专题一 财务分析与业绩评价

第二节　财务比率分析

2013年（B卷）考题分析

问题：

7. Based on the financial information of the machinery business (Table 5-1, Table 5-2, Table 5-3 and Table 5-4) and the description of business arrangements(Table 5-5) provided by H Group in the due diligence data room,

(1) identify the three balance sheet items that had significant (over 20%) fluctuation and calculate the percentage of each fluctuation；

(2) calculate the turnover days of trade receivables and inventory for both 2009 and 2010 with their year-end balances and the corresponding sales and cost amounts;

(3) draft a list of questions to H Group regarding (i) the significant fluctuations in balance sheet items and (ii) the inconsistencies between the financial data (Table 5-2，Table 5-3 and Table 5-4) and the description of typical business arrangements (Table 5-5).

（注:第(2)小题中一年按365天计算，答案四舍五入至整天。准备第(3)小题要求的问题清单时，应先指出有关的重大波动及信息不一致的情况，然后提出问题。）

资料：

资料五

尽职调查资料室中H集团提供了下列有关其机械制造业务的财务数据及业务描述。

Table 5-1 Euro in thousands

欧元千元

从上表可见，H集团的，通用机械的业务板块正处于亏损状态。H集团的管理层认为导致亏损的原因是因为通用机械属于标准型产品，要识别不同品牌中产品的差异较困难，因此通用机械的购买者对价格的敏感度相当高。此外，由于中国机械生产商在人工及其他运营成本中拥有优势，H集团以及其他欧洲公司正面对来自中国机械生产商进行该产业市场的威胁，导致市场的竞争愈来愈激烈。

Table 5-2 Euro in thousands

欧元千元

Table 5-3 Euro in thousands

欧元千元

Table 5-4 Euro in thousands

欧元千元

Table5-5 Description of typical business arrangements

Sales terms - 10% down payment upon the signing of the contract；30% schedule payment during the production ( or service provision)；30% payment upon the completion of product ( or service) delivery ( when sales are recognized)；20% payment within three months from the completion of product or service delivery；10% retention payment to be paid at the end of the retention period.

Retention period - 1 to 3 years ( after product delivery) for General Machinery and Special Machinery businesses. 6 to 12 months ( after component or service delivery) for the Components and Services business.

Sales backlog - Sales backlog is analyzed on a weekly basis by tracking the signing of sales contracts and the contract delivery status. As at the end of 2010, H Group had sales backlog of Euro 58 million.

Purchase terms - Framework contracts are negotiated and signed annually with major

Production arrangement - Production volume plan is prepared on a monthly basis. Raw materials are usually purchased 3 - 6 months ahead of production. General Machinery is made to stock, while the Special Machinery is made to order. Finished products of Machinery normally stay in the warehouse no longer than 1 year；Components normally stay in the warehouse no longer than 2 years, Any inventory older than 2 years is subject to obsolescence review.

答案（1）

(1)Balance sheet items with significant fluctuation:

①Trade receivables. It increased by 50.85%.

②Advance from customers. It decreased by 47.10%.

③Trade payables. It increased by 41.53%.

答案（2）

(2) Calculations:

①Trade receivable turnover days = 365÷ (Sales÷ Trade receivables)

2009 trade receivable turnover days

= 365 ÷ (69 470 ÷ 13 002) = 68 days

2010 trade receivable turnover days

= 365 ÷ (65 380 ÷ 19 614) = 110 days

②Inventory turnover days=365÷ (Cost of sales÷Inventory)

2009 inventory turnover days

= 365÷ (49 324÷25 665) = 190 days

2010 inventory turnover days

= 365 ÷ (47 074÷25 416) = 197 days

答案（3）

(3) Draft list of questions:

①Trade receivables increased by 50.85%.Please explain the reason for the significant increase in trade receivables. Whether there has been any major changes in sales terms or accounting treatment. According to the description of the business arrangements, normally the aging of trade receivables related to General and Special Machinery should be no longer than 3 years, and the aging of trade receivables related to Components and Services should be no longer than-l year. However, the aging analysis show.s that Euro 1 288 thousands of trade receivables related to Special Machinery were over 3 years, and Euro 900 thousands of trade receivables related to Components and Services were over l year. Please explain the reasons for the long overdue, and confirm whether sufficient bad debt provision has been provided.

②Inventory. According to the description of the business arrangements；inventory aging should not be longer than 2 years. However, the aging analysis shows that Euro 3.09 million of inventory were over 2 years. Please explain the reasons for the long aging, and confirm whether proper obsolescence review has been performed.

According to the description of the-business arrangements, raw materials are usually purchased 3-6 months ahead of production. This indicates that usually the aging of raw materials should be within 6 months. However, the inventory aging analysis shows that more than Euro 1 million of raw materials were over 6 months. Please explain the reasons for the long aging, and confirm whether proper obsolescence review has been performed.

③Advance from customers decreased by 47.10%.Please explain the reason for the significant decrease in advance from customers. Whether there has been any major changes in sales terms or accounting treatment. According to the description of the business arrangements, 10% down payments are made upon the signing of the contract, and as at the end of 2010, H Group had sales backlog of Euro 58 million. So the advance from customer should be Euro 5.8 million (58×10%). However, the advance from customers shown on the balance sheet at the end of 2010 was only Euro 3.65 million, significantly less than 5.8 million. Please explain the reason for the inconsistency.

④Trade payables increased by 41.53%. Please explain the reason for the significant.increase in trade payables. Whether there has been any major changes in purchase terms or accounting treatment. According to the sales, cost and inventory data, there seems no indication of significant purchase volume increase, which might in turn cause the increase in trade payables. Please explain the inconsistency.

二、上市公司特殊财务分析指标

补充指标：

（1）股利支付率(Dividend Payout)=每股股利/每股收益

（2）留存盈利比率(Retention Ratio)=（净利-全部股利）/净利

三、杜邦分析体系DuPont Analysis of ROE

（一）杜邦体系的分解

杜邦体系的核心公式：

权益净利率=资产净利率权益乘数

资产净利率=销售净利率资产周转率

权益净利率=销售净利率资产周转率权益乘数

（二）传统杜邦分析体系的局限性
1.计算总资产净利率的“总资产”与“净利润”不匹配：总资产是全部资金提供者享有，而净利润是专门属于股东的，两者不匹配。

2.没有区分经营活动损益和金融活动损益。

3.没有区分金融负债与经营负债。

第三节　管理用财务报表分析

一、管理用报表编制的原因

由于通用财务报表要平衡各类报表使用者的不同信息需要，其所提供的信息并不完全适用于财务分析和企业内部管理。虽然近些年会计准则在划分金融资产和经营资产方面做出了改进，但是问题依然存在。因此，需要对其进行调整，以适应财务分析和企业内部管理的需要。

二、管理用财务报表的编制

（一）应注意的问题

1.要明确企业从事的是什么业务。

2.经营性资产和负债形成的损益，属于经营损益；金融性资产和负债形成的损益，属于金融损益。

（二）基本框架

（三）管理用资产负债表

基本等式：

净经营资产=净金融负债+股东权益

Net Operating Assets= Net Financial Liabilities+ Shareholder’s Equity

（四）管理用利润表

1.区分经营损益和金融损益

金融损益是指金融负债利息与金融资产收益的差额，经营损益是指除金融损益以外的当期损益。

2.管理用利润表的基本公式

税后经营净利润-税后利息费用=净利润

Net Operating Profit After Tax= Interest After Tax+ Net profit After Tax

（五）管理用现金流量表

1.区分经营现金流量和金融现金流量

实体现金流量是企业全部现金流入扣除成本费用和必要的投资后的剩余部分，它是企业一定期间可以提供给所有投资人（包括股权投资人和债权投资人）的税后现金流量。

2.现金流量的确定

（1）剩余流量法(从实体现金流量的来源分析)

【提示】

资本支出=净经营性长期资产增加＋折旧与摊销

（2）融资现金流量法(从实体现金流量的去向分析)

实体现金流量=股权现金流量+债务现金流量

Cash flow of the firm=cash flow to the firm’s creditors +cash flow to the equity investors

其中：

①股权现金流量=股利-股权资本净增加

=股利-股票发行（或+股票回购）

②债务现金流量=税后利息-新借债务本金（或+偿还债务本金）

=税后利息-净债务增加

【提示】

（1）如果实体现金流量是负数，企业需要筹集现金，其来源有：①出售金融资产；②借入新的债务；③发行新的股份。

（2）如果实体现金流量是正数，它有5种使用途径：

①向债权人支付利息(注意，对企业而言，利息净现金流出是税后利息费用)；②向债权人偿还债务本金，清偿部分债务；③向股东支付股利；④从股东处回购股票；⑤购买金融资产。

三、管理用财务分析体系

（一）改进分析体系的核心公式

改进分析体系的分析框架

（二）权益净利率的驱动因素分解

利用连环替代法测定：

权益净利率

=净经营资产净利率+（净经营资产净利率－税后利息率）×净财务杠杆

F=A+(A-B) ×C

基数:F0=A0+(A0-B0) ×C0 (1)

A1+(A1-B0) ×C0 (2)

A1+(A1-B1) ×C0 (3)

A1+(A1-B1) ×C1 (4)

（2）－（1）：

由于净经营资产净利率（A）变动对权益净利率的影响

（3）－（2）：

由于税后利息率（B）变动对权益净利率的影响

（4）－（3）：

由于净财务杠杆（C）变动对权益净利率的影响