公司理财chapterPPT课件

精品课件 1 Chapter16 Financialstatementanalysis 精品课件 2 Objectives Calculateandinterpretmeasuresofafirm sleverage liquidity efficiency andprofitabilityUsetheDuPontformulatounderstandthedeterminantsofthefirm sreturnonitsassetsandequityValuatethepotentialpitfallsofratiosbasedonaccountingdataUnderstandsomekeymeasuresoffirmperformancesuchasmarketvalueaddedandeconomicvalueadded 精品课件 3 Content FinancialratiosTheDuPontsystemUsingfinancialratiosMeasuringcompanyperformanceTheroleoffinancialratios 精品课件 4 Incomestatement financialstatementthatshowstherevenues expenses andnetincomeofafirmoveraperiodoftime 精品课件 5 Common sizeincomestatement incomestatementthatpresentsitemsasapercentageofrevenues 精品课件 6 Balancesheet financialstatementthatshowsthevalueofthefirm sassetsandliabilitiesataparticulartime 精品课件 7 Common sizebalancesheet balancesheetthatpresentsitemsasapercentageoftotalassets 精品课件 8 FourtypesoffinancialratiosLeverageratiosshowhowheavilythecompanyisindebt Liquidityratiosmeasurehoweasilythefirmcanlayitshandsoncash Efficiencyorturnoverratiosmeasurehowproductivelythefirmisusingitsassets Profitabilityratiosareusedtomeasurethefirm sreturnonitsinvestments 精品课件 9 Leverageratios Debtincreasesreturnstoshareholdersingoodtimesandreducestheminbadtimes itissaidtocreatefinancialleverage Leverageratiosmeasurehowmuchfinancialleveragethefirmhastakenon 精品课件 10 Debtratio 精品课件 11 Timesinterestearnedratio Theextenttowhichinterestobligationsarecoveredbyearnings 精品课件 12 Cashcoverageratio Theextenttowhichinterestiscoveredbythecashflowsfromoperations 精品课件 13 Liquidityratios Networkingcapitaltototalassetsratio Thedifferencebetweencurrentassetsandcurrentliabilitiesisknownasnetworkingcapital 精品课件 14 Currentratio 精品课件 15 Quick oracid test ratio Managersoftenexcludeinventoriesandotherlessliquidcomponentsofcurrentassetswhencomparingcurrentassetstocurrentliabilities 精品课件 16 Cashratio Acompany smostliquidassetsareitsholdingsofcashandmarketablesecurities 精品课件 17 Efficiencyratios Assetturnoverratio Theassetturnover orsales to assets ratioshowshowhardthefirm sassetsarebeingputtouse 精品课件 18 Averagecollectionperiod Theaveragecollectionperiodmeasureshowquicklycustomerspaytheirbills 精品课件 19 Inventoryturnoverratio Therateatwhichthecompanyisturningoveritsinventories Howmanydays salesarerepresentedbyinventories 精品课件 20 Profitabilityratios Profitmargin 精品课件 21 Returnonassets ROA Inacompetitiveindustryfirmscanexpecttoearnonlytheircostofcapital Therefore ahighreturnonassetsissometimescitedasanindicationthatthefirmistakingadvantageofamonopolypositiontochargeexcessiveprices 精品课件 22 Returnonequity ROE 精品课件 23 Payoutratio 精品课件 24 Incomestatement 利润表Common sizeincomestatement 共同尺度利润表 百分率利润表Balancesheet 资产负债表Common sizebalancesheet 共同尺度资产负债表Leverageratios 负债比率 杠杆比率Financialleverage 财务杠杆Long termdebtratio 长期负债比率Long termdebt equityratio 长期债务权益比Totaldebtratio 资产负债率 精品课件 25 Timesinterestearnedratio 已获利息倍数Cashcoverageratio 现金流偿债能力比率Liquidityratio 变现能力比率Networkingcapitaltototalassetsratio 净营运资本占总资产比Currentratio 流动比率Quick oracid test ratio 速动比率或酸性测试比率Cashratio 现金比率Marketablesecurities 有价证券Assetturnoverratio 资产周转率 精品课件 26 Averagecollectionperiod 平均收账期Inventoryturnoverratio 存货周转率Profitabilityratios 盈利能力比率Profitmargin 销售净利率 利润边际Operatingprofitmargin 营业利润率Returnonassets ROA 总资产收益率Returnonequity ROE 净资产收益率Payoutratio 股利支付率Plowbackratio 留存收益率 精品课件 27 Content FinancialratiosTheDuPontsystemUsingfinancialratiosMeasuringcompanyperformanceTheroleoffinancialratios 精品课件 28 DuPontsystem abreakdownofROEandROAintocomponentratios 精品课件 29 精品课件 30 精品课件 31 Otherfinancialratios 精品课件 32 精品课件 33 精品课件 34 精品课件 35 DuPontsystem 杜邦财务分析体系ROA 总资产收益率ROE 净资产收益率 精品课件 36 Content FinancialratiosTheDuPontsystemUsingfinancialratiosMeasuringcompanyperformanceTheroleoffinancialratios 精品课件 37 Accountingprinciplesandfinancialratios Financialratioanalysiswillrarelybeusefulifpracticedmechanically Itrequiresalargedoseofgoodjudgment Financialratiosseldomprovideanswers buttheydohelpyouasktherightquestions Moreover accountingdatadonotnecessarilyreflectmarketvaluesproperly andsomustbeusedwithcaution 精品课件 38 Choosingabenchmark Onceyouhaveselectedandcalculatedtheimportantratios youstillneedsomewayofjudgingwhethertheyarehighorlow 精品课件 39 1 Comparethemwiththeequivalentfiguresforthesamecompanyinearlieryears 精品课件 40 2 Comparethemwiththoseofotherfirms 精品课件 41 3 Comparethemwithindustry sectoraverage 精品课件 42 Content FinancialratiosTheDuPontsystemUsingfinancialratiosMeasuringcompanyperformanceTheroleoffinancialratios 精品课件 43 Theratioofthemarketvalueofthefirm sequitytoitsbookvalueindicateshowfarthevalueoftheshareholders investmentexceedsthemoneythattheyhavecontributed Thedifferencebetweenthemarketandbookvaluesisknownasmarketvalueaddedandmeasuresthenumberofdollarsofvaluethatthecompanyhasadded 精品课件 44 Managersoftencomparethecompany sreturnonassetswiththecostofcapitaltoseewhetherthefirmisearningthereturnthatinvestorsrequire Itisalsousefultodeductthecostofthecapitalemployedfromthecompany sprofitstoseehowmuchprofitthecompanyhasearnedafterallcosts Thismeasureisknownasresidualincome economicvalueadded orEVA Managersofdivisionsorplantsareoftenjudgedandrew