文档介绍：财务报表分析第六讲盈利能力分析
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财务报表分析
第六讲盈利能力分析
(Profitability Analysis)
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The value of a firm to equity investors
V = D1/(1+r) + D2/(1+r)2 + D3/(1+r)3 ……1>.
Profitability
risk
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The value of a firm to creditors
V = I1/(1+r) + I2/(1+r)2 + I3/(1+r)3 + P/(1+r)3
Ii: interest revenues in period i
P: return of principal
profitability
risk
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And our job is …
Profitability analysis to predict the numerator, that is, the payoffs
Risk analysis to predict the denominator, that is, the risk of the getting the payoffs
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the Balance Sheet
Assets
Current Assets
Cash and cash equivalents
Account Receivable
Inventory
Long-term Assets
Investment
Building, Property, plants and equipments (PPE)
Intangible assets
Liabilities + Equity
Current liabilities
Account Payable
Salary Payable
e Tax Payable
Long-term debts with maturity date within one year
Long-term Debts
Note Payable
Bond Payable
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Shareholders’ equity
Common Stock
Paid-In-Capital In Excess of Par(相当于资本公积)
Retained Earnings(保留盈余,相当于盈余公积和未分配利润)
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e Statement
Revenues
Cost of goods sold (COGS)
= Gross Profit (毛利润)
Operating Expenses
= Operating e
Interest expense
+/- Nonrecurring Gains/Losses
= Earnings Before Tax
Tax
= Earnings before extraordinary items (特殊项目前收益)
Extraordinary items (net of tax) (税后特殊项目)
= Net e
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Nonrecurring and Extraordinary Items
Nonrecurring items normally refer to gains/losses from non-operating activities: Gains/Losses from investment in non-operating assets; Gains/Losses from disposal of assets and closure of factories
Extraordinary items are those the are infrequent and unusual in nature, such as losses from an earthquake
However, the KEY to profitability is the profitability of operation!
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The framework of profitability analysis and earnings prediction
Profitability analysis mostly involves ratio analysis. That is, earnings are normalized (divided) by assets or equ