Quartz 4

Liabilities, Notes Payable, Present Value & Bond Valuation (负债、应付票据、现值与债券估值)

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Liabilities, Notes Payable, Present Value & Bond Valuation (负债、应付票据、现值与债券估值)

1. Understanding Financing Sources (理解企业融资来源)

1.1 Debt Financing (债务融资)

  • Borrowed funds from creditors.（向债权人借入资金）
  • Must be repaid with interest.（需连本带息偿还）
  • Interest is a legal obligation.（利息为法定义务）
  • Creditors can force bankruptcy.（债权人可申请破产）

1.2 Equity Financing (权益融资)

  • Funds contributed by owners.（来自所有者的投入）
  • No mandatory repayments.（无强制偿还）
  • Dividends optional, not required.（股利非强制）

1.3 Risk Comparison (风险比较)

  • Debt > Equity in financial risk.（债务风险高于权益）
  • Higher leverage increases default risk.（高杠杆提高违约风险）

2. Liability Concepts & Classification (负债概念与分类)

2.1 Definition of Liability (负债定义)

  • Probable obligations arising from past events.（由过去事项导致的或有义务）
  • Settled through asset outflow or service provision.（需资产流出或提供服务来履行）
  • Measured at present value of future cash payments.（按未来支付现值计量）

2.2 Current Liabilities (流动负债)

  • Due within 1 year or operating cycle.（一年或营业周期内到期）
  • Examples: A/P, accrued liabilities, short-term notes.（如应付账款、应计负债、短期票据）

2.3 Noncurrent Liabilities (非流动负债)

  • Maturity > 1 year.（超过一年到期）
  • Examples: long-term notes, bonds payable.（长期票据、债券）

2.4 Measurement Basis (计量基础)

  • Current cash equivalent.（当前现金等价物）
  • Present value of future cash outflows.（未来现金流出折现的现值）

3. Major Liability Accounts (主要负债科目)

3.1 Accounts Payable (应付账款)

  • Obligations for goods/services.（购买商品或服务形成的负债）
  • Usually short term, non-interest bearing.（短期且无息）

3.2 Accrued Liabilities (应计负债)

  • Expenses incurred but unpaid.（已发生但未支付）
  • Examples: wages payable, interest payable.（如应付工资、应付利息）

3.3 Notes Payable (应付票据)

  • Formal written contract.（正式书面合同）
  • Includes principal + stated interest.（包含本金与票面利息）

3.4 Deferred Revenue (递延收入)

  • Cash received before providing goods/services.（先收钱后提供商品/服务）
  • Examples: gift cards, subscriptions.（礼品卡、订阅服务）

4. Liquidity Analysis (短期偿债能力分析)

4.1 Current Ratio (流动比率)

  • Formula: Current Assets ÷ Current Liabilities
  • Indicates ability to cover short-term debts.（衡量短期偿债能力）
  • Example: Starbucks CA=924, CL=608.7 → 1.52

4.2 Working Capital (营运资金)

  • Formula: CA − CL
  • Positive value suggests strong liquidity.（正数表示充足偿债能力）

5. Accounts Payable Turnover (应付账款周转率)

5.1 Definition (定义)

  • Measures payment speed to suppliers.（衡量企业向供应商付款速度）

5.2 Formula (公式)

  • Net credit purchases ÷ Average A/P
  • Higher turnover → faster payment.（越高表示付款越快）

5.3 Example (例子)

  • Starbucks: 1,685.9 ÷ 152.5 = 11.00 times
    （周转率 11 次）

6. Notes Payable & Interest Computation (应付票据与利息计算)

6.1 Interest Formula (利息公式)

  • Interest = Principal × Interest Rate × Time
  • Time expressed as fraction of year.（时间按年分数计）

6.2 Lender vs Borrower View (贷方/借方视角)

  • Lender: interest = revenue.（贷方：收入）
  • Borrower: interest = expense.（借方：费用）

6.3 Example (例子)

  • 2,000

7. Contingent Liabilities (或有负债)

7.1 Probable + Estimable (可能且可估)

  • Record liability.（确认负债）

7.2 Reasonably Possible (合理可能)

  • Disclose in notes.（财报附注披露）

7.3 Remote (极小可能)

  • No action required.（无需处理）

8. Present Value Concepts (现值概念)

8.1 Why PV Matters (现值的重要性)

  • Money today > same money in future.（今天的钱比未来值钱）
  • Due to earning power of interest.（因利息的收益能力）

8.2 Four Variables (四大核心变量)

  • PV（现值）
  • FV（终值）
  • i（利率）
  • n（期数）
  • Any 3 determine the 4th.（任三推一）

8.3 Tools (工具)

  • PV tables, financial calculators, Excel.（现值表、财务计算器、Excel）

9. Single Amount PV & FV (单笔金额的现值与终值)

9.1 Present Value (现值)

  • PV = FV × PVIF
  • Example: FV=1,000

9.2 Future Value (终值)

  • FV = PV × (1+i)
  • Example: 1,331 in 3 years @10%

10. Annuity PV & FV (年金的现值与终值)

10.1 Annuity PV (年金现值)

  • PV of equal payments discounted to today.
    （等额现金流折现到今天）
  • Example: 1,000 × 2.4869 = 2,486.90

10.2 Annuity FV (年金终值)

  • Equal payments compounded forward.
    （等额现金流向未来累积）
  • Example: 1,000 × 3.3100 = 3,310

10.3 Ordinary vs Annuity Due (普通年金 vs 期初年金)

  • Ordinary: payments at end of period.（每期末支付）
  • Annuity due: payments at beginning.（每期初支付）

11. Accounting Applications of PV (现值在会计中的应用)

11.1 Non-interest Notes (无息或低息票据)

  • Recorded at PV, not face value.（按现值计量，而非面值）

11.2 Interest Accrual (利息累计)

  • PV × interest rate = interest expense.（按现值计提利息）

11.3 Example (示例)

  • Truck purchase PV=$159,440
  • Year-end interest: 159,440×12% = 19,133

12. Bond Basics (债券基础概念)

12.1 Bond Cash Flows (现金流组成)

  • Periodic interest (coupon).（票息）
  • Principal at maturity.（到期本金）

12.2 Stated vs Effective Rate (票面利率 vs 有效利率)

  • Stated: determines cash paid.（决定现金流）
  • Effective: determines present value.（决定估值）

12.3 Price Relationships (价格关系)

  • Stated = effective → par（平价）
  • Stated > effective → premium（溢价）
  • Stated < effective → discount（折价）

13. Bond Terminologies (债券术语)

13.1 Face Value (面值)

  • Paid at maturity.（到期偿还）

13.2 Premium (溢价)

  • Issue price > face value.（发行价高于面值）

13.3 Discount (折价)

  • Issue price < face value.（发行价低于面值）

13.4 Amortized Cost (摊余成本)

  • Carrying amount based on effective interest method.
    （按实际利率法计算的账面价值）

14. Discount Bond Example (折价债券示例)

14.1 Input Data (输入数据)

  • Fair value: $1,000
  • Face value: $1,250
  • Stated rate: 4.7%
  • Effective rate: 10%
  • Term: 5 years

14.2 Initial Measurement (初始计量)

  • PV = 59×PVIFA(10%,5) + 1250×PVIF(10%,5)
  • = 59×3.79079 + 1250×0.62092
  • = 1,000 → discount of 250

14.3 Carrying Amount Change (账面价值变化)

  • Year-end PV recalculated using remaining cash flows
  • Example (2019):
    1250×0.68301 + 59×3.16986 = 1041

14.4 Reason for Increase (上升原因)

  • Effective interest > cash interest → discount amortization increases carrying amount.
    （有效利息高于现金利息 → 摊销折价 → 账面价值上升）

14.5 Carrying Amount ≠ Fair Value (账面价值 ≠ 公允价值)

  • Market rate changes alter fair value, not amortized cost.
    （市场利率变化影响公允价值，但不改变摊余成本）

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