某公司的股票是否值得買 … ? 公司計劃擴廠、研發新商品 …...
DESCRIPTION
問題. 某公司的股票是否值得買 … ? 公司計劃擴廠、研發新商品 … ,資金將如何調度 … ? 某公司欲賒購商品 , 其是否有短期償債的能力 … ? 賣得多,賺得多?. The Production executive said, “Remember, nothing happens in this place until we produce something.” The director of research and development said, “Wrong. Nothing happens until we design something.” - PowerPoint PPT PresentationTRANSCRIPT
13-1
Efficient use of financial resources
問題• 某公司的股票是否值得買…?• 公司計劃擴廠、研發新商品…,資金將如何
調度…?• 某公司欲賒購商品,其是否有短期償債的能
力…?
• 賣得多,賺得多?
• The Production executive said, “Remember, nothing happens in this place until we produce something.”
• The director of research and development said, “Wrong. Nothing happens until we design something.”
• The marketing executive said, “Nothing happens here until we sell something.”
• The accounting manager said, “It doesn’t matter what you produce, design, or sell. No one knows what happens until we tally up the results!”
Good financial management is critical to any business
firm’s success.
13-4
Efficient use of financial resources
Open-book management( 公開化管理方式 )
• Meaning– Sharing operating and financial
information with employees.• Advantage
– To show employees how their work directly influences the company’s overall financial performance
– To increase employees’ feelings of “ownership” in the firm
13-5
Efficient use of financial resources
Uses of accounting informationAccounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
1. ReportingObtaining accurate financial data about a company & create reports for stakeholders
2. Managerial decision makingManagers and owners of businesses regularly make decisions based on detailed information
3. ControlBy reviewing financial information, managers monitor performance of people, departments, divisions, and products
13-6
Efficient use of financial resources
問題Accounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• 系學會憑什麼向我收錢…拒繳會費 !!( 不清楚資金運用狀況 )
• 畢業旅行方案:花東、泰國、法國… ( 好玩 vs. 經費 )
• 為什麼每個月錢都不夠用?( 預算?資金控制? )
13-7
Efficient use of financial resources
Stakeholders in accounting information
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
To determine a firm's legitimate deductible expenses; To calculate a firm's tax liabilities; To ensure that investors have accurate information on a firm to make investment decisions
Government agencies
To assess a firm's ability to pay for material and supplies
Suppliers
To determine a firm's ability to provide competitive wages and benefits; To use in contract negotiations
Union officials
To assess the risk involved in lending money to a firmCreditors
To calculate returns to stockholders; To determine a firm's growth prospects
Investors
To assess and reduce costs and determine profitability; To calculate pay and benefits
Employees
To plan and control operationsManagers
Use of accounting informationStakeholder
Internal stakeholders External stakeholders
13-8
Efficient use of financial resources
Internal & external Accounting information— problem
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• External stakeholders’ problem– Is the stock worthy to buy?– How about the sales,
profits and expenses?• Internal stakeholders’
problem– What is the cost of
production, marketing project…?
13-9
Efficient use of financial resources
Internal & external Accounting information
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• Financial accounting– Information that serves
external stakeholders.• Managerial accounting
– Information that serves internal users.
13-10
Efficient use of financial resources
Balance sheet & income statement
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Balance sheet
Balance sheet
IncomestatementIncome
statement
Summarizes a firm's financial position at a particular date – like a photograph
Reports how a firm performed during the periods represented and shows whether the firm made a profit –like a motion picture
13-11
Efficient use of financial resources
Accounting equation ( 會計方程式 )Accounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Assets
Any economic resource expected to benefit a firm or individual who owns it
= Liabilities
Debts or amounts owed to an outside individual or organization
+ Owners' equity
Legal and economic claims against assets
Excess of assets after subtracting liabilities
The accounting equation
13-12
Efficient use of financial resources
Balance sheet — the asset sideAccounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• Meaning of asset ( 資產 )– Any economic resource
expected to benefit a firm or an individual who owns it.
• A firm’s assets are listed on the balance sheet in descending order of liquidity — that is, in terms of the ease with which they can be converted into cash.
13-13
Efficient use of financial resources
Balance sheet — liabilities and owners’ equity
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• Liabilities ( 負債 )– Debts or amounts owed
to an outside individual or organization.
• Owners’ equity ( 業主權益 )– The excess of assets
after subtracting liabilities.
Balance sheet ( 資產負債表 )
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
LIABILITIESCURRENT LIABILITIESACCOUNTS PAYABLE $ 12,450DIVIDENDS PAYABLE 2,514ACCRUED LIABILITIES 31,297INCOME TAXES PAYABLE 7,123TOTAL CURRENT LIABILITIES $ 53,384
LONG-TERM LIABILITIESDEFERRED INCOME TAXES 9,014HEALTH CARE &LIFE INSURANCE 6,145INDUSTRIAL DEVELOP. BONDS 7,500DEFERRED COMPENSATION 14,923TOTAL LONG-TERM LIABIL. $ 37,582
TOTAL LIABILITIES $ 90,966
OWNERS' EQUITYSHAREHOLDERS' EQUITYCOMMON STOCK $ 243,301RETAINED EARNINGS 153,156TOTAL SHAREHOLDERS' EQUITY $ 396,457
TOTAL LIABILITIES & EQUITY $ 487,423
ASSETSCURRENT ASSETSCASH $ 80,744INVESTMENTS 83,176ACCOUNTS RECEIVABLE 22,434INVENTORY 36,520PREPAID EXPENSES 3,081 DEFERRED INCOME TAXES 2,584TOTAL CURRENT ASSETS $228,539
FIXED ASSETSPROPERTY, PLANT, EQUIP. $ 83,024 LAND 7,774 BUILDINGS 22,226 MACHINERY/EQUIP. 133,601 ACCUM. DEPREC. (80,577)TOTAL FIXED ASSETS $ 83,024
OTHER ASSETSINTANGIBLE ASSETS $ 87,843INVESTMENTS 59,252CASH CURR. VALUE 28,765TOTAL OTHER ASSETS $ 175,860
TOTAL ASSETS $ 487,423
13-15
Efficient use of financial resources
Income statement (profit and loss statement)
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• It reports on how a company performed during the periods presented and shows whether the firm’s operations made a profit.
• The income statement matches the revenues earned against all the costs and expenses incurred to operate the firm.
13-16
Efficient use of financial resources
Content of Income statement1
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• Revenue– The primary source of
revenue earned by a firm from its customers for goods sold or services rendered.
13-17
Efficient use of financial resources
Content of Income statement2
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• Cost of goods sold1
– All the costs a firm incurs to purchase raw materials and supplies and then to convert them into the finished goods that it sells.
• Cost of goods sold2
– Components•Direct materials•Direct labor•Production overhead costs
13-18
Efficient use of financial resources
Content of Income statement3
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• Operating expenses– Other costs incurred in
producing a good or service, including selling and administrative costs, amortization, and income taxes.
• Gross vs. net earnings
13-19
Efficient use of financial resources
Income statement ( 損益表 )Accounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
NET SALES $ 388,659COST OF GOODS SOLD (187,617) GROSS PROFIT $ 201,042
SELLING, MARKETING, AND ADMINISTRATIVE EXPENSES (97,070)AMORTIZATION OF INTANGIBLE ASSETS (2,706) PROFIT FROM OPERATIONS $ 101,265
OTHER INCOME, NET 4,798 PROFIT BEFORE TAXES $ 106,063
PROVISION FOR INCOME TAXES (38,537) NET PROFITS $ 67,526
13-20
Efficient use of financial resources
NET SALES $ 388,659COST OF GOODS SOLD (187,617) GROSS PROFIT $ 201,042
SELLING, MARKETING, AND ADMINISTRATIVE EXPENSES (97,070)AMORTIZATION OF INTANGIBLE ASSETS (2,706) PROFIT FROM OPERATIONS $ 101,265
OTHER INCOME, NET 4,798 PROFIT BEFORE TAXES $ 106,063
PROVISION FOR INCOME TAXES (38,537) NET PROFITS $ 67,526
OTHER EARNINGS, NET OF TAX UNREALIZED GAINS (LOSSES) ON SECURITIES 976 FOREIGN CURRENCY ADJUSTMENTS (30) OTHER COMPREHENSIVE EARNINGS 946
TOTAL NET INCOME $ 68,472
Net earnings (income)Accounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Net Profit = Gross profit minus operating expenses and income taxesNet earnings = net profit with adjustments for gains and losses on securities, foreign currency fluctuations, or extraordinary items (like losses due to fire)
Net profit = gross profit minus operating expenses and income taxes
If a firm doesn’t have enough cash on hand, it can’t pay its rent, meet its payroll, or fund its day-today operations. There are companies, in fact, that are profitable but still end up filing for bankruptcy because they don’t have the cash to pay their bills.
13-22
Efficient use of financial resources
Cash flow statement ( 現金流量表 )Accounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Operating
activities
Operating
activities
Identifies where cash camefrom and where it was spentIdentifies where cash came
from and where it was spent
Investing activitiesInvesting activities
Financing activities
Financing activities
Revenues and expenses from the firm's major line of businessRevenues and expenses from
the firm's major line of business
Includes purchase or sale of capital assets (land, buildings)
and securities
Includes purchase or sale of capital assets (land, buildings)
and securities
Includes issuing stock, notes, bonds payable, treasury stock, &
dividends
Includes issuing stock, notes, bonds payable, treasury stock, &
dividends
13-23
Efficient use of financial resources
Financial ratio analysis
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• Financial ratios– Quantitative measure
that assesses the relationship between financial statement variable.
13-24
Efficient use of financial resources
Liquidity ratios 流動性比率— current ratio ( 流動比率 )
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Current ratio = Current assets Current liabilities
Liquidity ratios: Measures the ability of the firm to meet its short-term financial obligations.
Is there a sufficient amount of current assets to pay off current liabilities? What is the cushion of safety?
Accountant’s rule: 2:1
13-25
Efficient use of financial resources
Liquidity ratios — acid-test ratio ( 速動比率 )
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Acid-test ratio = Current assets - inventory Current liabilities
What happens to the firm’s ability to repay current liabilities after the least liquid of the current assets is subtracted?
Accountant’s rule: 1:1
13-26
Efficient use of financial resources
DiscussionAccounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• 汽車經銷商 vs. 電腦零售商→流動比率 vs. 速動比率
13-27
Efficient use of financial resources
Leverage ratios ( 槓桿比率 ) — debt-equity ratio ( 負債對淨值比率或負債比
率 )Accounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Debt-equity ratio =Total liabilitiesowners equity
What proportion of the firm’s equity are financed with debt?
Leverage ratios: Measures of the degree to which a firm relies on borrowed funds in its operations.
13-28
Efficient use of financial resources
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Leverage ratios— times interest earned ratio ( 利息
保障倍數 )
Times interest earned ratio = Ebit _Interest expense
What is the margin of safety in the ability to repay interest payments?
It’s a measure of safety in that it tells management how far profits can decline before it would be unable to meet its interest expenses.
The higher the ratio, the greater the margin of safety.
(Earnings before interest & taxes, ebit)
13-29
Efficient use of financial resources
Profitability ratios ( 獲利性比率 )— return on sales ratio ( 銷售報酬率或營業淨
利率 )Accounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Return on sales ratio =Net incomeNet sales
What is the amount of net profit for each dollar of sales? Are total costs too high?
Profitability ratios: Measures of how effective a firm is at using its resources to achieve profits.
13-30
Efficient use of financial resources
Profitability ratios— return on equity ratio ( 淨值報酬率 )Accounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Return on equity ratio =Net incomeOwners equity
What is the relationship between investment and profits? Is the firm cost efficient and productive?
13-31
Efficient use of financial resources
Profitability ratios— earnings per share ( 每股盈餘 )
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Earnings per share =Net income# Of shares
Has large influence on a stock's market price
13-32
Efficient use of financial resources
Activity ratios ( 經營比率 )— inventory turnover ratio ( 存貨週轉
率 )Accounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Inventory turnover ratio =Cost of goods soldAverage inventory
Compare to industry norms. Is the current level of inventory appropriate, given the firm's current level of sales?
Activity ratios: Measures how effectively the firm is utilizing its resources to generate sales volume
13-33
Efficient use of financial resources
Activity ratios— asset turnover ratio ( 總資產週轉率 )Accounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Asset turnover ratio =Net salesTotal assets
Compare to industry norms. Is the firm using all of its assets effectively to generate sales?
13-34
Efficient use of financial resources
重要財務比率與說明 — 獲利能力分析
項目 說明
營業淨利率 =( 營業淨利 / 營業收入淨額 ) *100%
檢測企業營運活動的營業獲利,佔營收淨額的比率,以了解企業的獲利況。通常,比率越高越好。
淨值報酬率 =( 稅後淨利 / 股東權益總額 ) *100%
檢測公司以自有資金從事營利活動,所獲得的利潤比率。此項指標反應股東淨值的酬率高低,通常,比率越高越好。
總資產報酬率 =( 稅前淨利 / 總資產 ) *100%
檢測公司所動用的總資產,與整體營運活動獲利之間的關係,藉以顯示企業營運活動的利潤創造能力高低,通常,愈高愈好。
重要財務比率與說明 — 經營效能分析項目 說明
存貨週轉率 =銷貨成本 / 平均存貨成本
檢測企業營運過程中,所需建立的存貨規模比率。愈小,表示需要愈多旳存貨來維持企業的營運,通常,比率愈大愈好。
應收款項週轉率= 營業收入 /( 應收帳款 + 應收票據 )
檢測企業營運過程中,為順利銷貨而延後收款的規模,佔總營收的規模大小。規模愈大,次數越小,表示帳款的回收速度愈慢。
固定資產週轉率= 營業收入 / 固定資產
檢測企業用於營運活動的固定資產規模與營收規模之間的關係,比率愈大,表示固定資產的使用效能愈高,企業績愈高。
淨值週轉率 =營業收入 / 股東權益總額
檢測企業用於營運活動的自有資本規模與營收規模之間關係,比率愈大,表示自有資本的使用效能愈高,企業績效應愈高。
總資產週轉率 =營業收入 / 總資產
檢測企業於營運活動的總資產規模與營收規模之間關係,比率愈大,表示總資產的使用效能愈高,企業績效應愈高。
13-36
Efficient use of financial resources
重要財務比率與說明 — 償債能力分析
項目 說明
流動比率 =( 流動資產 /流動負債 ) * 100%
檢測企業清償短期負債的能力高低,比率越高,表示能在短期將流動資產變換為現金,以清償負債的能力越強。
速動比率 =(( 流動資產 - 存貨 )/ 流動負債 ) * 100%
檢測企業清償短期負債的能力高低,比率越高,表示清償負債的能力越強。
13-37
Efficient use of financial resources
重要財務比率與說明 — 財務結構分析 1
項目 說明流動資產佔總資產比率 =( 流動資產 /總資產 ) * 100%
檢測企業的資產結構中,屬於短期可以迅速變現的資產比重高低。流動資產比重愈高,顯示資產變現能力愈高。
固定資產佔總資產比率 =( 固定資產 /總資產 ) * 100%
檢測企業的資產結構中,屬於長期不易變現的資產比重高低。固定資產比重愈高,顯示資產變現能力愈低。
流動負債佔總資產比率 =( 流動負債 /總資產 ) * 100%
檢測企業的資產結構中,屬於短期可能要迅速償還的負債比重高低。流動負債比重愈高,顯示短期還款的壓力愈高。
13-38
Efficient use of financial resources
重要財務比率與說明 — 財務結構分析 2
項目 說明長期負債佔總資產比率 =( 長期負債 /總資產 ) * 100%
檢測企業的資產結構中,屬於還款期間較長的負債比重高低。長期負債比重愈高,顯示企業長期還款的壓力愈高。
淨值佔總資產比率=( 股東權益總額 /總資產 ) * 100%
檢測企業的資產結構中,屬於股東權益之比重高低。淨值比重愈高,顯示股東權益比例愈高,財務槓桿效果愈小。
負債比率 =( 負債總額 / 股東權益總額 ) * 100%
檢測企業的資產結構中,屬於債權資金之比重高低。負債比重愈高,顯示債權資金比例愈高,財務槓桿效果愈大,財務風險愈高。
13-39
Efficient use of financial resources
問題• 小明向我借一百萬,期限二個月,他是否有
能力還? ( 流動比率或速動比率 )• 融資建立高度自動化之生產線,但是利息負擔沉重… !( 利息保障倍數 )
•天天都便宜…是否是個好對策? ( 銷售報酬率 )
• 研究所選世選新還是選大葉? ( 資產報酬率 )•ㄨㄨ股票是否值得買? ( 淨值報酬率 )•ㄨㄨ股票會不會突爆跌? ( 本益比 )…
The power of ratios lies in comparing them with past
ratios for the firm itself and comparing the firm’s ratios to other companies in its
industry.
13-41
Efficient use of financial resources
BudgetsAccounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• Meaning– A quantitative plan
for allocating resources to specific activities.
13-42
Efficient use of financial resources
Types of budgetsAccounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
1. Revenue budgets
2. Expense budgets
3. Profit budgets
4. Cash budgets
5. Capital expenditure budgets
Projects future sales
Lists the primary activities undertaken and allocates a dollar amount to each
Combine revenue and expense budgets into one
Forecasts how much cash the business will have on hand and how much it will need
Assess capital needs and prioritize capital projects
13-43
Efficient use of financial resources
Budgets — exampleAccounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
•導入 ERP 所需之金額為何?( 資本支出預算 )
•教育訓練的費用為何? ( 支出預算 )
• 擴充產品線可帶來的實質效益為何? ( 收入預算 )
•交易的付款方式為何?是否有足夠資金…? ( 現金預算 )
13-44
Efficient use of financial resources
The downside of budgetsAccounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• Hiding inefficiencies• Hindering change• 問題
– 某國立大學校長因預算經費未全數消耗,被教育部糾正 !!!
13-45
Efficient use of financial resources
Incremental budget vs. zero-base budgets1
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• Incremental budget (累計式預算方式 )– A system of budgeting
in which allocations are based on the budget for the previous period.
13-46
Efficient use of financial resources
Incremental budget vs. zero-base budgets2
Accounting information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• Zero-base budgets (零基預算 )– A system of budgeting
in which requests for funds begin from scratch in each budget period, regardless of previous appropriations.
13-47
Efficient use of financial resources
Budgeting skills1
• Review the organization’s overall strategy and goals.
• Determine your unit’s goals and the means to attain them.
• Decide the resources you’ll need to accomplish your unit’s goals.
• Gather cost information.
13-48
Efficient use of financial resources
Budgeting skills2
• Share your goals and cost estimates with your manager.
• Draw up your proposed budget.• Be prepared to negotiate.• Monitor your budget.• Take action if you’re not staying within
budget.• Keep superiors informed of your
progress.
13-49
Efficient use of financial resources
問題討論 — ㄨㄨ系 93 學年度預算Accounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
• 中長程發展計劃為何?使命、目標…
•教育部補助款之額度?•各老師、團隊提出需求計劃•優先順位之安排協調•編列預算…
13-50
Efficient use of financial resources
International accounting issuesAccounting
information
Stakeholders
Financial Statement
Financial Ratio analysis
Budget types
Incremental & zero-based budgets
Inflation ratesMake it difficult to accurately evaluate assets
Foreign currency exchange ratesCan make or lose money merely
through changes during the accounting period
Consolidated statementsDiffering accounting practices around the world
13-51
Efficient use of financial resources
Business plan — Accounting and Finance
• Presenting current and projected financial statements
• Outlining financial needs• Describing the firm’s accounting
and control systems• Detailed budgets• New ventures will also need to
create start-up budgets