公司理财第七版Chap004课件

公司理财第七版Chap004公司理财第七版Chap0041CorporatePerformance公司理财第七版Chap004CorporatePerformance公司理财第七版Ch2CorporatePerformanceMeasured公司理财第七版Chap004CorporatePerformanceMeasured3MarketValueAddedWhatisit?Whyisituseful?Defined:公司理财第七版Chap004MarketValueAddedWhyisitus4MVA:DiscussionConsiderAT&TandHomeDepotSimilarMVA,DifferentMarket-to-BookRatioWhy?TABLE4.3公司理财第七版Chap004MVA:DiscussionConsiderAT&Ta5EconomicValueAddedWhatisit?Whyisitimportant?Defined:Whyisitcalledresidualincome?公司理财第七版Chap004EconomicValueAddedWhatisit6EVA:DiscussionConsiderCoca-ColaandGoogleSimilarEVA,DifferentReturnonCapitalWhy?TABLE4.4*OperatingIncome=NetIncome+After-taxInterest;ROC=ReturnonCapital公司理财第七版Chap004EVA:DiscussionConsiderCoca-C7BookRatesofReturn**BookRatesofReturnarealsoreferredtoasAccountingratesofReturnWhatdotheymeasure?ReturnonCapital:ReturnonAssets:ReturnonEquity:公司理财第七版Chap004BookRatesofReturn**BookRat8CalculatingReturnonCapitalLowe’sBalanceSheet(in$m)Lowe’sReturnonCapital公司理财第七版Chap004CalculatingReturnonCapitalL9CalculatingReturnonAssetsLowe’sBalanceSheet(in$m)Lowe’sReturnonAssets公司理财第七版Chap004CalculatingReturnonAssetsLo10CalculatingReturnonEquityLowe’sBalanceSheet(in$m)Lowe’sReturnonEquity公司理财第七版Chap004CalculatingReturnonEquityLo11FinancialRatiosandShareholderValueShareholdervaluedependsongoodinvestmentandfinancingdecisions.FinancialRatioshelpmeasurethesuccessandsoundnessofthesedecisions.公司理财第七版Chap004FinancialRatiosandSharehold12EfficiencyRatiosOR*Howdoesthisratiomeasureefficiency?Howdoesthisratiomeasureefficiency?*Eitherequationisalegitimatewaytocalculatetheassetturnoverratio公司理财第七版Chap004EfficiencyRatiosOR*Howdoest13EfficiencyRatiosHowdoesthisratiomeasureefficiency?Howdoesthisratiomeasureefficiency?Howdoesthisratiomeasureefficiency?公司理财第七版Chap004EfficiencyRatiosHowdoesthis14CalculatinganEfficiencyRatioLowe’sBalanceSheet(in$m)Lowe’sAssetTurnoverRatio公司理财第七版Chap004CalculatinganEfficiencyRati15ProfitabilityRatiosHowdoesthisratiomeasurethefirm’sprofitability?Whenisthisratiopotentiallymoreusefulthanjustprofitmargin?Note:ROC,ROA,ROEandEVAarealsotypicallyconsideredprofitabilityratios.公司理财第七版Chap004ProfitabilityRatiosHowdoest16CalculatingaProfitabilityRatioLowe’sBalanceSheet(in$m)Lowe’sOperatingProfitMargin公司理财第七版Chap004CalculatingaProfitabilityRa17LeverageRatiosHowdoesthisratiomeasureleverage?Howdoesthisratiomeasureleverage?公司理财第七版Chap004LeverageRatiosHowdoesthisr18MeasuringLeverageHowdoesthisratiomeasureleverage?Howdoesthisratiomeasureleverage?Howdoesthisratiomeasureleverage?公司理财第七版Chap004MeasuringLeverageHowdoesthi19CalculatingaLeverageRatioLowe’sBalanceSheet(in$m)Lowe’sTimesInterestEarnedRatio公司理财第七版Chap004CalculatingaLeverageRatioLo20MeasuringLiquidityHowdoesthisratiomeasureliquidity?Howdoesthisratiomeasureliquidity?公司理财第七版Chap004MeasuringLiquidityHowdoesth21LiquidityRatiosHowdoesthisratiodifferformthecurrentratio?Whymightafinancialmanagerpreferit?Howdoesthisratiodifferfromthecurrentratio?Whymightafinancialmanagerpreferit?公司理财第七版Chap004LiquidityRatiosHowdoesthis22CalculatingaLiquidityRatioLowe’sBalanceSheet(in$m)Lowe’sNWCtoTotalAssetsRatio公司理财第七版Chap004CalculatingaLiquidityRatioL23TheDuPontSystemWhatisit,andwhatisitusedfor?公司理财第七版Chap004TheDuPontSystem公司理财第七版Chap0024TheDuPontSystem:ROAAssetTurnoverOperatingProfitMargin公司理财第七版Chap004TheDuPontSystem:ROAAssetOpe25ROADecompositionbyIndustry公司理财第七版Chap004ROADecompositionbyIndustry公26TheDuPontSystem:ROELeverageRatioAssetTurnoverOperatingProfitMarginDebtBurden公司理财第七版Chap004TheDuPontSystem:ROELeverage27SustainableGrowth公司理财第七版Chap004SustainableGrowth公司理财第七版Chap028TheRoleofFinancialRatiosComparabilityTable4.8公司理财第七版Chap004TheRoleofFinancialRatiosCo29TheRoleofFinancialRatiosTRANSPARENCY公司理财第七版Chap004TheRoleof