技巧 | 手把手教你分析财务报表

• 投资人
  投资人可以从财务报表了解到企业的利润实现情况和利润分配方案，从而了解自己的投资收益如何，可以支配的收益有多少。
• 债权人
  债权人能知道企业年终负债额的大小，能确认企业是否有足够的现金偿还欠款，至少能知道自己在外资金的风险有多高。
• 企业员工
  企业员工能通过报表知道企业这一年的付出，创造的利润有多少，企业未来有多大发展空间，进而确定自己职业规划的方向和步伐等。
• 企业管理者
  企业管理者要了解企业经营和财务情况，要知道企业实际的营业情况、有没有出现不能收回的呆账、经理人的业绩如何等。作为管理者，了解以上信息，就可以作出相应的决策。

• 从income statement开始(记住, 如果revenue或costs有任何变化都要算上tax的影响，一般你会被告知tax rate为40%)。
• 得到net income, 
• 然后开始分析cash flow statement。由于cash flow statement的首行为net income，这样一来就能比较好的衔接。
• 说完cash flow，得到net change in cash，就可以开始分析balance sheet.
• 不要忘记balance sheet的基本等式：Assets = Liabilities + Shareholders’ Equity.

Income statement: Depreciation is an expense so operating income(EBIT)declines by $10. Assuming a tax rate of 40%, net income declines by $6.

Cash flow statement: Net income decreased $6 and depreciation increased $10 so cash flow from operations increased $4.

Balance sheet: Cumulative depreciation increases $10 so Net PP&E decreases $10.

"Because of the depreciation expense, the company had to pay the government $4 less in taxes so it increased its cash position by $4 from what it would have been without the depreciation expense."

• 题目特意提到Dec. 31是为了告诉你，今年并不用考虑折旧；
• 三表都要逐一分析，不过既然问到了两年的情况，那就也应该逐年来说；
• 本题中说的是"cash purchase", 而有的题目会改为" purchase by issuing debt ", 这样一来对三表的影响都会改变，大家需要留意。

第一年

Income statement: A purchase of equipment is considered a capital expenditure which does not impact earnings. Further, since we are assuming no depreciation, there is no impact on net income, thus no impact to the income statement.

Cash flow statement: No change in net income so no change in cash flow from operations. However, we’ve got a $100 increase in CapEx so there is a $100 use of cash in cash flow from investing activities. No change in cash flow from financing(since this is a cash purchase)so the net effect is a use of cash of $100.

Balance sheet: Cash(asset)down $100 and PP&E(asset)up to $100 so no net change to the left side of the balance sheet and no change to the right side.

第二年(假设5年straightline depreciation, 40% tax rate）

Income statement:$20 of depreciation, which results in a $12 reduction in net income.

Cash flow statement: Net income down $12 and depreciation up to $20. No change in cash flow from investing or financing activities. The net effect is cashed up $8.

Balance sheet: Cash(asset)up to $8 and PP&E(asset)down $20 to the left side of balance sheet down $12. Retained earnings(shareholders’ equity)down $12. We are balanced.