VII-Applications-4

Question 1

Financial reporting quality 特征

quality of earnings 特征

与之相关的5个级别

Answer 1

decision usful

sustainability

1. GAAP, decision-usful,good earning quality
2. GAAP,decision-usful, low earning quality
3. with GAAP, but biased choices
4. 同3，但更有意的manipulation
5. departure/incompliant with GAAP principles

Question 2

conditions conducive to

provide low-quality FR

3

Answer 2

• motivation
• opportunity: weak internal control, weak penalties
• rationalization - justifing

Question 3

mechanisms that discipline

financial reporting quality

3

Answer 3

• securities regulators
• auditors
• private contractors (债权人)

Question 4

分析公司的cash position

注意3

Answer 4

1. maintain enough cash = better liquidity
2. avoid excessive cash, because low return
3. 注意accumulated cash for acquisition【war chest】

Question 5

project future performance

两种方法

Answer 5

1. near-term: market-based

• 自上而下看增长：macroeconomy, industry, firm market share
• 先分析sales,再分析cash flow

2. long-term future performance

更细致的detailed projection, 逐项forcast,假设每项支出收入占sale只比固定

Question 6

project future performance

用gross profit margin

operating margin

net profit margin

哪个更合适

Answer 6

net profit margin不合适

因为受税收、financial leverage影响较大

Question 7

分析credit risk的

四个维度

Answer 7

1. scale and diversification：大而多元，分散经营，风险小
2. tolerance for leverage：interest coverage ratio/ retained CF (RCF)/debt
3. operational efficiency:
4. margin stability: 利润波动情况

Question 8

screening for equity investment

通常有哪三类投资者

特点

Answer 8

1. growth investors: focus on high-earnings-growth
2. value investors: 使用ratio比率筛选条件最多的一类。看market price相对book value是否低估
3. market-oriented investors: 字面意思。不属于前两类者。

Question 9

分析师调整表外融资

已知capital lease PV

估计operating lease PV

两种方法

Answer 9

1. capital lease PV/总值，得出系数乘以operating lease总值
2. 若知道折现率，可做三种假设：1.700w都在2016年发生。2.700w按照之前各年平均支出发生。3.700w按照最后一年支出发生。

以上进行折现，得出三个PV

Question 10

分析师调整表外融资

求调整后interest coverage ratio

（已知opeating lease各年支付和PV）

Answer 10

1. EBIT中减去rent expense （两年平均值）
2. EBIT加上dep. exp. (假设Ope. Lease现值即为资产)
3. interest payment 加上ope. lease现值X折现率