现金流量与财务分析

标签：公司财务制度,财务制度范本,
A>FinancialInformation(财务资讯)(p.57)
Financialinformationistheresponsibilityofmanagement
Createdbywithin-firmaccountants(由公司内的会计师编制)andreviewedbyauditors(公司外的稽查员来检阅)
Createsaconflictofinterestbecausemanagementwantstoportrayfirminapositivelight
Publishedtoavarietyofaudiences
A-1>UsersofFinancialInformation
InvestorsandFinancialAnalysts
Majorpartofanalyst’sjobistomakeacarefulstudyofrecentfinancialstatements
Vendors/Creditors
Usefinancialinformationtodetermineifthefirmisexpectedtomakegoodonloans
Management
pinpointstrengthsandweaknessesinoperations
A-2>SourcesofFinancialInformation(财务资讯的来源)p.59
AnnualReport(主要的资讯来源)
Requiredofallpubliclytradedfirms
Tendtoportrayfirminapositivelightsotendtobiasedinfavorofmanagement’sperformance
Brokeragefirmsandinvestmentadvisoryservicesprovidereportsonmostlargefirms.
Example:ValueLine(价值线)Moody’sS&P
A-3>TheOrientationofFinancialAnalysis(财务分析的导向)p.62
Accountingisconcernedwithfinancialstatements
Financeisconcernedwithusingthedatacontainedwithinfinancialstatementstomakedecisions(使用财报上的资料去作决策)
B>TheStatementofCashFlows(p.63)
ConstructedfromtheBalanceSheetandIncomeStatement
需要2个连续年度的资产负债表及当年的损益表来形成现金流量表
编表的方式有2种
依据3个不同的活动(operatinginvestingandfinancingactivities)
依据现金的来源与使用
B-2>BusinessCashFlows(p.66)
CashFlowsRules
Assetincreaseuseofcash
Assetdecreasesourceofcash
Liabilityincreasesourceofcash
Liabilitydecreaseuseofcash

B-3>ConstructingtheStatementofCashFlows(Example:p.69)-1
B-3>ConstructingtheStatementofCashFlows(Example:p.69)-1
B-3>ConstructingtheStatementofCashFlows(Example:p.69)-2
B-4>FreeCashFlows-1(p.73)
Undernormalconditionsmostfirmsgeneratepositivecashflowfromoperations
Someofthesefundsareusedtomaintainlong-runcompetitiveposition
Replaceworn-outfixedassets
PaydividendsonPreferredStock
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