1、Balance Sheet
负债
应付账款，从供应商处赊购欠款 应付票据，对外短期负债 应计费用，尚未结清的费用 长期负债，超过一年，公司债权或定期贷款，
查看附注说明，注意隐性负债
1、Balance普通股，每个类别的投票权是否相同 留存收益，未发放的股利，不能作为现金使用
Free Cash Flow
FCFF = EBIT (1- tc) + Depreciation – Capital expenditures – Increase in NWC where:
EBIT = earnings before interest and taxes tc = the corporate tax rate NWC = net working capital
，仅用于厂房设备等投资
1、Balance Sheet
考察资产负债表要考虑的要素
时间因素 现金资产与非现金资产 库存核算 债务声明，如虚报，不充分不完全的声明 低质资产，如容易受到政策影响的资产 夸大应收项目数额 证券估价 无形资产
Consolidated Balance Sheet for Hewlett-Packard, 2006
Liability and stockholders’ equity
1、Balance Sheet
资产
现金、有价证券等流动性强的资产，可用于为 目标公司自身的收购行为融资
应收账款，对公司部分实际销售收入的预期， 帐龄分析
库存，注重计算当前可变现的库存 其他资产，如长期投资，注重其流动性、规模 厂房设备，以市值法重新评估
3、Statement of Cash Flows
提供大量关于公司现金收入和支出的有价值信 息，说明公司运营、投资、财务决策对现金头 寸产生的影响
通过分析现金流量表，可以判断公司未来产生 现金流入的能力
公司现金流与净利润之间的差额可以表示收益 的品质高低，差额越小则收益品质越高（或用 现金流与净利润的比值）
第七章 并购估价
财务分析 上市公司估值 非上市公司估值
7.1 财务分析
7.1.1 主要的财务报表
1、Balance Sheet 2、Income Statement 3、Statement of Cash Flows
1、Balance Sheet
Assets
Current Long-term
1、Liquidity Ratios
Current Ratio= Current Assets Current Liabilities
Quick Ratio= Current Assets - Inventory Current Liabilities
2、Income Statement
关于损益表的几个问题
折旧方法、年限 库存估价（影响COGS，从而影响税收和净利润） 收益品质和收入识别，求助会计方法产生收益
3、Statement of Cash Flows
Income statement and balance sheets are based on accrual methods of accounting
2、Income Statement
Four broad classes:
Cost of goods sold General and administrative expenses Interest expense Taxes on earnings
Consolidated Statement of Income for Hewlett-Packard, 2006
Free Cash Flow
Another approach focuses on the free cash flow to the equity holders (FCFE) and discounts the cash flows directly at the cost of equity
Statement of Cash Flows for Hewlett-Packard, 2006
Free Cash Flow
Discount the free cash flow for the firm Components of free cash flow
After tax EBIT Depreciation Capital expenditures Increase in net working capital
Statement of cash flows tracks the cash implications of transaction, recognizes only transactions in which cash changes hands
Example: if goods are sold now, with payment due in 60 days. Income statement will treat the revenue as generated when the sale occurs, balance sheet will be immediately augmented by accounts receivable, but the statement of cash flows will not show an increase in available cash until the bill is paid
FCFE = FCFF – Interest expense (1- tc) + Increases in net debt
7.1.2 Type of Financial Ratios
1、Liquidity Ratios 2、Turnover or Asset Utilization Ratios 3、Leverage Ratios 4、Profitability Ratios 5、Market Price Ratios