公司理財-chapter-[]PPT課件

精品課件 1 Chapter16 Financialstatementanalysis 精品課件 2 Objectives Calculateandinterpretmeasuresofafirm sleverage liquidity efficiency andprofitabilityUsetheDuPontformulatounderstandthedeterminantsofthefirm sreturnonitsassetsandequityValuatethepotentialpitfallsofratiosbasedonaccountingdataUnderstandsomekeymeasuresoffirmperformancesuchasmarketvalueaddedandeconomicvalueadded 精品課件 3 Content FinancialratiosTheDuPontsystemUsingfinancialratiosMeasuringcompanyperformanceTheroleoffinancialratios 精品課件 4 Incomestatement financialstatementthatshowstherevenues expenses andnetincomeofafirmoveraperiodoftime 精品課件 5 Common sizeincomestatement incomestatementthatpresentsitemsasapercentageofrevenues 精品課件 6 Balancesheet financialstatementthatshowsthevalueofthefirm sassetsandliabilitiesataparticulartime 精品課件 7 Common sizebalancesheet balancesheetthatpresentsitemsasapercentageoftotalassets 精品課件 8 FourtypesoffinancialratiosLeverageratiosshowhowheavilythecompanyisindebt Liquidityratiosmeasurehoweasilythefirmcanlayitshandsoncash Efficiencyorturnoverratiosmeasurehowproductivelythefirmisusingitsassets Profitabilityratiosareusedtomeasurethefirm sreturnonitsinvestments 精品課件 9 Leverageratios Debtincreasesreturnstoshareholdersingoodtimesandreducestheminbadtimes itissaidtocreatefinancialleverage Leverageratiosmeasurehowmuchfinancialleveragethefirmhastakenon 精品課件 10 Debtratio 精品課件 11 Timesinterestearnedratio Theextenttowhichinterestobligationsarecoveredbyearnings 精品課件 12 Cashcoverageratio Theextenttowhichinterestiscoveredbythecashflowsfromoperations 精品課件 13 Liquidityratios Networkingcapitaltototalassetsratio Thedifferencebetweencurrentassetsandcurrentliabilitiesisknownasnetworkingcapital 精品課件 14 Currentratio 精品課件 15 Quick oracid test ratio Managersoftenexcludeinventoriesandotherlessliquidcomponentsofcurrentassetswhencomparingcurrentassetstocurrentliabilities 精品課件 16 Cashratio Acompany smostliquidassetsareitsholdingsofcashandmarketablesecurities 精品課件 17 Efficiencyratios Assetturnoverratio Theassetturnover orsales to assets ratioshowshowhardthefirm sassetsarebeingputtouse 精品課件 18 Averagecollectionperiod Theaveragecollectionperiodmeasureshowquicklycustomerspaytheirbills 精品課件 19 Inventoryturnoverratio Therateatwhichthecompanyisturningoveritsinventories Howmanydays salesarerepresentedbyinventories 精品課件 20 Profitabilityratios Profitmargin 精品課件 21 Returnonassets ROA Inacompetitiveindustryfirmscanexpecttoearnonlytheircostofcapital Therefore ahighreturnonassetsissometimescitedasanindicationthatthefirmistakingadvantageofamonopolypositiontochargeexcessiveprices 精品課件 22 Returnonequity ROE 精品課件 23 Payoutratio 精品課件 24 Incomestatement 利潤表Common sizeincomestatement 共同尺度利潤表 百分率利潤表Balancesheet 資產(chǎn)負債表Common sizebalancesheet 共同尺度資產(chǎn)負債表Leverageratios 負債比率 杠桿比率Financialleverage 財務杠桿Long termdebtratio 長期負債比率Long termdebt equityratio 長期債務權(quán)益比Totaldebtratio 資產(chǎn)負債率 精品課件 25 Timesinterestearnedratio 已獲利息倍數(shù)Cashcoverageratio 現(xiàn)金流償債能力比率Liquidityratio 變現(xiàn)能力比率Networkingcapitaltototalassetsratio 凈營運資本占總資產(chǎn)比Currentratio 流動比率Quick oracid test ratio 速動比率或酸性測試比率Cashratio 現(xiàn)金比率Marketablesecurities 有價證券Assetturnoverratio 資產(chǎn)周轉(zhuǎn)率 精品課件 26 Averagecollectionperiod 平均收賬期Inventoryturnoverratio 存貨周轉(zhuǎn)率Profitabilityratios 盈利能力比率Profitmargin 銷售凈利率 利潤邊際Operatingprofitmargin 營業(yè)利潤率Returnonassets ROA 總資產(chǎn)收益率Returnonequity ROE 凈資產(chǎn)收益率Payoutratio 股利支付率Plowbackratio 留存收益率 精品課件 27 Content FinancialratiosTheDuPontsystemUsingfinancialratiosMeasuringcompanyperformanceTheroleoffinancialratios 精品課件 28 DuPontsystem abreakdownofROEandROAintocomponentratios 精品課件 29 精品課件 30 精品課件 31 Otherfinancialratios 精品課件 32 精品課件 33 精品課件 34 精品課件 35 DuPontsystem 杜邦財務分析體系ROA 總資產(chǎn)收益率ROE 凈資產(chǎn)收益率 精品課件 36 Content FinancialratiosTheDuPontsystemUsingfinancialratiosMeasuringcompanyperformanceTheroleoffinancialratios 精品課件 37 Accountingprinciplesandfinancialratios Financialratioanalysiswillrarelybeusefulifpracticedmechanically Itrequiresalargedoseofgoodjudgment Financialratiosseldomprovideanswers buttheydohelpyouasktherightquestions Moreover accountingdatadonotnecessarilyreflectmarketvaluesproperly andsomustbeusedwithcaution 精品課件 38 Choosingabenchmark Onceyouhaveselectedandcalculatedtheimportantratios youstillneedsomewayofjudgingwhethertheyarehighorlow 精品課件 39 1 Comparethemwiththeequivalentfiguresforthesamecompanyinearlieryears 精品課件 40 2 Comparethemwiththoseofotherfirms 精品課件 41 3 Comparethemwithindustry sectoraverage 精品課件 42 Content FinancialratiosTheDuPontsystemUsingfinancialratiosMeasuringcompanyperformanceTheroleoffinancialratios 精品課件 43 Theratioofthemarketvalueofthefirm sequitytoitsbookvalueindicateshowfarthevalueoftheshareholders investmentexceedsthemoneythattheyhavecontributed Thedifferencebetweenthemarketandbookvaluesisknownasmarketvalueaddedandmeasuresthenumberofdollarsofvaluethatthecompanyhasadded 精品課件 44 Managersoftencomparethecompany sreturnonassetswiththecostofcapitaltoseewhetherthefirmisearningthereturnthatinvestorsrequire Itisalsousefultodeductthecostofthecapitalemployedfromthecompany sprofitstoseehowmuchprofitthecompanyhasearnedafterallcosts Thismeasureisknownasresidualincome economicvalueadded orEVA Managersofdivisionsorplantsareoftenjudgedandrew