Chapter 2 Financial Statement, Taxes, and Cash Flow
知識點：
2.1 The Balance Sheet
2.2 The Income Statement
2.3 Taxes
2.4 Cash Flow
2.1 The Balance Sheet 資產負債表(某一時點，存量)
Balance sheet is a snapshot of a firm, summarizing what a firm owns, what a firm owes, and the difference between two at a given point in time.
Asset = Liabilities + Equity
1.Networking Capital 淨營運資本
Networking capital equals to current assets less current liabilities, which means the cash that will become available over the next 12 months exceeds the cash that must be paid over that same period.
Networking Capital = Current Assets – Current Liabilities
2.Liquidity 流動性
Liquidity refers to the speed and ease with which an asset can be converted to cash. A highly liquid can be quickly sold without significant loss of value. The most liquid assets usually are listed first on the balance sheet. The more liquid a business is, the less likely it is to experience financial distress.
流動性就是資產變現的能力，當然，如果願意低價出售換現金會比較容易，流動性高的資產較不需要減價出售。而流動性越高的公司，越不容易經歷財務危機。
3.Debt versus Equity 負債、股東權益
Equity holders are only entitled to the residual value, the portion left after creditors are paid. If a firm sells its assets and pays its debts, whatever cash is left belongs to its shareholders. The more debt a firm has, the greater is its degree of financial leverage.
若將資產全部換成現金來還債，還完債剩下的部分就是屬於股東的，也就是股東權益。換個角度說，股東能分到的，是償還完債務過後的殘值。
Shareholder’s equity = Assets – Liabilities
4.Market Value versus Book Value 市場價值、帳面價值
The true value of any assets is its market value, it is the cash that we would get if we sell it, and the the values showed on the balance sheet are the book valuesand generally are not the assets they worth. Under GAAP, financial statement usually shows assets at historical cost (minus accumulated depreciation).
在一般會計公認原則下，資產負債表上面的是帳面價值，而非真的資產出售後可以得到的現金之市場價值。帳面價值是公司之會計紀錄上所記資產的價值，它通常指資產的取得成本減去累積折舊的餘額，並非現金流量，使用不同的折舊方法會有不同的帳面價值。帳面價值與市場價值會不同，舉例來說，不動產這種淨固定資產的變化可能很大。
2.2 The Income Statement 損益表(一段期間，流量)
The income statement measures performance over some period of time, usually a quarter or a year.
Revenue – Expense = Income
The last item on the income statement is net income. It’s usually expressed on a per-share basis and called EPS.
Noncash Item 非現金科目
Expense charged against revenues that do not directly affect cash flow, such as depreciation.
不直接影響現金流量，可是要列提費用。
Earning Management 盈餘管理
GAAP allows firms to do some adjustment, as shown on the research, those company whose corporate governance are poor are more likely to adjust the income statement.
2.3 Taxes
Average Tax Rates Versus Marginal Tax Rates 平均稅率、邊際稅率
Average tax rate is the tax bill you divided by your taxable income. Marginal tax is the extra tax that you would pay if you earned one more dollar.
邊際稅率舉例來說，當你多賺一元，要多付39分，就是邊際稅率39%。
2.4 Cash Flow 現金流
Cash flow is the difference between the number of dollars that came in and the number of dollars that went out.
Cash flow from assets = Cash flow to creditors + Cash flow to stockholders
資產的現金流量＝債權人的現金流量＋股東的現金流量
1.Cash Flow from Asset 資產的現金流量
Cash flow from assets involve three components, operation cash flow(OCF), capital spending and change in net working capital.
Cash Flow from Asset =
Operating Cash Flow – Capital Spending – Change in Net Working Capital
資產的現金流量＝
營運現金流量-淨資本支出-淨營運資本
1-1.Operating Cash Flow 營運現金流量
The cash flow that result from day-to-day activities of producing and selling.
OCF = EBIT + Depreciation – Tax
營運現金流量＝稅前息前盈餘＋折舊– 稅
1-2.Capital Spending 淨資本支出
Net spending on fixed assets.
Capital Spending =
Ending Net Fixed Assets – Beginning Net Fixed Assets + Depreciation
淨資本支出＝期末淨固定資產– 其出淨固定資產
1-3.Change in Net Working Capital 淨營運資本
The amount spent on net work capital.
Change in Net Working Capital =
Ending Net Working Capital – Beginning Net Working Capital
淨營運資本改變＝期末營運資本改變– 期初營運資本改變
2.Cash Flow to Creditors and Stockholders 債權人、股東之現金流
2-1 Cash Flow to Creditors
Cash Flow to Creditors = Interest Paid – Net New borrow
債權人之現金流量＝利息支出– 新借款淨額
2-2 Cash Flow to Stockholders
Cash Flow to Stockholders = Dividends Paid – Net New Equity Raised
股東之現金流量＝股利支出– 新增權益淨額
