Gibsonech实用教案

1、Chapter 5, Slide #1Ratio Analysis Liquidity Measures a firms ability to meet its current obligations Leverage (borrowing capacity) Measures the degree of protector for long-term creditors Profitability Measures the earning ability of a firm Investor-focused Cash flow Indicate liquidity, borrowing ca

2、pacity, and profitability第1页/共36页第一页，共37页。Chapter 5, Slide #2Ratio Analysis Interpreted in comparison with Prior ratios Competitor ratios Industry ratios Predetermined standards第2页/共36页第二页，共37页。Chapter 5, Slide #3Complexities and Context Use of average data from balance sheet accounts Necessary when

3、 comparing against income statement data Does not Eliminate cyclical or seasonal variations Capture changes that occur unevenly throughout the year Analysis must be performed and understood within the context of Native accounting principles Native business practices and culture第3页/共36页第三页，共37页。Chapt

4、er 5, Slide #4Common-Size Analysis The use of percentages is usually preferable to the use of absolute amounts Vertical analysis All amounts of a year expressed as a percentage of a base amount (e.g., net sales revenue, total assets) Horizontal analysis Amounts for comparative years are expressed as

5、 a percentage of the base year amount第4页/共36页第四页，共37页。Chapter 5, Slide #5Vertical AnalysisEach financial statement element is presented as a percentage of a designated base.第5页/共36页第五页，共37页。Chapter 5, Slide #6Horizontal AnalysisEach financial statement element is presented as a percentage of a base

6、amount from a selected year.第6页/共36页第六页，共37页。Chapter 5, Slide #7Year-to-Year Change Analysis Use both absolute and percentages Guidelines: When an item has value in the base year and none in the next period, the decrease is 100% A meaningful percent change cannot be computed when one number is posit

7、ive and the other number is negative A percent change is incomputable when there is no figure for the base year.第7页/共36页第七页，共37页。Chapter 5, Slide #8Industry Variations Financial components vary by type of industry Merchandising Inventory is a principal asset Sales may be primarily for cash or on cre

8、dit Service Inventory is low or nonexistent Manufacturing Large inventory holdings Substantial investment in plant assets第8页/共36页第八页，共37页。Chapter 5, Slide #9Descriptive Information Narrative data Annual report Trade periodicals Industry reviews Further explains the financial position of a firm第9页/共3

9、6页第九页，共37页。Chapter 5, Slide #10Comparisons Provides context for analysis of ratios and financial data Common types Trend analysis SIC: Standard Industrial Classification NAICS: North American Industry Classification System Industry averages; competitor comparisons第10页/共36页第十页，共37页。Chapter 5, Slide #

10、11Comparisons: Trend Analysis A study of the financial history of a firm Longitudinal ratio comparison Falling Rising Relatively constant Highlight Effective management Evidence of problems第11页/共36页第十一页，共37页。Chapter 5, Slide #12Comparisons: SIC Classifies business by industry Defines industries in a

11、ccordance with the composition and structure of the economy Coding structure Division Major group Industry group Industry Reported in SEC registrant filings第12页/共36页第十二页，共37页。Chapter 5, Slide #13Comparisons: NAICS Joint creation of NAFTA partners: Canada, U.S., and Mexico Industry is defined by simi

12、lar production processes Coding structure Sector Sub-sector Industry group NAICS industry National industry第13页/共36页第十三页，共37页。Chapter 5, Slide #14Comparisons: Industry Industry comparison complicated by highly diversified companies Financial services Base their analysis on industry placement Provide

13、 composite industry data第14页/共36页第十四页，共37页。Chapter 5, Slide #15Financial Services PublicationsPublicationServiceCoverageDataClassificationThe Department of Commerce Financial ReportEconomic Surveys Division, Bureau of the CensusManufacturing, mining, and trade corporationsIncome statement and balanc

14、e sheet data and ratiosNAICSAnnual Statement StudiesRisk Management AssociationManufacturing, wholesaling, retailing, service, agriculture, and constructionCommon-size financial statements and ratiosNAICS and SICStandard & Poors Industry SurveysStandard & Poors50 North American and global in

15、dustriesIndustry write-ups and statisticsNAICSAlmanac of Business and Industrial Financial RatiosCCH, Inc.192 industriesCorporate tax return dataNAICS第15页/共36页第十五页，共37页。Chapter 5, Slide #16Financial Services Publications (contd)PublicationServiceCoverageDataClassificationIndustry Norms and Key Busin

16、ess RatiosDun & Bradstreet800 business lines; 5 segmentsCondensed financial statements; ratiosSICvariousValue Line Investment Service98 industriesLongitudinal financial information第16页/共36页第十六页，共37页。Chapter 5, Slide #17Comparisons: CautionRatios are subject to variance from: Differing data Incon

17、sistent formula construction Optional (elective) accounting treatment Different fiscal year-ends Varying financial policies Inconsistent basis (before or after tax)第17页/共36页第十七页，共37页。Chapter 5, Slide #18Relative Size of Firm Comparison of disparate size firms Capital market access Economy of scale (

18、purchasing) Wider customer base Information Absolute: amplifies comparison difficulty Common-size: eliminates some of the difficulty Percent of market helps to define relative size第18页/共36页第十八页，共37页。Chapter 5, Slide #19Other Resources: Wards Business Directory Domestic and public companies 8-volume

19、set V1, 2, 3 Alphabetical listing V4State and ZIP code V5SIC code V6-7State then SIC code V8NAICS code then revenue第19页/共36页第十九页，共37页。Chapter 5, Slide #20Other Resources: Standard & Poors Stock Reports Companies listed on various stock exchanges Alphabetical by exchange NYSE American Stock Excha

20、nge NASDAQ stock market Regional exchanges第20页/共36页第二十页，共37页。Chapter 5, Slide #21Other Resources: Standard & Poors Register Of Corporations, Directors, And Executives 3-volumes V1Alphabetical by firm name V21Alphabetical listing of key individuals V22Industries in 7 subsections第21页/共36页第二十一页，共37

21、页。Chapter 5, Slide #22Other Resources: Standard & Poors Analysts Handbook Selected income statement and balance sheet items Related ratios Applicable to Standard & Poors industry group stock price indexes第22页/共36页第二十二页，共37页。Chapter 5, Slide #23Other Resources: Standard & Poors Corporatio

22、n Records U.S. corporations Background information Detailed financial statistics第23页/共36页第二十三页，共37页。Chapter 5, Slide #24Other Resources: Americas Corporate Families: The Billion Dollar Directory Corporate family listings Alphabetical Geographical SIC Cross-reference divisions, subsidiaries, and ulti

23、mate parent companies第24页/共36页第二十四页，共37页。Chapter 5, Slide #25Other Resources: D&B Million Dollar Directory Company listings Alphabetical Geographically SIC第25页/共36页第二十五页，共37页。Chapter 5, Slide #26Other Resources: Directory Of Corporate Affiliates Corporate information Divisions Subsidiaries Affil

24、iates Indexes Alphabetical Geographical SIC第26页/共36页第二十六页，共37页。Chapter 5, Slide #27Other Resources: Thomas Register Of American Manufacturers Comprehensive reference Products Services Company profiles Catalog file第27页/共36页第二十七页，共37页。Chapter 5, Slide #28Other Resources: Mergent Industrial Manual New

25、York and American Stock Exchanges History Business Properties Subsidiaries Financial statements SIC codes第28页/共36页第二十八页，共37页。Chapter 5, Slide #29Other Resources: Security Owners Stock Guide Published by Standard & Poors Survey of 5,300 stocks Trading activity Price range Dividends etc.第29页/共36页第

26、二十九页，共37页。Chapter 5, Slide #30Other Resources: Standard & Poors Statistical Service Industry statistics Agriculture Metals Building Transportation etc.第30页/共36页第三十页，共37页。Chapter 5, Slide #31Other Resources: Dividend RecordsMergent Dividend RecordStandard & Poors Annual Dividend RecordProvide

27、 dividend records of virtually publicly owned American and some foreign companies第31页/共36页第三十一页，共37页。Chapter 5, Slide #32Other Resources: D&B Reference Book of Corporate Managements Principle corporate officers Year of birth Education Military service Present business position Previous positions第32页/共36页第三十二页，共37页。Chapter 5, Slide #33Other Resources: Compact Disclosure Database of textual and financial information Annual and periodic reports file