财管课程英语全讲义

专题一财务报表分析与业绩评价专题一财务报表分析与业绩评价Part1123456789abilitytopayshort-termcontingentcapitalstructurekeysparebusinessdirectlyfinancialoperatingfinancialoperatingfinancialCashFlowtoEquity（FCFE）CashFlowtotheFirm（FCFF）debtcashnetoperatinggrosspre-afterReturnoninvestment投资 EconomicvalueaddedDepartmentalreturnon部门投资Operatingnetprofitafter-After-taxinterestWeightedaveragecostofcapitalbasedmarketDisclosedeconomic把单词记在上Part2PurposeofFinancialStatementThepurposeoffinancialstatementysisistoconvertfinancialstatementdatatousefulinformation,inordertohelpfinancialstatementuserstoimproveMethodofcomparativecomparingwiththehistoryofourcomparingwiththecompanieswiththesamecomparingwiththenningorMethodoffactorserialsubstitutiongapLimitationoffinancialstatementitselfTheproblemofreliabilityoffinancialstatementsTheproblemofbasisofShort-termpayingLong-termProfitabilityOperatingCurrentAssettoNetprofitARturnoverQuickLong-termdebtcapitalNetprofitonInventoryCashDebttoNetprofitCurrentturnoverCashflowEquityNoncurrentturnoverWorkingWorkingturnoverInterestysisof’sabilitytopayshort-termSinglefinancialratioysis:thehigherindicatorsmeantheenhancedshort-termdebtpayingability.Currentratio＝currentassets/current1Thereisnouniformorstandard2CurrentratioisaroughestimateQuickratio＝quickassets/currentliabilities×100%=（monetaryfund＋tradingfinancialassets+allaccountsreceivable）/currentliabilities×100%11Thequickratiocanbemoreaccurateandreliableinmeasuringtheofanenterprisetopayshort-termdebtanditsliquiditythanthecurrent2Theliquidityofaccountsreceivableistheimportantfactor,influencesthecredibilityofthequickCashflowratio＝netoperatingcashflow/currentCashflowratiodirectlyreflectstheabilityofthetomeetitsshort-termobligationsbasedoncashgeneratedinthenormalcourseofbusiness.Working＝currentassets－current＝long-termcapital－long-termWorkingcapitalisanabsolutevalue,whichisdifficulttobeusedforcomparingdifferenthistoricalperiodsanddifferentcompanies.Thereasonablenessofworkingcapitalisprimarilyevaluatedthroughshort-termdebtratio.Thehighercurrentratiomaynotmeantheenhancementoftheshort-debtpayingability,andviceversa.However,severalotherratiosgiveysisoffurtherinformation,amongwhicharetheinventoryturnoverratio,accountsreceivableturnoverratio,quickratio,cashratio,cashflowratio,etc.Thefactorswhichenhancetheshort-termdebtpayingability:availablebankloan,non-currentassetsconvertibletocash,reputationofdebt–payingability.Thefactorswhichreducetheshort-termdebtpayingability:thecontingentliabilitiesrelatedtodebtguaranteeagreedpaymentspecifiedintheoperatingleasingSolvency-theysisofenterpriseabilitytopaylong-term财务结构分析：FinancialstructureAssettoliabilityratio＝totalliabilities/totalDebttoequityratio＝totalEquitymultiplier＝totalassets/equity×100%＝1＋debttoequityratio＝1/（1－assettoliabilityratio）从资本结构分析：Capitalstructure＝非流动负债/（非流动负债＋股东权益）×100%Long-termdebttocapitalratio＝non-currentliabilities/long-termcapital＝non-currentliabilities（non-currentliabilities＋equity）100%ysisofsolvencyfrom eInterestcoverage＝Earningsbeforeinterestandtax（EBIT）/interestEarningsbeforeinterestandtax＝totalprofits＋interestexpenses＝netprofits＋etax＋interestexpensesysisofsolvencyfromthecashflowInterestcoverageratiobasedoncash＝cashflowfromoperatingactivities/interestOperatingcapacityandassetprofitabilityKeyindicator:Netreturnontotal：Netreturnontotal＝netprofits/averagetotal＝netprofitmargin×totalassetsturnoverNetprofitmarginysis:shouldyzegrossprofitmarginandthepercentageofperiodexpenses总资产周转率分析TotalassetturnoverratioAccountsreceivableAccountsreceivableturnover＝salesrevenue/accountInventoryInventoryturnover＝salesrevenue（costofsales）/averageNon-currentassetsNon-currentassetsturnover＝salesrevenue/non-currentWorkingcapitalWorkingcapitalturnover＝salesrevenue÷workingCurrentCurrentassetsturnover＝salesrevenue/currentTotalassets＝Totalassetsturnover＝salesrevenue/total（四）综合能力分析——杜邦分析体系DuPont 比率：权益净利率Keyratio:ReturnonequityNetreturnon＝netreturnontotalassets×equity＝netprofitmargin×totalassetsturnoverratio×equityNetprofitmarginandtotalassetsturnoveraresecondaryindicators,whichcanreflecta ’sbusinessstrategy.Theequitymultipliercanreflectthe’sfinancialSomecompanies’netprofitmarginandtotalassetsturnoverratiomovementareinoppositedirection,whichalsoappliestomovementofnetreturnontotalassetsandfinancialleverage,socompaniesmustmatchitsbusinessstrategywithitsfinancial传统杜邦分析体系的局限性（Thelimitationoftraditionalysis）“Totalassets’and‘netprofit’arenotmatchedincalculatingthenetprofitmargin；Theprofits（orlosses）fromoperatingactivitiesarenotdifferentiatedtheprofits（orlosses）fromfinancialThefinancialliabilitiesarenotdistinguishedfromtheoperating120142013 利润表项 Quickratio=quickasset/currentInevaluationoftheshort-termsolvencyofB,therealizabilityofaccountsreceivableshallbeconsidered.Bcalculatesandwithdrawsthebaddebtreservesat5%ofthebalanceoftheaccountsreceivable.2013账龄10%，实际坏账很可能比计提的Attheendof2013,theaccountsreceivablewithageofmorethan3yearshadaccountedfor10%ofthebalanceoftheaccountsreceivable.Probably,theactualbaddebtsexceedthecalculatedandwithdrawnbaddebtreserves,reducingtheshort-termsolvencyofB.乙公司的生产经营存在季节性，报表上的应收账款金额平均水平，即使使用年末和年TheproductionandoperationofBhaveseasonalcharacteristics.So,theamountoftheaccountsreceivableunderthestatementwillnotreflecttheaveragelevel.Eventhoughtheaccountsreceivablearecalculatedbasedonthemeanvalueofyear-endamountandtheyear-beginningamount,itisstillimpossibletoeliminatetheparticularityoftheyear-enddataoftheenterprisesengaginginseasonableproductionactivities.Attheendoftheyear,Bisintheoffseason,andtheaccountsreceivableandthecurrentliabilitiesarelowerthantheaveragelevel.Tothisregard,thecalculationresultsmightnotreflecttheshort-termsolvencyofB利息保障倍数＝息税前利润/利息费用＝（97.5＋32.5＋500）/（500＋100）＝1.05Interestcoverageratio＝earingsbeforeinterestandtax（EBIT）/interestexpense=（97.5＋乙公司的利息保障倍数略大于1，说明自身产生的经营收益勉强可以支持现有的规模。由TheinterestcoverageratioofBismorethan1,indicatingthatthe eofBcouldjustsupporttheexistingdebts.Astheearningsbeforeinterestandtax（EBIT）areunstableduetoinfluenceofoperatingrisks,buttheinterestexpendituresarefixed,thelong-termsolvencyofBisstillAccountsreceivableturnover＝salesrevenue/averagebalanceofaccounts乙公司的生产经营存在季节性，报表上的应收账款金额平均水平，即使使用年末和年DuetotheseasonablecharacteristicsofB’sproductionandoperation,theamountoftheaccountsreceivableunderthestatementcannotreflecttheaveragelevel.Eventhoughsuchaccountsreceivablearecalculatedbasedonthemeanvalueoftheyear-endamountandtheyear-beginningamount,itisstillimpossibletoeliminatetheparticularityoftheyear-enddataoftheenterprisesengaginginseasonableproductionactivities.Attheendoftheyear,Bisintheoffseason,thebalanceoftheaccountsreceivableislowerthantheaveragelevel.Thus,thecalculationresultswilloverestimatetherealizationspeedoftheaccountsreceivable.Accountsreceivableturnovershallbecalculatedbasedonthecreditsales.Asitisimpossibletoobtainthecreditsalesdata,andaccountsreceivableturnoveriscalculatedbasedonthesalesrevenue,theaccountsreceivableturnoverwillbeoverIn2013,Bhasreducedtheproportionofthecustomerssubjecttocreditsales,andincreasedtheproportionofcashsale,whichwillfurtheroverestimatetherealizationspeedoftheaccountsreceivable.Question1.如果我们把使用比率分析法的人分为短期人、长期人和股东，每一组人对哪种财务比率更感？Answer1：（1）Short-termbecausetheirconcerniswiththefirm'sabilitytopayshort-termobligationsastheycomedue.Long-termlenders–leveragebecausetheyareconcernedwiththerelationshipofdebttototalassets.Theyalsowillexamineprofitabilitytoinsurethatinterestpaymentscanbemade.长期人关心的是杠杆指标，因为他们关注与总资产之间的关系。他们还会检查企业的Stockholders–profitability,withsecondaryconsiderationgiventodebtutilization,liquidity,andotherratios.Sincestockholdersaretheultimateownersofthefirm,theyareprimarilyconcernedwithprofitsorthereturnontheir股东关心性指标，其次才考虑的使用效率，流动性以及其他比率。由于股东是公司的Answer2：Iftheaccountsreceivableturnoverratiodecreases,accountsreceivablewillbeonthebooksforalongerperiodoftime.Thismeansthattheaveragecollectionperiodwillincrease.营运能力和能综 Part2ManagerialbalanceFundamentalAssets＝operatingassets＋financial＝（currentoperatingassets＋long-termoperatingassets）＋financialLiabilities＝operatingliabilities＋financial＝（currentoperatingliabilities＋long-termoperatingliabilities）financialNetoperating＝operatingassets－operating＝（currentoperatingassets＋long-termoperatingassets）－（currentoperatingliabilities＋long-termoperatingliabilities）＝（currentoperatingassets－currentoperatingliabilities）＋（long-termoperatingassets－long-termoperatingliabilities）＝operatingworkingcapital＋netlong-termoperatingNetfinancialliabilities＝financialliabilities－financialassets＝netNetoperatingassets＝netliabilities＋shareholders'equity＝netinvestment estatementFundamentalformula＝Netprofit＝operatingprofitorloss＋financialprofitorloss=after-taxoperatingprofit－after-taxinterestexpenses＝Pre-taxoperating etaxrate）－interest etaxPre-taxoperatingprofit＝totalprofits＋interestInterestexpenses＝financialexpenses＋lossesonfairvaluechangeinasset（－gains）＋investmentlossesonfinancialasset（－gains）＋lossesonfinancialassetimpairmentManagerialcashflowcashflowtothefirm＝after-taxnetoperatingprofit－netincreaseinoperatingworkingcapital－increaseinnetoperatinglong-termasset＝（after-taxnetoperatingprofit＋depreciationandamortization）（increaseinoperatingworkingcapital＋capital＝Grossoperatingcashflow－totalinvestmentsinnetoperating＝Grossoperatingcashflow－（netincreaseinoperatingworkingcapital＋increaseinlong-termnetoperatingassets＋depreciationandamortization）＝Netoperatingcashflow－（increaseinlong-termnetoperatingassetsdepreciationand＝Netoperatingcashflow－totalinvestmentsonnetoperatinglong-term＝After-taxoperatingprofits－（netincreaseinoperatingworkingcapital＋increaseinlong-termnetoperatingassets）＝Netoperatingprofitaftertax－increaseinnetoperating＝Netoperatingprofitaftertax－netinvestmentsincurrent＝Debtcash cashflowtoNetinvestmentsincurrent＝Increaseinnetoperating＝Netinvestmentsonnetoperating＝Netincreaseinoperatingworkingcapital＋increaseinlong-termnetoperating＝Capitalexpenditure－depreciationandamortization＋increaseinworkingCapitalexpenditure＝Increaseinnetlong-termoperatingassets＋DepreciationandamortizationDebtcashflow＝After-taxinterestexpenses－increaseinnetEquitycashflows＝Dividendpayout－netincreaseinequity＝FCFF－debtcash＝（After-taxnetoperatingprofit－netinvestmentsincurrentyear）－（after-taxinterestexpenses－increaseinnetdebt）＝Netprofit－netinvestmentsincurrentyear＋increaseinnet＝Netprofit－increaseinshareholders’＝Netprofit－netinvestmentsincurrentyear×（1－debt润－（1－负债率）×本年净投资Ifafinancesitsactivitiesatafixeddebtratio（netdebt/netoperatingassets）,thenequitycashflow＝netprofit－（1－debtratio）×netinvestmentsincurrentyear【5.201120102011（以百分数表Englishanswer:Netoperatingassetprofitmargin=294/2100×100%=14%Interestrateaftertax=36/600×100%=6%Operatingdifferentialrate=14%-Leveragecontributingratio=8%×（600/1500）=3.2%Rateofreturnonequity=14%+3.2%=17.2%Netoperatingassetprofitmargin=495/3300×100%=15%Interestrateaftertax=45/900×100%=5%Operatingdifferentialrate=15%-Leveragecontributingratio=10%×（900/2400）=3.75%Rateofreturnonequity=15%+3.75%=18.75%（2）Recementofnetoperatingassetprofitmargin,15%+（15%-Recementofinterestrateaftertax:15%+（15%-5%）×（600/1500）=19%Recementofnetfinancialleverage:15%+（15%-5%）×（900/2400）=18.75%Theeffectofrateofreturnonequityduetotheincreaseinnetoperatingassetprofitmargin=18.6%*17.2%=1.4%TheeffectofrateofreturnonequityduetothedecreaseininterestrateafterTheeffectofrateofreturnonequityduetothedecreaseinnetfinancialRateofreturnonequity（2011）-rateofreturnonequity（2012）=18.75%-1.4%，税后利息率下降使得权益净利20101.55%。Aboveall,theincreaseofnetoperatingassetprofitmarginmakesa1.4%riseinrateofreturnonequity,thedecreaseofinterestrateaftertaxmakesa0.4%declineinrateofreturnonequity,andthedecreaseofnetfinancialleveragemakesadeclineinrateofreturnonequity.Theoveralleffectmakestherateofreturnonequityincreaseby1.55%in2011comparedin2010.2012=23.18%（3）30%=netoperationassetprofitmargin+（netoperatingassetprofitmarginWegetnetoperatingassetprofitmarginin2012=23.18%Operatingprofitmarginaftertaxin2012=23.18%/2.5=9.27%Operatingprofitmarginaftertaxisrequiredtobeat9.27%inordertoachievethetargetof30%rateofreturnonequity.Operatingdifferenceraterepresentsthenetprofitsincreasedarisingfromtheborrowingof1Yuandebtcapitalandtheninvestmentinoperatingassets,whichisoneoftheimportantbasestomeasurewhethertheborrowingisreasonable.Iftheoperatingdifferencerateispositive,theborrowingwillincreaseshareholderreturns（i.e.,increasenetprofits）;andiftheoperatingdifferencerateisnegative,theborrowingwillreduceshareholderreturns.Fromtheviewofincreasingshareholderreturns,t