7. 资金流转和增值过程
Capital rotation & value creation process
资金流转典型环节及机会/陷阱
Capital rotation & management
opportunities
企业价值取向特征
Company value proposition
资本投入及资本扩张形式
Capital injection & expansion pattern企业经济本质
8. 企业价值取向 Value Proposition一、高毛利:创造性/垄断性产品或服务 High Margin:
creative / monopoly product / services
二、快速流转:低毛利, 高强度使用资产, 高强度成本控制,减少资金沉淀量
High Rotation: low margin, high speed, exhaustive assets utilization, cost control, capital amount reduction
13. 1. 利润 Profit
2. 风险 RiskThe Goals of the Firm企业基本目标: Maximize Value
14. 管理人员财务职能 Manager’s Financial Responsibility一、分配资金资源: 资金投向及数量
Allocating capital resources
二、经营管理投资:提高资金效率
Improving capital efficiency
三、保护公司资产安全
Protecting company assets
15. 第二部分Chapter Three现代财务信息系统 Financial Information Systems
16. 财务会计 Financial Accounting 财务会计 Financial Accounting使用者 Users 企业的外部人士--股东, 债权人等External users of information - usually shareholders, financial analysts, and creditors
通用会计准则 Generally Accepted Accounting Principles受会计准则监管Compliance with generally accepted accounting principles时间焦点 Future versus Past 使用过去会计期间的数据评估管理
者的表现Uses historical data in evaluating performance of the firm and its managers by outsiders报告需求 Reporting Requirements规则中要求的信息呈现的内容 Detail Presented呈现的是汇总数据Regulations often specify how much information is enoughSummary data are presented
17. 管理会计 Managerial Accounting管理会计 Managerial AccountingInternal users of information- usually managers.Need not comply with generally accepted accounting principlesUses estimates of the future for decision making and historical data for internal performance evaluation.Internal cost/benefit evaluation determines how much information is enough内部费用和利润评估所需的信息More detailed data are required about product costs, revenues, and profits.使用者 Users 企业的内部人士--通常是管理者不受会计准则监管通用会计准则 Generally Accepted Accounting Principles时间焦点 Future versus Past
使用预计的数据作决策依据, 历史数据
作内部管理评估对于产品成本\收入\利润需要更具体
的数据报告需求 Reporting Requirements呈现的内容 Detail Presented
18. Financial Reports Format报表格式Assets
资产Liability
负债Owner’s Equity
所有者权益Balance Sheet
资产负债表Income Statement
损益表收入 Revenue减: 支出 Cost 利润 ProfitDo the company and individual belong to owner’s equity or liability?
我们所在单位\个人是股东的资产,还是负债?
19. The Two Dealing Companies Financial Reports 两个交易公司的财务报表资产
Assets负债
Liability所有者权益
Owner’s Equity收入 Revenue减: 支出 Cost公司Company资产
Assets减: 支出 Cost银行 Bank银行现金A
Cash in Bank客户存款A
Client DepositA的利息收入
Interest Income A的利息支出
Interest Expense贷款B
LoanB的利息支出
Interest Expense应收B
Account
ReceivableB的利息收入
Interest Income所有者权益
Owner’s Equity负债
Liability收入 Revenue
20. Double Entry Accounting复式记账系统Large-Scale Industrialization Management
大规模工业化经营Small Workshop Management
小作坊经营Manager = Owner
管理者=所有者
Single Entry System
简式记账系统Manager ≠ Owner
管理者≠所有者
Double Entry System
复式记账系统A= Oi + LiCash Account Beginning Balance
现金期初额
Cash Account Ending Balance
现金期末额Industrial Revolution Activator
工业革命催化剂
1、Large scale financial resources and specialized
skills synergy, add-value efficiency of social fortune
资金资源与专业管理技能相结合,
社会财富增值效率;
2、Ownership transfer, accommodate liquidity
所有权转移,资金市场效率;
3、Liability import financial leverage, accommodate
different risk / return expectation.
债务引入财务杠杆,风险/回报。
26. 股东权益回报率 =
ROE净利润 Net Profit平均股东权益 Average Owner’s Equity=总收入净利润X总收入平均总资产X平均股东权益平均资产利润率 =X资产周转率X杠杆比率盈利能力分析Profitability Analysis=RevenueNet ProfitXRevenueAverage AssetsXAverage Owner’s EquityAverage AssetsProfit Margin =XAssets TurnoverXLeverage Ratio
27. ROA模型 /ROA ModelSales
销售59Cost of goods sold
产品成本24Minus 减Contribution
贡献毛益35Common costs
销售费用24Minus 减 Operating Profit
营业利润11Interest and taxes
利息和税5Net Profit
净利润6 Return on assets
资产回报率17% Return on equity
所有者权益回报率13%Current Assets
流动资产41Fixed assets
固定资产25Plus 加 Total assets
总资产66Equity
所有者权益46Liabilities
负债20
28. 风险分析 Risk analysis流动比率 Current Ratio =流动资产 Current Assets 流动负债 Current Liability速动比率 Quick Ratio =流动资产Current Assets-存货Inventory 流动负债 Current Liability(2:1 比较好)(1:1 比较好)清偿能力 Discharge Ability :=营运资金 Cash from Operation 流动负债 Current Liability短期营运偿债能力
Short-Term Operating Liquidity
29. 风险分析 Risk Ratio财务杠杆比率
Financial Leverage Ratio:总负债 Total Liability 总资产 Total Assets( 2 比较好)总权益 Total Owner’s Equity利息保障倍数
Interest Payment Ratio =利息和税前利润 EBIT 年度利息费用 Interest Expenses(3倍正常)总权益 Total Owner’s Equity
35. Market Analysis 市场分析
Mission Statement 公司宗旨
3-5 Year Objectives 3年目标
Self SWOT Analysis 差异分析
Products and Services 产品/服务选择
Financial Feasibility 财务可行性分析
One Year Budget 年度预演如何预算 How to Budget
62. Make or Buy 制造或购买
Special Order 特殊订单
Division Drop 部门精减
Products Mix 产品构成营运决策 Operation Decisions
63. 利润率和贡献毛益
Profit Margin and Contribution Margin去除产品所有成本后剩余的价格
Excess of Price over Unit Full Cost固定销售费用和管理费用
Fixed Marketing and Administrative Costs变动销售费用和管理费用
Variable Marketing and Administrative Costs固定生产成本
Fixed Manufacturing Costs变动生产成本
Variable Manufacturing Costs销售价格
Sales Price
8.00贡献毛益
Contribution Margin
3.50每件产品的变动成本
Variable Cost per unit
4.50利润率
Profit Margin
1.65变动成本法的存货价值
Inventory Value using
Variable Costing Method
4.00每件产品的全部成本
Full Cost per unit
6.35
66. 损益平衡点 x =
Breakeven Point最低订量 Lowest Order Volume(生产量 Capacity)
最低售价 Lowest Price
制造或购买 Make or Buy
特殊订单 Special Order
部门精减 Division Drop
产品构成 Products Mix P-VF=CMF或损益平衡销售额 :x *P = (
Breakeven RevenueP-VF )* P S = (P-V)/PF决策应用 Decision Making