1、Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall1Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall2Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall3Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall4Copyright 2009 Pearson Education

2、, Inc. Publishing as Prentice Hall5Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall6Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall7Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall8Copyright 2009 Pearson Education, Inc. Publishing as Prentice Ha

3、ll9Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall10GPC Income Statement for Year Ending 2xx1Sales revenues200.0 Cost of goods sold(110.0) *Gross margin90.0 Gen sell, & admin exp(30.0) *Operating income60.0 Interest expense(21.0) *Taxable income39.0 Income tax(15.6) *Net income23.

4、4 Allocation to divs(10.0) *Chg retained earn13.4 Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall11Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall12GPC Cash Flow Statement, forthe Year ending Dec 31, 2xx0Net income23.4 + Depreciation30.0 - Increase in acc rec(10

5、.0) - Increase in invent(30.0) + Increase in acc rec12.0 *Total cash from operations25.4 - Invest in new ppe(90.0) *Cash flow invest activities(90.0) -Div paid(10.0) + Inc short-term debt94.6 *Cash flow from financing84.6 *Chng cash & mkt securities20.0 Copyright 2009 Pearson Education, Inc. Publish

6、ing as Prentice Hall13GPC Balance Sheet at Dec 31, 2xx12xx02xx1ChangeAssetsCash & mktble secs100.0 120.0 20.0 Receivables50.0 60.0 10.0 Inventories150.0 180.0 30.0 *Current assets300.0 360.0 60.0 Pp&e400.0 490.0 90.0 Acc depreciation(100.0) (130.0) (30.0) *Net pp&e300.0 360.0 60.0 *Total Assets600.0

7、 720.0 120.0 Liabilities & EquityAccounts payable60.0 72.0 12.0 Short-term debt90.0 184.6 94.6 *Current liabilities150.0 256.6 106.6 Long-term debt150.0 150.0 - *Total liabilities300.0 406.6 106.6 Paid-in capital200.0 200.0 - Retained earnings100.0 113.4 13.4 *Shareholders equ300.0 313.4 13.4 Liab +

8、 Shareholder600.0 720.0 120.0 GPC Income Statement for Year Ending 2xx1Sales revenues200.0 Cost of goods sold(110.0) *Gross margin90.0 Gen sell, & admin exp(30.0) *Operating income60.0 Interest expense(21.0) *Taxable income39.0 Income tax(15.6) *Net income23.4 Allocation to divs(10.0) *Chg retained

9、earn13.4 GPC Cash Flow Statement, forthe Year ending Dec 31, 2xx0Net income23.4 + Depreciation30.0 - Increase in acc rec(10.0) - Increase in invent(30.0) + Increase in acc pay12.0 *Total cash from operations25.4 - Invest in new ppe(90.0) *Cash flow invest activities(90.0) -Div paid(10.0) + Inc short

10、-term debt94.6 *Cash flow from financing84.6 *Chng cash & mkt securities20.0 Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall14Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall15Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall16Copyright 2009 Pear

11、son Education, Inc. Publishing as Prentice Hall17Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall18Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall19盯市實收資本變化=0經(jīng)濟凈收入=權(quán)益得到的凈現(xiàn)金流+權(quán)益市值的變化 紅利+權(quán)益會計價值的變化=紅利+實收資本變化+留存收益變化 紅利+留存收益的變化=會計凈收入Copyright 2009 Pearson Education, I

12、nc. Publishing as Prentice Hall20Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall21%4 . 1200$8 . 2$ReMillionMillionStartPricecomeEconomicInStartPricendsCashDivideStartPriceEndPriceturnCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall22%8 .7300$4 .23$MillionMillionr

13、sEquityShareHoldeNetIncomersEquityShareHoldeIncomeAccountingROECopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall23Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall24Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall25%6 . 72/4 .3133004 .23sEquityrSto

14、ckHoldeNetIncome (RoE)Equity on Return %1 . 92/72060060alAssetsAverageTotEBIT (RoA) Assetson Return %3020060SalesEBIT (RoS) Saleson Return Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall26Times 3 . 02/720600200Assets Total AverageSales Turnover Asset Times 7 . 02/180150110Inventor

15、y AverageSold Goods ofCost Turnover Inventory Times 6 . 32/6050200sReceivable AverageSales Turnover sReceivableCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall27Times 9 .22160ExpenseInterest EBIT EarntInterest Times%577206 .406Assets TotalDebt Total Debt （利息保障倍數(shù)）Copyright 2009 Pear

16、son Education, Inc. Publishing as Prentice Hall28Times 7 . 06 .256180sLiabilitieCurrent sReceivableCash Earnt Interest TimesTimes 4 . 16 .256360sLiabilitieCurrent AssetsCurrent Current Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall296 . 04 .31320.187Shareper ValueBook Shareper Pr

17、ice Book Market to0 . 84 .232 .187Shareper EarningsSharePer Price Earnings toPriceCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall30Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall31TurnoverAsset * saleson Return *AssetsSalesSalesEBITAssetsEBITRoACopyright 2009 Pe

18、arson Education, Inc. Publishing as Prentice Hall32Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall33Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall34Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall35Copyright 2009 Pearson Education, Inc. Publis

19、hing as Prentice Hall36NodebtHalfdebtEBIT120,000120,000Interest050,000Taxable Income120,00070,000Tax 48,00028,000Net Income72,00042,000Equity1,000,000500,000ROE7.20%8.40%Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall37NodebtHalfdebtEBIT120,000120,000Interest075,000Taxable Income1

20、20,00045,000Tax 48,00018,000Net Income72,00027,000Equity1,000,000500,000ROE7.20%5.40%Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall38EconomicROAROEROEConditionsNodebtHalfdebt Bad Year1%0.6%-4.8% Normal Year12%7.2%8.4% Good Year30%18.0%30.0%Copyright 2009 Pearson Education, Inc. P

21、ublishing as Prentice Hall39Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall40Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall41Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall42Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall43

22、Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall44Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall45Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall46Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall47Copyright 2009 Pearson Educa

23、tion, Inc. Publishing as Prentice Hall48Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall49Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall50Balance SheetAssets: Cash & equivalents10121417 Receivables40485869 Inventories50607286 Property, Plant & equipment500600720

24、864 Total Assets6007208641037Liabilities: Payables30364352 Short-term debt120221347502 Long-term debt150150150150 Total Liabilities300407540704Shareholders equity300313324333Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall51Copyright 2009 Pearson Education, Inc. Publishing as Prent

25、ice Hall52Balance SheetAssets: Cash & equivalents6.0%6.0%6.0% Receivables24.0%24.0%24.0% Inventories30.0%30.0%30.0% Property, Plant & equipment 300.0% 300.0% 300.0% Total Assets360.0% 360.0% 360.0%Liabilities: Payables18.0%18.0%18.0% Short-term debt110.7% 144.6% 174.2% Long-term debt75.0%62.5%52.1%

26、Total Liabilities203.7% 225.1% 244.3%Shareholders equity156.3% 134.9% 115.7%Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall53Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall54Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall55Copyright 2009 Pears

27、on Education, Inc. Publishing as Prentice Hall56Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall57Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall58Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall59Copyright 2009 Pearson Education, Inc. Publishin

28、g as Prentice Hall60Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall61GPC Financial Statements, Years xxx1 - xxx3 (Nearest $ Million) Yearxxx0 xxx1xxx2xxx3xxx4Income StatementSales200240288346Cost of goods sold110132158190Gross margin90108130156Selling, general & admin. expenses303

29、64352EBIT607286104Interest expences30456487Taxes121197Net income18161310Dividends5543Change in shareholders equity131197Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall62GPC Financial Statements, Years xxx1 - xxx3 (Nearest $ Million) Yearxxx0 xxx1xxx2xxx3xxx4Balance SheetAssets: Ca

30、sh & equivalents1012141721 Receivables4048586983 Inventories50607286104 Property, Plant & equipment5006007208641037 Total Assets60072086410371244Liabilities: Payables3036435262 Short-term debt120221347502692 Long-term debt150150150150150 Total Liabilities300407540704904Shareholders equity300313324333340Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall63Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall64Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall65