投行面试中，如何回答财务报表问题？

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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。

投行面试中，如何回答财务报表问题？

　　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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