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FINANCIALMANAGEMENTSKILL財務管理技能 2015年09月12日 AaronWang 議題 AGENDA 導言及基本概念I(lǐng)ntroductionandBasicConcepts資產(chǎn)負債表 BalanceSheet損益表 Profit Loss現(xiàn)金流量表 CashFlowStatement基本財務比率及報表評價 BasicFinancialRatiosandFinancialStatementEvaluation投資評價初步BasicInvestmentAppraisal結(jié)束部分 Conclusion IntroductionandBasicConcepts 導言及基本概念I(lǐng)ntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopics Thistrainingwillallowyoutounderstand FinanceFunctionConceptofFinancialKPIs Revenue DM DL VOH FOH SG A OI OCF EBITDA DOH DSO DPO Incremental etc BS P LandCashFlowStatementsConceptsofFinancialStatementEvaluationandInvestmentAppraisal IntroductionandBasicConcepts MinimizeWorkingCapitalMaintainStrongCashFlow PayDebtsAsTheyAreDueIncreaseLiquidity MaintainStrongFinancialPosition IncreasedReturnOnInvestmentReducedCosts IncreasedSalesIncreasedGrowthRate GenerateIncomeAndProfit CurrentProfitIncreaseCurrentProfitIncreaseIncreaseOfReturnOnInvestmentIncreaseLiquidityMinimizingCapitalExpendituresMeetingTheDay to dayBusinessNeeds VersusVersusVersusVersusWhileWhile CurrentSalesIncreaseSalesGrowthSalesGrowthCurrentProfitIncreaseGrowingTheBusinessReducingCosts Ifwecannotmeasure wecannotimprove IntroductionandBasicConcepts GoaloftheFirm IntroductionandBasicConcepts 導言及基本概念I(lǐng)ntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopics AVPofFinanceAsiaPacific Regionalcapabilitieswithlocaltalentleadingtoorganizationalcapacityandsignificantsavings IntroductionandBasicConcepts AsiaPacificCorporateFinanceOrganization SZFinOfficialH C 12FLDP 1Fincontroller 1Manager 2Financialanalyst 1Accountant 5CashierandT E 1Statistician 1 IntroductionandBasicConcepts PlantFinanceStructure IntroductionandBasicConcepts 導言及基本概念I(lǐng)ntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopics IntroductionandBasicConcepts AccountingBooking AP AR GL FA TaxationStatutoryReportingGroupReportingControllingCostingReporting FP A InternalControl SOXandCSA PolicyandProcessOptimization Controlleristheonewhoclosethedoor IntroductionandBasicConcepts BusinessPartnershipVisionStrategyBudgetForecast OthersTreasuryM ARiskManagementInsuranceAuditingComplianceHedging IntroductionandBasicConcepts 導言及基本概念I(lǐng)ntroductionandBasicConceptsIntroductionFinanceOrganizationFinanceActivityOthertopics E g FixedAssets1 Transaction2 F SMonthlyclosingchecklist IntroductionandBasicConcepts FinancialStatementProcess Debitsexpensesassets Creditsrevenueliabilitiesowner sequity StrategicPlan annualprocessFebtoJun 5yearprojectionsforSales CapitalSpendingand3yearprojectionforOperatingProfitProfitPlan annualprocessSepttoDec Byledger completeP LandB Sforecastbymonth IncludesCostofQuality CostSavingsandEconomicsprojectionsRollingForecast doneeachmonth Byledger completeP LandB SforecastbymonthIncludesCostofQuality CostSavingsandEconomicsprojectionsFinalResultsByledger completevariancereportingtoforecast closein3workdays Resultsarereportedbylocation byregion bybusiness bysectorandthentotalcompany IntroductionandBasicConcepts Planning ReportingOverview OperatingResults IncomeStatement OperatingResults IncomeStatement IsolatingFXvs Performance Results 議題 AGENDA 導言及基本概念I(lǐng)ntroductionandBasicConcepts資產(chǎn)負債表 BalanceSheet損益表 Profit Loss現(xiàn)金流量表 CashFlowStatement基本財務比率及報表評價 BasicFinancialRatiosandFinancialStatementEvaluation投資評價初步BasicInvestmentAppraisal結(jié)束部分 Conclusion 資產(chǎn)負債表Balancesheet 負債 資產(chǎn) 負債 所有者權(quán)益 所有者權(quán)益 資產(chǎn) 舉例 資產(chǎn)負債表 創(chuàng)立一個公司 Example BalanceSheet Creationofacompany 貨幣資金 100 所有者權(quán)益 100 資金來源何處 Wheredoescashcomefrom 資金去向何處 Wheredoescashgo 為我們創(chuàng)立的公司注入資金100 Wecreateacompanybyinjectingcash100 Cash 100 Equity 100 資產(chǎn)負債表 公司開辦 Balancesheet Thecompanystarts 貨幣資金 40 所有者權(quán)益 100 房屋 60 購買房屋花去資金60 Wepurchaseabuildingpaidwithcashfor60 Building 60 Cash 40 Equity 100 資產(chǎn)負債表 持續(xù)經(jīng)營Balancesheet Anditgoeson 貨幣資金 40 所有者權(quán)益 100 房屋 60設(shè)備 20 借款融資20來購買設(shè)備 Wepurchaseequipmentsfinancedbycreditfor20 融資借款 20 Building 60Equipments 20 Cash 40 Equity 100 Financialdebts 20 資產(chǎn)負債表 公司成長 Balancesheet Andthecompanygrows 資金占用USE 200 資金來源RESOURCES 200 貨幣資金 40 所有者權(quán)益 100 房屋 60設(shè)備 20投資 80 融資貸款80收購某個競爭者Weacquireacompetitorfinancedbyaloanfor80 融資借款 Financialdebts 80 20 Building 60Equipments 20Investment 80 Cash 40 Equity 100 資產(chǎn)負債表 負債Balancesheet Indebtness 資金占用USE 200 資金來源RESOURCES 200 貨幣資金 40 所有者權(quán)益 100 固定資產(chǎn)160 融資借款 100 負債總額 所有者權(quán)益TotalFinancialDebts Equity FixedAssets160 Cash 40 Equity 100 Financialdebts 100 資產(chǎn)負債表 經(jīng)濟活動的發(fā)展Balancesheet Developmentoftheactivity 貨幣資金Cash 40 所有者權(quán)益Equity 100 固定資產(chǎn)Fixedassets160 融資借款Financialdebts 100 用去40向供應商購買零件Wepurchasecomponentsfor40fromsuppliers 存貨RM 40 供應商Suppliers 40 資產(chǎn)負債表 經(jīng)濟活動的發(fā)展Balancesheet Developmentoftheactivity 資金Cash 10 30 所有者權(quán)益Equity 100 固定資產(chǎn)Fixedassets160 融資借款Financialdebts 100 履行合同 Weexecutethecontracts FG WIP 50 50 供應商Suppliers 40 存貨RM 20 20 為執(zhí)行生產(chǎn)合同 公司需用去價值20的零件 勞務及其他支出需花費30 勞務費以現(xiàn)金償付 因此現(xiàn)金減少30 Toexecutethecontracts thecompanyneedscomponentsfor20andlabourandotherchargesfor30 Thelabourispaidwithcash Thecashisthusdeterioratedby30 資產(chǎn)負債表 經(jīng)濟活動的發(fā)展Balancesheet Developmentoftheactivity 資金占用USE 260 資金來源RESOURCES 260 資金Cash 10 所有者權(quán)益Equity 100 固定資產(chǎn)Fixedassets160 融資借款Financialdebts 100 然后我們開發(fā)票給客戶并購進新的零部件50成本的產(chǎn)品賣了70元 應收帳款Receivable 70 70 供應商Suppliers 40 存貨RM 20 公司已向客戶開出金額為70的發(fā)票 他們將在90天內(nèi)付款 相應的在產(chǎn)品已經(jīng)減少了50 因此凈收益為20 凈收益NetInc 20 20 WIP FG 0 50 資產(chǎn)負債表 經(jīng)濟活動的發(fā)展Balancesheet Developmentoftheactivity 資金占用USE 300 資金來源RESOURCES 300 資金Cash 10 所有者權(quán)益Equity 100 固定資產(chǎn)Fixedassets160 融資借款Financialdebts 100 然后我們購進新的零部件40元 應收帳款Receivable 70 70 供應商Suppliers 80 40 存貨Inventory 60 40 凈收益NetInc 20 20 資金Cash 10 所有者權(quán)益Equity 100 固定資產(chǎn)Fixedassets160 融資借款Financialdebts 100 麻煩開始了 某些供應商想立刻收到40的付款 我們可以怎么做呢 Troublesbegin Somesupplierswanttobepaidfor40immediately Whatcanwedo 應收帳款Receivable 70 供應商Suppliers 80 存貨Inventory 60 凈收益Netincome 20 資產(chǎn)負債表 經(jīng)濟活動的發(fā)展Balancesheet Developmentoftheactivity 可以給我們你的建議嗎 GIVEUSYOURSUGGESTIONS 資產(chǎn)負債表 財務解決方案Balancesheet Whatarethefinancialsolutions 變賣固定資產(chǎn)Tosellfixedassets 增加資本Toincreasecapital 取得新貸款Toobtainanewloan 資金Cash 10 所有者權(quán)益Equity 100 固定資產(chǎn)Fixedassets160 融資借款Financialdebts 100 應收帳款Receivable 70 供應商Suppliers 80 存貨Inventory 60 凈收益Netincome 20 資產(chǎn)負債表 操作方案如何 BalanceSheet Whataretheoperationalsolutions 資金Cash 10 所有者權(quán)益Equity 100 固定資產(chǎn)Fixedassets160 融資借款Financialdebts 100 應收帳款Receivable 70 供應商Suppliers 80 存貨Inventory 60 凈收益Netincome 20 限制存貨 Tolimitinventory 與客戶協(xié)商提前收回貨款Tonegociateadvancedpaymentswithcustomers 與供應商協(xié)商新的付款計劃Tonegociateanewpaymentplanwithsuppliers BalanceSheet InventoryDOHGrossInventoryvs ForecastAmountReceivablesDSOPastDuebyBucket Current 1 30 30 60 etc CollectionEfficiencyGrossReceivablesvs ForecastAmountPayablesDPOGrossPayablesvs ForecastAmountCapitalSpendingActualSpendingvs Forecast Variancesanalysisandcommentaryrequiredateachmonth endandrollingforecast Warning Don tfallinlovewithDSO wecantrytomanipulateDSOtomakeithigherorlowerbyincreasingordecreasingtheamountindifferentbrackets DOH DaysonHandInventory DOH isacalculationtodeterminetheamountoftimethatisrequiredtoconvertinventoryintosales WhatcanyoudotoimproveDOH ReducemachinedowntimeReducescrapReduceset uptimeImproveschedulingImproveplantlayoutImprovethroughputtime DSO DaysSalesOutstanding DSO isameasurementofhowmuchtimeittakestoconvertsalesdollarstocash DependingonthepaymenttermsforourcustomersDSOmayvarysignificantlyfromcustomertocustomerandmonthtomonth WhatcanyoutoimproveDSO ImproveOrderEntryprocessReducebillingerrorsReducequantityrelatederrorsEnsuresalesorderiscorrectPromptFollow upwithcustomers WhyareDOH DSOImportant Botharelargecomponentsofcashflow Inordertocreateanincreaseorpositivecashflowyoumustreduceboth Byturningoverinventoryandreceivablesfasterwereceiveoursalesdollarsfaster andthereforeborrowlessmoneyandpaylessinterest OnedollarinvestedinInventoryorReceivablesisthesameasonedollarinvestedinequipmentandassuchShareholdersdemandthesamereturnonitastheydotheequipment DPO Dayspayableoutstanding DPO issimilartoAccountsReceivable DSO MeasureofeffectivenessofaccountspayableandothercurrentliabilitiesCanbeusedtopartiallybalancecashrequirementstofundaccountsreceivableCashFlowImpactHigher SourceofcashLower UseofcashWhatcanyoudotoimproveDPO Extendthelengthofpaymenttermstothevendor Weneedtobeasaggressivewithourvendorsasourcustomersarewithus Operation DO S 在產(chǎn)品與庫存商品 WIP INVENTORIES項目計劃沒有考慮到付款標識段Projectplanningdoesnottakeintoconsiderationpaymentmilestones沒有與項目有關(guān)的現(xiàn)金曲線圖 Nocashcurveonprojects不能優(yōu)化生產(chǎn)循環(huán)或項目循環(huán) Non optimizationoftheproductionorprojectcycle依據(jù)產(chǎn)品結(jié)構(gòu)進行生產(chǎn)管理及項目管理 而非依據(jù)產(chǎn)品需求的驅(qū)動Production projectmanagedaccordingtoacomponentproductionlogicasopposedtoademand drivenlogic制造或者購買 購買配件而不是功能Makeorbuy purchaseofcomponentsinsteadoffunctions生產(chǎn)改造沒有考慮到現(xiàn)有的存貨 在產(chǎn)品 及已有的訂單Productionmodificationwithouttakingintoaccountexistinginventories in processgoods andpurchaseordersalreadyissued Operation DON TS 應付項目 PAYABLES采購 物流 存貨管理間缺乏協(xié)調(diào) Lackofco ordinationbetweenpurchasing logistics inventoriesmanagement供應商單方面采取提前交貨的方式促使我們提早付款 Earlypaymenttriggeredbyadvancedeliveryatsoleinitiativeofsupplier提早付款是由收到發(fā)票引起的 而不是按照約定的購貨條件交貨引起的 Earlypaymenttriggeredbyreceiptofinvoiceandnotbydeliveryasstipulatedinpurchaseconditions供應商延期交貨 并且未按程序事先提醒負責談判的采購員 Deliverylatewithoutsystematicallyalertingbuyerinchargeofnegotiation公認的購貨條件沒有得到應用 Non applicationofgeneralpurchasingconditions采購部門僅僅以價格為判斷依據(jù) 而沒有考慮到付款條件和條款 Purchasingdepartmentjudgedsolelyonpricesobtained withouttakingintoaccounttermsandconditionsofpayment Operation DON TS 議題 AGENDA 導言及基本概念I(lǐng)ntroductionandBasicConcepts資產(chǎn)負債表 BalanceSheet損益表 Profit Loss現(xiàn)金流量表 CashFlowStatement基本財務比率及報表評價 BasicFinancialRatiosandFinancialStatementevaluation投資評價初步BasicInvestmentAppraisal結(jié)束部分 Conclusion Introduction STDcoststructure StandardShinkageRate FGStandardCost Introduction STDcostrate Workcentercostratemeanshowmuchcostsneededwhenoccupytheworkcenterforonehour CNY hour StandardcostrateshouldincludingtheimpactofOEE OverallEquipmentEffectiveness CoverisionCost StandardCostRate CNY Hour CycleTimer RoutineHour EstimatedTotalExpenditure CNY Est totalworkinghrs withOEE Introduction STDcostcomponents Introduction STDcostcomponents 幾個成本名詞 FixedOHD固定制造費用VariableOHD變動制造費用ReplacementCost重置成本OpportunityCost機會成本SunkCost沉沒成本 損益表 主要原理 Profit Loss MainPrinciples 銷售收入SALES 邊際貢獻StandardContributionMargin 標準銷售毛利StandardGrossMargin SGM 銷售毛利GrossMargin 變動成本 固定成本 OperatingIncome SG A管理費用 損益表 主要原理 Profit Loss MainPrinciples 營業(yè)利潤OPERATINGINCOME 凈收益NETINCOME 財務收入及費用Finanialinc exp 所得稅及遞延稅金Incomes Deferredtax 營業(yè)外項目Expectional 損益表 主要原理 Profit Loss MainPrinciples 銷售毛利GrossMargin 固定制造費用及差異FOHD Var 注意 關(guān)鍵業(yè)績指標KPIGrossMargin GM 損益表 主要原理 Profit Loss MainPrinciples 營業(yè)收益 OI 固定制造費用及差異FOHD Var 管理費用SGA 管理費用包含以下內(nèi)容SGA IncludingbelowcontentAdministrationSalesandDistributionR D Technical 損益表 主要原理 Profit Loss MainPrinciples 營業(yè)利潤 OperatingIncome工廠的主要業(yè)績指標之一OneofthemajorKPIatplantlevel 注意 關(guān)鍵業(yè)績指標KPI OI 營業(yè)收益 OI 固定制造費用及差異FOHD Var 管理費用SGA 損益表 主要原理 Profit Loss MainPrinciples 息稅前利潤 EBITDA OperatingIncome DepreciationEarningBeforeInterest TaxandDepreciation工廠的主要業(yè)績指標之一OneofthemajorKPIatplantlevel 注意 關(guān)鍵業(yè)績指標KPIEBITDA EBITDA 營業(yè)收益 OI 固定制造費用及差異FOHD Var 管理費用SGA 損益表 主要原理 Profit Loss MainPrinciples 財務收入及財務費用包括與以下情況相關(guān)的所有成本及收入 Financialincomesandexpensesincludeallcostsandrevenueslinkedto 財務利息費用及收入 financialinterestsandrevenues匯兌損益 exchangedifferences收到的股息 dividendsreceived等等 etc注意 財務費用應該被包括在投標中Warning financialcostsshouldbeincludedintenders 所得稅及遞延稅款包括所有的稅負 當期和遞延IncomeandDeferredtaxesincludealltaxes currentanddeferred 營業(yè)外項目不是經(jīng)常發(fā)生的 除了非常事件并在得到管理部門批準認可之后的項目外Exceptionalitemsisnottobeused exceptforextraordinaryeventsandafteragreementoftheDivision 損益表 主要原理 Profit Loss MainPrinciples 凈收益在損益表中的最后一行反映NetincomeisthefinallineoftheProfit Loss其金額為資產(chǎn)負債表的所有者權(quán)益部分ThisamountisreportedintheEquityintheBalancesheet 凈收益Netincome 財務收入及財務費用FinancialIncomes Expenses 所得稅及遞延稅金Incomes Deferredtax 營業(yè)外項目ExceptionalItems 損益表 主要原理 Profit Loss MainPrinciples Incremental Incrementalisacalculationthatdeterminesthebreakevensalespointforagivenplant aswellasthecorrespondingfixedandvariablecostcomponentsatthatlevel Fromtherewecandeterminetheamountofvariableandfixedcostsasapercentageofthetotalcostsatthatlevel Anincrementalrateisthendeterminedwhichcanbeusedasagaugeofhowwellaplantcontrolstheirfixedcostsatdifferentsaleslevels 增量 邊際 IncrementalRate 盈虧平衡點之上每增加一個銷售額 營業(yè)利潤所增加的數(shù)量 也即盈虧平衡點固定成本占總成本的比例 Incremental Setsanexpectationforoperatingprofitcomparedtoprofitplan prioryear priorforecast etc basedonchangesinthesalesplan forecast Plantisthenheldaccountabletodeliveringthisexpectation Ittakesoutsuchbusinessandeconomicfactorsassellingpricechangesandforeignexchangetranslationwhicharenotcontrollablebythemanagementoftheoperation Whyuseincremental IncrementalCalculation VolumeChangexIncrementalRate additionalcontributiontooperatingprofitthatisexpected Addorsubtractsellingpricechangesandexchangetranslationtodeterminethetotalexpectedoperatingprofitfortheperiod Comparetheexpectedprofittotheactualprofittodetermineiftheoperationisoverorunderincremental Incremental Example PlantXdeterminesthattheirbreakevensaleslevelis 50Minsalesdollarsperyear Atthatsaleslevelfixedcostsare40 andvariableare60 ofthetotalcostfortheplant Fromthisinformationweshouldthenexpectthatforeveryadditionalsalesdollaroverthebreakevenpoint theplantshouldhave 40inadditionaloperatingprofit Why Becauseifthefixedcostsarecoveredandvariablecostsare60 thentheremainderor40 shouldbeshowninadditionalprofit Incremental Example BasedonthepreviousinformationweknowthatPlantX sIncrementalrateis40 PlantXhadsellingpricechangedecreasesfortheperiodof 50Kandexchangetranslationeffectwas 30Kfavorablecomparedtoforecast PlantXhadincreasedvolumefortheperiodforatotalof 500Kfromtheforecast ActualOperatingProfitfortheperiodwasupby 100Kfromtheforecast HowmuchisPlantXover underincremental Incremental Example VolumeChangexIncrementalRate 500KX40 200KfavorableSubtractSellingPriceChanges 200K 50K 150KAddTranslationChanges 150K 30K 180K ExpectedProfit ActualProfitChange ExpectedProfitChange 100K 180K 80KUnderincremental Practice CalculatingIncrementalPerformance SalesChange favorable 1 615ktoplanFXTranslationfavorable 345kSellingpricechangesunfavorable 100kProfitChange favorable 380ktoplanFXTranslationimpactonprofitfavorable 55kIncrementalrateforthisbusinessis35 Pleasecalculatehowthebusinessdidcomparedtoitsexpectedincrementalperformance Practice Answer VolumeChange 1615 345 100 1370IncrementalRate x0 35IncrementalExpectation 479 5ProfitResults 380FXTranslation 55ActualPerformanceResult 325UnderIncremental 325 479 5 154 5 議題 AGENDA 導言及基本概念I(lǐng)ntroductionandBasicConcepts資產(chǎn)負債表 BalanceSheet損益表 Profit Loss現(xiàn)金流量表 CashFlowStatement基本財務比率及報表評價 BasicFinancialRatiosandFinancialStatementEvaluation投資評價初步BasicInvestmentAppraisal結(jié)束部分 Conclusion 經(jīng)營現(xiàn)金凈流量 經(jīng)營現(xiàn)金凈流量是指企業(yè)經(jīng)營活動所產(chǎn)生的現(xiàn)金及現(xiàn)金等價物流入量與流出量的差額OPERATINGCASHFLOWistheoperationalportionofNETCASHFLOW 現(xiàn)金凈流量NETCASHFLOW 經(jīng)營現(xiàn)金凈流量OPERATINGCASHFLOW 增資 減資Financing投資結(jié)果 Investing 管理層的職責ResponsibilityofManagement 注意 關(guān)鍵業(yè)績指標KPI 經(jīng)營性現(xiàn)金流量 Practice PreparethecashflowfromoperationssectionofBeson sstatementofcashflowsunderthedirectmethod perU S GAAP fortheyearendedDecember31 Year2 ThefollowinginformationpertainstothefinancialstatementsofBesonCorporationfortheyearendedDecember31 Year2andDecember31 Year1 經(jīng)營性現(xiàn)金流量 Practice AdditionalInformation Besonreceivedinterestonitsbondinvestmentsof 1 700anddividendsfromitsequityinvestmentsof 1 600 Besonissuedadditionalsharesofstock generating 50 400inproceeds Dividendsof 10 600werepaidonthecompany soutstandingstock OnDecember30 thecompanyissuedanewbondatparvaluefor 30 000 Allinterestexpenserecordedontheincomestatementwaspaidwithcash BesonpaidincometaxesinYear2equivalenttoitsoutstandingliabilityattheendofYear1 SG AExpensesarecomprisedof 460 400ofsalariesandwageexpenseand 45 600inadministrativeexpenses Thecompany attheendoftheyear purchasedWrightStockfor 10 200andclassifiedtheinvestmentasatradingsecurity reportedasacurrentasset Twomonthsofprepaidrent 24 500permonth forafactorywerepaidattheendofDecember withoccupancyscheduledtobeginonJanuary1 經(jīng)營性現(xiàn)金流量 Answer Cashreceivedfromcustomers 1 950 000 48 700 44 000 28 200 22 000 1 939 100Cashpaidtosuppliers 1 295 000 220 000 198 300 96 900 82 800 1 302 600Cashpaidtoemployees 460 400 12 500 11 300 459 200Otheroperatingcashpaid 45 600 49 000 94 600 BesonCorp StatementofCashFlows DirectMethodFortheYearEndedDecember31 Year2 議題 AGENDA 導言及基本概念I(lǐng)ntroductionandBasicConcepts資產(chǎn)負債表 BalanceSheet損益表 Profit Loss現(xiàn)金流量表 CashFlowStatement基本財務比率及報表評價 BasicFinancialRatiosandFinancialStatementEvaluation投資評價初步BasicInvestmentAppraisal結(jié)束部分 Conclusion CategoriesofFinancialRatios DefinitionofCommonlyUsedActivityRatios DefinitionofCommonlyUsedLiquidityRatios DefinitionofCommonlyUsedSolvencyRatios DefinitionofCommonlyUsedProfitabilityRatios DefinitionofSelectedValuationRatiosandRelatedQuantities DuPontAnalysisofROE 議題 AGENDA 導言及基本概念I(lǐng)ntroductionandBasicConcepts資產(chǎn)負債表 BalanceSheet損益表 Profit Loss現(xiàn)金流量表 CashFlowStatement資本占用回報率 R O C E 的概念 ROCEconcept基本財務比率及報表評價 BasicFinancialRatiosandFinancialStatementEvaluation投資評價初步BasicInvestmentAppraisal結(jié)束部分 Conclusion InvestmentAppraisal Option1 ContinuingusetheoldforkliftNeedtospendimmediately25KtoreplacethejoystickandbatteryYearlymaintenancecostinthefollowing5years 35K YearScrapvalue 5yearslater 15K Option2 BuyanewForkliftScrapvalueofthecurrentoldforklift 55KrmbPurchasingprice 200KrmbYearlymaintenancecostinthefollowing5years 10K YearScrapvalue 5yearslater 55K InvestmentAppraisal Cashvalue 現(xiàn)金價值Whatisthevalueof100rmbinthefollowing1year 2yearsand nyears Interestrate5 peryear IfIget100RMBinoneyearlater twoyear Threeyear nyearlater whatisthepresentvalueofthe100rmb Interestrate5 peryear InvestmentAppraisal BasicConceptsNPV NetPresentValue DiscountFactorROI ReturnOnInvestment PaybackperiodIRR InternalRateofReturn 年金現(xiàn)值年金終值 InvestmentAppraisal Option1 ContinuingusetheoldforkliftNeedtospendimmediately25KtoreplacethejoystickandbatteryYearlymaintenancecostinthefollowing5years 35K YearScrapvalue 5yearslater 15K InvestmentAppraisal Option1 ContinuingusetheoldforkliftNeedtospendimmediately25KtoreplacethejoystickandbatteryYearlymaintenancecostinthefollowing5years 35K YearScrapvalue 5yearslater 15K InvestmentAppraisal Option2 BuyanewForkliftScrapvalueofthecurrentoldforklift 55KrmbPurchasingprice 200KrmbYearlymaintenancecostinthefollowing5years 10K YearScrapvalue 5yearslater 55K InvestmentAppraisal Option2 BuyanewForkliftScrapvalueofthecurrentoldforklift 55KrmbPurchasingprice 200KrmbYearlymaintenancecostinthefollowing5years 10K YearScrapvalue 5yearslater 55K InvestmentAppraisal NowwhatisyouranswerAndwhatifthenewonecoulduse6years 議題 AGENDA 導言及基本概念I(lǐng)ntroductionandBasicConcepts資產(chǎn)負債表 BalanceSheet損益表 Profit Loss現(xiàn)金流量表 CashFlowStatement資本占用回報率 R O C E 的概念 ROCEconcept基本財務比率及報表評價 BasicFinancialRatiosandFinancialStatementEvaluation投資評價初步BasicInvestmentAppraisal結(jié)束部分 Conclusion DiscussionQuestions1to6 Howcananorganizationloweritsbreak evenpoint YourgeneralmanagertasksyouwithaprojecttoreduceDSOby5days Describethestepsyouwouldtaketostudytheproblemandthenidentifypossibleactionsthatyouwouldrecommendtotheorganization Yourplantjustexperiencedalargephysicalinventoryloss Whatstepswouldyourecommendtheorganizationtaketoaddressthisissueandimproveinventorycontrolandreporting Whatcancauseorleadtoashrink Whatotherfunctionswouldyouinvolveinthisprocessimprovementeffort Ifyouwereaskedtoidentifyopportunitiestoimprovestandardmargins whattypesofthingswouldyouanalyze Howcanacompanygrowitsrevenues Describehowaplantdeterminesthestandardcostforanexistingpartnumber AnswerforQuestion1 Break evenPoint TotalFixedCost SellingPriceperunitofproduction VariableCostsperunitofproduction Lowertotalfixedcost cutinessentialsalariedpositions cutunimportantcapitalspending controlotherfixedcostsliketravel entertainment unnecessarywelfareetc andcloseassemblyplantsthatarenotfullyutilizedLowervariablecost obtaincomponentsatareducedcost improvelaborefficiencyandmaterialusagesavingIncreasesellingprice redesignproductstoprovideuniquefeaturesandtheadditionalrevenueisgreaterthanthevariablecostsrequiredtoaddthosefeaturesImprovingthesalesmixbysellingagreaterproportionoftheproductshavinglargercontributionmargins AnswerforQuestion2 Stepstaketostudytheproblem Focusonmajorcustomersbylookingatsa