[财务管理]现金流量与财务分析(PPT 28页)

Chapter3,CashFlowsandFinancialAnalysis(現金流量與財務分析),AFinancialInformation(財務資訊)(p.57),FinancialinformationistheresponsibilityofmanagementCreatedbywithin-firmaccountants(由公司內的會計師編製)andreviewedbyauditors(公司外的稽查員來檢閱)CreatesaconflictofinterestbecausemanagementwantstoportrayfirminapositivelightPublishedtoavarietyofaudiences,A-1UsersofFinancialInformation,InvestorsandFinancialAnalystsMajorpartofanalystsjobistomakeacarefulstudyofrecentfinancialstatementsVendors/CreditorsUsefinancialinformationtodetermineifthefirmisexpectedtomakegoodonloansManagementpinpointstrengthsandweaknessesinoperations,A-2SourcesofFinancialInformation(財務資訊的來源)p.59,AnnualReport(主要的資訊來源)RequiredofallpubliclytradedfirmsTendtoportrayfirminapositivelight,sotendtobiasedinfavorofmanagementsperformanceBrokeragefirmsandinvestmentadvisoryservicesprovidereportsonmostlargefirms.Example:ValueLine(價值線),Moodys,S太高的ACP可能是存在有收不回來的應收帳款之暗示)存貨週轉率(times;ahigherturnoverisbetter)固定資產週轉率(times(次);衡量長期績效)總資產週轉率(times(次);衡量長期績效),C-3Ratios-5,(3)DebtManagementRatios(債務管理比率/財務槓桿比率/長期償債能力):Debt是指長期債務與流動負債的總和負債比率(比率越高則被投資人視為高風險)負債對權益比率(fixedfinancialcharge比率越高隱含安全性越高)現金涵蓋比率固定費用涵蓋比率,C-3Ratios-6,ProfitabilityRatios(獲利能力比率):一般以百分比的方式表示銷貨報酬率(ROS);profitmargin;netprofitmargin資產報酬率(ROA)權益報酬率(ROE),C-3Ratios-7,MarketValueRatios(市價比率)價盈比(P/Eratio;越高越好)市價對帳面價值比(穩健的公司會產生股票市價高於帳面價值),C-3Ratios-8a,DuPontEquations(杜邦恆等式):利用比率之間的關係以洞悉營運之成功與否,C-3Ratios-8b,ExtendedDuPontequationstatesthattheoperationofabusinessisreflectedinitsROEHowever,thisresultgoodorbadcanbemultipliedbyborrowingThewayyoufinanceabusinesscanexaggeratetheresultsfromoperationsTheDuPontequationscanbeusedtoisolateproblems,C-3Ratios-8c,C-4Limitations/WeaknessesofRatioAnalysis(p.90),(