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1、Financial Fundamental to Non-Financial Executives财务管理 -非财务经理必备,2001年12月,目标 Objective ： 了解财务管理原理和常用财务决策Understand financial management principles & basic financial decisions 了解财务信息系统的基本构架Understand financial information system frame work 了解财务报表分析基本方法Analysis sample financial reports方法 Method：,课程概
2、要 COURSE SUMMARY,一、企业财务管理概览 Financial Management Framework 1 企业财务本质 Enterprises Financial Essence 2 企业基本目标 Corporate Objectives 3 管理人员财务职能 Managers Financial Responsibility二、企业经营活动中的财务优化管理Financial Management Optimization 1 预算管理Budget Management 2 投资评估Investment Evaluation 3 生产管理 Production Manageme
3、nt三、财务管理工具：现代财务信息系统 Financial Management Tools: Financial Information Systems 1 财务报表 Financial Statements 2 财务报表分析 Financial Statements Analysis四、小结 Summary,第一部分Chapter One企业财务管理概览 Financial Management Framework,企业的财务本质,原材料存货,成品存货,在产品存货,供 应 商,工厂/办公室固定资产,现金,股东,债权人,投资,分红 /回购,贷款,还款/利息,应付,人工及服务,固定资产,材料,
4、市场/客户,应收,现金销售,赊销,市场销售费用,折旧,Accounting Equation会计方程,A= Oi + Li,1. Function of Time 时间函数 T0 :A0 = L0 + OE0 T1 : A1 = L1 + OE1 A0 + A= L0 + L + OE0 + OE OE 0 Tn 2. Maximize owners equity - business objective 游戏规则：股东权益最大化,1. 利润 Profit2. 风险 Risk,The Goals of the Firm企业基本目标: Maximize Value,管理人员财务职能 Manage
5、rs Financial Responsibility,一、合理分配公司资金资源 Allocating capital resources 二、提高公司资金使用效率 Improving capital efficiency三、保护公司资产安全 Protecting of company assets,第二部分Chapter Two企业经营活动中的财务优化管理Financial Management Optimization,Goals Setting 目标设置 Alternatives Choice 方案/路径，评估/选择 Resources Organization组织资源 Pre-live
6、 Simulation 预演/彩排,为什么要预算 Why Budget,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,Capital Expenditure资本性支出 Expenses Control费用控制 Performance Feedback 进展反馈 Per
7、formance Control进展控制调整,预算管理 Budget Management,预计现金流量 Future Cash FlowFi贴现率Cash Discount Rater净现值Net Present Value,投资决策 Investment Decision,nNPV= i=0,Fi,(1+r),i,NPV0 or i 10%15% Payback 回收期2-5年Buy or Lease 租或买?,Fi,投资决策标准 Investment Decision Criteria,时间Time,Make or Buy 制造或购买 Special Order特殊订单 Division
8、 Drop部门精减 Products Mix产品构成,营运决策 Operation Decisions,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Variabl
9、e Manufacturing Costs,销售价格Sales Price8.00,贡献毛益Contribution Margin3.50,每件产品的变动成本Variable Cost per unit4.50,利润率Profit Margin1.65,变动成本法的存货价值Inventory Value using Variable Costing Method4.00,每件产品的全部成本Full Cost per unit 6.35,边际贡献 Contribution Margin = P-V,利润 = 总收入（TR）- 总成本（TC） = 价格 X 售量 - （固定成本 + 单位变动成本
10、X 售量） = PX - （F + VX） = -F + （P-V）X,营运决策依据,边际贡献率 Contribution Margin Ratio =,P-V,P,Profit,PX,VX,利润 Profit,产销量 Volume,100,营运决策依据,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-V,F,=,CM,F,或损益平衡销
11、售额 ：x *P = （Breakeven Revenue,P-V,F,）* P, S =,（P-V）/P,F,决策应用 Decision Making,第三部分Chapter Three现代财务信息系统 Financial Information Systems,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,
12、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 Pres
13、ented,呈现的是汇总数据,Regulations often specify how much information is enough,Summary data are presented,管理会计 Managerial Accounting,管理会计 Managerial Accounting,Internal users of information- usually managers.,Need not comply with generally accepted accounting principles,Uses estimates of the future for dec
14、ision 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 Acco
15、unting 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,Financial Reports Format报表格式,Assets资产,Liability负债,Owners 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 Profit,Do the company and ind
16、ividual belong to owners equity or liability?我们所在单位个人是股东的资产,还是负债?,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Owners 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ACash in Bank,客户存款AClient Deposit,A的利息收入Interest Income,A的利息支出Interest Exp
17、ense,贷款BLoan,B的利息支出Interest Expense,应收BAccount Receivable,B的利息收入Interest Income,所有者权益Owners Equity,负债Liability,收入 Revenue,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D
18、ouble Entry System复式记账系统,A= Oi + Li,Cash 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, accomm
19、odate 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。,Financial Statements财务报表,T0 :Cash0 + CA0 + FA0 = CL0 + LL0 + OE0T1 :Cash0 + Cash + CA0 + CA + FA0 + FA Cash Flow Statement 现金流量表 = CL0 + CL + LL0 + LL + OE0 + OE Incom
20、e Statement 损益表 Tn .,Balance Sheet资产负债表,Revenue - Expenses 收入- 费用,时间,OE,LL,CL,Cash,CA,FA,T0,T1,资产负债表,产品成本,销售费用,管理费用,利润,收入,融资活动,投资活动,营运现金,期初现金余额,期末现金余额,股东权益变量,现金变量,科目,FA1,LL1,CL1,财务架构概述,利息,税,盈利能力分析Profitability Analysis,资产回报率 ROA,Net Income,Average Total Assets,净利润,平均总资产,=,净利润,总收入,=,X,总收入,总资产,利润率,=,X
21、,资产周转率,=,Net Income,Total Revenue,X,Total Revenue,Total Assets,Profit Margin,=,X,Assets Turnover,周转率分析 Turnover Analysis,资产周转率Assets Turnover =,年度总收入Annual Revenue,年度平均总资产 Annual Average Assets,年度应收款销售总额 Sales in A/R,平均应收账款 Average Account Receivable,年度产品成本 Total Product Cost,平均存货额 Average Inventory
22、,应收账款周转率 Account Receivable Turnover =,存货周转率Inventory Turnover =,固定资产周转率Fixed Assets Turnover =,总收入 Total Revenue,平均固定资产 Average Fixed Assets,NOWC营运流动资金,=,应收账款 + 预付账款 + 存货 - 应付账款 - 预收账款,现金 Cash,应收账款Accounts Receivable,存货Inventory,预付账款Payment in Advance,固定资产Fixed Assets,资产Assets,应付账款Accounts Payable,
23、预收账款Unearned Revenue,长期负债Long-Term Liability,股东权益Owners Equity,营运流动资金NOWC,负债和股东权益Liability & Owners Equity,流动资金周转率Working Capital Turnover =,总收入 Revenue,流动资金 Working Capital,Accounts Receivable + Payment in Advance + Inventory - Accounts Payable - Unearned Revenue,股东权益回报率 =ROE,净利润 Net Profit,平均股
24、东权益 Average Owners 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,=,Revenue,Net Profit,X,Revenue,Average Assets,X,Average Owners Equity,Average Assets,Profit Margin,=,X,Assets Turnover,X,Leverage Ratio,ROA模型 /ROA Model,Sales销售,59,Cost of goods sold产品成本,2
25、4,Minus 减,Contribution贡献毛益,35,Common costs销售费用,24,Minus 减,Operating Profit营业利润,11,Interest and taxes利息和税,5,Net 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,41,46,Fixed assets固定资产,25,24,Plus 加,Total assets总资产,66,Equity所有者权益,46,Liabilities负债,20,风险分析 Risk analys
26、is,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 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,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 Owners 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 Owners Equity,Benefit Vs. Cost效益/成本 Demand Vs Supply需求/供给,四、小结 Summary,