[財務管理] Week3 Financial statement analysis

延續上禮拜的代理問題，該怎麼解決？

於是

Method of compensation

1.Salary 固定薪資(通常是最爛的)

2.Bonus (較好的薪資制度)

3.Stock appreciation

4.Performance shares

5.Stock options

6.Restricted stock grant :

https://www.gainplanners.com/insights/thad-schlaud/how-do-restricted-stock-grants-work

接著用兩張圖表以及AB計畫說明股東跟債權人之間也會有代理問題，

假設公司負債$500,000，公司有兩個投資方案AB如下：

A: 0.5的機率 賺$600,000，0.5的機率賺$400,000

B: 0.5的機率 賺$1,000,000，0.5的機率賺$0

這時債權人會選擇變動不這麼大的風險低的，然而股東會想要選擇風險大的方案。

所以債權人借你錢的時候就會有一些限制，例如限制使用B方案。

接著來到第三章，

Financial statement analysis

一開始老師講國揚事業的例子，有一個關鍵字：借殼上市。

講解Balance sheet，財管有些名詞定義會跟會計不太一樣，每本課本也會有所差異。

然後不同公司之間要比較有

common size

Financial ratio analysis => 重點

Common Size Balance Sheets

– Compute all accounts as a percent of total assets

Common Size Income Statements

– Compute all line items as a percent of sales

Financial ratio analysis

姜氏五步驟：

1.What is the definition?

2.How to calculate?

3.Is the number good or bad?

縱斷面跟自己比 Time-series analysis Time-Trend Analysis

橫斷面跟別人比 Cross-sectional analysis Peer Group Analysis

4.Why?

5.What to do?

Financial Ratios

Short-term Solvency or liquidity ratios 短期償債能力 流動率

Current: current assets/current liabilities

Quick : current assets-inventory/ current liabilities

Long-term Solvency or financial leverage ratios 長期 槓桿

Asset Management or turnover ratios 資產使用效率

Debt Management

Debt ratio: total debt/total assets

: long-term liabilities/total assets

: total debt-銀行/total assets

(通常<1，有的銀行equity為負)

Debt equity ratio: debt/equity (看到debt ratio>1通常是指這個定義。）

Times interest earned(TIE): EBIT/interest charges

(TIE>1代表有能力還錢通常1.2~1.4銀行才會借錢)

Profitability ratios 獲利率

Return on total assets(ROA): Net income/Total assets

Return on common equity(ROE): Net income/Common equity

Market value ratios

Price/earnings(P/E): Price per share/Earnings per share 本益比

Market/book(M/B): Market price per share/Book value per share 之前講過

Du Pont Equation 杜邦方程

ROA =NI/TA=NI/Sales x Sales/TA = profit margin x total assets turnover

ROE =profit margin x total assets turnover x equity multiplier or = ROA x Equity Multiplier

接著有杜邦圖，分析公司的財務sop！

先看ROE = ROA x Equity Multiplier

Multiplier低=>槓桿使用不夠

ROA＝profit margin x total assets turnover

profit margin低=>太多負債

total assets turnover低=>資產使用效率低，可能是閒置資產太多

作業三：配對連連看(分組作業)

給我們8間公司的common size balance sheet, Common Size Income Statements然後配對8間公司，還滿有趣的作業。