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美國高級公司理財作業: 財務報表分析

時間:2019-08-30 12:19來源:未知 作者:anne 點擊:
1)找到IBM的信用評級,并解釋您如何判斷與同行業其他公司的信用評級。 根據湯森路透Eikon,三大信用評級機構對IBM的信用評級如下: 1) Find the credit rating of IBM and explain how you judge that rating i
1)找到IBM的信用評級,并解釋您如何判斷與同行業其他公司的信用評級。
根據湯森路透Eikon,三大信用評級機構對IBM的信用評級如下:
1) Find the credit rating of IBM and explain how you judge that rating in relation to other companies in the same industry
According to Thomson Reuters Eikon, the credit ratings of IBM issued by the three largest credit rating agencies are as follows:
IBM的主要競爭對手是微軟公司、惠普公司和埃森哲公司。以下是IBM可比公司信用評級的選定列表。
與主要競爭對手相比,IBM的信用評級優于惠普(Hewlett-Packard),與甲骨文(Oracle)和埃森哲(Accenture)的信用評級相對相似,與微軟相比,IBM的信用評級也不那么有利。
IBM’s major competitors are Microsoft Corporation, Hewlett-Packard Company, and Accenture plc. The following is a selected list of credit ratings of the comparable companies for IBM. 
As compared to its major competitors, IBM has a better credit rating than Hewlett-Packard, a comparatively similar credit rating as compared to Oracle and Accenture and a less advantageous credit rating as compared to Microsoft.
2)了解IBM在2018年、2019年和2020年以及之后從10萬年起的承諾;為此,請查看資產負債表長期負債/負債注釋部分,并查找有關租賃承諾的詳細信息。
根據資產負債表關于長期負債的說明:
截至2017財年和2016財年的長期債務總額分別為398.37億美元和32.65億美元。79.1%的長期債務主要以美元計價。其他貨幣包括歐元、英鎊、日元、加拿大和其他貨幣。
2) Understand IBM’S commitments in 2018, 2019 and 2020 as well as thereafter from the 10K ; check for this purpose the section NOTES TO the Balance sheet LT Debt/Liabilities and find detailed information about the Lease commitments
According to the NOTES TO the Balance sheet about the Long-Term Debt:
Total Long-Term Debt as of FY2017 and FY2016 is US$39,837 million and US$32,655 million respectively. 79.1% of the Long-Term Debts are denominated in USD currencyprimarily. Other currencies included Euros, Pound Sterling, Japanese Yen, Canadian and others.  
With regard to the maturities, Long Term Debts of IBM are distributed equally, covering both the debt to be matured in 5 years and those beyond 5 years. 38.2% of the total Long Term debts are maturing beyond the year 2023 and the rest are maturing before the year of 2022. The tenor of the Debts of IBM are structured in balance.  
According to the NOTES TO the Balance sheet about the Lease commitments:
IBM’s operating lease commitments were $6.6 billion in FY2017. In 2017, IBM uses of third-party residual value guarantee insurance making the company recognizing $452 million of sales-type lease revenue that would otherwise have been recognized over the lease period as operating lease revenue. The company would continue to assess the potential impacts of the guidance, including normal ongoing business dynamics or potential changes in contracting terms. The annual report 2017 also gives a forecast of the Operating Lease Commitments in the year of 2018 onwards.
 
This Operating Lease Commitments mainly involve activities related to office space, data centers, equipment and vehicles. The gross minimum rental commitments under noncancelable leases, vacant space associated with workforce transformation, sublease income commitments and capital lease commitments.

Reference:
Alotaibi, Jawaher&Meng, Fanlong&Denina, Anthony.(2016). Financial Analysis of IBM. 10.13140/RG.2.2.25518.10563.
 
IBM.(2017). IBM 2017 Annual Report.
 


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