财务管理第六章 双语ppt课件

1、Chapter 6 Financial Statement Analysis1.Financial Statements 财务报表Balance Sheet B/S 资产负债表 时点、静态，财务状况 Total Assets=Total Liabilities+Owners EquityIncome Statement 损益表利润表） 时期、动态，反映经营成果 Revenues-Expenses=Net Income(or Loss)Statement of Cash Flows 现金流量表 某一时期的现金流入和流出 2.Financial Ratios 财务比率Liquidity Ratio

2、s 短期偿债能力比率Current Ratio 流动比率=Current Assets/Current Liabilities Quick (Acid-test) Ratio 速动比率 =(Current Assets-Inventories)/Current Liabilities Debt Ratios 长期偿债能力比率负债比率通过债务融资的比率Debt-to-equity Ratio 债务股本比率产权比率）=Total Debt/Shareholders EquityDebt-to-Total-Assets Ratio 资产负债率=Total Debt/ Total AssetsCove

3、rage Ratios 保障比率nInterest Coverage Ratio 利息保障倍数n =EBIT/interest expensesnEBIT:Earnings Before Interest and TaxesReceivables Activity 应收帐款管理比率Activity Ratios 资产管理比率应收账款周转率应收帐款年赊销净额ceivablessalescreditnetAnnualRatiornoverceivableTuRTRe)(ResalescreditAnnualyeartheinDaysceivablesperiodcollectionaverageT

4、urnoverceivableyeartheinDaysDaysinTurnoverceivableRTDRe)(Re)Re(应收账款周转率一年中的天数平均收现期应收账款周转天数Payables Activity 应付帐款管理比率应付账款周转率应付帐款年赊购金额payableAccountspurchasescreditAnnualRatioTurnoverPayablePT)(purchasescreditAnnualyeartheinDayspayableAccountsperiodpayableaverageturnoverPayableyeartheinDaysDaysinTurnov

5、erPayablePTD应付账款周转率一年中的天数平均付款期应付账款周转天数)()(Inventory Activity 存货管理比率存货周转率存货销售成本InventorysoldgoodsofCostRatiournoverInventoryTIT)(soldgoodsofCostyeartheinDaysInventoryturnoverInventoryyeartheinDaysDaysinTurnoverInventoryITD存货周转率一年中的天数存货周转天数)(Operating Cycle 营业周期=Inventory turnover in days(ITD) +Receiv

6、able turnover in days(RTD)Cash Cycle 现金周期=Operating Cycle-Payable turnover in days=(ITD+RTD)-PTDTotal Asset(or Capital)Turnover 总资产周转率=Net Sales/Total Assets=销售净额/总资产Profitability Ratios 盈利能力比率销售净额毛利销售净额销售成本销售净额销售毛利率SalesNetofitGrossSalesNetSoldGoodsofCostSalesNetinMofitGrossPr)(argPr销售净额税后净利销售净利率Sa

7、lesNetTaxesafterofitNetinMofitNetPr)(argPrDu Pont Approach 杜邦财务分析法资产总额税后净利投资回报率AssetsTotalTaxesafterofitNetInvestmentonturnROIPr)(Re(efficiencyassetityprofitabilsalespowerearningassetsTotalsalesNetsalesNettaxesafterprofitNetassetsTotaltaxesafterprofitNetROI资产管理效率销售盈利能力衡量盈利能力权益乘数总资产周转率销售净利率股东权益税后净利权益

8、报酬率multiplierEquityturnoverassetTotalinmprofitNetequityrsShareholdeassetsTotalassetsTotalsalesNetsalesNettaxesafterprofitNetequityrsShareholdetaxesafterprofitNetEquityonturnROEarg)(Re(3.Application 应用Trend Analysis 趋势分析法纵向比较，时间序列分析方法，比较公司一段时间的财务比率，发现公司财务状况、经营成果的变化改善或恶化）Common-size and Index Analysis 结构百分比和指数分析Co