00:00
in this video we are going to go over how to analyze a company's balance sheet I'm going to use my experience as an
在這支影片中，我們將探討如何分析一家公司的資產負債表。我將運用我在大型投資公司擔任投資分析師的經驗，
00:05
investment Analyst at a large investment firm to help you guys better understand what to look for when investing whether
來幫助各位在投資時更了解該注意哪些重點。無論你是剛買第一張股票的新手投資人，
00:11
you are a new investor just buying your first stock or if you've been investing for years I guarantee if you stick
還是已經投資多年的老手，我保證只要你看完這支影片，
00:16
around till the end of this video you will learn something new and useful that you can begin applying to your own
你一定能學到新的、實用的知識，並從今天開始將其應用在你自己的
00:21
investment research process today now let's get into the video understanding the inner workings of a company's
投資研究流程中。現在讓我們進入影片。了解一家公司資產負債表的
00:26
balance sheet is absolutely critical when investing a good balance sheet can mean the difference between losing all
內部運作機制在投資時至關重要。好的資產負債表可能意味著投資時是血本無歸，
00:32
of your money when investing or having a successful investment if a company has too much debt or runs out of cash and
還是獲得成功投資的差別。如果一家公司負債過多，或現金流枯竭，
00:38
can't fund its operations that means the company could be heading for bankruptcy if that happens there is a solid chance
無法資助其營運，這意味著公司可能面臨破產。如果發生這種情況，
00:44
that your investment in the company is going to zero the first thing you need to know about a balance sheet is that is
你在該公司的投資很有可能歸零。關於資產負債表，你首先需要知道的是它
00:49
organized into three sections assets liabilities and stockholders Equity put simply an asset is any item or resource
分為三個部分：資產、負債和股東權益。簡單來說，資產是企業擁有的
00:57
with a monetary value that a business owns cash that the company has in its bank account or the factory where the
任何具有貨幣價值的項目或資源。公司銀行帳戶裡的現金，或是公司
01:02
company manufactures its products would both be examples of assets the opposite of an asset is a liability put simply a
製造產品的工廠，都是資產的例子。資產的相反是負債。簡單來說，
01:10
liability is something that the company owes things such as a loan from A bank or a payment that the company owes to
負債是公司欠人的東西。例如銀行的貸款，或是公司欠供應商的
01:15
one of its suppliers are both examples of liabilities the basic accounting equation is assets equals liabilities
款項，都是負債的例子。基本的會計等式是：資產 = 負債 + 股東權益。
01:21
plus stockholders Equity this equation pretty much means that liabilities plus stockholders Equity represents how the
這個等式大致意味著，負債加股東權益代表了公司資產的
01:27
assets of a company are financed now I don't want to get too deep into Accounting in this video but just keep
籌資來源。在這支影片中，我不想深入探討會計，但請在看完
01:32
this equation in mind as we go throughout the rest of this video both the asset section and the liability
接下來的影片時，將這個等式牢記在心。資產部分和負債部分
01:37
section are further broken up into two subcategories current and non-current current assets are those that you can
都會再細分為兩個子類別：流動與非流動。流動資產是你可以在
01:43
convert into cash within one year such as short-term Investments and accounts receivable non-current assets are
一年內變現的資產，例如短期投資和應收帳款。非流動資產是
01:48
longer-term assets with a full value that you cannot recognize until after one year such as property and machinery
更長期的資產，其全部價值要等到一年後才能認列，例如房地產和機械設備。
01:54
for liabilities current liabilities are liabilities that are expected to be paid off within one year while my current
負債方面，流動負債是指預計在一年內償還的負債，而長期負債
02:00
liabilities are liabilities the company expects to have for longer than one year it's also interesting to note that
則是公司預期持有超過一年的負債。另外值得注意的是，
02:06
assets appear in the order of their liquidity liquidity is just a fancy word for how quickly assets can be turned
資產是按照其流動性排列的。流動性只是一個形容資產變現速度的專業詞彙，
02:11
into Cash Cash is the most liquid asset because while it's already cash the most liquid assets are at the top and the
現金是最具流動性的資產，因為它本身就是現金。流動性最高的資產會放在最上面，
02:17
least liquid assets like property plant and equipment for example are at the bottom of the asset section so now that
而流動性最低的資產，例如不動產、廠房和設備，則會放在資產部分的最底部。那麼，既然我們已經有了這些背景知識，
02:23
we have that background and why the balance sheet is so important let's go line by line of a company's balance
也了解了資產負債表為何如此重要，讓我們逐行分析一家公司的資產負債表，
02:28
sheet and talk about what you need to know in this example we are going to be using Apple but first a quick word from
並探討你需要了解的重點。在這個例子中，我們將使用蘋果公司，但首先，我們先來聽聽贊助商 Masterworks 的一段簡短說明。
02:34
our sponsor Masterworks if you follow my channel you probably know how turbulent the market has been with inflation
如果你有關注我的頻道，你可能知道市場在通膨
02:40
hitting a 30-year High many professional investors are either trying to find ways to significantly outperform the market
達到 30 年新高的情況下，波動有多劇烈。許多專業投資者正試圖尋找長期大幅超越大盤的方法，
02:45
over the longterm or hedge against inflation regardless if you want to understand what the sharpest Minds in
或是進行通膨避險。無論如何，如果你想了解投資界最敏銳的腦袋現在在做什麼，
02:51
investing are doing right now you need to check out Masterworks Masterworks lets you invest in an asset class that
你一定要看看 Masterworks。Masterworks 讓你投資一個在 1995 年至 2020 年間，
02:56
has outpaced the S&P 500 by 17 4% from 1995 to 2020 that's 25 years and has
報酬率比 S&P 500 指數高出 17.4% 的資產類別，這長達 25 年的時間，
03:05
seen almost triple the appreciation of real estate gold and 90% of cryptocurrencies during that same time
其增值幅度更是房地產、黃金和 90% 加密貨幣的近三倍。
03:11
so this may surprise you but the asset class I'm talking about is Contemporary Art the only problem historically it's
所以這可能會讓你驚訝，但我說的這個資產類別就是當代藝術。唯一的問題是，從歷史來看，
03:17
been impossible to invest in high-end art unless you're in the 1% of the 1% well that is of course until now
除非你是頂尖中的頂尖（1% 中的 1%），否則根本不可能投資高端藝術品。當然，那是以前，
03:24
Masterworks lets Ordinary People Like You and Me invest in multi-million doll artworks for just a fraction of the cost
直到現在。Masterworks 讓像你我這樣的普通人，只需花一小部分成本，
03:30
by letting investors buy shares just like stock and the artwork and getting started with Masterworks is super easy
就能投資數百萬美元的藝術品。他們讓投資者像買股票一樣購買藝術品的股份，而且使用 Masterworks 非常簡單，
03:36
all it takes is a few clicks you just make an account browse their artwork and add it to your investing portfolio
只需要點擊幾下。你只需註冊一個帳號，瀏覽他們的藝術品，並將其加入你的投資組合。
03:42
Masterworks also offers a secondary Market on their website where you can sell your shares to another member
Masterworks 也在他們的網站上提供二手市場，讓你可以將股份賣給其他會員。
03:46
luckily by partnering with Masterworks they've given me a link that lets you skip their massive weit list which you
幸運的是，通過與 Masterworks 合作，他們給了我一個連結，讓你可以跳過他們龐大的等候名單，而你
03:51
can find in the description below okay now back to Apple's balance sheet the first line that I want to talk about is
在下方描述中可以找到，好的，現在回到蘋果的資產負債表，我想討論的第一行是
03:57
cash and cash equivalents the first part of this line is pretty self-explanatory cash is just the money
現金及約當現金，這一行的第一部分相當好理解，現金就是
04:03
that you have sitting in a checking or savings account the part that needs some explaining is Cash equivalence cash
你存放在支票或儲蓄帳戶裡的錢，需要解釋的部分是約當現金，約當現金
04:08
equivalents are short-term and super safe Investments that can easily be turned into Cash the reason companies
是短期且極度安全的投資，可以輕易轉換成現金，公司之所以
04:14
put their money into these short-term but extremely lowrisk Investments is to earn a little extra money think about it
把錢投入這些短期但風險極低的投資，是為了賺點額外收入，試想一下
04:20
if you're apple and you have tens of billions of dollars of cash if you're able to get even a very small return on
如果你是蘋果，手上有數百億美元的現金，如果你能獲得哪怕是非常微小的投資報酬率
04:26
your money that is millions of dollars of extra cash you are generating moving down the balance sheet we have
都會是數百萬美元的額外現金，沿著資產負債表往下看，我們有
04:31
marketable Securities this is where the analysis really starts to take place these marketable Securities are already
有價證券，分析真正從這裡開始，這些有價證券本身風險已經
04:38
low risk and can be turned into Cash relatively easily marketable Securities consist of things like government bonds
很低，且可以相對容易地轉換成現金，有價證券包含像是政府公債等
04:44
when I'm trying to calculate a company's true cash I always like to add the marketable Securities into the cash and
當我試圖計算一家公司的真實現金時，我總是喜歡把有價證券加到現金及
04:49
cash equivalence line so we can see at the end of 2021 Apple had $34,900 in cash and cash equivalents
約當現金這一欄，這樣我們可以看到在2021年底，蘋果擁有349億美元的現金及約當現金，
04:57
$7,695 on marketable Securities and $127,800 5166 the reason I add these numbers
76.95億美元的有價證券，以及1278.005166億美元，我之所以把這些數字
05:12
together is because I want to determine how much true cash the company has relative to its debt as well as how much
加在一起，是因為我想確認相對於其負債，公司擁有多少真實現金，以及公司
05:18
cash the company can use to do things such as buy other companies pay dividends or repurchase stock next up we
能用多少現金來執行像是收購其他公司、發放股利或回購庫藏股等事務，接下來我們
05:24
have accounts receivable accounts receivable is the amount of money owed to the company by customers for
來談應收帳款，應收帳款是客戶因
05:28
purchases made on credit let's say you own a lemonade stand one of your customers asks you to supply lemonade to
採購商品而欠公司的款項，假設你擁有一個檸檬汁攤，你的一位客戶要求你供應檸檬汁到
05:34
a party he's hosting let's say you supply $20 worth of lemonade to the party and the customer says to send him
他主辦的派對，假設你供應了價值20美元的檸檬汁到派對，而客戶告訴你寄給他
05:39
over the bill for $20 and he will pay you next week this is an example of an accounts receivable from the time you
一張20美元的帳單，他下週會付給你，這就是應收帳款的一個例子，從你
05:45
provided the lemonade to the customer but have yet to receive payment you have a $20 account receivable from the
提供檸檬汁給客戶但尚未收到款項的那一刻起，你就有一筆20美元的應收帳款
05:50
customer so in the case of Apple if they are selling their iPhones to a large corporate customer but are awaiting
來自該客戶，所以以蘋果來說，如果他們正在將iPhone賣給大型企業客戶但正在等待
05:56
payment this would show up on the balance sheet as an accounts receivable the next line I want to cover is
付款 這將在資產負債表上顯示為應收帳款
06:00
inventories these are products that are completed and ready to be sold but have yet to be sold to a customer so in the
存貨 這些是已完成且準備出售但尚未出售給客戶的產品 以
06:06
case of Apple it would be the iPhones iPads and MacBooks that have been manufactured but have not yet been sold
蘋果為例 它指的是已製造但尚未出售給客戶的 iPhone、iPad 和 MacBook
06:11
to customers as an investor you want to make sure that these inventory levels aren't growing significantly is it can
作為投資人 你希望確保這些存貨水位沒有顯著增長 因為這可能
06:17
be a sign that the company is having a difficult time selling its products for example one of Apple's Rivals Microsoft
是該公司產品銷售面臨困難的跡象 例如 蘋果的競爭對手之一 Microsoft
06:23
had this problem a while back back in 2013 Microsoft took a loss of nearly $1 billion on one of its products because
不久前就曾遇到這個問題 回到 2013 年 Microsoft 在其中一項產品上損失了近 10 億美元 因為
06:29
the company simply overestimated demand they made way too much of the product because the company thought demand from
該公司顯然高估了需求 他們生產了太多產品 因為公司認為客戶的需求
06:35
customers was going to be higher than it turned out to be Microsoft investors were left footing the bill of nearly $1
會比實際情況更高 Microsoft 的投資人被迫買單 損失近 10
06:40
billion now Microsoft has since recovered and made that money back in a week or two however for a company such
億美元 Microsoft 隨後已恢復並在一兩週內賺回了這筆錢 然而 對於像
06:46
as a retailer or department store this inventory line is extremely important because if a retailer or department
零售商或百貨公司這樣的公司 這條存貨線極為重要 因為如果零售商或百貨公司
06:52
store Mis plans their inventory it can have devastating consequences I now want to jump to the line titled property
錯誤規劃了存貨 可能會帶來毀滅性的後果 我現在想跳到標題為不動產、廠房及設備的行
06:58
plant and equip property plant and equipment or PP for short are physical assets that a company
不動產、廠房及設備 簡稱 PP&E 是公司
07:04
owns that typically have a life of longer than 1 year this can include things like Vehicles Furniture computers
擁有的實體資產 通常使用壽命超過 1 年 這可以包括車輛、家具、電腦、
07:10
Machinery buildings or land for Apple an example of this would be its $5 billion headquarters that it built called Apple
機械、建築物或土地等 對蘋果來說 一個例子就是其耗資 50 億美元建造的總部 名為 Apple
07:17
Park the larger this PPN number is the more Capital intensive an industry is examples of capital intensive Industries
Park 這個 PP&E 數字越大 代表該產業的資本密集度越高 資本密集型產業的
07:24
include railroads oil companies and autom manufacturers a good way to see how Capital intensive industry is is to
例子包括鐵路、石油公司和汽車製造商 要了解一個產業資本密集度有多高的好方法是
07:30
divide ppne by the company's annual revenue this shows you how much property plant and Equipment it took a company to
將 PP&E 除以公司的年營收 這顯示公司需要多少不動產、廠房及設備才能
07:36
generate a certain amount of revenue for example if we do this analysis with apple we see that property plant and
產生特定的營收 例如 如果我們對蘋果進行此分析 我們會發現不動產、廠房及設備
07:42
equipment is 11% of annual revenue this is a relatively Capital Light Industry the opposite of a capital intensive
佔年營收的 11% 這是相對資本密集度低的產業 與資本密集型
07:49
industry however let's try this with a railroad let's use Union Pacific which is a railroad covering the western part
產業相反 然而 讓我們試試鐵路公司 我們使用 Union Pacific 這是一家覆蓋西部地區的鐵路公司
07:55
of the United States if we do the same calculation we get a value of 2 2 77% this shows just how much more
of the United States if we do the same calculation we get a value of 2 2 77% this shows just how much more
08:02
Capital intensive Union Pacific is compared to apple now I want to jump to the liability section of the balance
Capital intensive Union Pacific is compared to apple now I want to jump to the liability section of the balance
08:08
sheet the first line I want to touch on is Accounts Payable think of this line as the opposite of accounts receivable
sheet the first line I want to touch on is Accounts Payable think of this line as the opposite of accounts receivable
08:14
accounts payable is money that Apple owes to its suppliers for products and services Apple has received but has not
accounts payable is money that Apple owes to its suppliers for products and services Apple has received but has not
08:20
yet paid for so for example let's say the company that makes a glass for the front of the iPhone sent Apple $100
yet paid for so for example let's say the company that makes a glass for the front of the iPhone sent Apple $100
08:25
million of glass during the month Apple has received the glass from its supplier but until apple pays the supplier for
million of glass during the month Apple has received the glass from its supplier but until apple pays the supplier for
08:31
that material the amount Apple owes in this case $100 million shows up in the line titled the accounts payable the
that material the amount Apple owes in this case $100 million shows up in the line titled the accounts payable the
08:38
next line item I want to touch on is deferred revenue this is an important line item for software companies and
next line item I want to touch on is deferred revenue this is an important line item for software companies and
08:43
many tech companies the easiest way to explain this is with Netflix so when you sign up for Netflix the company builds
many tech companies the easiest way to explain this is with Netflix so when you sign up for Netflix the company builds
08:49
you upfront let's say $15 you pay $15 at the beginning of the month and that allows you to access Netflix for the
you upfront let's say $15 you pay $15 at the beginning of the month and that allows you to access Netflix for the
08:56
entire month however because of accounting rules the company cannot classify that $155 you pay them as
entire month however because of accounting rules the company cannot classify that $155 you pay them as
09:01
Revenue until they provide the service to you so in this example provide you with a month of access to Netflix so
Revenue until they provide the service to you so in this example provide you with a month of access to Netflix so
09:07
that $15 will show up in deferred revenue until after the company has provided you with the promise service
that $15 will show up in deferred revenue until after the company has provided you with the promise service
09:13
this is very common in subscription based software businesses like Netflix Microsoft Adobe and Salesforce in the
this is very common in subscription based software businesses like Netflix Microsoft Adobe and Salesforce in the
09:19
case of Apple this deferred revenue would come from their services business like apple music and iCloud storage next
case of Apple this deferred revenue would come from their services business like apple music and iCloud storage next
09:25
up is commercial paper this is simply very short-term debt around only3 days until the company has to pay it off
up is commercial paper this is simply very short-term debt around only3 days until the company has to pay it off
09:31
companies use commercial paper to fund the daily operations of their business such as payroll paying suppliers and
companies use commercial paper to fund the daily operations of their business such as payroll paying suppliers and
09:36
things like that the biggest difference between commercial paper and the next line term debt is that commercial paper
things like that the biggest difference between commercial paper and the next line term debt is that commercial paper
09:41
is just super short-term loans this brings me to the most important part of analyzing a company's balance sheet
is just super short-term loans this brings me to the most important part of analyzing a company's balance sheet
09:48
understanding the company's debt in the case of Apple their debt is listed as three separate lines commercial paper
understanding the company's debt in the case of Apple their debt is listed as three separate lines commercial paper
09:53
the current portion of term debt and the non-current portion of term debt just a reminder that current meanss the debt is
期債務的流動部分與非流動部分，提醒一下，流動指的是債務在
09:58
due within 12 months while non-current means due at a time longer than 12 months in order to calculate what I
12 個月內到期，而非流動則是超過 12 個月後到期。為了計算我所
10:03
refer to as Apple's true debt we have to add these three lines together adding together the $6,000 of commercial paper the
稱的 Apple 真實債務，我們必須將這三行加在一起，將 6,000 美元的商業本票、
10:11
$9,600 current portion of debt and the 9,16 non-current portion of debt we see
9,600 美元的流動部分債務以及 9,160 億美元的非流動部分債務加總，我們看到
10:19
that Apple's true debt is $124,700 earlier and the company's true debt we
Apple 的真實債務是 124,700 億美元。之前我們計算出公司的真實債務，現在
10:31
now want to calculate what in the investing industry is referred to as net debt it's a super easy calculation just
我們想計算投資界所稱的淨負債。這是一個超級簡單的計算，只需
10:37
take the company's debt and subtract out the cash the company has this leaves you with a net amount of debt if we do this
將公司的負債減去公司擁有的現金，就能得到淨負債金額。如果我們對 Apple
10:42
with apple we get 65,7 197 this means that the company in theory does not have any debt on its
這樣做，我們得到 65,7197 億美元。這意味著理論上這家公司
10:50
balance sheet because its cash exceeds its debt it's important to subtract out the cash a company has from its dead
在資產負債表上沒有任何債務，因為其現金超過了其負債。將公司擁有的現金從其負債
10:55
amount in order to see how much net debt the company has that it can't pay right away in the case of Apple even though
金額中扣除是很重要的，以便了解公司有多少無法立即償還的淨負債。以 Apple 為例，即使
11:00
the company technically has $124 billion of debt they really don't because they have far more cash on the balance sheet
這家公司技術上擁有 1240 億美元的債務，但他們其實並沒有，因為他們在資產負債表上的現金遠
11:06
than debt at first glance you as an investor might be worried about that large debt amount of $124 billion but
多於負債。乍看之下，身為投資人，你可能會擔心那 1240 億美元的龐大債務，但
11:13
once you understand that Apple has cash of $190 billion you suddenly aren't so worried about that number at all anymore
一旦你了解 Apple 擁有 1900 億美元的現金，你突然就不再那麼擔心那個數字了。
11:21
in order to illustrate my point let's use another company as an example Coca-Cola Coca-Cola has $42,715 in debt and
為了說明我的觀點，讓我們用另一家公司作為例子：可口可樂。可口可樂有 42,715 億美元的負債和
11:30
$1,914 in cash in order to calculate Coca-Cola's net debt we take the debt amount and subtract out the cash amount
1,914 億美元的現金。為了計算可口可樂的淨負債，我們將負債金額減去現金金額，
11:37
this leaves us with a net debt amount of $ 31,8 so this leaves an important question for us as an investor is this a
這給我們留下 31,800 億美元的淨負債金額。這對我們身為投資人留下了一個重要的問題：這是一個
11:44
large net debt figure or not that completely depends on how much money the company makes if a company makes $10
很大的淨負債數字嗎？這完全取決於這家公司賺了多少錢。如果一家公司一年
11:50
billion a year in profits $1 billion in debts would be a relatively small amount of debt however if a company only makes
獲利 100 億美元，10 億美元的負債相對是個小數目。然而，如果一家公司一年
11:57
$100 million in profits a year that same $1 billion doar in debt would probably crush it and cause it to go bankrupt a
只獲利 1 億美元，同樣是 10 億美元的負債可能就會壓垮它並導致其破產。一個
12:04
helpful analysis to do in order to determine whether a company can support its debt through the cash it generates
有助於判斷一家公司能否透過其產生的現金來支撐其負債的分析
12:09
is to calculate its net debt to ibida ratio this is a pretty straightforward calculation you take the company's net
是要計算它的淨負債對 EBITDA 比率。這是一個相當直接的計算，你將公司的淨負債除以其年度 EBITDA，這通常我們用來作為現金流的替代指標。如果你想了解更多關於 EBITDA 以及如何分析損益表，請查看我之前做的這支影片。可口可樂在 2020 年的 EBITDA 為 105.33 億美元。將可口可樂的淨負債除以這個 EBITDA 數值，我們得到淨負債對 EBITDA 比率為 3.03。分析這個數字的最佳方式是將其與同產業的競爭對手進行比較。這是因為不同產業用於資助公司營運的負債金額各不相同。將可口可樂的淨負債對 EBITDA 比率與一家高成長的軟體公司進行比較是沒有意義的，但與其他消費品公司如雀巢或寶僑進行比較則是合理的。現在我不打算花太多時間討論股東權益部分，因為作為投資者，你幾乎所有的時間都應該花在更好地理解公司的資產和負債上。然而，有一項投資指標我想提醒你注意，那就是股東權益報酬率（ROE）。它的計算方式是從損益表中取出公司的淨利，除以公司的總股東權益。股東權益報酬率告訴你公司每投入一美元資本能產生多少淨利。這個百分比非常關鍵，因為它能幫助投資者了解一家公司利用其資本產生利潤的效率有多高。以蘋果為例，我們取公司 2021 年的淨利 944 億美元，除以總股東權益 639 億美元，得到股東權益報酬率為 150%。一般來說，這個數字越高越好。對這個數字最有用的做法是將其與同產業的競爭對手進行比較。三星是蘋果的競爭對手之一，想猜猜它的股東權益報酬率是多少嗎？認真猜一下。嗯，三星的 ROE 是 17%。這顯示了蘋果是一家多麼偉大的公司，它能夠用相對較少的股東資本創造大量的金錢和利潤。難怪蘋果是世界上最有價值的公司。
12:15
debt and divided by its annual iida which is what we usually use as a proxy for cash flow if you want to learn more
債務，並除以其年度 EBITDA，這是我們通常用來代表現金流的指標。如果你想了解更多
12:21
about iida and how to analyze an income statement check out the video I did on it here Coca-Cola had an EA do of 10,53
關於 EBITDA 以及如何分析損益表，請查看我之前做的這支影片。可口可樂在 2020 年的 EBITDA 為 105.33
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$3 in 2020 by taking Coca-Cola's net debt and dividing it by this eida amount we get a net debt to eida ratio of
億美元。將可口可樂的淨負債除以這個 EBITDA 數值，我們得到淨負債對 EBITDA 比率為
12:37
3.03 the best way to analyze this number is to compare it to that of the company's competitors in the same
3.03。分析這個數字的最佳方式是將其與同產業的競爭對手進行比較。這是因為
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industry this is because different industries use varying amounts of debt to fund the operations of the company it
不同產業用於資助公司營運的負債金額各不相同。將可口可樂的淨負債對 EBITDA
12:47
wouldn't make sense to compare Coca-Cola's net debt to iida to a high growth software company but it would
比率與一家高成長的軟體公司進行比較是沒有意義的，但與其他消費品公司如雀巢或寶僑進行比較則是合理的。現在我不
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make sense to compare it to other consumer package good companies like Nestle or Proctor and Gamble now I'm not
打算花太多時間討論股東權益部分，因為作為投資者，你幾乎所有的時間都應該花在更好地理解公司的資產和負債上。然而，有
12:57
going to spend a ton of time talking about the shareholder Equity section because pretty much all of your time as
一項投資指標我想提醒你注意，那就是股東權益報酬率（ROE）。它的計算方式是從損益表中取出公司的淨利，除以公司的總股東權益。
13:02
an investor should be spent better understanding the assets and the liabilities of a company however there
股東權益報酬率告訴你公司每投入一美元資本能產生多少淨利。這個百分比非常關鍵，
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is one investment metric that I do want to bring your attention to that metric is return on equity and it is calculated
因為它能幫助投資者了解一家公司利用其資本產生利潤的效率有多高。以蘋果為例，我們取公司 2021 年的淨利 944
13:13
by taking a company's net income from the income statement and dividing it by the company's total shareholders Equity
億美元，除以總股東權益 639 億美元，得到股東權益報酬率為 150%。一般來說，
13:18
return on Equity tells you how much net income a company generates per dollar of invested Capital this percentage is key
這個數字越高越好。對這個數字最有用的做法是將其與同產業的競爭對手進行比較。三星是蘋果的競爭對手之一，
13:24
because it helps investors understand how efficiently a firm uses its capital to generate profit so for Apple we take
想猜猜它的股東權益報酬率是多少嗎？認真猜一下。嗯，三星的 ROE 是 17%。這顯示了蘋果是一家多麼偉大的公司，
13:30
the company's net income for 2021 of $94,400 and divided by the total shareholders Equity of $63,900 this
它能夠用相對較少的股東資本創造大量的金錢和利潤。難怪蘋果是世界上最有價值的公司。
13:39
leaves us with a return on Equity of 150% generally speaking the higher this number is the better the most useful
（此處原文與前句重複，無需翻譯）
13:46
thing to do for this number is to compare to that of the company's competitors in the same industry Samsung
最有用的做法是將這個數字與同業競爭對手進行比較，例如三星
13:51
is one of Apple's competitors want to take a guess on what the return on Equity is seriously take a guess well
是 Apple 的競爭對手之一，想猜猜它的股東權益報酬率是多少嗎？認真猜猜看，好吧
13:57
Samsung's Roe is 17% this demonstrates just how great of a business apple is it is able to
三星的 ROE 是 17%，這正說明了 Apple 的事業有多麼出色，它能夠
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generate a ton of money and profits with relatively little shareholders Capital no wonder apple is the most valuable
用相對較少的股東資本創造大量的現金與利難怪 Apple 是全球市值最高的
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company in the world so there we have it make sure to give this video a like And subscribe to the investor Center and if
這是全球最大的公司，以上就是全部內容，請記得幫這支影片按讚，並訂閱投資者中心，如果
14:17
you want to check out the other videos in this series including how to analyze an income statement and a cash flow
您想查看本系列的其他影片，包括如何分析損益表和現金流量
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statement check it out here talk to you guys soon
表，請點擊此處查看，我們下次見。
