[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。
