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Essentials for Financial Statements AnalysisGibson.C.H. Journal of Financial Statement Analysis Vol.12 No.2,2009Overview of financial statements analysisThe analysis of financial data employs various techniques to emphasize the comparative and relative importance of the data presented and to evaluate the position of the firm. These techniques include ratio analysis, common size analysis, review of descriptive material, and comparisons of results with other types of data. The information derived from these types of analyses should be blended to determine the overall financial position. No one type of analysis supports overall findings or serves all types of users. You have to select two listed companies existing in the same industry (e.g. Unilever and Proctor and Gamble in the food and personal care products, etc) Get their financial statements for the most recent three years and Perform the afore-mentioned analysis. Financial Analysis techniques such as ratio analysis and common size financial statements can provide valuable insight into a companys operations, risk characteristics, and valuation beyond what is readily apparent by examining raw data. When data is presented analytically, differences across time periods, interrelationships of financial statement accounts and comparisons among companies, are more easily understood. An effective analysis encompasses both computations and interpretations. A well reasoned analysis differs from a mere complication of various pieces of information, computations, tables, and graphs by integrating the data collected into a cohesive whole. Analysis of the past performance, for example, should address not only what happened but also why it happened and whether it advanced companys strategy. Some of the key questions to address include: l What aspects of performance are critical for this company to successfully compete in the industry?l How well did the companys performance meet these critical aspects? (This is established through computations and comparison with appropriate benchmarks, such as the companys own historical performance or competitors performance.)l What are the key causes of this performance, and how would this performance affect the company in the future? l What is the likely impact of trends in the company, industry, and economy on the future cash flows? l What are your recommendations as an analyst? Financial Analysis TechniquesThe following techniques can help you in achieving the overall objective of financial statement analysis of the companies. 1. Ratio Analysis Ratio Analysis Ratio analysis is the calculation and comparison of ratios which are derived from the information in a companys financial statements. Financial ratios are usually expressed as a percent or as times per period. a) Liquidity Ratios Liquidity ratios measure a firms ability to meet its current obligations. These include Current Ratio, Acid Test Ratio, Sales to Working Capital, Working capital. b) Leverage Ratios Leverage ratios measure the degree of protection of suppliers of long term funds. These include Time Interest Earned, Fixed Charge Coverage, Debt Ratio, Debt / Equity Ratio, Debt to Tangible Net worth Ratio, Current Worth / Net worth Ratio, Total Capitalization Ratio, Fixed Asset Ratio / Equity Ratio, Long term Assets versus Long term Debt. c) Profitability Ratios Profitability ratios measure the earning ability of a firm. These include Net Profit Margin, Return on Assets, DuPont Return on Assets, Operating Income Margin, Operating Assets Turnover, Return on Operating Assets, Sales to Fixed Assets, Return on Investment (ROI), Return on Total Equity, Gross Profit Margin. d) Activity Ratios Activity ratios measure a firms ability to convert different accounts within their balance sheets into cash or sales. These include Accounts Receivable Turnover。Average Collection Period, Accounts Payable Turnover, Average Payment Period, Inventory Turnover, Average Age of Inventory, Operating Cycle, Total Assets Turnover, Fixed Assets Turnover. e) Market Ratios Market ratios are commonly used by the investors to assess the performance of a business as an investment and also the cost of issuing stock. These include Dividend per share, Earning per Share, Price/earning Ratio, Percentage of Earnings Retained, Dividend Payout, Dividend Yield, Book Value per Share. f) Statements of Cash Flow Cash flow ratios indicate liquidity, borrowing capacity and profitability. These include Operating Cash Flow /Current Maturities of Long Term Debt and Current Notes Payable, Operating Cash Flow/Total Debt, Operating Cash Flow per Share, Operating Cash Flow/Cash Dividends. 2. Horizontal Analysis Horizontal analysisHorizontal Analysis Horizontal analysis is done by computing the increase or decrease in percentage terms of each item from the prior year. It highlights items that have changed unexpectedly or have unexpectedly remained unchanged. It uses one years worth of entries as a baseline while every other year represents differences in terms of changes to that baseline. 3. Vertical Analysis It is a technique for identifying relationship between items in the same financial statement by expressing all amounts as the percentage of the total amount taken as 100. 4 .Review of Descriptive Information The descriptive information found in an annual report, in trade periodicals, and in industry reviews helps in understanding the financial position of a firm. Descriptive material might discuss the role of research and development in producing future sales, present data on capital expansion and the goal related such as minority hiring or union negotiations, or help explain the dividend policy of the firm. 5. Comparisons Absolute figures or ratios appear meaningless unless compared to other figures or ratios. Several types of comparisons offer insight. a) Trend Analysis Trend analysis studies the financial history of a firm for comparison. It is the comparative analysis of a companys financial ratios over time. This helps to detect problems or observe good management. Ratios are plotted on graph to see whether the ratios are falling, rising, or remaining relatively constant. b) Industry Averages and Comparisons with Competitors The analysis of an entitys financial statements is more meaningful if the results are compared with industry averages and with results of competitors. You are required to select 3-4 companies from the same industry and then calculate their 8 -10 ratios. You have to compare their ratios results with your companies ratios results. This enables financial analyst to check that where the selected companies fall in that particular industry. 财务报表分析要素作者：吉布林 本文出自财务报表分析期刊 12 卷第 2 期，2009 年1.财务报表分析概述财务报表的分析需要采用各种不同的技术分析方法来强调数据的相对重 要性，以此评估出公司的财务状况。这些方法包括比率分析，趋势分析，审查说明性资料分析以及与其他类型数据的比较分析， 从这些分析方法中得出的信息应该相互融合，以看出公司的总体财务状况， 因为任何一种单一的分析方法都不能得出总体的结论或满足不同使用者的需求。在进行财务报表分析时，可以在同行业中选择现有的两家上市公司，如联合利华和宝洁公司在食品和个人护理产品等方面来进行比较分析，找到他们最近三年的财务报表，然后运用上面所提到的各种分析方法进行综合分析。财务分析方法如比率分析和趋势分析等能对一个公司的经营、风险预测等提出宝贵的意见，而这些宝贵的建议仅通过看一些原始数据是无法提出的，当数据被分析提交后，那么由于时间段、财务报表各项目的联系以及公司的不同所造成的差异就会变得容易理解。一种有效的分析方法应包括计算和分析两个方面，真正的理性的分析并不是简单的将所收集到的信息、表格和图形等进行简单的加总结合。例如，对一个公司过去的业绩进行评价，不仅要知道过去发生了什么交易和事项，而且要了解其为什么会发生以及它是否有利于企业的战略实施，需要解决的一些关键问题主要包括如下几个方面： （1）哪些因素是一个公司在同行业竞争中取得成功的关键；（2）公司的业绩如何才能符合这些关键因素的标准，通常这应该是建立在适当的基准上，如公司自己的历史业绩或竞争对手的业绩；（3）怎样才能达到这些业绩指标，以及这将对公司的未来发展有什么影响；（4）这种发展趋势对公司甚至整个行业的未来现金流会有什么影响；（5）作为一个分析师所能提出的意见及建议。2.财务报表分析方法下面的分析方法可以帮助实现对一个公司财务报表分析的总体目标。2.1 比率分析法 比率分析是对来自公司财务报表的数据进行计算和比较的一种分析方法。 通 常财务比率按百分比或倍数来表示。 (一）流动比率 流动比率一般用来衡量一个公司的现行偿债能力。主要包括现行负债率、酸 性测试比率、销售营运资金率。 (二）杠杆比率 杠杆比率主要衡量长期资金供应的保障程度，主要包括时间利息率、固定费 用偿付率、负债比率、债务/权益比率、债务与有形净资产比率、当前价值/净资 产比率、总资本比率、固定资产收益率、权益比率。(三）盈利能力比率 盈利能力比率衡量一个企业的盈利能力。主要包括净利率、资产回收就率、 杜邦资产回报率、 经营收入率、资产周转率、营业资产回收率、固定资产销售 率、返回投资回报率、返回总权益率、毛利率。 (四）变现比率 变现比率是衡量一个公司在资产负债表中使不同的账户转换成现金或销售 收入能力的比率。主要包括应收账款周转率、平均收款期、应付账款周转率、平 均付款期限、存货周转率、存货平