财务管理论文提纲文档格式.docx
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财务管理论文提纲文档格式.docx
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Financialstatementanalysis-theuseoffinancialaccountinginformation.
Manyyears.Reasonableminimumcurrentratiowasconfirmedas2.00.Untilthemid-1960s,thetypicalenterprisewillflowratiocontrolat2.00orhigher.Sincethen,manycompaniesthecurrentratiobelow2.00now,manycompaniescannotcontrolthecurrentratioover2.00.Thisshowsthattheliquidityofmanycompaniesonthedecline.
Intheanalysisofanenterprise'
sliquidityratio,itisnecessarytoaveragecurrentratiowiththeindustrytocompare.Insomeindustries,thecurrentratiobelow2.0isconsiderednormal,butsomeindustrycurrentratiomustbebig2.00.Ingeneral,theshortertheoperatingcycle,thelowerthecurrentratio:
thelongertheoperatingcycle,thehigherthecurrentratio.
Thecurrentratiocomparedtothesameenterpriseindifferentperiods,andcomparedwiththeindustryaverage,willhelptodrytodeterminethehighorlowcurrentratio.Thiscomparisondoesnotexplainwhyorwhylow.Wecanfindoutthereasonsfromtheby-pointanalysisofthecurrentassetsandcurrentliabilities.Themainreasonfortheexceptionofthecurrentratioshouldbetofindouttheresultsofadetailedanalysisofaccountsreceivableandinventory.
Flowratiobetterthanworkingcapitalperformanceofenterpriseshort-termsolvency.Workingcapitalreflectonlycurrentassetsandcurrentliabilities,theabsolutenumberofdifferences.Thecurrentratioisalsoconsideredtherelationshipbetweenthecurrentassetsizeandthesizeofthecurrentliabilities,maketheindicatorsmorecomparable.Forexample,thecurrentratiobetweenGeneralMotorsandChryslerMotorsCorporation.Thecomparisonbetweenthetwocompaniesworkingcapitalismeaningless,becausethetwocompaniesofdifferentsizes.
InventoryusingLIFOFrancewillflowratiocauseproblems,thisisbecausethestockisundervalued.Theresultwillbetounderestimatethecurrentratio.Therefore,whencomparedtousingtheLIFOmethodbusinessesandothercostsoftheenterpriseshouldpayparticularattentiontothis.
Comparethecurrentratio,analystsshouldcalculatetheaccountsreceivableturnoverrateandcommodityinventoryturnover.Thiscalculationenablestheanalysisofproposedliquidityproblemsexistinshould
Receivedtheviewsoftheaccountsand(or)Inventories.Viewsoropinionsonthecurrentratioofaccountsreceivableandthedepositwillaffecttheanalyst.IfthereceivablesIreceivableandliquidityproblems,requirecurrentratiohigher.Third,theacidtestratio(quickratio)Thecurrentratioistheevaluationoftheliquidityconditionsinthecurrentassetsandcurrentliabilities.Often,peopleexpecttogetmoreimmediatethanthecurrentratioreflectthesituation.Theacidtestratio(liquidrate)ontherelationshipofcurrentassetstocurrentliabilities.
Tocalculatetheacidtest(quick)ratio.Fromthecurrentassetsexcludinginventorypart.Thisisbecauseoftheslowflowofinventory,theinventorymaybeobsoleteinventorymayalsobeusedasaspecificcreditor'
ssecurity.Forexample,thewinery'
sproductstoTibetforalongperiodoftimebeforesold.Ifyoucalculatetheacidtest(liquid)toincludingwineobstructinventorywilloverestimatetheenterprisemobility.Inventoryvaluation,becausethecostdatamayberelatedtothecurrentpriceleveldifference...
SectionVIanalyticalscreeningprocedures
AuditingStandardsDescriptionNo.23.Analyticalscreeningprocedures,providesguidancefortheuseofthisprocedureintheaudit.Analyticalinspectionprogramgoalistoidentifysignificantchangesfromthebusinessstatisticsandunusualitems.
Analyticalscreeningproceduresduringtheauditcanrunadifferentnumberoftimes,includingtheplanningphase,theauditoftheimplementationphaseandthecompletionoftheauditstage.Analyticalinspectionprocedurescanleadtoaspecialauditprocedures,suchas:
Transversethesametypeofanalysisoftheincomestatementshowsanitem,suchascostofsalesduringthatperiodabnormal.Thiswillleadtoacarefulreviewoftheprojectcostofsales.Theincomestatementverticalthesametypeofanalysisbycomparisonwiththeprevioussaddle,canbefoundalreadyforsaletotheharmoniousproportionsoftheamountofcommoditycostsandsalesrevenue.
Accountsreceivableturnoverratioandindustrydatacomparisonmayshowthetypicalspeedoftheaccountsreceivableturnoverrateisfarbelowtheindustry.Thisshowsthatacarefulanalysisoftheresponsetoaccountsreceivable.
4anddebtcomparedtocashflowhassignificantlydecreasedabilitytorepaythedebtwithinternallygeneratedcashflowisessentiallydropped.
5aldehydetestratiodecreasedsignificantly,indicatingthattheabilitytorepaycurrentliabilitieswithcurrentassetsotherthaninventoryoutsideisessentiallydropped
FinancialStatementAnalysisofLeverage,Thefollowingfinancialstatementanalysisseparatestheeffectsoffinancingliabilitiesandoperatingliabilitiesontheprofitabilityofshareholders’equity.Theanalysisyieldsexplicitleveragingequationsfromwhichthespecificationsfortheempiricalanalysisaredeveloped.Shareholderprofitability,returnoncommonequity,ismeasuredas,Returnoncommonequity(ROCE)=comprehensivenetincome÷
commonequity.
(1)Leverageaffectsboththenumeratoranddenominatorofthisprofitabilitymeasure.Appropriatefinancialstatementanalysisdisentanglestheeffectsofleverage.Theanalysisbelow,whichelaboratesonpartsofNissimandPenman(2001),beginsbyidentifyingcomponentsofthebalancesheetandincomestatementthatinvolveoperatingandfinancingactivities.Theprofitabilityduetoeachactivityisthencalculatedandtwotypesofleverageareintroducedtoexplainbothoperatingandfinancingprofitabilityandoverallshareholderprofitability.1.1DistinguishingtheProtabilityofOperationsfromtheProtabilityofFinancingActivitiesWithafocusoncommonequity(sothatpreferredequityisviewedasafinancialliability),thebalancesheetequationcanberestatedasfollows:
Commonequity=operatingassets+financialassets-operatingliabilities-Financialliabilities
(2)Thedistinctionherebetweenoperatingassets(liketradereceivables,inventoryandproperty,plantandequipment)andfinancialassets(thedepositsandmarketablesecuritiesthatabsorbexcesscash)ismadeinothercontexts.However,ontheliabilityside,financingliabilitiesarealsodistinguishedherefromoperatingliabilities.Ratherthantreatingallliabilitiesasfinancingdebt,onlyliabilitiesthatraisecashforoperations—likebankloans,short-termcommercialpaperandbonds—areclassifiedassuch.Otherliabilities—suchasaccountspayable,accruedexpenses,deferredrevenue,restructuringliabilitiesandpensionliabilities—arisefromoperations.Thedistinctionisnotassimpleascurrentversuslong-termliabilities;
pensionliabilities,forexample,areusuallylong-term,andshort-termborrowingisacurrentliability.Rearrangingtermsinequation
(2),Commonequity=(operatingassets-operatingliabilities)-(financialliabilities-financialassets)Or,Commonequity=netoperatingassets-netfinancingdebt
(3)Thisequationregroupsassetsandliabilitiesintooperatingandfinancingactivities.Netoperatingassetsareoperatingassetslessoperatingliabilities.Soafirmmightinvestininventories,buttotheextenttowhichthesuppliersofthoseinventoriesgrantcredit,thenetinvestmentininventoriesisreduced.Firmspaywages,buttotheextenttowhichthepaymentofwagesisdeferredinpensionliabilities,thenetinvestmentrequiredtorunthebusinessisreduced.Netfinancingdebtisfinancingdebt(includingpreferredstock)minusfinancialassets.So,afirmmayissuebondstoraisecashforoperationsbutmayalsobuybondswithexcesscashfromoperations.Itsnetindebtednessisitsnetpositioninbonds.Indeedafirmmaybeanetcreditor(withmorefinancialassetsthanfinancialliabilities)ratherthananetdebtor.Theincomestatementcanbereformulatedtodistinguishincomethatcomesfromoperatingandfinancingactivities:
Comprehensivenetincome=operatingincome-netfinancingexpense
(4)Operatingincomeisproducedinoperationsandnetfinancialexpenseisincurredinthefinancingofoperations.Interestincomeonfinancialassetsisnettedagainstinterestexpenseonfinancialliabilities(includingpreferreddividends)innetfinancialexpense.Ifinterestincomeisgreaterthaninterestexpense,financingactivitiesproducenetfinancialincomeratherthannetfinancialexpense.Bothoperatingincomeandnetfinancialexpense(orincome)areaftertax.3Equations(3)and(4)producecleanmeasuresofafter-taxoperatingprofitabilityandtheborrowingrate:
Returnonnetoperatingassets(RNOA)=operatingincome÷
netoperatingassets
(5)Netborrowingrate(NBR)=netfinancingexpense÷
netfinancingdebt
(6)RNOArecognizesthatprofitabilitymustbebasedonthenetassetsinvestedinoperations.Sofirmscanincreasetheiroperatingprofitabilitybyconvincingsuppliers,inthecourseofbusiness,tograntorextendcreditterms;
creditreducestheinvestmentthatshareholderswouldotherwisehavetoputinthebusiness.Correspondingly,thenetborrowingrate,byexcludingnon-interest
bearingliabilitiesfromthedenominator,givestheappropriateborrowingrateforthefinancingactivities.
NotethatRNOAdiffersfromthemorecommonreturnonassets(ROA),usuallydefinedasincomebeforeafter-taxinterestexpensetototalassets.ROAdoesnotdistinguishoperatingandfinancingactivitiesappropriately.UnlikeROA,RNOAexcludesfinanci
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