行业的财务指标进行比较，就是要把企业的财务指标与同行业的财务指标进行比较，且比较对象的选择要与报表分析的目的相协调。比如，分且比较对象的选择要与报表分析的目的相协调。比如，分析企业的盈利能力，可以将企业的有关盈利能力指标与同析企业的盈利能力，可以将企业的有关盈利能力指标与同行业最好水平和平均水平作比较，根据比较的结果，判断行业最好水平和平均水平作比较，根据比较的结果，判断企业盈利能力在行业中所处的地位。企业盈利能力在行业中所处的地位。n特别值得强调的是，不同行业之间的指标一般不具有可比特别值得

149、强调的是，不同行业之间的指标一般不具有可比性。如流动比率指标，在一些存货量很小、销售以直接收性。如流动比率指标，在一些存货量很小、销售以直接收现为主的行业，如快餐业，就比较小；相反，在大型机械现为主的行业，如快餐业，就比较小；相反，在大型机械制造行业则可能较大。制造行业则可能较大。（2 2）报表分析与附注分析相结合。）报表分析与附注分析相结合。n根据会计报表分析计算财务指标，是判断企业财务状况的根据会计报表分析计算财务指标，是判断企业财务状况的主要手段，但是，简单的财务指标有时候可能造成误解，主要手段，但是，简单的财务指标有时候可能造成误解，必须结合会计报表附注进行解释。必须结合会计报表附注进

150、行解释。n例如：流动比率的高低反映了企业短期偿债能力的大小，例如：流动比率的高低反映了企业短期偿债能力的大小，但要正确判断企业的短期偿债能力、衡量流动资产的变现但要正确判断企业的短期偿债能力、衡量流动资产的变现能力，就必须结合企业的会计报表附注，具体分析应收账能力，就必须结合企业的会计报表附注，具体分析应收账款、存货、短期投资等主要项目的变现能力。款、存货、短期投资等主要项目的变现能力。n1 1）应收账款。）应收账款。n一要分析账龄，关注形成坏账的可能性；一要分析账龄，关注形成坏账的可能性；n二要分析前五位债务人的债务比例，关注集中程度。对于二要分析前五位债务人的债务比例，关注集中程度。对于应

151、收账款过于集中的公司，不但要考虑其债权的回收能力，应收账款过于集中的公司，不但要考虑其债权的回收能力，而且要关注其过分依赖单一客户的经营风险。而且要关注其过分依赖单一客户的经营风险。n2 2）存货。）存货。n一要分析存货的种类结构，特别是原材料和库存商品所占一要分析存货的种类结构，特别是原材料和库存商品所占比重，关注是否存在原材料和产成品积压问题；比重，关注是否存在原材料和产成品积压问题；n二要结合其他资料，分析存货跌价准备是否充分。二要结合其他资料，分析存货跌价准备是否充分。n3 3）短期投资。）短期投资。n一要分析短期投资的种类，关注其变现能力；一要分析短期投资的种类，关注其变现能力；n二

152、要考虑企业短期投资的确认是否合理，是否存在将长期二要考虑企业短期投资的确认是否合理，是否存在将长期投资计入短期投资的情况。投资计入短期投资的情况。（3 3）财务分析与非财务分析相结合。）财务分析与非财务分析相结合。n对于企业的股东、主要债权人以及内部管理者来说，仅仅对于企业的股东、主要债权人以及内部管理者来说，仅仅靠财务分析不能够满足其需要，还必须重视非财务分析。靠财务分析不能够满足其需要，还必须重视非财务分析。特别是在有些行业，决定企业成败的因素，在短期内往往特别是在有些行业，决定企业成败的因素，在短期内往往难以反映在会计报表中，必须进行非财务分析，尤其是在难以反映在会计报表中，必须进行非财

153、务分析，尤其是在偿债能力、盈利能力的分析中，更是如此。偿债能力、盈利能力的分析中，更是如此。n1 1）偿债能力。）偿债能力。n除了企业的短期偿债能力和长期偿债能力指标以外，还必除了企业的短期偿债能力和长期偿债能力指标以外，还必须关注可能存在的担保事项、可能存在的质量保证事项、须关注可能存在的担保事项、可能存在的质量保证事项、有关的诉讼事项、银行对企业的授信额度、企业可能存在有关的诉讼事项、银行对企业的授信额度、企业可能存在的资产重组事项以及企业偿债声誉的一贯表现等等。的资产重组事项以及企业偿债声誉的一贯表现等等。n参考参考4 4：20112011年年A A股违规担保数据股违规担保数据n据同花顺

154、据同花顺ifindifind数据统计，在数据统计，在20112011年年报中披露担保事项年年报中披露担保事项的的10221022家公司中，共有家公司中，共有396396家公司违规担保，违规担保总家公司违规担保，违规担保总额合计为额合计为4385.624385.62亿元，比亿元，比20102010年的年的3560.33560.3亿元，增长了亿元，增长了23.18%23.18%。n在这在这396396家违规担保上市公司中，家违规担保上市公司中，283283家公司违规担保超亿家公司违规担保超亿元；有元；有9191家公司违规担保超家公司违规担保超1010亿元；另有亿元；另有4 4家公司违规担家公司违规

155、担保超百亿元。其中，保利地产、比亚迪、庞大集团和中国保超百亿元。其中，保利地产、比亚迪、庞大集团和中国中冶违规担保总额皆在百亿元以上，分别为中冶违规担保总额皆在百亿元以上，分别为491.67491.67亿元、亿元、202.63202.63亿元、亿元、160.07160.07亿元和亿元和131.78131.78亿元。亿元。n统计数据显示，统计数据显示，* *STST中基、建发股份、中航三鑫、南京医中基、建发股份、中航三鑫、南京医药、永泰能源、天音控股这药、永泰能源、天音控股这6 6家公司家公司20112011年担保总额占净年担保总额占净资产比例皆在资产比例皆在200%200%以上，分别为以上，分

156、别为1001.41%1001.41%、294.96%294.96%、264.19%264.19%、246.04%246.04%、235.27%235.27%和和222.86%222.86%。n 2 2）盈利能力。）盈利能力。 n除了分析有关盈利能力的一般指标以外，还须特别关注企除了分析有关盈利能力的一般指标以外，还须特别关注企业所处行业的发展阶段以及企业在行业中的位置、企业主业所处行业的发展阶段以及企业在行业中的位置、企业主流产品的寿命周期、企业人才的储备状况等等。流产品的寿命周期、企业人才的储备状况等等。n（4 4）分析手段与分析目的相协调。）分析手段与分析目的相协调。n企业财务分析总是服务

157、于一定的目的，不同的目的，其分企业财务分析总是服务于一定的目的，不同的目的，其分析的方法也应有所不同。析的方法也应有所不同。n有的财务分析，主要是关注会计数据的真实性，关注会计有的财务分析，主要是关注会计数据的真实性，关注会计数据之间的关联关系、历史分析和行业分析。数据之间的关联关系、历史分析和行业分析。n而有的财务分析，主要目的是用于业绩衡量。如对上市公而有的财务分析，主要目的是用于业绩衡量。如对上市公司营销总监的产生方式、学历背景和公司营销部门的机构司营销总监的产生方式、学历背景和公司营销部门的机构设置与公司业绩之间的相关关系进行实证分析，选择用于设置与公司业绩之间的相关关系进行实证分析，

158、选择用于衡量上市公司业绩的指标却是净资产收益率。衡量上市公司业绩的指标却是净资产收益率。n一般来说，净资产收益率是一个综合性很强的衡量企业业一般来说，净资产收益率是一个综合性很强的衡量企业业绩的指标，但如果考察营销总监及营销部门的业绩，用这绩的指标，但如果考察营销总监及营销部门的业绩，用这一指标却是错误的。因为管理费用、财务费用、资产负债一指标却是错误的。因为管理费用、财务费用、资产负债率和公司的债务结构等对这一指标具有实质性的影响，而率和公司的债务结构等对这一指标具有实质性的影响，而这些因素却是营销总监所不能控制的。这些因素却是营销总监所不能控制的。n参考参考5 5：陈关亭，倪彬彬：陈关亭，

159、倪彬彬：我国上市公司财务报告违规我国上市公司财务报告违规的特征分析的特征分析，财会月刊财会月刊，20052005（1010）n参考参考6 6：银广夏（现：银广夏（现* *STST广夏）案例广夏）案例n银广厦银广厦20002000年度会计报表显示：当年公司的固定资产原值年度会计报表显示：当年公司的固定资产原值下降下降14.8614.86，主营业务收入上升，主营业务收入上升72.8072.80，主营业务成本，主营业务成本上升上升7.357.35，主营业务税金及附加下降，主营业务税金及附加下降63.8963.89，营业费，营业费用下降用下降73.7773.77，主营业务毛利率达到了，主营业务毛利率达

160、到了63.6263.62。n分析上述数据，至少在以下几个方面可能存在问题：分析上述数据，至少在以下几个方面可能存在问题：（1 1）在固定资产原值下降的情况下，主营业务收入大幅上）在固定资产原值下降的情况下，主营业务收入大幅上升。升。（2 2）主营业务收入增长与主营业务成本增长的巨大差异。）主营业务收入增长与主营业务成本增长的巨大差异。（3 3）主营业务收入与主营业务税金及附加的反向变动关系。）主营业务收入与主营业务税金及附加的反向变动关系。（4 4）主营业务收入与营业费用的反向变动关系。）主营业务收入与营业费用的反向变动关系。（5 5）远远高于同行业平均水平的毛利率。）远远高于同行业平均水平的毛利率。n参考参考7 7：中国证券监督管理委员会行政处罚决定书（银中国证券监督管理委员会行政处罚决定书（银广夏）广夏）（证监罚字（证监罚字200210200210号）号）n参考参考8 8：n自行检索阅读：自行检索阅读：“银广夏陷阱银广夏陷阱”（凌华薇，王烁）（凌华薇，王烁）n财经财经20012001（9 9）