原创TheAnalystSpace12-12 01:38
作者:原CFASpace

摘要: 作者:上海商学院高翔副教授,CFA,FRM,CAIA;美国西弗吉尼亚大学周昆教授,CFA,金融博士、博士生导师;\x0a微课堂:www.theanalystspace.com

作者:上海商学院高翔副教授,CFA,FRM,CAIA;美国西弗吉尼亚大学周昆教授,CFA,金融博士、博士生导师;

微课堂:www.theanalystspace.com


写在前面

特许金融分析师(Chartered Financial Analyst, CFA)这一项目的价值不在于证书本身,而在于其所涵盖金融知识的全面性与前沿性,在于其对参与者主动开展终身学习之意愿的提升。但市面上有关此类知识的学习资料却是良莠不齐的,即使是最权威的协会教材,我们也需要翻越全英文和过于冗长这两座大山。

所以很多朋友诉诸于国外培训机构的notes或者国内培训机构的中文笔记来学习。这么做的优势显而易见,即可以在短时间内了解到考试的内容和技巧。但从长久来看,它们是无法作为一本工具书来随查随用的。况且,最关键的一点:CFA考试的出题人是根据协会教材的精神来出题的,而不是根据notes或者笔记来出题的。如果有时间的话,阅读教材是最佳的选择。

为此,我和周老师花费数年时间,结合我们多年的教育经验,根据最新的协会教材撰写了中英文对照+微课的协会教材精读本。我们会在未来的每一年持续地对本书翻新下去。我们这么做是希望帮助每一个想系统学习金融知识的朋友开启一扇大门。

当然,除了获取最优秀的学习资料之外,学习计划可能是大家完成学习任务时更为重要的一环。以CFA一级学习任务为例,我们建议新手使用如下的步骤来阅读CFA知识库中的十个topic,并按照每个科目所占的比重来划分总学习时间(假设总时长为4个月,每天有效的学习时间为2-3个小时,那么所花时间大致等于协会推荐的250个小时):

  1. Financial Statement Analysis 财务报表分析 (比重20%,耗时4周或60小时)

  2. Economics 经济学 (比重10%,耗时3周或35小时)

  3. Ethics 金融行业中的道德准则 (比重15%,耗时1周或15小时)

  4. Quantitative Methods 数量方法 (比重12%,耗时2周或30小时)

  5. Equity 股权投资 (比重10%,耗时1周或15小时)

  6. Corporate Finance 公司金融 (比重7%,耗时1周或15小时)

  7. Portfolio Management 投资组合管理 (比重7%,耗时1周或15小时)

  8. Fixed Income Investment 固定收益投资 (比重10%,耗时2周或30小时)

  9. Derivatives 衍生品 (比重5%,耗时半周或8小时)

  10. Alternative Investments 另类投资 (比重4%,耗时半周或7小时)


基于此计划,我们先在这个专栏中开始连载财务报表分析的内容。这块内容也是最让大家头疼的部分。在这个专栏里,我们将以知识点(Learning Outcomes, LOS)的形式来组织内容,并没有把整本书全部搬上来(原书将在明年出版问世),每周末更新一到两个知识点,希望大家喜欢。开始之前,要牢牢记住:我们不是专业的会计,我们是要用金融分析师的视角来判断由会计编制的财务报表中是否隐藏着重要的信息。


Introduction to Chapter 1

Financial statement analysis examines a companys performance based on information presented in its financial reports (audited financial statements, additional disclosures required by regulators, and unaudited managements commentary), compares this performance with conditions of the industry and the economy, and draws conclusion on whether this companys securities are investable given their prices. Investors of debt securities care about the target companys ability to cover interest and principal repayments, while investors of equity securities care about the target companys ability to pay dividends and raise stock prices. Nevertheless, the ultimate goal is to evaluate the company in terms of its growth prospect in operations, the adequacy of its cash flows to meet obligations, and its ability to catch investment opportunities This chapter thus introduces the foundation of conducting basic financial statement analysis, based on which analysts can continue to perform more advanced research projects.

第一章内容概述

财务报表分析指的是如下的流程,即首先根据一家公司在其财务报告(经审计的各类财务报表、监管方要求披露的其他信息以及未经审计的管理层对经营状况的评论)中所展现出的数据来考察该公司的业绩,然后将考察得出的结果与行业层面和宏观经济的情况进行比较,最后判断该公司所发行的有价证券是否在给定的价格水平上具有投资价值。债权类证券的投资人关心的是借款公司是否有能力偿还债务的利息和本金,而股权类证券的投资人关心的则是被持股公司是否有能力分派股息并提升本公司股票的价格。无论进行财务报表分析的是哪种类型的投资者,最终的目标都是要评估研究对象公司在其主营业务上的增长前景如何、其用于清偿债务的现金流是否充足以及该公司是否能够抓住潜在的投资机会。因此,本章主要介绍了实施基本财务报表分析所应当具备的基础知识。只有对这些基础概念和分析框架有了充分的理解,分析师们才可以进一步开展更加深入的研究项目。


LOS a

Describe the roles of financial reporting and financial statement analysis

知识点 a

分别描述财务报告和财务报表分析的作用


知识点 a 详述

The role of financial reporting is to provide information about a companys financial position, performance, and changes in financial position (these three aspects respectively relate to balance sheet, income statement, and cash flow statement that will be explained later) to the companys existing and potential shareholders and bondholders as well as analysts and other financial report users.

Based on past and current financial reports, analysts form expectations about the companys growth prospect, and explore factors that affect risks to the companys future financial position and performance. This process is called financial statement analysis.

Thus, the role of financial statement analysis in general is to use financial reports and other sources of information to reveal a companys past, current, and future financial position and performance for the purpose of making economic decisions.

一家公司编制财务报告的作用就是要为该公司现有的和潜在的股权持有人与债权投资者、对该公司展开调查的分析员以及其他与该公司有利益关系的财务报表用户提供信息,这些信息包括该公司的财务状况、经营业绩以及财务状况的变动(这三方面的信息分别对应的是资产负债表、收益表和现金流量表,下文将对这三张表进行详细阐述)。

基于一家公司在其报告中所呈现出来的过往和当前财务数据,分析员们可以对该公司的增长前景做出预测,并可以找出那些会影响到该公司未来财务状况和业绩中蕴含风险的各类因素。这一过程就被称作财务报表分析。

因此,财务报表分析的作用一般来说就是利用财务报表中所呈现的数据和从其他信息来源所采集到的数据,来揭示一家公司过往、当前和未来的财务状况与业绩表现,并以此达到支持财务报表使用者制定出各种经济决策的目的。

For example, a companys reported financials may be used by its existing lenders to examine whether it is in compliance with debt covenants or it has enough forecasted future net income and cash flow to cover debt-related repayments, by its potential investors to evaluate its performance for the purpose of equity and credit investments, by rating agencies to assign a creditworthiness rating to this company or its bonds issued, by analysts to make investment recommendations, by its strategic buyers contemplating a merge or acquisition, by its parent company to evaluate it as a subsidiary or operating division, by venture capitalist or other private equity funds interested in buying or selling this company. In addition, managers within the reporting company may use all internal data available to perform financial analysis to make operating, investing, and financing decisions.

一家公司所汇报的财务数据可用于辅助经济决策的例子包括:该公司现在的贷方可以利用此数据来审查其是否遵守着债务契约中的规定或者其是否在未来有充足的预期净收入和现金流来偿付与债务相关的支出;该公司潜在的投资者出于股权和债权投资的目的可以利用此数据来评估其经营业绩;评级机构可以利用此数据来给该公司本身或者该公司发行的各类债券分配恰当的信誉评级;正在谋求并购或收购该公司的战略买家可以利用此数据来评估交易价格;该公司的母公司可以利用此数据来评估其作为一家子公司或业务部门的表现;风险投资方或其他私人股权融资基金可以利用此数据来判断买卖该公司的可行性。除此之外,该公司的管理层也可能会对所有可得数据(包括仅限内部使用的数据)进行财务分析来做出与运营、投资以及融资有关的决策。


LOS b

Describe the roles of the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows in evaluating a companys performance and financial position

知识点 b

分别描述财务状况表、综合收入表、股东权益变动表以及现金流量表这四大类财务报表在评估一家公司的业绩和财务状况时的作用


知识点 b-Part A 详述

A complete set of financial statements include a statement of financial position (a.k.a. the balance sheet), a statement of comprehensive income (either a set of two statements, income statement and a statement of other comprehensive income, or a single statement of comprehensive income combining these two statements), a statement of changes in equity, and a statement of cash flows. These statements are prepared according to accounting recordkeeping process specified by applicable accounting principles, at regular intervals, annually, semiannually, or quarterly depending on regulatory requirements. Moreover, these statements are almost always audited by independent accountants as whether these statements present fair and compliant information.

一套完整的财务报表应该包括一张能够反映出公司财务状况的报表(也就是我们常说的资产负债表)、一张能够反映出公司综合收益的报表(可以是由两张报表组合而成的,即收益表和其他综合收益表,也可以是一张单独的综合收益表)、一张能够反映股东权益变化的报表以及一张能够反映出现金流动情况的报表。这些报表是定期(例如,每年,每半年或者每季度)是依照会计记账的流程来编制的,具体的汇报频次和记账规则分别依照的是汇报公司所处管辖地的监管要求和汇报公司所适用会计准则的规定。此外,这些报表在一般情况下都需要经过第三方会计师的审计,审计结果将表明这些报表是否对相关的财务信息做出了公正、合理和合规的表述。


The balance sheet presents a companys financial position or condition (of assets in control and obligations to lenders and other creditors) at a given point in time. The excess of asses over liabilities is referred to as the shareholders equity (shareholders are the owner of the company and they can claim for the residual interests after all liabilities are repaid). In a partnership company, shareholders equity is replaced with the term partners capital.

The relationship among three parts of the balance sheet (i.e., assets, liabilities, and shareholders equity) can be expresses as: Assets = Liabilities + Shareholders equity, or equivalently, Assets - Liabilities = Shareholders equity. The following two tables present respectively the 20X7 balance sheet of company C prepared in accordance with IFRS and the 20X7 balance sheet of company D under US GAAP.

资产负债表主要列示的是一家公司在某个给定时间节点上的财务状况或形势(其所控制的资产以及其对贷方和其他债权人所欠的债务的情况)。资产超过负债的部分就被称为股东权益(股东是公司的所有者且股东可以在所有负债清偿之后获取公司所有的剩余价值)。对于合伙制企业来说,股东权益这一说辞就应当被替换成合伙人资本。

资产负债表中三个组成部分(即资产、负债和股东权益)的相互关系可由如下公式表达:资产 = 负债 + 股东权益,或者也可以写作,资产 - 负债 = 股东权益。下列两个表格分别展示的是公司C于20X7年末按照国际财务报告准则所编制的资产负债表和公司D于20X7年末按照美国公认会计准则所编制的资产负债表。

公司C的资产负债表(依照 IFRS 国际财务报告准则编制)

公司C的资产负债表(依照 US GAAP 美国公认会计准则编制)

Note that the balance sheets under IFRS and US GAAP differ in whether current and
non-current assets and liabilities are separated, and in the order of account items presented. However, the basic relationship always holds. Later chapters will explain all accounting items shown in above tables and related analysis in more details.

需要注意的是国际财务报告准则下和美国公认会计准则下的资产负债表的区别在于前者严格地把流动资产与负债和非流动资产与负债分成了各自独立的四类。虽格式有所不同,但各科目之间的基本关系依然是成立的。后续各章将详细讨论上表中所示的所有会计科目以及与这些科目相关的分析。

下一次更新我们会讲讲公司的综合收益表(收益表和其他综合收益表这两张表的集合体)到底是长什么样子的。


Practice Questions 练习题


Question 1: Which of the following statements is CORRECT?

A. Liabilities are future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events

B. Stockholders equity includes the residual interest in the net assets of an entity that remain after deducting short-term liabilities

C. Assets are probable future economic benefits to be obtained or controlled by a particular entity as a result of future transactions or events


Question 2: Which of the following would be found on a firms balance sheet?

I. Net income

II. Total assets

III. Accounts payable

IV. Cost of goods sold

A. II only

B. II and III only

C. I, II, and III only



周教授CFA一级系列讲座: Financial Statement Analysis




The Analyst Space - CFA金融教育与学习平台 | 原CFASpace

聚集留美CFA精英,向学习者提供优质CFA课程,海量CFA学习资料,个性化CFA学习体验,培育中国高端专业金融人才。

www.theanalystspace.com

关注TheAnalystSpace(原CFASpace)微信公众号




扫一扫二维码图案加微信咨询

微信咨询(非公众号):CFAspace-APF 或 13011832532