第二章 財務報表,租稅與現金流量

2.1 資產負債表(balance sheet, B/S) 總結公司在某一段期間所擁有的(資產)，所積欠的(負債)，和兩者的差(權益) •[圖2.1]

左邊：資產(asset) 流動資產(current asset, CA):壽命少於一年，將在未來十二個月內轉換成現金。例:現金(cash)、應收帳款(accounts receivable, AR)、存貨(inventory) 固定資產(fixed asset, FA):通常不會在未來一年內轉成現金。例:廠房設備(net plant and equipment) 1.有形資產(tangible asset):如卡車、電腦等 2.無形資產(intangible asset):如商標、專利權等

負債(liability)與業主權益(owners’ equity) 右邊： 負債(liability)與業主權益(owners’ equity) 流動負債(current liability, CL):壽命少於一年，必須在未來一年內以現金支付。例:應付帳款(accounts payable, AP)、應付票據(notes payable, NP) 長期負債(long-term debt, LTD):通常不須在未來一年內償還 股東權益(shareholders’ equity)，普通股權益(common equity)，業主權益(owners’ equity)

資產=負債+股東權益 資產負債表恆等式： 淨營運資金(net working capital, NWC) 等於流動資產減流動負債，即 NWC=CA–CL 對一家健全的公司而言，淨營運資金通常是正的

[範例2.1] A firm has current asset of $100, net fixed assets of $500, short-term debt of $70, and long-term debt of $200. What does the balance sheet look like? What is shareholder‘s equity? What is net working capital? Total assets $100 + 500 = $600 Total liabilities $ 70 + 200 = $270 Shareholders‘ equity $600 - 270 = $330 Balance sheet Asset Liabilities and Shareholders‘ Equity Current assets $100 Current liabilities $ 70 Net fixed assets 500 Long-term debt 200 Shareholders‘ equity 330 Total liabilities and Total assets $600 shareholders‘ equity $600 Net working capital = CA -CL = $100 -70 =$30

Balance Sheets as of December 31, 2006 and 2007 [表2.1] U.S. CORPORATION Balance Sheets as of December 31, 2006 and 2007 ( $ in millions) 2006 2007 2006 2007 Asset Liabilities and Owners‘ Equity Current assets Current liabilities Cash $ 104 $ 160 Accounts payable $ 232 $ 266 Accounts recevable 455 688 Notes payable 196 123 Inventory 553 555 Total $ 428 $ 389 Total $1,112 $1,403 Fixed assets Net plant and Long-term debt $ 408 $ 454 equipment $1,644 $1,709 Owners‘ equity Common stock and paid-in surplus 600 640 Retained earnings 1,320 1,629 Total $1,920 $2,269 Total assets $2,756 $3,112 Total liabilities and $2,750 $3,112 owners‘ equity

流動性、負債相對於權益，市價相對於帳面價值 流動性(liquidity) 把一項資產轉換成現金的速度和容易程度 通常資產是依照流動性高低排列 企業面臨流動性與獲利性間之取捨 負債和權益 股東權益﹦資產–負債，即E=A–D 財物槓桿(financial leverage) 市價(market values, MV)和帳面價值(book values, BV) [範例2.2]

Market value versus Book Value [範例2.2] The Klingon Corporation has fixed assets with a book value of $700 and an appraised market value of about $1,000. Net working capital is $400 on the books, but approximately $600 would be realized if all the current accounts were liquidated. Klingon has $500 in long-term debt, both book value and market value. What is the book value of the equity? What is the market value? KLINGON CORPRATION Balance Sheets Market value versus Book Value Book Market Book Market Asset Liabilities and Shareholders’ Equity Net working capital $400 $ 600 Long-term debt $500 $ 500 Net fixed assets 700 1,000 Shareholders’ equity 600 1,100 $1,100 $1,600 $1,100 $1,600

2.2 損益表(income statement, I/S) 衡量某段期間的績效，通常是一季或一年 損益表恆等式: 收益–費用=所得 即，Revenues–Expenses=Income

[表2.2] 2007 Incomes Statement ( $ in millions ) Net sales $1,509 U.S. CORPORATION 2007 Incomes Statement ( $ in millions ) Net sales $1,509 Cost of goods sold 750 Depreciation 65 Earnings before interest and taxes $ 694 Interest paid 70 Taxable income $ 624 Taxes 212 Net income $ 412 Dividends $ 103 Addition to retained earnings 309 淨利(Net Income, NI) 每股盈餘(earnings per share, EPS) 增額保留盈餘(addition to retained earnings, ARE)

[範例2.3] Suppose that U.S. had 200 million shares outstanding at the end of 2007. Based on the income statement in Table 2.2, what was EPS? What were dividens per share? Net income $412 million Total dividend $103 million Earnings per share = Net income/Total shares outstanding = $412/200 = $2.06 per share Dividends per share = Total dividends/Total shares outstanding = $103/200 = $ 0.515 per share GAAP和損益表 實現原則(realization principle):收益的認定是在銷貨時，收款卻不見得同時發生 配合原則(matching principle):生產成本與實際銷貨同時發生

非現金項目(noncash items) 時間和成本 折舊(depreciation) 短期(short run)和長期(long run) 固定成本(fixed cost, FC) 變動成本(variable cost, VC) 產品成本(product cost):原料、直接人工費用、製造費用等 期間成本(period cost):銷管費用等

2.3 租稅 公司稅稅率(Corporate Tax Rate) [表2.3] $ 0 - 50,000 15% 2.3 租稅 公司稅稅率(Corporate Tax Rate) [表2.3] Taxable Income Tax Rate $ 0 - 50,000 15% 50,001 - 75,000 25% 75,001 - 100,000 34% 100,001 - 335,000 39% 335,001 - 10,000,000 34% 10,000,001 - 15,000,000 35% 15,000,001 - 18,333,333 38% 18,333,334 + 35%

平均稅率(average tax rate):稅額除以應稅所得(taxable income) 邊際稅率(marginal tax rate):每多賺$1 ，所需額外支付的稅 [範例2.4] Algernon, Inc., has a taxable income of $85,000. What is its tax bill? What is its average tax rate? Its marginal tax rate? From table 2.3 Algernon must pay 0.15*50,000 + 0.25*25,000 + 0.34*(85,000-75,000) = 17,150 The average tax rate $17,150/85,000 = 20.18% The marginal tax rate is 34%, because Algernon’s taxes would rise by 34 cents if it had another dollar in taxable income.

[表2.4] (1) (2) (3) (4) Taxable Income Marginal Tax Rate Total Tax Average Tax Rates $ 45,000 15% $ 6,750 15.00% 70,000 25% 12,500 17.86% 95,000 34% 20,550 21.63% 250,000 39% 80,750 32.30% 1,000,000 34% 340,000 34.00% 17,500,000 38% 6,100,000 34.86% 50,000,000 35% 17,500,000 35.00% 100,000,000 35% 35,000,000 35.00%

2.4 現金流量(cash flow, CF) 進出金額之間的差距 現金流量恆等式: 來自資產的現金流量 =流向債權人的現金流量 +流向股東的現金流量

來自資產的現金流量(cash flow from assets, CFA) (1)營業現金流量(operating cash flow, OCF) 公司日常的生產和銷售活動所產生的現金流量。 注意，融資費用不屬此類 •根據損益表 R–C–D=EBIT EBIT–I=TI TI–T=NI •OCF=R–C–T=EBIT+D–T=NI+D+I •OCF=$694+65–212=$547

(2)資本支出(capital spending, CS) 在固定資產上的淨支出 •CS=買進的FA–賣出的FA =(期末NFA+D)–期初NFA =NFAE–NFAB+D •CS=$1,709–1,644+65 =$130 •CS<0之含意：公司賣掉的資產多買進的資產。

(3)增額淨營運資金 淨營運資金的支出金額 •ANWC=NWCE–NWCB •ANWC=($1,403–389)–($1,112–428) =$330 (4)CFA=OCF–CS–ANWC =$547–130–330 =$87 •從資產負債表恆等式知道，CFA必分配債權人和股東手中 •CFA<0之含意：公司從舉債和發行股票所募得資金超過同期間內支付給債權人和股東的現金 ；以新負債或新股所募集資金收入比支出還多。 •CFA又稱為“free cash flow”

流向債權人的現金流量(cash flow to creditor, CFC) 付出的利息減掉新借款淨額 CFC=I–Net new borrowing CFC=$70–46=$24 流向股東的現金流量(cash flow to stock-holders, CFSH) 發放出去的股利減掉新募集的權益淨額 CFSH=Dividend–Net new equity raised CFSH=$103–40=$63 表 2.5

表 2.5 I. The cash flow identity Cash flow from assets = Cash flow to creditors (bondholders) + Cash flow to stockholders (owners) II. Cash flow from assets Cash flow from assets = Operating cash flow – Net capital spending – Additions to net working capital (NWC) where Operating cash flow = Earnings before interest and taxes (EBIT) + Depreciation – Taxes Net capital spending = Ending net fixed assets – Beginning net fixed assets + Depreciation Change in NWC = Ending NWC – Beginning NWC III.Cash flow to creditors Cash flow to creditors = Interest paid – Net new borrowing IV.Cash flow to stockholders Cash flow to stockholders = Dividends paid – Net new equity raised