财务管理ppt英文课件Cha

Chapter6,FinancialStatementAnalysis,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,1,FinancialStatementsAPossibleFrameworkforAnalysisRatioAnalysisTrendAnalysisCommon-SizeandIndexAnalysis,FinancialStatementAnalysis,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,2,UsesofFinancialStatementInformation,Internaluses:performanceevaluationplanningforthefutureExternaluses:evaluationbyoutsidepartiesevaluationofmaincompetitorsidentifyingpotentialtakeovertargets,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,3,Plan-Focusonassessingthecurrentfinancialpositionandevaluatingpotentialfirmopportunities.Control-Focusonreturnoninvestmentforvariousassetsandassetefficiency.Understand-Focusonunderstandinghowsuppliersoffundsanalyzethefirm.,ExamplesofInternalUsesofStatementAnalysis,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,4,TradeCreditors-Focusontheliquidityofthefirm.Bondholders-Focusonthelong-termcashflowofthefirm.Shareholders-Focusontheprofitabilityandlong-termhealthofthefirm.,ExamplesofExternalUsesofStatementAnalysis,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,5,IncomeStatementAsummaryofafirmsrevenuesandexpensesoveraspecifiedperiod,endingwithnetincomeorlossfortheperiod.RevenueExpensesIncome,BalanceSheetAsummaryofafirmsfinancialpositiononagivendatethatshowstotalassets=totalliabilities+ownersequity.,PrimaryTypesofFinancialStatements,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,6,TheBalanceSheet,CurrentAssets,FixedAssets1.Tangiblefixedassets2.Intangiblefixedassets,NetWorkingCapital,CurrentLiabilities,Long-TermDebt,ShareholdersEquity,TotalValueofAssets,TotalValueofLiabilitiesandShareholdersEquity,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,7,BalanceSheetAnalysis,Whenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:AccountingliquidityDebtversusequityValueversuscost,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,8,AccountingLiquidity,Referstotheeaseandquicknesswithwhichassetscanbeconvertedtocash.Currentassetsarethemostliquid.Somefixedassetsareintangible.Themoreliquidafirmsassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,9,DebtversusEquity,Generally,whenafirmborrowsitgivesthebondholdersfirstclaimonthefirmscashflow.Thusshareholdersequityistheresidualdifferencebetweenassetsandliabilities.Financialleverageincreasesthepotentialrewardtoshareholders,butalsoincreasesthepotentialforfinancialdistressandbusinessfailure.,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,10,ValueversusCost,GenerallyAcceptedAccountingPrinciples(GAAP)showthatauditedfinancialstatementsshowassetsathistoricalcostorbookvalue.Marketvalueisacompletelydifferentconcept.Currentvalueofafirmrelatestomarketvalue,orthepricethattheassetwouldyieldinthecurrentmarketplace.,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,11,IncomeStatementExample,Sales$2000Costs1400Depreciation100EBIT500Interest100TaxableIncome400Taxes200NetIncome$200Dividends80AdditiontoR/E$120,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,12,IncomeStatementAnalysis,Therearethreethingstokeepinmindwhenanalyzinganincomestatement:GAAPNonCashItemsTimeandCosts,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,13,GenerallyAcceptedAccountingPrinciples(GAAP),ThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhaveoccurred.,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,14,IncomeStatementAnalysis,NonCashItemsDepreciationisthemostapparent.Nofirmeverwritesacheckfor“depreciation”.Anothernoncashitemisdeferredtaxes,whichdoesnotrepresentacashflow.,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,15,IncomeStatementAnalysis,TimeandCostsIntheshortrun,certainequipment,resources,andcommitmentsofthefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.Inthelongrun,allinputsofproduction(andhencecosts)arevariable.Financialaccountantsdonotdistinguishbetweenvariablecostsandfixedcosts.Instead,accountingcostsusuallyfitintoaclassificationthatdistinguishesproductcostsfromperiodcosts.,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,16,1.Analysisofthefundsneedsofthefirm.,Trend/SeasonalComponentHowmuchfundingwillberequiredinthefuture?Isthereaseasonalcomponent?,FrameworkforFinancialAnalysis,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,17,HealthofaFirmFinancialRatios1.Individually2.Overtime3.Incombination4.Incomparison,FrameworkforFinancialAnalysis,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,18,Examples:VolatilityinsalesVolatilityincostsProximitytobreak-evenpoint,Businessriskrelatestotheriskinherentintheoperationsofthefirm.,FrameworkforFinancialAnalysis,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,19,AFinancialManagermustconsiderallthreejointlywhendeterminingthefinancingneedsofthefirm.,FrameworkforFinancialAnalysis,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,20,FrameworkforFinancialAnalysis,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,21,RatioAnalysis,Financialratiosarerelationshipsdeterminedfromafirmsfinancialinformation.Usedtocompareandinvestigaterelationshipsbetweendifferentpiecesoffinancialinformation.Ratioseliminatethesizeproblem.,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,22,CategoriesofFinancialRatios,Liquidity-measuresthefirmsshort-termsolvency.Capitalstructure-measuresthefirmsabilitytomeetlong-runobligations(financialleverage).Assetmanagement(turnover)-measurestheefficiencyofassetusage.Profitability-measuresthefirmsabilitytocontrolexpenses.Marketvalue-pershareratios,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,23,LiquidityRatios,(Acid-Testratio),Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,24,FinancialLeverageRatios,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,25,TurnoverRatios,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,26,Just-in-time,Anapproachtoinventorymanagementandcontrolinwhichinventoriesareacquiredandinsertedinproductionattheexacttimestheyareneeded.ThegoalofaJITsystemisnotonlyreduceinventoriesbuttocontinuouslyimproveproductivity,productquality,andmanufacturingflexibility.,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,27,TurnoverRatios(continued),Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,28,ProfitabilityRatios,ROI=NetprofitmarginTotalassetturnover,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,29,ProfitabilityRatios(continued),=,Netprofitmargin,Totalassetturnover,EquityMultiplier,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,30,MarketValueRatios,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,31,TheDuPontIdentity,BreaksROEintothreeparts:operatingefficiencyassetuseefficiencyfinancialleverage,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,32,TheDuPontApproach,Returnonequity,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,33,BenchmarksforComparison,Time-trendanalysis-examinehowaparticularratio(s)haveperformedhistorically.Peergroupanalysis-usingsimilarfirms(competitors)forcomparisonofresults.,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,34,ProblemswithRatioAnalysis,Nounderlyingtheorytoidentifycorrectratiostouseorappropriatebenchmarks.Consolidatedfinancialstatementsarenotappropriatetouse.Firmsmayusedifferentaccountingprocedures.Firmsmayhavedifferentrecordingperiods.One-offeventscanseverelyaffectfinancialperformance.,Copyright2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/ebyVanHorneandWachowicz.SlidespreparedbyWuXiaolan,35,BWIndustry2.3