财务管理基础综述(英文版).pptx
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财务管理基础综述(英文版).pptx
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Chapter6,FinancialStatementAnalysis,AfterStudyingChapter6,youshouldbeableto:
Understandthepurposeofbasicfinancialstatementsandtheircontents.Understandwhatismeantby“convergence”inaccountingstandards.Explainwhyfinancialstatementanalysisisimportanttothefirmandtooutsidesuppliersofcapital.Define,calculate,andcategorize(accordingtoliquidity,financialleverage,coverage,activity,andprofitability)themajorfinancialratiosandunderstandwhattheycantellusaboutthefirm.Define,calculate,anddiscussafirmsoperatingcycleandcashcycle.Useratiostoanalyzeafirmshealthandthenrecommendreasonablealternativecoursesofactiontoimprovethehealthofthefirm.Analyzeafirmsreturnoninvestment(i.e.,“earningpower”)andreturnonequityusingaDuPontapproach.Understandthelimitationsoffinancialratioanalysis.Usetrendanalysis,common-sizeanalysis,andindexanalysistogainadditionalinsightsintoafirmsperformance.,FinancialStatementsAPossibleFrameworkforAnalysisBalanceSheetRatiosIncomeStatementandIncome/BalanceSheetRatiosTrendAnalysisCommon-SizeandIndexAnalysis,FinancialStatementAnalysis,TradeCreditorsFocusontheliquidityofthefirm.BondholdersFocusonthelong-termcashflowofthefirm.ShareholdersFocusontheprofitabilityandlong-termhealthofthefirm.,ExamplesofExternalUsesofStatementAnalysis,PlanFocusonassessingthecurrentfinancialpositionandevaluatingpotentialfirmopportunities.ControlFocusonreturnoninvestmentforvariousassetsandassetefficiency.UnderstandFocusonunderstandinghowsuppliersoffundsanalyzethefirm.,ExamplesofInternalUsesofStatementAnalysis,ConvergenceofAccountingStandards:
AimstonarroworremovedifferencessothatinvestorscanbetterunderstandfinancialstatementspreparedunderdifferentaccountingframeworksIASBInternationalAccountingStandardsBoardhastheresponsibilityofIFRSIFRSInternationalFinancialReportingStandards(EUcountriesadopted)USGAAPUSGenerallyAcceptedAccountingPrinciplesdeterminedbyFASBFASBFinancialAccountingStandardsBoarddeterminesaccountingstandardsforfinancialstatements,GlobalAccountingStandards,IncomeStatementAsummaryofafirmsrevenuesandexpensesoveraspecifiedperiod,endingwithnetincomeorlossfortheperiod.,BalanceSheetAsummaryofafirmsfinancialpositiononagivendatethatshowstotalassets=totalliabilities+ownersequity.,PrimaryTypesofFinancialStatements,a.Howthefirmstandsonaspecificdate.b.WhatBWowned.c.Amountsowedbycustomers.d.Futureexpenseitemsalreadypaid.e.Cash/likelyconvertibletocashwithin1year.f.Originalamountpaid.g.Acc.deductionsforwearandtear.,Cash$90Acct.Rec.c394Inventories696PrepaidExpd5AccumTaxPrepay10CurrentAssetse$1,195FixedAssets(Cost)f1030Less:
Acc.Depr.g(329)NetFix.Assets$701Investment,LT50OtherAssets,LT223TotalAssetsb$2,169,BasketWondersBalanceSheet(thousands)Dec.31,2007a,BasketWondersBalanceSheet(AssetSide),a.Note,Assets=Liabilities+Equity.b.WhatBWowedandownershipposition.c.Owedtosuppliersforgoodsandservices.d.Unpaidwages,salaries,etc.e.Debtspayable1year.g.Originalinvestment.h.Earningsreinvested.,NotesPayable$290Acct.Payablec94AccruedTaxesd16OtherAccruedLiab.d100CurrentLiab.e$500Long-TermDebtf530ShareholdersEquityCom.Stock($1par)g200AddPdinCapitalg729RetainedEarningsh210TotalEquity$1,139TotalLiab/Equitya,b$2,169,BasketWondersBalanceSheet(thousands)Dec.31,2007,BasketWondersBalanceSheet(LiabilitySide),a.Measuresprofitabilityoveratimeperiod.b.Received,orreceivable,fromcustomers.c.Salescomm.,adv.,officerssalaries,etc.d.Operatingincome.e.Costofborrowedfunds.f.Taxableincome.g.Amountearnedforshareholders.,NetSales$2,211CostofGoodsSoldb1,599GrossProfit$612SG&AExpensesc402EBITd$210InterestExpensee59EBTf$151IncomeTaxes60EATg$91CashDividends38IncreaseinRE$53,BasketWondersStatementofEarnings(inthousands)forYearEndingDecember31,2007a,BasketWondersIncomeStatement,AnalyticalToolsUsedSourcesandUsesStatementStatementofCashFlowsCashBudgets,1.Analysisofthefundsneedsofthefirm.,Trend/SeasonalComponentHowmuchfundingwillberequiredinthefuture?
Isthereaseasonalcomponent?
FrameworkforFinancialAnalysis,HealthofaFirmFinancialRatios1.Individually2.Overtime3.Incombination4.Incomparison,1.Analysisofthefundsneedsofthefirm.,2.Analysisofthefinancialconditionandprofitabilityofthefirm.,FrameworkforFinancialAnalysis,Examples:
VolatilityinsalesVolatilityincostsProximitytobreak-evenpoint,1.Analysisofthefundsneedsofthefirm.,2.Analysisofthefinancialconditionandprofitabilityofthefirm.,3.Analysisofthebusinessriskofthefirm.,Businessriskrelatestotheriskinherentintheoperationsofthefirm.,FrameworkforFinancialAnalysis,AFinancialManagermustconsiderallthreejointlywhendeterminingthefinancingneedsofthefirm.,Determiningthefinancingneedsofthefirm.,1.Analysisofthefundsneedsofthefirm.,2.Analysisofthefinancialconditionandprofitabilityofthefirm.,3.Analysisofthebusinessriskofthefirm.,FrameworkforFinancialAnalysis,Negotiationswithsuppliersofcapital.,Determiningthefinancingneedsofthefirm.,1.Analysisofthefundsneedsofthefirm.,2.Analysisofthefinancialconditionandprofitabilityofthefirm.,3.Analysisofthebusinessriskofthefirm.,FrameworkforFinancialAnalysis,TypesofComparisonsInternalComparisonsExternalComparisons,AFinancialRatioisanindexthatrelatestwoaccountingnumbersandisobtainedbydividingonenumberbytheother.,UseofFinancialRatios,Examples:
RiskManagementAssociationDun&BradstreetAlmanacofBusinessandIndustrialFinancialRatios,Thisinvolvescomparingtheratiosofonefirmwiththoseofsimilarfirmsorwithindustryaverages.Similarityisimportantasoneshouldcompare“applestoapples.”,ExternalComparisonsandSourcesofIndustryRatios,CurrentCurrentAssetsCurrentLiabilitiesForBasketWondersDecember31,2007,Showsafirmsabilitytocoveritscurrentliabilitieswithitscurrentassets.,BalanceSheetRatios,LiquidityRatios,$1,195$500,=2.39,LiquidityRatios,BWIndustry2.392.152.262.091.912.01,Year200720062005,CurrentRatio,Ratioisstrongerthantheindustryaverage.,LiquidityRatioComparisons,Acid-Test(Quick)CurrentAssets-InvCurrentLiabilitiesForBasketWondersDecember31,2007,Showsafirmsabilitytomeetcurrentliabilitieswithitsmostliquidassets.,BalanceSheetRatios,LiquidityRatios,$1,195$696$500,=1.00,LiquidityRatios,BWIndustry1.001.251.041.231.111.25,Year200720062005,Acid-TestRatio,Ratioisweakerthantheindustryaverage.,LiquidityRatioComparisons,Strongcurrentratioandweakacid-testratioindicatesapotentialproblemintheinventoriesaccount.Notethatthisindustryhasarelativelyhighlevelofinventories.,RatioBWIndustryCurrent2.392.15Acid-Test1.001.25,SummaryoftheLiquidityRatioComparisons,CurrentRatioTrendAnalysisComparison,Acid-TestRatioTrendAnalysisComparison,Thecurrentratiofortheindustryhasbeenrisingslowlyatthesametimetheacid-testratiohasbeenrelativelystable.ThisindicatesthatinventoriesareasignificantproblemforBW.,ThecurrentratioforBWhasbeenrisingatthesametimetheacid-testratiohasbeendeclining.,SummaryoftheLiquidityTrendAnalyses,Debt-to-EquityTotalDebtShareholdersEquityForBasketWondersDecember31,2007,Showstheextenttowhichthefirmisfinancedbydebt.,BalanceSheetRatios,FinancialLeverageRatios,$1,030$1,139,=0.90,FinancialLeverageRatios,BWIndustry0.900.900.880.900.810.89,Year200720062005,Debt-to-EquityRatio,BWhasaveragedebtutilizationrelativetotheindustryaverage.,FinancialLeverageRatioComparisons,Debt-to-Total-AssetsTotalDebtTotalAssetsForBasketWondersDecember31,2007,Showsthepercentageofthefirmsassetsthataresupportedbydebtfinancing.,BalanceSheetRatios,FinancialLeverageRatios,$1,030$2,169,=0.47,FinancialLeverageRatios,BWIndustry0.470.470.470.470.450.47,Year200720062005,Debt-to-Total-AssetRatio,BWhasaveragedebtutilizationrelativetotheindustryaverage.,FinancialLeverageRatioComparisons,TotalCapitalizationTotalDebtTotalCapitalizationForBasketWondersDecember31,2007,Showstherelativeimportanceoflong-termdebttothelong-termfinancingofthefirm.,BalanceSheetRatios,FinancialLeverageRatios,$1,030$1,669,=0.62,(i.e.,LT-Debt+Equity),FinancialLeverageRatios,BWIndustry0.620.600.620.610.670.62,Year200720062005,TotalCapitalizationRatio,BWhasaveragelong-termdebtutilizationrelativetotheindustryaverage.,FinancialLeverageRatioComparisons,InterestCoverageEBITInterestChargesForBasketWondersDecember31,2007,Indicatesafirmsabilitytocoverinterestcharges.,IncomeStatementRatios,CoverageRatios,$210$59,=3.56,CoverageRatios,BWIndustry3.565.194.355.0210.304.66,Year200720062005,InterestCoverageRatio,BWhasbelowaverageinterestcoveragerelativetotheindustryaverage.,CoverageRatioComparisons,CoverageRatioTrendAnalysisComparison,Thisindicatesthatlowearnings(EBIT)maybeapotentialproblemforBW.Note,weknowthatdebtlevelsareinlinewiththeindustryaverages.,TheinterestcoverageratioforBWhasbeenfallingsince2005.Ithasbeenbelowindustryaveragesforthepasttwoyears.,SummaryoftheCoverageTrendAnalysis,ReceivableTurnoverAnnualNetCreditSalesReceivablesForBasketWondersDecember31,2007,Indicatesqualityofreceivablesandhowsuccessfulthefirmisinitscollections.,IncomeStatement/BalanceSheetRatios,ActivityRatios,$2,211$394,=5.61,(Assumeallsalesarecreditsales.),ActivityRatios,AvgCollectionPeriodDaysintheYearReceivableTurnoverForBasketWondersDecember31,2007,Averagenumberofdaysthatreceivablesare
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