财务管理分析英文版(1)

-一、判断题(10*2)( T )1、A companys return on equity will always equal or exceed its return on assets. 一个公司的权益收益率总是大于或等于其资产收益率。( T)2、A companys assets-to-equity ratio always equals one plus its liabilities-to-equity ratio. 一个公司的资产权益比总是等于1加负债权益比。( F )3、A companys collection period should always be less than its payables period. 一个公司的应收账款回收期总是小于其应付账款付款期。( T )4、A companys current radio must always be larger than its acid-test-radio. 一个公司的流动比率一定大于速动比率。( F )5、Economic earnings are more volatile than accounting earnings. 经济利润比会计利润更加变动不定。( F )6、Ignoring taxes and transactions costs , unrealized paper gains are less valuable than realized cash earnings. 若不考虑税收和交易成本，未实现的纸上盈利不如已实现的现金盈利有价值。( F)7、A companys sustainable growth rate is the highest growth rate in sales it can attain without issuing new stock. 一家公司的可持续增长率是他在不增发新股情况下所能取得的最高的销售增长率。( F )8、The stock market is a ready source of new capital when a company is incurring heavy losses 当一家公司蒙受惨重损失时，股票市场即为它随时可动用的新的资本来源。( T )9、Share repurchases usually increase earnings per share. 股票回购通常增加每股收益。( T)10、Companies often buy back their stock because managers believe the shares are undervalued. 因为管理者相信股票被低估了，所以公司经常买回它们的股票。( F )11、Only rapidly growing firms have growth management problems. 只有快速增长的公司才有增长管理的问题。( F )12、Increasing growth increases stock price.提高增长增加股票价格。二、名词解释(5*3)1、The balance sheet P6 A balance sheet is a financial snapshot , taken at a point in time , of all the assets the company owns and all the claims against those assets.资产负债表相当于一张财务快照，它反映了企业在某一时点上拥有的全部资产和与之相对的全部要求权。2、EBIT P15 EBIT is earnings before interest and taxes , a useful and widely used measure of businesss income before it is divided among creditors , owners , and the taxman. 息税前利润是一项十分有用且被广泛应用的利润度量指标，度量在向债权人支付利息、向所有者支付股利和向税务当局缴纳税款之前的利润。3、Return on Equity P36 ROE is a measure of earnings per dollar of invested equity capital or equivalently of the percentage return to owners on their investment. 净资产收益率是他们的投资每一美元收益投资股权资本的回报率.4、Return on Assets P39 ROA is measure profit as a percentage of the money provided by owners and creditors. ROA是用来衡量每单位资产创造多少净利润的指标。5、The current ratio P51 The current ratio compares the assets that will turn into cash within the year to the liabilities that must be paid within the year. 流动比率比较的是能在一年内变现的资产与一年内必须偿还的债务。6、The acid-test P51Quick ratio is the ratio of liquid assets to current liabilities. It is a measure of corporate liquidity assets can be realized immediately used to repay current liabilities. 速动比率是指速动资产对流动负债的比率。它是衡量企业流动资产中可以立即变现用于偿还流动负债的能力。7、Pro forma financial statements（模拟财务报表） P87 A pro forma statement is simply a prediction of what the companys financial statements will look like at the end of the forecast period. 模拟财务报表就是预计公司在预测期结束时其财务报表看起来会是什么样。8、Percent-of-Sales Forecasting（销售百分比预测法） P88 One way to tie many of the income statement and balance sheet figures to future sales.一种将利润表和资产负债表中的数字与未来的销售联系起来的方法。9、Sustainable growth rate（可持续增长率） P119 This is the maximum rate at which company sales can increase without depleting financial resources. 可持续增长率指在不需要耗尽财务资源的情况下，公司销售所能增长的最大比率。10、Product diversification（产品多元化） P130 Companies could reduce risk by combining the income streams of businesses in different product markets. 公司可以通过对不同产品市场上生产经营的收益流量的组合来降低风险。11、OPM P198 Enterprises make full use of the advantage of scale , Enhance the ability with suppliers for a supply.Will be used in the inventory and accounts receivable funds and capital costs to suppliers.企业充分利用做大规模的优势，增强与供应商的讨价还价能力, 将占用在存货和应收账款的资金及其资金成本转嫁给供应商。12、Financial flexibility（财务弹性） P218 The concern that todays decision not jeopardize future financing options. 它所关心的事情是今天的决策不会危害到未来的筹资抉择.三、简答题(3*5)P31问：Why do you suppose financial statements are constructed on an accrual basis rather than a cash basis when cash accounting is so much easier to understand?（为什么尽管收付实现制更加浅显易懂，财务报表却是以权责发生制而非收付实现制为基础编制？） Because the accountants primary goal is to measure earnings , not cash generated. She sees earnings as a fundamental indicator of viability , not cash generation. A more balanced perspective is that over the long run successful companies must be both profitable and solvent , that is , they must be profitable and have cash in the bank to pay their bills when due, This means that you should pay attention to both earnings and cash flows.（因为会计师的主要目的是计量利润，而非现金。会计师认为切实可行的衡量指标是利润，而不是产生的现金。从一个更为全面的角度看，就长期而言，成功的公司必定兼具盈利性和流动性，即，一方面有良好的盈利能力，另一方面债务到期时有足够的银行存款来偿还。因此，既要注重利润，也要关注现金流量。）P52 问：Is ROE a Reliable Financial Yardstick? （ROE是不是值得信赖的衡量指标？）NO.ROE suffers from three critical deficiencies as a measure of financial performance,which I will refer to as the timing problem,the risk problem,and the value problem.（不是。作为财务业绩指标的ROE存在三个方面的不足，将其称为时效问题、风险问题和 价值问题。）1、 ROE is precisely the opposite:backward looking and focused on a single year. （ROE反映的是过去并着眼于当个期间。）2、 ROE necessarily includes only one years earnings,it fails to capture the full impact of multiperiod decisions. （ROE指考虑一年的盈利，所以它无法揭示多期决策所产生的全部影响。）3、ROE looks only at return while ignoring risk,it can be an inaccurate yardstick of financial performance. （ROE注重收益而忽视风险，所以它作为财务业绩的衡量尺度可能不准确。）4、ROE measures the return on shareholders investment;however,the investment figure used is the book value of shareholders equity,not the market value. （ROE衡量股东的投资所取得的收益率，但是投资所使用的是股东权益的账面价值而非 市场价值。）P55 问：Is earnings yield a useful measure of financial performance? （盈利收益率是衡量财务业绩的有效尺度吗？） No.The problem is that a companys stock price is very sensitive to investor expectations about the future. （不是。问题在于一个公司的股票价格对投资者的未来预期相当敏感。）1、A bright future,a high stock price,and a low earnings yield go together.A high earnings yield is not an indicator of superior performance;in fact,it is more the reverse. （美好的前景，高的股票价格和低的收益率相联系。高的盈利收益率不是公司业绩卓越的 指标，实际上恰恰相反。）2、 The earnings yield suffers from a severe timing problem of its own that invalidates it as a performance measure. （它自身存在严重的时效问题，这使得它丧失了衡量业绩的功能。）P126 问：What to Do When Actual Growth Exceeds Sustainable Growth? （当时机增长超过可持续增长时怎么办？）1、 The first step is to determine how long the situation will continue.If the company reaches maturity , it can probably be solved by further borrowing. （第一步是判断这种状况将要持续多久。假如公司接近成熟期，通过再多借款就可以解决。）2、 For longer-term sustainable growth problems,some combination of the following strategies will be necessary. （对于长期的可持续增长问题，以下策略的某些组合是必不可少的） Sell new equity （发售新股） Increase financial leverage （提高财务杠杆） Reduce the dividend payout （减少股利支付率） Prune away marginal activities （非核心业务的剥离） Outsource some or all of production （寻求外购） Increase prices （提高价格） Merge with a “cash cow” （兼并“现金牛”）P133 问：What to Do When Sustainable Growth Exceeds Actual Growth? （当可持续增长超过实际增长怎么办？）1、 If temporary,management can simply continue accumulating resources in anticipation of future growth. （如果这种现象是暂时的，管理者应将多余的现金积累起来。）2、 When the difficulty is longer term,the issue becomes lack of growth is unique to the company，the management must look carefully at its own performance to identify and remove the internal constraints on company growth. （如果困难是长期的，这个问题是企业自身的原因，管理者应检讨自身的经营方式，找出 内部妨碍企业快速增长的因素并予以消除。）3、 When a company is unable to generate sufficient growth from within,it has three options:ignore the problem,return the money to shareholders,or buy growth. （当企业无法从内部挖掘增长的潜力时，有三种选择：忽视问题的存在，将多余资金回馈 给股东，购买增长。）P217 问：What do these musings about the relative importance of taxes and financial distress costs imply about how to finance a business?（关于税收和财务困境成本之间相对重要性的沉思暗示有关融资业务如何处理？）1、 The ability of the company to utilize additional interest tax shields over the life of the debt.（公司在整个债务年限内利用税盾的能力。）2、 The increased probability of bankruptcy created by added leverage. （由提高财务杠杆产生的新增的破产风险。）3、 The cost to the firm if bankruptcy occurs. （假如破产产生，它会给公司带来的成本。）四、业务题(50)P31 课后第5题 P79 课后第5题 P80 课后第7题 7、问：Answer the questions below based on the following information.Taxes are 35 percent and all dollars are in millions. 译：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 XCompany ZEarnings before interest and taxes$400$420Debt(at 10% interest)2001200Equity800300问：a. Calculate each companys ROE,ROA,and ROIC译：计算每间公司的ROE、ROA和ROIC答：Company XCompany ZROE(净资产收益率)31%65%ROA（资产收益率）25%13%ROIC（资本回报率）26%18%译：X公司净资产收益率=净利润/权益答：ROE x =Net income/equity=(400-200*10%)*(1-35%)/800=31%译：Z公司净资产收益率=净利润/权益答：ROE z =Net income/equity=(420-1200*10%)*(1-35%)/300=65%译：X公司资产收益率=净利润/资产答：ROA x =Net income/assets=(400-200*10%)*(1-35%)/1000=25%译：Z公司资产收益率=净利润/资产答：ROA z =Net income/assets=(420-1200*10%)*(1-35%)/1500=13%译：X公司资本回报率=息税前利润*（1-税率）/（有息负债+权益）答：ROICx=EBIT*(1-Tax rate)/(Interest bearing debt+Equity)=400*(1-35%)/(200+800)=26%译：Z公司资本回报率=息税前利润*（1-税率）/（有息负债+权益）答：ROICz=EBIT*(1-Tax rate)/(Interest bearing debt+Equity)=420*(1-35%)/(1200+300)=18%问：b. Why is company Zs ROE so much higher than Xs? Dode this mean Z is a better company?Why or why not?译：为什么Z公司的ROE远远高于X公司的ROE？这是否意味着公司Z更好？如果是，为什么？答：Because company Z has a higher financial leverage than company X.It 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. 财务杠杆=资产/所有者权益X=（200+800）/800=1.25 Z=（1200+300）/300=5译：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。 问：c. Why is company Xs ROA higher than Zs? What does this tell you about the two companies?译：为什么X公司的ROA高于Z公司？对于这两家公司，这说明了什么？答：This is also due to Zs higher financial leverage .ROA penalizes levered companies by comparing the net income available to equity to the capital provided by owners and crediors.It does not mean that Z is a worse company than X译：这也是因为Z公司的财务杠杆比较高的缘故。ROA将所产生的净利润与所有者和债权人共同提供的资本进行对比，这对财务杠杆高的公司不利，但这并不意味着Z公司是比X差的公司。问：d. How do the two companiesROICs compare? What does this suggest about the two companies?译：如何比较这两家的ROIC？对于这两家公司有什么建议？答：ROIC abstracts from differences in leverage to provide a direct comparison of the earning power of the two companies assets. On this metric,X is the superior performer.Before drawing any firm conclusions,however,it is important to ask how the business risks faced by the companies compare and whether the observed ratios reflect long-run capabilities or transitory events.译：资本回报率（ROIC）剔除融资策略上的差异，将两个公司资产的获得能力直接进行比较。按照这个尺度，X公司的业绩更好一些。不过，在得出严密结论之前，还有必要考虑一下两个公司所面临的经营风险，以及所观察到的比率反映的是公司的长期能力还是短期活动。P81 课后第11题 11、问：Given the following information ,complete the balance sheet shown below. 译：根据以下信息，完成资产负债表Collection period应收账款回收期50 daysDays sales in cash现金的的销售天数15 daysCurrent ratio流动比率2.4Inventory turnover存货周转率6 timesLiabilities to assets资产负债比80%Payables period应付账款周转天数28 days(All sales are on credit. All calculations assume a 365-day year. Payables period is based on cost of goods sold)译：（假定所有销售均为赊销，按365/年计算，应付账款付款期按销售成本计算。）Assets资产Current:流动Cash现金 $500,000Accounts receivable应收账款 1,666,667Inventory存货 1,000,000Total current assets全部流动资产 3,166,667Net fixed assets净固定资产 1,833,333Total assets全部资产 $5,00000,0Liabilities and shareholders equity负债和所有者权益Current liabilities流动负债Accounts payable应付账款 $460,274Short-term debt短期借款 859,170Total current liabilities全部流动负债 1,319,444Long-term debt长期借款 2,680,556Shareholders equity所有者权益 1,000,000Total liabilities and equity全部负债和所有者权益 $5,000,00 答：1.Sales/365=(Cash/Days sales in cash)销售收入/365=（现金/销售的现金）=500000/15=333332.Accounts receivable=Collection period*Credit sales per day=Collection period*(Slaes/365)应收账款=应收账款回收期*每天的销售收入 =应收账款回收期*（销售收入/365）=50*33333=16666673.Cost of goods sold=Inventory turnover *Ending inventory商品销售成本=存货周转率*期末存货=6*1000000=60000004.Accounts payable=Payables period*(Cost of goods sold/365)应付账款=应付账款回收期*（商品销售成本/365） =28*6000000/365=4602745.Current liabilities=Current assets/Current ratio流动负债=流动资产/流动比率=3166667/2.4=13194446.Total liabilities=Assets*Liabilities to assets全部负债=资产*资产负债比率=5000000*0.8=40000007.Shareholders equity=Total assets- Total liabilities所有者权益=全部资产-全部负债=5,000,000-4,000,000=1000000P113 课后第5题5、 问：Using a computer spreadsheet ,the information presented below, and the modified equations determined in question 4 above, extend the forecast for R&E Supplies contained in Table 3.5 through 2007. Is R&Es external financing required in 2007 higher or lower than in 2006? 已知条件在书上99页的表格，2006年数据在书上92页译：运用计算机电子表格和以下信息，以及问题4中修改过的公式，将表3-5中R&E供应公司的预测值扩展到2007年。2007年R&E公司的外部融资需要量与2006年相比，孰高孰低？答：由题目知：（1）07年销售净增长率=30%销售净额=上年的销售净额（1+30%）=257661.3=33496（2） 销售成本/销售净额=86%销售成本=销售净额86%=334960.86=28807（3）毛利=销售净额-销售成本=33496-28807=4689(4）行政、销售与管理费用/销售净额=11%行政、销售与管理费用=销售净额11%=334960.11=3685（5） 设外部资金需要量为X由题目知，长期负债=560，长期负债即将到期部分=100,利率=10%则利息费用=（长期负债+长期负债即将到期部分+X）10%=（560+100+X）10%=66+0.1X（6）税前利润=毛利-行政、销售与管理费用-利息费用=4689-3685-（66+0.1X）=938-0.1X（7）所得税=税前利润45%=（938-0.1X）0.45=422-0.045X（8）税后利润=税前利润-所得税=938-0.1X-（422-0.045X）=516-0.055X（9）股利/税后利润=50%可知股利=税后利润50%=（516-0.055X) 50%=258-0.0275X10） 留存收益=税后利润-股利=516-0.055X-（258-0.0275X）=258-0.0275X 由题目可知：流动资产/销售净额=29%，固定资产净值=270，流动负债/销售净额=14.4%(1) 流动资产=销售净额29%=3349629%=9714(2) 流动负债=销售净额14.4%= 3349614.4%=4823(3) 权益=股利+06年的股东权益=258-0.0275X+1808=2066-0.0275X(4) 资产合计=流动资产+固定资产净值=9714+270=9984(5) 负债与股东权益合计=流动负债+长期负债+权益=4823+560+2066-0.0275X=7449-0.0275X(6) 外部资金需求量=资产合计-负债与股东权益合计X=9984-(7449-0.0275X) 得出，0.9275X=2535 ，X=2606.682607 (2607-154810591000) 利息费用=66+0.1X=66+26070.1=327税前利润=938-0.1X=677所得税=422-0.045X=305税后利润=税前利润-所得税=677-305=372股利 =税后利润50%=37250%=186留存收益=税后利润-股利=372-186=186权益=2066-0.0275X=2066-0.02752607=1994p143 课后第3题3. 问： PCA International ,Inc. ,is one of largest color portrait （肖像）photography chains(连锁店) in North America. The company photographs, develops ,and sells portrait packages through studios operated in Kmart stores. Following are selected financial data for the company for the period 1991-1995.译：PCA国际有限公司是北美最大的彩色摄影连锁店之一。公司通过设在Kmart商场内的工作室提供摄影、冲洗和画像装裱等一揽子服务。以下为该公司在1991-1995年间的财务数据摘要。19911992199319941995Profit margin(%)3.05.3Retention ratio(%)78.465.753.947.871.9Asset turnover2.42.4Financial leverage2.01.8Growth rate in sales(%)6.98.0(6.2)(2.9)(0.1)问：a.Calculate PCAs sustainable growth rate in each year. 译：计算PCA公司每一年的可持续增长率。答：19911992199319941995g*(%)90.647.09.66.916.591年 g*=4.8%*78.4%*4.3*5.6=90.6%92年 g*=5.5%*65.7%*3.1*4.2=47.0%93年 g*=3.3%*53.9%*2.7*2.0= 9.6%94年 g*=3.0%*47.8%*2.4*2.0= 6.9%95年 g*=5.3%*71.9%*2.4*1.8=16.5%问：b .Comparing the companys sustainable growth rate with its actual growth rate in sales, what growth problems did PCA face over this period? 译：比较公司的可持续增长率与实际销售增长率，这段时期PCA所面临什么增长问题？答：PCAs sustainable growth rate in every year exceeded its actual growth rate by a wide margin. The company was generating more cash from operations than it could productively employ Its challenge was what to do with the excess cash。译：每一年里，PCA的可持续增长率都以较大的幅度超过其实际增长率。公司从生产经营中产出的现金比它所能够有效地动用的现金还多，公司的挑战在于如何处理这些盈余的资金。问：c. How did the company cope with these problems?译：公司是怎样应付这些问题的？答：PCA coped with actual growth below sustainable levels in two ways. It allowed its asset turnover to fall from 4.3 times in 1991 to 2.4 times in 1995, and it sharply reduced its debt from 5.6 times in 1991 to 1.8 times in 1995.译：PCA通过两条途径处理实际增长率低于可持续增长率的问题：1、PCA允许它的资产周转率从91年的4.3倍降到95年的2.4倍；2、迅速减少债务使财务杠杆从91年的5.6倍降到95年的1.8倍。问：d.In March 1995,PCA announced a $7.5 million stock buy back, about equal in size to earnings that year. From a growth management perspective ,was this a wise move?译：1995年3月，PCA公司公告买回750万美元的股票，这一金额大约等于那一年公司盈利的规模。从增长管理的角度来看，这是不是一个聪明的举动？ 答：Stock repurchase made sense for PCA. They appear to have little productive use for the money they earn within the firm, so they should return it to the owners, either as dividends or in the form of a share repurchase.译：对于PCA而言，股票回购是有意义的。在公司内似乎没有能有效地用所赚取的钱的地方，所以，公司应该将钱还给它的股东，无论是以股利还是股票回购的方式。p145 课后第5题问：Union Fidelity Company(UFC)has the following ratios for the years 1999 through 2003