投行面试中,如何回答财务报表问题?
这类题型是现下面试最为常见的一种,旨在考察面试者对三表(income statement, balance sheet, cash flow statement)的理解掌握程度。最常问到的一个问题是: “how does $10 of depreciation affect the three financial statements”,另外还有一些变种,下文会详细说明。
要回答这类问题,需要将三表依次作分析。这里建议大家首先从income statement开始,记住如果revenue或costs有任何变化都要算上tax的影响(一般你会被告知tax rate为40%),得到net income,然后开始分析cash flow statement。由于cash flow statement的首行为net income,这样一来就能比较好的衔接。说完cash flow,得到net change in cash,就可以开始分析balance sheet了。不要忘记balance sheet的基本等式:Assets = Liabilities + Shareholders’ Equity。
当出现这类题型时,不要过于紧张。你所需要做的是冷静沉着,然后按部就班的将三表一一解析出来。
例题一:If a company incurs $10 (pretax) of depreciation expense, how does that affect the three financial statements?
这是此类题型最常见的问题。当然,不一定是$10。就如同上面所说的一样,要回答这个题目,我们需要一个一个的解决三表,下面的答案可供大家参考。
- 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,你很可能会得到一个follow up的'问题,例如: “If depreciation is non-cash, explain how this transaction caused cash to increase $4?”
对此的回答是: “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.”
例题二:A company makes a $100 cash purchase of equipment on Dec 31. How does this impact the three statements this year and next year?
回答这一题时有几点要注意。首先,题目特意提到Dec. 31是为了告诉你,今年并不用考虑折旧;其次,与例题一相似,三表都要逐一分析,不过既然问到了两年的情况,那就也应该逐年来说;最后,本题中说的是“cash purchase”,而有的题目会改为“purchase by issuing debt”,这样一来对三表的影响都会改变,大家需要留意。
下面是对应的回答范例,供大家参考:
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
(假设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.
例题三:如果例题二改为“purchase by issuing debt”,并且在第三年的1月1日发现机器坏了,变得毫无价值,而银行又要求还款,这种情况三表又会怎样?
在解答前要注意几点:
1)按理,第一年无depreciation,第二年有20%,所以第三年1月1日,该机器应为$80;
2)现在机器坏了,毫无价值,需要将其value改0;
3)银行要求还款。
弄清楚这三点后,就可以开始作答了。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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