投行面试常见问题:财报问题解析

求职应聘 1年前 (2020) 招聘师
206 0 0

投行面试常见问题:财报问题解析
xxx如何影响三表是投行面试最常见的题型,旨在考察面试者对三表(income statement, balance sheet, cash flow statement)的理解掌握程度。
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。
以摩根士丹利的面试题为例,可以这样回答:
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.

版权声明:招聘师 发表于 2020-12-03 11:43:09。
转载请注明:投行面试常见问题:财报问题解析 | 招聘师

暂无评论

暂无评论...