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Copyright © 1996, 2002 by John A. Tracy. All rights reserved.
Published by John Wiley & Sons, Inc., New York.
Published simultaneously in Canada.
No part of this publication may be reproduced, stored in a retrieval system
or transmitted in any form or by any means, electronic, mechanical, photocopying,
recording, scanning or otherwise, except as permitted under Sections
107 or 108 of the 1976 United States Copyright Act, without either the
prior written permission of the Publisher, or authorization through payment
of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood
Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 750-4744.
Requests to the Publisher for permission should be addressed to the Permissions
Department, John Wiley & Sons, Inc., 605 Third Avenue, New York,
NY 10158-0012, (212) 850-6011, fax (212) 850-6008, E-Mail:
PERMREQ@WILEY.COM.
This publication is designed to provide accurate and authoritative information
in regard to the subject matter covered. It is sold with the understanding
that the publisher is not engaged in rendering professional services. If
professional advice or other expert assistance is required, the services of a
competent professional person should be sought.
Wiley also publishes its books in a variety of electronic formats. Some content
that appears in print may not be available in electronic books.
ISBN: 0-471-20285-1
Printed in the United States of America.
10 9 8 7 6 5 4 3 2
TThis book is for business managers, as well as for bankers,
consultants, lawyers, and other professionals who need a
solid and practical understanding of how business makes
profit, cash flow from profit, the assets and capital needed to
support profit-making operations, and the cost of capital.
Business managers and professionals don’t have time to
wade through a 600-page tome; they need a practical guide
that gets to the point directly with clear and convincing
examples.
In broad terms this book explains the tools of the trade for
analyzing business financial information. Financial statements
are one primary source of such information. Therefore
financial statements are the best framework to explain
and demonstrate how managers analyze financial information
for making decisions and keeping control. Surprisingly,
most books of this ilk do not use the financial statements
framework. My book offers many advantages in this respect.
This book explains and clearly demonstrates the indispensable
analysis techniques that street-smart business managers
use to:
• Make profit.
• Control the capital invested in assets used in making profit
and in deciding on the sources of capital for asset investments.
• Generate cash flow from profit.
The threefold orientation of this book fits hand in glove
with the three basic financial statements of every business:
the profit report (income statement), the financial condition
report (balance sheet), and the cash flow report (statement of
cash flows). These three “financials” are the center of gravity
for all businesses.
This book puts heavy emphasis on cash flow. Business
managers should never ignore the cash flow consequences of
their decisions. Higher profit may mean lower cash flow;
managers must clearly understand why, as well as the cash
flow timing from their profit.
The book begins with a four-chapter introduction to financial
statements. Externally reported financial statements are
prepared according to generally accepted accounting principles
(GAAP). GAAP provide the bedrock rules for measuring
profit. Business managers obviously need to know how much
profit the business is earning.
But, to carry out their decision-making and control functions,
managers need more information than is reported in
the external profit report of the business. GAAP are the point
of departure for preparing the more informative financial
statements and other internal accounting reports needed by
business managers.
The “failing” of GAAP is not that these accounting rules are
wrong for measuring profit, nor are they wrong for presenting
the financial condition of a business—not at all. It’s just that
GAAP do not deal with presenting financial information to
managers. In fact, much of this management information is
very confidential and would never be included in an external
financial report open to public view.
Let me strongly suggest that you personalize every example
in the book. Take the example as your own business; imagine
that you are the owner or the top-level manager of the business,
and that you will reap the gains of every decision or suffer
the consequences, as the case may be.
If you would like a copy of my Excel workbook file of all
the figures in the book contact me at my e-mail address:
tracyj@colorado.edu.
P R E FA C E
xiv
As usual, the editors at John Wiley were superb. Likewise,
the eagle-eyed copy editors at North Market Street Graphics
polished my prose to a much smoother finish. I would like to
mention that John Wiley & Sons has been my publisher for
more than 25 years, and I’m very proud of our long relationship.
John A. Tracy
Boulder, Colorado
March, 2002
xv
[此贴子已经被作者于2008-1-29 9:03:33编辑过]
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