azl.财务管理基础对财务报表的

项目风险管理和投资评估

财务管理基础Dr.DavidR.Chang,DBA(張潤明博士)

比率分析杜邦分析体系改进后比率的影响比率分析的局限性定性因素对财务报表的分析资产负债表:资产2002E2001货币资金14,0007,282短期投资71,6320应收账款878,000632,160存货1,716,4801,287,360流动资产2,680,1121,926,802固定资产原值1,197,1601,202,950减:累计折旧380,120263,160固定资产净值817,040939,790资产总计3,497,1522,866,592负痕债迅及训所卷有旷者典权监益2002E2001应付账款436,800524,160应付票据600,000720,000应付工资408,000489,600流动负债合计1,444,8001,733,760长期借款500,0001,000,000实收资本1,680,936460,000留存收益(128,584)(327,168)所有者权益合计1,552,352132,832负债及所有者权益合计3,497,1522,866,592利牵润帜表2002E2001产品销售收入7,035,6005,834,400产品销售成本6,100,0005,728,000其他业务支出312,960680,000累计折旧120,000116,960销售成本总计6,532,9606,524,960税息前净利润502,640(690,560)利息费用80,000176,000税前净利润422,640(866,560)所得税(40%)169,056(346,624)净利润253,584(519,936)其饶他您数勉据2002E2001普通股股数.250,000100,000每股收益$1.014($5.199)每股股利$0.220$0.110股票价格$12.17$2.25租赁费$40,000$40,000数副字政标货准并化;对夸比焦方亩便傻化用程来黎强披化塔优往势拉和载弱舌势为他什切么侵要纠采株用演比疯率均分裙析?流茄动逃性惠比玻率:到糕应妙付脉支傻付敬到巷期耻时滴我要们药是串否妻有圾能狡力桂偿么还?资俭产焰管凶理衔比蔽率:根窜据字现该在烂的门销括售积水萝平莫我简们李的磁资兆产粗金费额划是谁否弃合套适?比绸率唱分腿析严的愧五某种锯基姥本挨分挨类犬是纵什孟么?它沫们刑分劳别爽解醉决其了岂什战么辉方善面起的符问腊题?(精更卡多…罢)负狡债距比向率:负弦债证和谷所翼有繁者握权走益阁的奶比恩率圾是椅否邪恰嘱当?盈使利估能搂力乌比何率:产央品片售葛价纸是猜否滨高钱于岩产沫品叹成岁本?产副品议售颜价抛对P滴M殖,装R扇O群E和R些O挎A的费影汇响约力概是击多最少?市扰场透价本值栋比泉率:投拒资抖者缴对哗现始在市的P毕/南E和M大/径B比践率甩是描否呈满匹意?计锐算完公小司2嗽0驼0锯2年畏的荒预紫计进流呜动仰和弹速就动齿比榜率C罩R0仅2=嗽=译=1台.陵8产5万x.Q赔R0寸2==鹅=0久.孙6职7x.C怎AC木L$胸2饮,肝6捐8税0$治1酬,据4在4柄5$与2晒,炸6模8锋0易-恭$罪1菠,犹7丈1寨6$老1躬,定4秤4哭5C杂A府-副I既n气v阻.C较L预撑计灶会帖有冒所欠增词长,但透是剪还绩是皱小烘于挽产者业看平亩均烛水统平.流凑动详状调况倡比铜较宜差.关础于粥流怀动绳比靠率(痕C衣R驰)和藏速疏动高比舱率(驻Q嘴R烧)2002E20012000产业CR1.85x1.1x2.3x2.7xQR0.67x0.4x0.8x1.0x与众行条业斑平篮均雹水菠平弃相挺比,它依的鸦存楼货壳周厕转豆率耗是馋多柏少?存货周转率 = ==4.10x.销售收入存货$7,036$1,7162002E20012000Ind.Inv.T.4.1x4.5x4.8x6.1x存河货滴周阁转停率城低今于抽行策业挨平改均粘水耀平.公居司迹存誉货即可酿能显时傲间脚比纽奉较过长,或救者双它益的捞控何制遭能术力姜比扩较锦差.目民前足没理有柿可驶预埋见柔的森改戒进岛方涨法.关写于鞠存搁货谈周廊转淹率应标收慨账缠款每键天讯平敏均品销馆售转额应盗收躬账游款鸟周盖转选天敌数(铸D浇S屋O升)是啄指善从秒销匀售名到容收吐到值现礼金原的主平夜均绵天曲数.D给S焦O吸==役==4袭4迹.座9晒d刚a都y勤s炼.应弓收爱账本款收张入/炉3乞6民0$忧8列7趣8$赢7股,抱0挂3睡6南/晌3净6液0对D咱S绒O的在评烟价公得司脱收阀现酸期荡时袜间除太役长,而依且淡情虾况隶逐块渐碍趋币于贝恶券化.糟昂糕垒的教信译用懂政叙策.2002E20012000Ind.DSO44.939.036.832.0固银定搞资签产燃和仙总趴资疲产号周扎转趴率固倍定陡资撤产周波转穗率收圆入固这定巧资吴产点净赚值==市=8尖.应6江1x微.$份7补,厚0融3竹6$假8股1搞7总资产周转率收入总资产===2.01x.$7,036$3,497(翁更活多…分)固田定响资爽产构周丘转芦率辟预节计精能附够心超伤过泛行盾业经平符均脖水障平.不络错总悦资摩产伍周塑转熟率询没生有紫能肯够以达猴到禾行呼业楼平删均豪水魔平.主订要脖原虹因侧是快因杯为秩过聋量馋的旗流念动精资宏产(应录收纯账网款湖和茄存责货)睛.2002E20012000Ind.FATO8.6x6.2x10.0x7.0xTATO2.0x2.0x2.3x2.5x资策产先负摊债菊率,已鉴获洁利背息抗倍六数柏的汽计备算负拉债商总询额资沿产揉总腔额资触产言负钟债陷率==屋=5圣5沉.例6秀%乓.$室1肝,克4因4走5戴+拖$甩5袋0酸0$但3污,督4野9侨7息平税乎前副利蝇息利酬息乓费歪用已绵获奖利鹿息慈倍弟数==蓄=6虑.避3摄x众.$盖5烘0柿2敲.侄6$托8右0这猪三杰个锯比国率氏都雷会材影绕响蚀负舅债芽的辜使稿用,但抓是继关主注阳于染不有同跌的趁方冶面.E毕B晨I肃T盾D舞Ac悬o宋v老e烛r不a须g手e=E躲C=驳=5晕.瓶5x怎.E州B仍I题T并+折猜旧繁额.炸+租获赁造费张用利过息臭租感赁蚁借捎款惠费杜用.费骗用动费屋用+泰+$鸟5孝0似2浓.振6自+填$刊1暂2爽0张+耗$拿4故0$姑8携0灭+思$疑4斤0燥+寄$肉0负蜂债摊比孕率船太拔大,但韵是山正谅在孝改搜进降中.负裙债居比璃率开与盒行唉业抵平果均许水么平鞭相且比犹如睬何宅呢?2002E20012000Ind.D/A55.6%95.4%54.8%50.0%TIE6.3x-3.9x3.3x6.2xEC5.5x-2.5x2.6x8.0x在2丝式0话0顶1年杆非亡常漂差,但论是引预比计挨能阔够牲在2塌0马0社2年易达淹到特行香业茄平杀均逐水辜平.前服景谊不毁错.销梢售勺净迫利辛率(禾P桥M寄)

PM===3.6%.净利润

销售收入$253.6$7,0362002E20012000Ind.PM3.6%-8.9%2.6%3.6%B鉴E外P牧==年=1拴4低.煌4朵%础.资虑产泡盈乔利眨率(条B鼻E覆P杆)息货税岂前暑利撞息总裕资毒产$辰5库0茅2符.野6$朱3青,垂4锁9篇7(废更止多…世)B梳E鼠P消隔除莲了确税询收魄和祝财闸务悉杠揉杆芝的危作语用,有捧利容于案进末行傍对闻比.预屈计屠低查于松平碑均草水趋平.还吉是踪蝶改熄进竟的拼空冻间.2002E20012000Ind.BEP14.4%-24.1%14.2%17.8%资束产等净灯利工率(缝R急O切A对)和统权此益弯净抛利闭率(槽R杯O忙E祝)R耻O宇A携==蹈=7泉.残3喷%眯.净浓利岔润总骄资饭产$另2临5惠3们.夸6$督3邻,柱4不9滋7(M辞o及r醒e逮…辅)ROE = ==16.3%.净利润 所有者权益$253.6$1,552都戒比爹平拾均聪水赠平跨要词低,但协是驰都顷在乌改棉进抗中.2002E20012000Ind.ROA7.3%-18.1%6.0%9.0%ROE16.3%-391.0%13.3%18.0%负拐债拌是孝降惩低R插O洁A的.由百于播利愁息无费焰用僻减郊少东了感净急利灾润察额,所瞧以睛也愁就勉降怪低美了R党O歇A接.然顷而,由别于筒当股增钳加社负幅债们时真会共减篮少逐所馒有尖者袋权提益,如群果模所释有委者霜权凤益夸的焦减钩少条额笑比喘净豆利狭润聋的脂减切少爆额垒要匙多,那隆么R谣O充E就厉会敬提躁高.负宣债趴对R震O两A和R当O喘E的距影职响对辉市投盈暗率(牢P爽/端E堵)侮,旦P爱/机C送F和使市站净半率(教M勺/惯B颗)比圾率见的痛计坑算贫及微评甜估.价格=$12.17.EPS===$1.01.P/E===12x.净利润普通股数.$253.6250每股价格EPS$12.17$1.01(M纱o翻r功e加…棋)典兴型锯行会业解的铅平支均P按/机E值行业P/E值银行17.15计算机软件服务业33.01药物41.81电力(U.S.东部)19.40网络服务290.35半导体78.41钢铁12.71烟草11.59水利21.84净文利茎润+折斥旧.普暮通鞋股初数.每毅股担现速金沉流达量==枪=配$献1跨.巡寿4督9侨.$杀2携5繁3盖.气6燥+肺$桐1换2按0粱.绩02窝5宴0P杆r迁i丽c沈e造p敬e蔑r伴s早h暂a工r领eC读a缎s味h昆f惑l肯o宪w奇p该e聋r雹s滤h健a欣r碑eP坐/桥C局F宴==享=享8舱.光2感x汁.$隐1饮2格.孔1榴7$辩1袜.助4历9股误东桥权万益普巾通桂股涌数.B承V谣P罩S翻==税=$桃6胡.宣2匆1独.$徐1予,退5脱5适22炭5朗0每斜股锁市尼价每景股杜净攀资词产M岸/批B赏==呀=2献.偷0选x记.$等1和2键.链1灭7$抄6钉.洲2梳1(M叉o硬r训e悲…窃)P衫/有E阿:投之资运者何对素每吩元艳净梯利肤润较所铸愿守支居付唱的充价花格.越链高湖越骑好.M揉/尖B棚:投详资滋者箭对孤每往元寨账厌面瞎价住值字所钉愿毁支丙付详的龟价尸格.越粮高暖越阁好.如遍果R纤O欠E高,风蛾险都低,岛P为/假E和M炒/勾B朱a狮r亭e镰h厚i窜g升h栏i倦f剂i球s网h鸣i驱g亲h丧,器r辫i柄s畜k预i领s瓶l巩o穿w隐.2002E20012000Ind.P/E12.0x-0.4x9.7x14.2xP/CF8.2x-0.6x8.0x7.6xM/B2.0x1.7x1.3x2.9x资常产恭负贪债熊表抗的暂规蚊模:把钥所弄有饰的助项皮目砖除芒以衰总织资阔产资产200020012002EInd.现金0.6%0.3%0.4%0.3%短期投资3.3%0.0%2.0%0.3%应收账款23.9%22.1%25.1%22.4%存货48.7%44.9%49.1%41.2%流动资产总计76.5%67.2%76.6%64.1%固定资产净值23.5%32.8%23.4%35.9%资产总计100.0%100.0%100.0%100.0%把跑所匀有伍项锻目滤都柳除尸以闸负呢债众和示所胶有胀者电权赖益狱的岛总垫值200020012002EInd.应付账款9.9%18.3%12.5%11.9%应付票据.13.6%25.1%17.2%2.4%应付工资9.3%17.1%11.7%9.5%流动负债总计32.8%60.5%41.3%23.7%长期借款22.0%34.9%14.3%26.3%权益总计45.2%4.6%44.4%50.0%L&E总计100.0%100.0%100.0%100.0%对却资堪产帮负座债妙表繁的稻分所析C落o数m挂p偶u大t摆r讨o隔n的驶流员动封资坝产将比璃率污为(厅4宾9本.娇1千%撞)行霸业(积4菜1孩.奖2渗%源)的呢要喷高.C让o分m扒p赛u表t废r够o喂n与地行鸟业腾相趴比欺所饶有董者哲权柱益票比竖率卡略咳为供偏艳少(意鞋味劳着比更悲多艺的否负励债)荷.C摸o纽奉m昏p债u地t沙r壶o鞠n短诱期虫负兆债跪比煤行傅业嘱多熔，雀但割是以长匀期览负贫债蜘比崇较不少.对投利池润亚表麦的午分谎析:所锋有柏的且科敢目牲都沟除奔以荡销何售画量200020012002EInd.产品销售收入100.0%100.0%100.0%100.0%产品销售成本83.4%98.2%86.7%84.5%其他业务支出9.9%11.7%4.4%4.4%累计折旧0.6%2.0%1.7%4.0%税息前净利润6.1%-11.8%7.1%7.1%利息费用1.8%3.0%1.1%1.1%税前净利润4.3%-14.9%6.0%5.9%所得税1.7%-5.9%2.4%2.4%净利润2.6%-8.9%3.6%3.6%对套利桶润千表唯的这分速析C和o焦m角p旱u纸t饲r请o滚n的雕产惕品益销课售省成卵本(闲8妖6奇.锈7美)比吩行伞业狐的(亩8裹4钳.臭5撤)高,但携是毅折缩慧旧叠费赴用江比蚕较狼低.所车以影导奔致服结州果C忌o斧m抱p忙u后t显r塘o垃n的E筒B师I塑T胖(化7损.恩1痛)与咐行名业蜓的荐一奸样.对乏改申变制比醋率森的乔分孩析:从聚第刊一蚊年(冷2锄0隙0袜0介)开茂始仁寻科找皮变僻化水比伐率利润表200020012002E产品销售收入0.0%70.0%105.0%产品销售成本0.0%100.0%113.0%其他业务支出0.0%100.0%-8.0%累计折旧0.0%518.8%534.9%税息前净利润0.0%-430.3%140.4%利息费用0.0%181.6%28.0%税前净利润0.0%-691.1%188.3%所得税0.0%-691.1%188.3%净利润0.0%-691.1%188.3%对践利穷润袭表肌变歪化寒百染分倡比散的编分眼析我辱们田可阅以械看惩到2纽奉0筛0亲2年龟公鸟司嘉的储销饿售乞额返只痛是2贿0问0否0年朋的1句0狱5惩%跃,而铁同烈年坏利朗润蔑却娘是秧其钉的1深8纪8府%塑.所哥以C倾o办m糊p踢u幸t漂r较o声n正我在葵变题的洗更雹加阅获争利.资析产丘负等债脖表浅的季百泰分无比拣变俘化资产200020012002E现金0.0%-19.1%55.6%短期投资0.0%-100.0%47.4%应收账款0.0%80.0%150.0%存货0.0%80.0%140.0%流动资产总计0.0%71.4%138.4%固定资产净值0.0%172.6%137.0%资产总计0.0%95.2%138.1%应付账款200020012002E应付票据.0.0%260.0%200.0%应付工资0.0%260.0%200.0%流动负债总计0.0%260.0%200.0%长期借款0.0%260.0%200.0%权益总计0.0%209.2%54.6%L&E总计0.0%-80.0%133.9%应付账款0.0%95.2%138.1%资丢产征负迅债堵表胜的卡百触分武比秤变奸化植的普分挥析我覆们供可雨以智看陕到盼总僻资券产芬增剧长耐了1互3昨8茅%结,而挥同番期逼销挖售狐额腾却章只饱增百长增了1捞0只5味%菌.所挂以渗说殊资坑产满的送盈彩利夹性肥还外是直个载问佳题.(侵)离(贝)单(企)=蛙权技益净仗利膨率销便售彩净利老率资砌产周市转幕率权滋益乘缎数N健IS融a考l惩e努sS问a队l驴e茎sT排AT筋AC便E2否0贯0鹿02在.落6萌%x社2缴.宴3折x忧2桶.瓶2兽=药1柔3与.馆2旗%2惨0主0葡1-窑8服.天9管%攀x千2难.住0帐x取2跑1愿.悲6核=御-拜3右9展1理.卧0经%2仙0投0厨23予.忧6圾%蚀x纳2衫.席0林x具2取.锣3锈=虎1剂6渗.判3死%I滨n进d沸.3缴.艰6怠%与x挤2咳.烫5把x此2网.怠0在=时1幅8询.振0顾%杜扒邦轰体业系创的饿解蛛释xx=R滑O拜E谎.杜济邦廉体原系戒主启要喇集怪中肯在:费迫用孙控讽制挺能萄力(易P巨M扛)资阔产摔盈招利雾能递力(淘T虑A块T农O溜)负正债腐偿洲还危能峰力(年E拼M尸)它葵说宜明更了美各弟种帅因默素塌对R汗O崭E的碗影洞响讽力.简陕化忍的设公甲司禾数摊据应坦收湿账亭款$娘8章7秤8负效债$境1喷,倡9露4饿5其糊他轧流礼动席资眨金1缠,以8慕0沟2所舞有宰者镇权粘益1碗,系5冈5喉2固秧定骗资刻产8白1犹7资找产欲总窝计$鞭3没,便4储9贫7总掏计$泽3各,毁4勺9敢7Q察:如竞果蓝把D挡S茂O减兰少李到3捉2唇,会隆对当公台司偿产须生稼什州么碰样磨的科影算响?销悲售$逆7圆,勒0努3疤5激,栋6绞0犹0时领间3央6梅0=雄=矛$产1番9盐,谊5债4恼3腊.将D毒S移O从4溪4蹄.扁9天跳降膊低立到3蛛2天据之忧后莲的炭影袜响:以蓬前许的A拿/揉R兰=枯$琴1减9走,剥5京4役3玩x杨4顺4今.棕9倡=棚$箱8策7阔8窗,始0基0待0新态的A医/蛾R坑=云$督1拣9橡,尘5太4豆3性x绢3样2针.右0厅=6叉2洒5妈,陪3把7扣6空乓闲形的超现幅金:$咐2宏5请2疲,亿6袖2耀4开由始遭显挑示介会然有走额常外涝的咬现驶金.新姨增径加歉的怎现框金您将泰如躬何肌处炸置?对棒股控票茄的衬价跪格麦和秋风亲险揭的晶影恋响咽是脊什图么?新门的呜资奥产佳负洲债窑表增涌加志的脱现学金$倘2缝5杏3负详债$扶1身,灿9代4矮5应政收此账著款6挑2喂5所信有坟者亏权拦益1网,舟5榴5破2其坊他摆流泛动裳资厉产1案,晋8角0稍2固涝定餐资咏产8面1惭7资吩产唯合缩慧计$伯3乒,务4义9愿7合奇计$璃3身,漏4匹9煮7增鸣加板的娘现疤金骂的饱可榜能酸用铃处回亮购削股兆票.贿R就O镰E更赔高,拴E乳P闪S就偷会仙更台高.扩扇展您业才务.更幻玉多偏的逗收牧益.减棍少您负虏债.更始高统的欢负伏债虎比以率;利没息渠减祥少,净色利欲润换就折会虫增肚加.(M湿o吐r蔑e皮…某)存高货毫也蚕很别高.可秃以药分甜析胃一内下戒减谋少畏存盛货皮对电自扎由设现何金土的理影据响按以咐及站对迟速栋动铅比托率辉和锯资削产妙管院理仍比渴率骡的袋增冶加.这齐些萄分粥析悼与使之糠前跟在D妈S滑O中贤分启析洲的博类欢似.所文有戏这欣些闪行尸为净都悦会侍提粮高售股叛票封价么格.你