00:00
welcome to cfi's reading financial statements course reading financial statements is vital for all Financial
歡迎來到 CFI 的「解讀財務報表」課程。解讀財務報表對所有金融分析師來說都至關重要，因為如果你看不懂財務報表，你就無法解讀一家企業，無法理解企業的走向，無法評估財務成果，甚至無法為企業估值。
00:07
analysts because if you can't read financial statements you can't interpret a business you can't understand where
嗨，我是 Scott Powell，我將帶領大家完成這門課程。
00:12
the business is going you can't assess Financial results or even value the business hi I'm Scott Powell and I'm
在本課程中，我們將討論公司年報的關鍵要素，並檢視你在公司財務報表中會看到的關鍵線性項目或科目。
00:19
going to take you through this course and during this course we're going to discuss the key elements of a company's
現在，我們將透過檢視一家真實公司的年報來進行，包括財務報表附註以及其他重要部分，旨在幫助你成為世界级的金融分析師。
00:25
annual report and review key line items or accounts that you'll see in a company set of financial statements now we do
本課程假設你對構成三大關鍵財務報表的基本要素有大致的了解。
00:32
this by going through a real company's annual report including the notes to the financial statements as well as other
我們在「會計基礎」課程中涵蓋了這些內容，我們建議你在修習本課程之前先修習該課程。
00:39
important parts all to help you become a worldclass financial analyst this course does assume that you have a general
那麼，讓我們開始吧。在本「解讀財務報表」課程結束時，你將能夠概述年報的內容。
00:48
understanding of the basic components that make up the three key financial statements we cover these in our
你還將能夠解釋公司的營運和商業策略。此外，你將能夠識別公司必須應對的許多風險因素。
00:54
accounting fundamentals course which we do recommend you take before undertaking this course
接著，我們將轉向分析公司的財務報表，我們將一起完成這項工作，同時也分析不同的業務部門。
01:01
so let's get started by the end of this course on reading financial statements you'll be able to outline the contents
然後，我們將探索 MD&A（管理層討論與分析）部分，以便你能輕鬆閱讀並完全理解該部分。
01:08
of an annual report you'll also be able to explain a company's operations and business strategy further you're going
最後，我們將深入探討財務報表的附註，在那裡你可以獲得更多詳細資訊。
01:15
to be able to identify the many risk factors a company must navigate we then move on to analyzing a company set of
讓我們開始吧。讓我們從宏觀層面開始，看看年報的一些好處。
01:22
financial statements and we'll do that together as well as analyzing different business segments we'll then move on to
現在，上市公司和許多其他組織通常會在會計年度結束後發布年報，該年報包含大量重要的財務和非財務資訊。
01:29
EXP exploring the mdna section or management discussion and Analysis section so that you feel comfortable
我們會在管理層討論與分析（MD&A）部分找到財務資訊，但我們也會檢視三大財務報表，並且我們將使用附註來...
01:35
that you can read it and fully comprehend that section and finally we'll dip into the notes of the
這樣您就能閱讀並充分理解該章節，最後我們將深入探討財務報表的附註
01:42
financial statements where you can get additional details so let's get started let's start high level by
財務報表的附註，您可以在其中獲得更多詳細資訊。那麼我們開始吧，首先從宏觀角度
01:49
looking at some of the benefits of an annual report now publicly traded companies and many other organizations
了解年報的若干益處。現在，上市公司以及許多其他組織
01:56
typically publish an annual report after the end of their school year and that annual report contains a huge amount of
通常會在會計年度結束後發布年報，而該年報包含了大量的
02:04
significant financial and non-financial information we'll find financial information in the management discussion
重要的財務與非財務資訊。我們會在管理層討論
02:11
and Analysis section or mdna but we also will look at the three financial statements and we'll use the notes to
與分析（MD&A）章節中找到財務資訊，但我們也會檢視三大財務報表，並利用附註來
02:18
the financial statements if we're looking for financial information but we can also use the annual report to gain
如果我們在尋找財務資訊，我們也可以使用年報來獲取
02:24
operational understanding and insights into a company and we can get that oper Insight by reading the message from the
營運層面的理解以及對公司的洞察，而我們可以透過閱讀
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chair a message from the CEO the corporate profile the mdna and risk and control processes within the company
董事長致詞、執行長致詞、公司簡介、MD&A（管理層討論與分析）以及公司內部的風險與控制流程來獲得這種營運洞察
02:42
within that same annual report we typically will also gain some insight into a company's strategic directions we
在同一份年報中，我們通常也能深入了解公司的戰略方向
02:49
will see things like its growth and investment plans its cost cutting initiatives its human capital strategy
我們會看到諸如其成長與投資計畫、成本削減措施、人力資本策略
02:57
or even its Outlook towards m&a or Acquisitions now the layout of an annual report typically follows what you're
或甚至是其對併購或收購的展望。現在，年報的佈局通常遵循您
03:05
about to see here and again it's a treasure Trove of information so typically we'll start with a letter to
即將看到的這種形式，再次強調，它是資訊的寶庫，所以通常我們會以一封
03:12
the shareholders and that will be followed by a business description and that's a very powerful section to read
致股東的信開始，接著是業務描述，這是非常值得閱讀的強力章節
03:19
if you don't really understand the nature of the business this is where that will be described this is Then
如果您不真正了解該業務的本質，這裡將會對其進行描述。接下來
03:24
followed by a lengthy typically management discussion and Analysis filled with tons of information in terms
會是一份篇幅通常很長的「管理層討論與分析」，其中充滿了大量資訊，涵蓋
03:31
of operational insights as we said Financial Insights and even some strategic insights about where the
營運洞察，正如我們所說的財務洞察，甚至是一些關於業務
03:37
business is going this is Then followed by a report on internal controls where we get an insight into the risk the
發展方向的戰略洞察。接下來是內部控制報告，我們可以從中了解業務面臨的風險
03:44
business faces and how it manages those risks next we get the audit report and it's important that that's there uh
以及它如何管理這些風險。接著我們會看到審計報告，它的存在很重要，uh
03:52
testifying to the fact that the financial statements have been audited by a reputable firm that then leads us
證實了財務報表已由信譽良好的會計師事務所審計，這然後引導我們
04:00
to the financial statements The Big Three the balance sheet the income statement and the statement of cash
來到財務報表——三大報表：資產負債表、損益表和現金流量表
04:04
flows and if we want more detail into those financial statements we then dig into the notes to the financial
如果我們想更深入了解這些財務報表，我們就會鑽研財務報表附註
04:10
statements and that can be quite a lengthy section as well of the annual report we typically will see near the
這部分在年報中也可能相當冗長。我們通常會在年報
04:17
end of the annual report some earnings per share data as well as a listing of directors of the company you're probably
接近結尾的地方看到一些每股盈餘數據以及公司董事會成員名單。您可能
04:24
wondering why I'm showing you Starbucks website it's not to order a drink we're actually going to read and analyze
想知道為什麼我要給您看星巴克的網站，不是為了點飲料，我們實際上是要閱讀並分析
04:30
Starbucks financial statements and so I want to show you how to access those financial statements now we're looking
星巴克的財務報表，所以我想向您展示如何存取這些財務報表。現在我們正在看
04:37
at a US company and publicly traded companies in the US are regulated by the US Securities and Exchange Commission
在美國公司，以及在美國公開發行的公司，皆受美國證券交易委員會（SEC）監管
04:44
and the US SEC has a prescribed format for annual reports and that prescribed format is something called a
而美國證券交易委員會對年報有規定的格式，該格式被稱為
04:53
10K there's also prescribed format for quarterly reports and that's called a 10 Q Okay so let's I'll show you two ways
10K；季報也有規定的格式，稱為10Q。好的，那麼我來展示兩種
05:00
to find it the first way is go to the website and we want to scroll down and we want to find something like investor
查找方法。第一種方法是進入網站，我們向下滾動，找到像是「投資人關係」的選項
05:07
relations so I'm just it's often around something like about us you can see investor relations so we'll click on
，通常在「關於我們」附近，你可以看到「投資人關係」，我們就點擊它
05:13
that you feel free to join me if You' like so you're finding the same information the only thing that will be
，如果你想的話，歡迎跟著我一起操作。你會找到相同的資訊，唯一的差別在於
05:19
different is when you take this course I'm recording this course in May of 2024 so if you're watching this in 2025 you
，當你上這門課時，我是在2024年5月錄製這門課，所以如果你在2025年觀看，你
05:27
may see a few different things Okay so I'm going to scroll down and try to find results
可能會看到一些不同的東西。好的，那麼我要向下滾動並試著尋找營運結果
05:32
information I see the ticker that's the stock ticker of sbux and here we go so most recent
資訊。我看到了代號，這是SBUX的股票代號，就在這裡。所以最近的
05:41
results Q2 fiscal 2024 you're probably thinking well may is in Q2 but what you might not know is that Starbucks year
營運結果是2024會計年度第二季。你可能會想，五月是在第二季，但你可能不知道的是，星巴克的會計年度
05:49
end is October 1st 2023 that's the latest uh year end so that's why they've already talked about a couple quarters
結算日是2023年10月1日，那是最近的會計年度結束日，這就是為什麼他們在這裡已經討論了幾個
05:56
here but I'm going to go to more you can see the form 10q that we talked about but I'm going to go
季度。但我打算點擊「更多」，你可以看到我們談過的10Q表格，但我打算點擊
06:02
more and I'm actually going to go to you can see 10 Q to get an annual report I need to go back to 2023 and you can see
更多，實際上我會去到...你可以看到10Q。要取得年報，我需要回到2023年，你可以看到
06:11
I can download that as a PDF so we can also click on SEC filings and one of the things I'm hoping you see
我可以將它下載為PDF。我們也可以點擊「SEC申報文件」，我希望你注意到的一件事是
06:20
is sometimes you'll be able to get different formats and I always like to also download the Excel format which is
，有時你可以取得不同的格式，而我也總是喜歡下載Excel格式，這
06:26
going to help me I hope save time in entering Starbucks finial information into Excel so again we need to go to
將有助於我（也希望有助於你）節省將星巴克財務資訊輸入Excel的時間。所以同樣地，我們需要回到
06:34
2023 I'm going to go to annual filings there we have the 10K and again we can do a PDF but we can also download this
2023年，我要點擊「年度申報文件」，我們在這裡找到10K，同樣地，我們可以選擇PDF，但我們也可以將這個
06:43
as an Excel file so I encourage you to do both um in the next lesson I'm going to
下載為Excel檔案。所以我鼓勵你兩種都做。在下一課中，我將會
06:49
show you how to get the same information off a system of the sec's called Edgar see you in the next lesson okay now I'm
向你展示如何從證券交易委員會的系統（稱為Edgar）獲取相同的資訊。下一課見。好的，現在我要
06:57
going to show you another way to get those 10ks or for annual reports for us publicly traded companies you can see in
向你展示另一種獲取這些10K或美國上市公司年報的方法。你可以看到在...
07:03
the bar here I have sec.gov Edgar which is the name of the the tool where you can find the 10ks and then
這裡的工具是 sec.gov Edgar，這是一個可以找到 10-K 文件的工具，你可以透過它來搜尋和存取
07:11
search and access just to let you know what I searched for if you come here you're going to see I typed in into
讓你知道我搜尋了什麼，如果你來到這裡，你會看到我在 Google 輸入了 SEC 和 Edgar，然後我點擊 Edgar filings 的搜尋和存取
07:16
Google just SEC and Edgar and the Edgar filings I'm going to click on search and access there's now a
現在有一個完整的科技搜尋工具，我打算使用它，它會說可以透過關鍵字、股票代碼或公司名稱、CIK 編號來搜尋
07:24
full Tech Search tool I'm just going to use that and then it says search by keyword picker company name cik number
嗯，我打算輸入 SBUX，很好，CIK 編號是 829224，很好，現在我們可以
07:32
um I'm just going to do sbux great there's that c number 829 224 great now we have uh we can actually
更詳細地精煉我們的搜尋，例如，我們可以選擇所有的年度、季度和
07:45
refine our search in a bit more detail so what we can do for example is we can actually say all annual quarterly and
即時報告，我們向下滾動，我們要找的是
07:52
current reports we're going to scroll down and what we're looking for is a
10-K 文件，這裡有一份 10-K，我們剛剛錯過了它，我會滾動到頂部，但看它是在
08:01
10K and here we have a 10K that's just we missed it it was I'll scroll up to the top but what filed on
第一個日期提交的，也就是 11 月，我再滾動上去，10-K 是在 11 月 17 日提交的，是針對
08:10
the first date which was November I'll scroll up again 10K was filed on November 17th and it's for the year
2023 年 10 月 1 日結束的年度，然後我可以點擊它，它說我可以打開申報文件，我可以
08:17
ending October 1st 2023 and then I can just click on it and it says I can open filing I can
打開文件，但這只是存取資訊的另一種方式，好的，現在確保你已經
08:25
open the document but this is just another way to access is this information okay now make sure you have
下載了 PDF，我們將在下一課中看看 10-K 文件包含了什麼內容。
08:33
the downloaded PDF and we're going to look at what's included in a 10K in the next lesson
下載好的 PDF 檔案，我們將在下一課中查看 10-K 報告的內容。
