财务管理分析（第四小组）讲解版课件

Analysis for financial managenent 会计0895班第四小组 小组成员： 2008936163 顾玲洁 2008936164 李杰川 2008936165 黄俊杰 2008936166 黄豪 2008936167 谢文浦 2008936168 袁郑翔 2008936169 张希恩 7.Answer the questions below based on the following information.Taxes are 35 percent and all dollars are in millions. 计算下表回答以下问题，所得税是35%，所有美元以十亿位单位。 Company X Company Z Earnings before interest and taxes $400 $420 Debt(at 10% interest) 2001200 Equity 800300 ROE x =Net income/equity=(400-200*10%)*(1-35%)/800=30.875%=31% a.Calculate each companys ROE,ROA,and ROIC 计算每间公司的ROE、ROA和ROIC Company X Company Z ROE31%65% ROA25%13% ROIC26%18% b,.Why is company Zs ROE so much higher than Xs? Dode this mean Z is a better company?Why or why not? 为什么Z公司的ROE高于X公司？是不是意味着Z是间更好的企 业？如果是，为什么？ vBecause company Z has a higher financial leverage than company X. vIt does not mean that company Z is the better company because company Zs higher financial leverage makes it a very uncertain enterprise and it is much risker than company X. v财务杠杆=资产/所有者权益 vX=（200+800）/800=1.25 vZ=（1200+300）/300=5 v因为Z公司比X公司有更高的财务杠杆，但这并不意味着Z公司比X公司 好。因为Z公司的高财务杠杆使得它有更多的不确定因数，要比X公司承 担更大的风险。 c.Why is company Xs ROA higher than Zs?What does this rell you about the two companies? 为什么X公司的ROA高于Z公司？这能说明这两家公司的什么资 料？ vThis is also due to Zs higher financial leverage . vROA differs from ROE in that it measures profit as a percentage of the money proveded by owners and creditors as opposed to only the money provided by owners.As a result,it does not mean that Z is a worse company than X v这同样是因为Z公司更高的财务杠杆。 v资产收益率（ROA）与净资产收益率（ROE）的不同在于资产收益率的 衡量标准是利润与所有者权益及负债的百分比相对于净资产收益率来说 它仅是利润与所有者权益的百分比。所以这并不意味着Z公司比X公司差 。 d.How do the two companiesROICs compare? What does this suggest about the two companies? 如何比较这两家的ROIC对于这两家公司有什么建议？ vROIC is a measure of how effectively a company uses the money invested in its operations. It abstracts from differences in leverage to provide a direct comparison of the earning power of the two companies assets. ROE is impacted by financial leverage while ROIC is not distorted by financial leverage ,hence it is a more reliable measure.Consequently ,X is the superior performer. v资本回报率（ROIC）是用来衡量一个公司对它所经营项目 进行投资时使用金钱的效率。它从两个不同的杠杆率中提供 了一个两公司资产盈利能力的直接比较。相比于ROE， ROIC不受财务杠杆的影响，因而它是一个更能反映公司盈 利能力的指标。所以X公司表现的更加出众。 10.In 2004,Natural Selection, a nationwide computer dating service,had $200 million of assets and $80 million of liabilities.Earnings before interest and taxes were $50 million,interest expense was $12 million,the tax rate was 40 percent,principal repayment requirements were $10 million,and annual dividends were 25 cents per share on 10 million shares outstangding. Natural selection一家全国性网上交友服务公司，在2004年， 拥有2亿美元资产和8千万美元负债，息税前利润为5千万美元 ，利息费用是1200万美元，税率是40%，需要偿还的本金为 1 千万美元，每年股息为每股25美分，总共发行在外1000万股 。 a.Calculate计算 (1)Natural Selections liabilities-to-equity ratio Liabilities-to-equity ratio= Liabilities /(Assets-Liabilities)=80/(200-80)=66.67% (2)Times interest earned ratiotimes interest earned=Earnings before interest and taxes/interest expense=50/12=4.17 (3)Times burden covered times burden covered= Earnings before interest and taxes/Interest exp.+ Principal repayment./(1-Tax rate) =50/12+10/(1-0.4)=1.74 b.What percentage decline in earnings before interesr and taxes could Natural Selection have sustained before failing to cover (1)Principal repayment requirement (2)Common dividend payments? 多少比率的EBIT下降将使Narural Selection仍能偿付 （1）本金 （2）股利 (1)假设下降后EBIT为X （X-12）（1-0.4）- 0.25*10=12 X=36 故可以下降的比率=（50-36）/50=28% (2)假设下降后EBIT为Y （Y-12）（1-0.4）- 0.25*10=2.5 Y=20 故可以下降的比率=（50-20）/50=60% 11.Given the following information,complete the balance sheet shown below. 根据以下信息，完成资产负债表 (All sales are on credit. All calculations assume a 365- day year.Payables period is based on cost of goods sold)（所有销售都是赊销。所有计算都以365天为一年。 应付账款周转天数以商品销售成本为基础） Collection period 50 days Days sales in cash 15 days Current ratio 2.4 Inventory turnover 6 times Liabilities to assets 80% Payables period 28 days Assets Curent Cash $500,000 Accouts receivable 1,666,667 Inventory 1,000,000 Total current assets 3,166,667 Net fixed assets 1,833,333 Total assets $5,00000,0 Liabilities and shareholders equity Current liabilities Accounts payable $460,274 Short-term debt 859,170 Total current liabilities 1,319,444 Long-term debt 2,680,556 Shareholders equity 1,000,000 Total liabilities and equity $5,000,000 注：文本框可根据需求改变颜色、移动位置；文字可编辑 POWERPOINT模板 适用于简约清新及相关类别演示 1 2 3 4 目录 点击添加标题 点击添加标题 点击添加标题 点击添加标题 添加文本 点击添加文本 点击添加文本 点击添加文本 点击添加文本 点击添加文本 点击添加文本 添加文本 点击添加文本 点击添加文本 点击添加文本 点击添加文本 添加文本 点击添加文本 点击添加文本 点击添加文本 添加文本 点击添加文本 点击添加文本 点击添加文本 点击添加文本 点击添加文本 点击添加文本 添加文本 点击添加文本 点击添加文本 点击添加文本 点击添加文本点击添加文本 添加文本 点击添加文本 点击添加文本 点击添加文本 添加文本 点击添加文本点击添加文本点击添加文本点击添加文本 点击添加文本点击添加文本点击添加文