投行面試中，如何回答財(cái)務(wù)報(bào)表問(wèn)題？

這類題型是現(xiàn)下面試最為常見(jiàn)的一種，旨在考察面試者對(duì)三表(income statement, balance sheet, cash flow statement)的理解掌握程度。最常問(wèn)到的一個(gè)問(wèn)題是: “how does $10 of depreciation affect the three financial statements”，另外還有一些變種，下文會(huì)詳細(xì)說(shuō)明。

要回答這類問(wèn)題，需要將三表依次作分析。這里建議大家首先從income statement開(kāi)始，記住如果revenue或costs有任何變化都要算上tax的影響(一般你會(huì)被告知tax rate為40%)，得到net income，然后開(kāi)始分析cash flow statement。由于cash flow statement的首行為net income，這樣一來(lái)就能比較好的銜接。說(shuō)完cash flow，得到net change in cash，就可以開(kāi)始分析balance sheet了。不要忘記balance sheet的基本等式：Assets = Liabilities + Shareholders’ Equity。

當(dāng)出現(xiàn)這類題型時(shí)，不要過(guò)于緊張。你所需要做的是冷靜沉著，然后按部就班的將三表一一解析出來(lái)。

例題一：If a company incurs $10 (pretax) of depreciation expense, how does that affect the three financial statements?

這是此類題型最常見(jiàn)的問(wèn)題。當(dāng)然，不一定是$10。就如同上面所說(shuō)的一樣，要回答這個(gè)題目，我們需要一個(gè)一個(gè)的解決三表，下面的答案可供大家參考。

- Income statement: Depreciation is anexpense so operating income (EBIT) declines by $10. Assuming a tax rate of 40%,net income declines by $6.

- Cash flow statement: Net income decreased $6 and depreciation increased $10 so cash flow from operations increased $4.

- Balance sheet: Cumulative depreciation increases $10 so Net PP&E decreases $10.

分析完之后，你很可能會(huì)得到一個(gè)follow up的問(wèn)題，例如: “If depreciation is non-cash, explain how this transaction caused cash to increase $4?”

對(duì)此的回答是: “Because of the depreciation expense, the company had to pay the government $4 less in taxes so it increased its cash position by $4 from what it would have been without the depreciation expense.”

例題二：A company makes a $100 cash purchase of equipment on Dec 31. How does this impact the three statements this year and next year?

回答這一題時(shí)有幾點(diǎn)要注意。首先，題目特意提到Dec. 31是為了告訴你，今年并不用考慮折舊;其次，與例題一相似，三表都要逐一分析，不過(guò)既然問(wèn)到了兩年的情況，那就也應(yīng)該逐年來(lái)說(shuō);最后，本題中說(shuō)的是“cash purchase”，而有的題目會(huì)改為“purchase by issuing debt”，這樣一來(lái)對(duì)三表的影響都會(huì)改變，大家需要留意。

下面是對(duì)應(yīng)的回答范例，供大家參考：

第一年

- Income statement: A purchase of equipment is considered a capital expenditure which does not impact earnings. Further, since we are assuming no depreciation, there is no impact to net income, thus no impact to the income statement.

- Cash flow statement: No change to net income so no change to cash flow from operations. However we’ve got a $100 increase in capex so there is a $100 use of cash in cash flow from investing activities. No change in cash flow from financing (since this is a cash purchase) so the net effect is a use of cash of $100.

- Balance sheet: Cash (asset) down $100 and PP&E (asset) up $100 so no net change to the left side of the balance sheet and no change to the right side.

第二年

(假設(shè)5年straightline depreciation，40% tax rate)

- Income statement: $20 of depreciation,which results in a $12 reduction to net income.

- Cash flow statement: Net income down $12 and depreciation up $20. No change to cash flow from investing or financing activities. Net effect is cash up $8.

- Balance sheet: Cash (asset) up $8 and PP&E (asset) down $20 so left side of balance sheet doen $12. Retained earnings (shareholders’ equity) down $12. We are balanced.

例題三：如果例題二改為“purchase by issuing debt”，并且在第三年的1月1日發(fā)現(xiàn)機(jī)器壞了，變得毫無(wú)價(jià)值，而銀行又要求還款，這種情況三表又會(huì)怎樣?

在解答前要注意幾點(diǎn)：

1)按理，第一年無(wú)depreciation，第二年有20%，所以第三年1月1日，該機(jī)器應(yīng)為$80;

2)現(xiàn)在機(jī)器壞了，毫無(wú)價(jià)值，需要將其value改0;

3)銀行要求還款。

弄清楚這三點(diǎn)后，就可以開(kāi)始作答了。范例如下所示：

- Income statement: The $80 writedown causes net income to decline $48. There is no further depreciation expense and no interest expense.

- Cash flow statement: Net income down $48 but the writedown is non-cash so add $80. Cash flow from financing decreases $100 when we pay back the loan. Net cash is down $68.

- Balance sheet: Cash (asset) down $68, PP&E (asset) down $80, Debt (liability) down $100 and Retained Earnings(shareholders’ equity) down $48. Left side of the balance sheet is down $148 and right side is down $148.

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