00:00
an important part of analyzing a company for a potential investment is understanding their past current and
分析一家公司是否值得投資時，一個重要的部分是了解其過去、現在以及
00:07
potential future financial situation unfortunately a lot of investors skip past this part and focus just on the
潛在的未來財務狀況。不幸的是，很多投資者跳過了這一部分，只關注
00:16
products and services the company offers and whether they feel that they have a good future or not and we're not even
公司提供的產品和服務，以及他們是否覺得公司有美好的未來。我們甚至
00:22
talking about Wall Street bears Yolo type investors either we're talking about everyday investors who take
不是在說華爾街的空頭或 Yolo 型投資者，而是說那些因為沒有深入研究
00:28
unnecessary risks by not looking into the financial health of the companies they're investing in the most common
投資標的的財務狀況而承擔不必要風險的普通投資者。最常見的
00:35
reason for this is that they don't understand the financial statements and that's quite understandable because
原因是他們看不懂財務報表，這完全可以理解，因為
00:41
they're full of numbers strangely worded items and can seem a bit confusing or complicated but in reality they really
這些報表充滿了數字、措辭奇怪的項目，看起來可能有點令人困惑或複雜。但實際上，它們真的
00:50
aren't so complicated at all and are nothing to be afraid of in fact once you know the basics it can actually be quite
一點也不複雜，沒什麼好怕的。事實上，一旦你掌握了基礎知識，深入研究一家公司的
00:57
interesting to dive into the financial statements of a company and analyze how the company's being run and any
財務報表、分析公司的營運方式以及其中可能存在的
01:04
potential opportunities or threats that there may be there are a number of different ways to analyze the financial
潛在機會或威脅，其實會相當有趣。分析財務報表有許多不同的方法，但在你
01:10
statements but before you get to that stage you need to know how to read them so you know what it is that you're
進入那個階段之前，你需要知道如何閱讀它們，這樣你才知道你在看什麼。
01:16
looking at in this video we all go through the basics of a financial statement and explain the key sections
在這支影片中，我們將帶您了解財務報表的基礎知識，並解釋關鍵部分，
01:23
so you can see how straightforward it really is now as I'm sure you can see from the length of this video we're not
讓您看到這其實有多簡單。現在，我相信您從這支影片的長度可以看出，我們不會
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going to go into detail about absolutely everything but we're just going to go through the main sections so you can get
詳細介紹所有內容，我們只會介紹主要部分，讓您能有
01:36
a good understanding and in any case most of the items once you understand how these statements work are pretty
良好的理解。況且，一旦您了解這些報表的運作方式，大多數項目都相當
01:42
self-explanatory they're actually labeled and you can figure out what it is that they're showing you as an
不言自明。它們其實都有標籤，您可以自己弄清楚它們顯示的是什麼。作為
01:48
example for this video we'll be looking at the latest quarterly results from Tesla now it's important notes that
這支影片的範例，我們將查看特斯拉（Tesla）最新的季度業績。需要注意的是，
01:54
financial statements may differ slightly depending on the company or the industry or the country they report in however
財務報表可能會因公司、行業或申報所在國家而略有不同。然而，
02:02
for us listed companies like Tesla the financial statements would be included in the 10k and 10-q filings which are
對於像特斯拉這樣在美國上市的公司，財務報表會包含在 10-K 和 10-Q 申報文件中，這些是
02:11
mandatory for all publicly traded companies in the US by the SEC the 10k is an annual statement and the 10-q is
美國證券交易委員會（SEC）對所有公開上市公司強制要求的。10-K 是年報，而 10-Q 是
02:19
quarterly the 10k will provide more information about the company and it is audited so the information you see in it
季報，10-K 報表會提供更多關於公司的資訊，而且經過審計，因此您在其中看到的資訊
02:27
will be more dependable and more accurate but let's take a look at what Tesla provided in its most recent report
會更可靠、更準確。但讓我們來看看特斯拉在其最新報告中提供了什麼內容
02:34
which was for the first quarter of 2020 the financial statements for company are usually made up of three main statements
也就是 2020 年第一季的報告。公司的財務報表通常由三大報表組成
02:43
we have the balance sheet the income statement and the cash flow statement the balance sheet is typically the first
包括資產負債表、損益表和現金流量表。資產負債表通常是第一份
02:53
statement to appear and it gives a snapshot of the company's assets liabilities and shareholders equity at a
出現的報表，它提供了公司在特定時間點的
03:01
specific point in time these three aspects make up what is known as the balance sheet equation also known as the
資產、負債和股東權益的快照。這三個方面構成了所謂的資產負債表等式，也稱為
03:10
accounting equation this stays that asses are equal to liabilities and equity the balance sheet is split into
會計等式。它說明了資產等於負債加權益。資產負債表分為
03:19
five sections current assets non current assets also known as long-term assets current liabilities non current
五個部分：流動資產、非流動資產（也稱為長期資產）、流動負債、非流動
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liabilities also known as long-term liabilities and equity which is also known as
負債（也稱為長期負債）以及權益，權益也稱為
03:34
shareholders equity or shareholders funds let's start by looking at the assets these will be listed in order of
股東權益或股東資金。讓我們先來看資產。這些會按照
03:42
how liquid they are which means how easily they can be changed or converted into cash so current assets are assets
其流動性排序列出，這意味著它們轉換為現金的容易程度。因此，流動資產是預計在
03:50
that are expected to be either used or sold within the next year this will include things such as cash cash
未來一年內會被使用或出售的資產。這將包括現金、
03:59
equivalents money owed by customers inventory and goods and services that have been paid for but not yet used the
現金等價物、客戶欠款、存貨以及已支付但尚未使用的商品和服務等項目。
04:08
non current assets are assets that are not expected to be sold or used within the next year Tesla includes things such
非流動資產是預計在未來一年內不會被出售或使用的資產。特斯拉包括了租賃車輛和太陽能系統等項目，
04:16
as leased vehicles and solar energy systems but there are also more common items also listed such as property
但也列出了更常見的項目，例如不動產、
04:24
plants and equipment along with Lisa's intangible in other words non-physical assets and goodwill
廠房和設備，以及無形資產（即非實體資產）和商譽。
04:32
the next section shows the liabilities again we have current liabilities which are the obligations that are due within
下一部分顯示負債。我們有流動負債，這是將在
04:40
the next year and this includes things like money owed to suppliers even money that has been paid but the good or
未來一年內到期的義務，這包括欠供應商的款項、甚至已支付但商品或
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service is yet to be delivered along with the portion of long term debts that has jude's be repaid this year then we
服務尚未交付的款項，以及今年必須償還的長期債務部分。接著我們
04:55
have the non current liabilities which are obviously obligations that are not you within the next year this includes
有非流動負債，這些顯然是不會在未來一年內到期的義務。這包括
05:03
long-term debt and again money that's received but the good or service has not yet been delivered the last section is
長期負債，以及再次收到的款項，但商品或服務尚未交付，最後一部分是
05:12
equity which is often referred to as shareholders equity or shareholders funds you could think of this as being
股東權益，通常稱為股東權益或股東資金，您可以將其視為
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whatever would be left over for shareholders if all assets were liquidated and all liabilities were paid
如果所有資產都被清算且所有負債都已償還，剩餘給股東的東西
05:26
off therefore if the figure is positive it means the company has enough assets to
因此，如果該數字為正，則表示公司有足夠的資產來
05:32
cover its liabilities and if it's negative it means that it doesn't shareholders equity will include
支付其負債，如果為負，則表示不夠，股東權益將包含
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information about shares that were issued any capital paid in by shareholders paying for shares in the
關於已發行股份的資訊，股東為購買公司股份而支付的任何資本，以及
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company and retained earnings which is money accumulated from the company's earnings and kept in the company the
保留盈餘，這是從公司盈餘中累積並保留在公司的資金，下
05:56
next financial statement is the income statement this is also known by other names including statement of operations
一份財務報表是損益表，它也以其他名稱而聞名，包括營業報表
06:03
and profit and loss statement amongst many others this statement is going to show us that earnings and expenses of a
和損失與利潤表等，這份報表將向我們顯示公司在
06:11
company over a specific period of time this important to keep in mind the balance sheet was a snapshot at a
特定時間段內的盈餘和支出，請記住，資產負債表是特定
06:20
particular point in time whereas the income statement is looking at what happens over a specific period of time
時間點的快照，而損益表則是查看在特定時間段內發生了什麼事
06:26
so the income statement is helping us to see a company's financial performance for that period companies will structure
因此，損益表有助於我們了解公司在該期間的財務表現，不同公司會以不同方式
06:34
the income statement differently but listed companies like Tesla we'll typically follow what we refer to
構建損益表，但像特斯拉這樣的上市公司通常遵循我們所稱的
06:40
as a multi-step income statement which separates the operation revenue and expenses from those coming from a non
多步驟損益表，它將營業收入和支出與來自非
06:48
operating activity so we're looking at gross profit operating income or loss the income or lost before taxes and then
營業活動的收入和支出分開，因此我們查看毛利、營業收入或虧損、稅前
06:57
the income or loss after taxes to get to the gross profit with typically look at total revenue minus the cost of that
收入或虧損，然後是稅後收入或虧損，要得出毛利，我們通常看總收入減去該收入的
07:07
revenue so traditionally here you'll have sales revenue and in the costs you may have heard of the term cost of goods
成本，因此傳統上，您會看到銷售收入，而在成本方面，您可能聽過銷貨成本
07:14
sold so this gives us the gross profit we can then look at operating expenses things like research and development for
這個術語，這就給了我們毛利，然後我們可以看看營業費用，例如研發
07:23
creating new products selling general and administrative expenses which are all the costs not directly involved in
新產品的費用、銷售與管理費用，這些都是不直接涉及
07:31
production of a product or service but needed of the day-to-day business operations this will include things such
產品或服務生產，但日常業務營運所需的所有成本，這將包括諸如
07:38
as rent salaries for executives and other management expenses admin staff and basically any non sales people so
包括高階主管的薪資以及其他管理費用、行政人員，以及基本上所有非銷售人員的開支
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ultimately we end up with our income or loss from operations we can then look at any interest paid or received to find
最終我們會得到營業收入或虧損，接著我們可以查看支付或收到的利息，以找出
07:56
our income or lost before taxes and then finally the income or loss after taxes
稅前收入或虧損，最後才是稅後收入或虧損
08:04
the third of the three major parts of a financial statement is the cash flow statement so the income statement that
財務報表三大主要部分的第三部分是現金流量表，所以我們剛剛看的損益表
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we just looked at may show us the profit or loss generated during a period but that doesn't necessarily equal cash a
可能顯示某一期間產生的利潤或虧損，但這不一定等同於現金，一家公司
08:20
company will need cash to survive so the cash flow statement is going to help us by giving information about company's
需要現金才能生存，因此現金流量表能透過提供關於公司
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liquidity and solvency solvency means having enough funds or liquid assets to make necessary debt payments and funds
流動性與償債能力的資訊來幫助我們。償債能力指的是擁有足夠的資金或流動資產來支付必要的債務，並
08:36
the company's operations if the company runs out of cash it could be insolvent which is one of the main reasons for
籌措公司營運所需資金。如果公司現金用盡，可能會導致無力償債，這是企業
08:43
businesses failing the cash flow statement will tell us the amount of cash or
倒閉的主要原因之一。現金流量表會告訴我們流入或
08:48
- equivalents coming into the company or leaving the company therefore showing us how much cash is on hand for a company
流出公司的現金或等價物數額，從而顯示公司手頭有多少現金
08:56
to make is necessary payments the cash flow statement is usually split into three main sections cash from operations
可用於支付必要款項。現金流量表通常分為三個主要部分：營業活動現金流、
09:05
cash from investing activities and cash from financing activities the first section shows us the cash flow
投資活動現金流以及籌資活動現金流。第一部分顯示公司
09:13
from the primary revenue generating activities of a company so this includes the company's products or services
主要營收產生活動的現金流，這包括公司的產品或服務，
09:20
things like cash from sales rent payments salary payments and so on cash flows from current assets and current
例如銷售所得現金、租金支付、薪資支付等等。來自流動資產與流動負債的現金流。
09:29
liabilities next are the cash flows from investing activities the focus here is
接下來是投資活動的現金流，這裡的重點在於
09:36
on acquiring or getting rid of long term assets this will show us outflows due to investments made in things like property
取得或處分長期資產。這會顯示因投資不動產等項目而產生的資金流出，
09:44
and inflows when assets are sold however this statement doesn't detail the investments and so the quality of those
以及資產出售時的資金流入。然而，這份報表並未詳細列出投資項目，因此難以評估這些
09:52
investments can't really be assessed and finally we have the cash flow from financing activities which shows us cash
投資的品質。最後是籌資活動的現金流，顯示因任何股權資本或借貸
10:00
coming in or going out due to any equity capital or borrowings it tracks cash flow between the company is owners
而流入或流出的現金。它追蹤公司所有者、
10:09
creditors and lenders including stockholders so there you have it simple wasn't it those are the main sections of
債權人與貸款人（包括股東）之間的現金流。看吧，很簡單不是嗎？以上就是主要的部分。
10:17
the three main statements that make up a company's financial statements the balance sheet the income statement and
組成公司財務報表的三大主要報表：資產負債表、損益表以及
10:24
the cash flow statement now we didn't go into lots and lots of detail this was a high-level overview but just by
現金流量表。雖然我們沒有深入探討細節，這只是一個高層次的概述，但只要
10:31
understanding those main sections and how the statements are laid out and how they relate to each other in the jobs
理解這些主要部分、報表的架構以及它們在各自功能上
10:37
they do you can already get a good grasp of what's going on in the company and you should now be able to read a
如何相互關聯，你就能夠很好地掌握公司的營運狀況，現在你也應該能夠閱讀
10:43
company's financial statement and understand what you're seeing I'd recommend downloading the financial
一家公司的財務報表並理解你所看到的內容。我建議下載
10:49
statements of companies from different industries and seeing how they differ from one another and whether you can
不同產業公司的財務報表，看看它們彼此之間有何不同，以及你現在是否能
10:55
read them now and get a better understanding of what's going on in those specific companies and if you like
讀懂它們，從而更深入了解這些特定公司的營運情況。如果你喜歡
11:01
video and want to see more on this topic such as how we can take this a step further and use ratios to analyze the
這支影片，想看到更多關於這個主題的內容，例如我們如何更進一步運用比率來分析
11:09
financial statements then hit that thumbs up button to let us know and if you're looking for something to watch
財務報表，請點擊那個讚讓我們知道。如果你正在尋找
11:15
next why not check out our legends of investing video about the story of Warren Buffett someone who reads more
下一支影片，何不看看我們的「投資傳奇」系列，關於沃倫·巴菲特的故事，他閱讀的
11:23
financial statements than practically anyone and as always if don't forget to subscribe to the channel for more videos
財務報表比幾乎任何人都多。還有，別忘了訂閱頻道以獲取更多
11:29
and thanks so much for watching see you soon
影片，非常感謝您的觀看，我們下次見。
