4财务管理专业英语.pptx
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4财务管理专业英语.pptx
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4.FinancialRatioAnalysis,4.1FinancialRatioAnalysis财务比率分析4.2LiquidityRatios流动性比率4.3DebtManagementRatios债务管理比率,4.FinancialRatioAnalysis,4.4AssetManagementRatios资产管理比率4.5ProfitabilityRatios盈利比率4.6MarketValueRatios市场价值比率,4.FinancialRatioAnalysis,4.7UsesandLimitationsofFinancialRatioAnalysis财务比率分析的使用和限制,AnalyzingFinancialRatios,Somepreliminarycommentsarewarranted:
1.Financialratiosarenotstandardized.,AnalyzingFinancialRatios,2.Analyzingasinglefinancialratioforagivenyearmaynotbeveryuseful.,AnalyzingFinancialRatios,3.Someofafirmsfinancialaccountingpracticesorchoiceswillaffectitsfinancialstatementsand,finally,itsfinancialratios.,AnalyzingFinancialRatios,4.Financialratiosdonotprovideanalystswithalloftheanswersaboutafirmscondition.,4.2LiquidityRatios,Liquidityratiosindicateafirmsabilitytopayitsobligationsintheshortrun.,4.2LiquidityRatios,Financialmanagersmustpaycloseattentiontoliquidityratiostoensuretheyreflectahighprobabilityofthefirmbeingabletopromptlyandfullypayitsbillswithoutunduestress.,4.2LiquidityRatios,Networkingcapitaltototalassetsratio=NetworkingcapitalTotalassets净营运资本比总资产比率,4.2.1Currentratio,Denominator分母Numerator分子,4.2.1Currentratio,Forexample,acurrentratioof1.5impliesthatafirmhas$1.5incurrentassetsforevery$1incurrentliabilitiesandthushas1.5timesthecurrentassets,orhasitscurrentliabilitiescovered1.5timesover.,4.2.1Currentratio,Excessivelyhighcurrentratios,however,mayindicatedafirmmayhavetoomuchofitslong-terminvestor-suppliedcapitalinvestedinshort-termlow-earningcurrentassets.,4.2.1Currentratio,Inaninflationaryenvironment,firmsthatuselast-in,first-out(LIFO)inventoryvaluationwilllikelyhavelowercurrentratiosthanfirmsthatusefirst-in,first-out(FIFO).,4.2.1Currentratio,WithLIFOinventoryvaluation,firmsdeterminethevalueofcostofgoodssoldontheincomestatementbythecostoftheinventorymostrecentlyproduced;,4.2.1Currentratio,Exceptinsomedecliningcostindustries,inflationwilllikelycausethevalueofthis“older”inventorycarriedonthebalancesheettobelessthanthemorerecentcostofproducingthatinventory.,4.2.1Currentratio,Thevalueofinventoryreportedonthebalancesheetisfrommorerecentperiodsandwillbebasedonmorerecent(higher)costdatathantheinventorybalanceofsimilarfirmsthatuseLIFO.,4.2.1Currentratio,Yet,ifafirmhasacurrentratiothatislessthanone,thesametransactionwouldleadtoalowercurrentratio.,4.2.1Currentratio,Equalabsolutechangesinthenumeratoranddenominatormayleadtoapparentimprovementsordeteriorationinratiosthatdonotreflectrealchangesinperformance.,4.2.1Currentratio,Analystsshouldbeawarethatafirmsmanagersmayundertakeyear-endtransactions,suchastheonedescribedabove,tomakecertainratiosappearbetterfollowingaperiodofdisappointingperformance.,4.2.1Currentratio,Oneofthefirmsmayhaveasubstantialportionofitscurrentassetstiedupininventories,whiletheotherfirmmayhavelargecashandmarketablesecurities.,Latter,Didhewalkorswim?
Thelatterseemsunlikely.,4.2.1Currentratio,Managersoranalystscanexamineafirmscommon-sizebalancesheetovertimetoseerelativechangesinthecompositionofbothcurrentassetsandcurrentliabilitiesandassesschangesordifferencesinliquidity.,4.2.2Quickratio,4.2.2Quickratio,Therationaleforexcludinginventoryisthatitistheleastliquidofafirmscurrentassetsandmaynotbeasreadilyavailabletomeetashort-termmaturingobligationastheothermoreliquidcurrentassets.,4.2.2Quickratio,Foranyfirmcarryinganinventorybalance,thequickratiowillbelowerthanthecurrentratio.,Forexample,supposeafirmscurrentratiohasbeenfairlystableandconsistentwithindustryaveragesoverthepastthreeyears.Butduringthesameperiod,thefirmsquickratiohasdeclinedandisnowbelowindustryaverages.,4.2.2Quickratio,WhethertheincreaseislikelytemporaryorpermanentHowthefirmfinancestheinventoryHowtherelativeincreasesininventorywillaffectthefirmsliquidityandoverallperformance,4.2.3Cashratio,4.2.3Cashratio,Analyzingacashratio,however,couldbehelpfulforassessingafirmsliquiditywhenthefirmneedstopaymostorallofitscurrentliabilitieswithcashinthenearterm.,4.3DebtManagementRatios,Debtmanagementratioscharacterizeafirmintermsoftherelativemixofdebtandequityfinancingandprovidemeasuresofthelong-termdebtpayingabilityofthefirm.,4.3DebtManagementRatios,Leverageratios:
32,4.3DebtManagementRatios,Coverageratios:
33,4.3.1DebtRatio,Creditorpreferalowofmoderatedebtratiobecauseitprovidesmoreprotectionifthefirmexperiencesfinancialproblems.,4.3.1DebtRatio,35,4.3.2Long-termDebtRatio,Long-termdebtratioiscomputedbydividingafirmslong-termdebt,usuallydefinedasallnon-currentliabilities,byitstotalassets.,4.3.2Long-termDebtRatio,Whencomputingthedebtratioandthelong-termdebtratio,somemanagersandanalystsusetotalcapitalinthedenominatorinplaceoftotalassets.,4.3.2Long-termDebtRatio,Debt-to-totalcapitalratio=Totalliabilitiesnon-currentliabilities+equity,4.3.2Long-termDebtRatio,Long-termdebttototalcapitalratio=Long-termdebtnon-currentliabilities+equity,4.3.2Long-termDebtRatio,Leverageratioscharacterizeafirmintermsofitsrelativeamountofdebtfinancing,buttheydonotindicatethefirmsabilitytomeetitsdebtobligations.,Infact,thepossibilityexiststhatafirmwithahigherdebtratiocouldactuallyinastrongerpositiontoservicethefirmsdebtduetostrongerearningsandcashflowsthanafirmwithalowerdebtratioandweakerearnings.,4.3.3InterestCoverageRatio,Theratiomeasurestheextenttowhichoperatingincomecandeclinebeforethefirmisunabletomeetitsannualinterestcost.,4.3.3InterestCoverageRatio,Notethatearningsbeforeinterestandtaxes,ratherthannetincome,isusedinthenumeratorbecauseinterestispaidwithpre-taxdollars,andthefirmsabilitytopaycurrentinterestisnotaffectedbytaxes.,4.3.4CashFlowCoverageRatio,4.4AssetManagementRatios,Theaccountsreceivableturnoverratioiscomputedbydividingnetcreditsalesbytheaverageaccountsreceivableoutstanding.,Creditsales,AccountsreceivableXXXSalesXXXCashXXXSalesXXX,Netsales,Netsales=Sales-Salesreturnsandallowances-Salesdiscount,Creditterms,n/30n/10EOM2/10,n/602/10,1/15,n/30,TradeDiscounts,Listprice/catalogueprice-TradediscountActualprice/invoiceprice,Accountsreceivableturnoverratio=,Managersshouldanalyzethetradeoffbetweenanyincreasedsalesfromamorelenientcreditpolicyandtheassociatedcostsoflongercollectionperiodsandmoreuncollectedreceivablestodeterminewhetherchangingthefirmscreditsalespolicycouldincreaseshareholderswealth.,Writeoffreceivables-
(1),Baddebtexpense1000Allowancefordoubtfulaccounts1000,Writeoffreceivables-
(2),Currentassets:
Accountsreceivable$10000Less:
Allowancefordoubtfulaccounts(1000)$9000,Writeoffreceivables-(3),AllowancefordoubtfulaccountsAccountsreceivable-XX,举例,Collectionperiod=365accountsreceivableTurnoverratio,Collectionperiod=365creditsales/averageaccountsreceivable=AverageaccountsreceivableCreditsales/365,4.4.2InventoryTurnoverratio,举例,Accountsreceivable1000Sales1000Costofgoodssold650Merchandiseinventory650,Alow,decliningratiomaysuggestthefirmhascontinuedtobuildupinventoryinthefaceofweakeningdemandormaybecarryingandreportingoutdatedorobsoleteinventorythatcouldonlybesoldatreducedprices,ifatall.,Ontheotherhand,amanageroranalystshouldchecktomakesurethatahighratiodoesnotreflectlostsalesopportunitiesbecauseofinadequateinventorylevelscausedbyproductionproblems,poorsalesforecasting,orweakcoordinationbetweensalesandproductionactivitieswithinthefirm.,Inventoryprocessingperiod=365inventoryturnoverratio,Thenumberofdayssalesininventory存货周转天数,Thenumberofdayssalesininventory:
存货周转天数,365/inventoryturnover365CostofgoodssoldAverageinventoryAverageinventoryCostofgoodssold/365,Accountspayableturnoverratio=,4.4.3,Accountspayablepaymentperiod=,4.4.3,Whenafirmproducesgoodsoracquiresinventoryforthesaleand/orsellstheitemsonacreditbasis,itwillneedtohaveamplecashduringtheperiodbetweenwhenthefirmmustpayfortherawmaterials,inventoryandlaborandwhenitreceivescashfromthesalesofgoods.,Cashconversioncycle=,4.4.3,Thelengthoftheoperatingcycleisthetimefromthepurchaseofinventorytothecollectionofcashfromthesaleofthatinventory;thisintervalisequaltothenumberofdayssalesininventoryplustheaveragecollectionperiod.,4.4.4AssetTurnoverRatios,4.5ProfitabilityRatios,4.5ProfitabilityRatios,4.5ProfitabilityRatios,4.5ProfitabilityRatios,Highnetprofitmarginssuggestafirmcancontrolitscostsorhasasolidcompetitivepositionwithinitsindustrythatisnotthreatenedbycost-cuttingcompetitors.,Firmsinindustrieswithhighsalesvolumes(likeretailgrocerystores)canoperateprofitablywithrelativelylownetprofitmarginsbecausetheyexperienceahighturnoveroftheirtotalassets,whilefirmsinotherindustriesrequiremuchhighermarginstosurvive.,4.5ProfitabilityRatios,ROA,ROAratiosarealsoaffectedbytheageofafirmsplantandequipment,especiallyduringperiodsofmoderatetohighinflation.,4.5ProfitabilityRatios,4.5ProfitabilityRatios,4.6MarketValueRatios,Price/earningsRatioMarket-to-bookValueRatio,Earningspershare,Earningspershare=Earningsavailabletocommonstock
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