财务管理第四讲第三章财务分析ppt课件

第三章 财务分析 Financial analysis,本章主要内容,会计学回顾,1,财务能力分析,2,财务趋势分析,3,财务综合分析,4,利润表（损益表）,关于利润表（损益表） income statement The income statement measures profitability. The income statement is the major device for measuring the profitability of a firm over a period of time. “利润=收入-费用” 通过利润表可以考核企业利润计划的完成情况，分析企业的盈利能力以及利润增减变化的原因，预测企业利润的发展趋势，为投资者及企业管理者等提供有助于决策的财务信息。,Price-earnings Ratio 市盈率,It refers to the multiplier applied to earnings per share to determine current value of the common stock. If the firm has a price-earnings ratio of 20, and the earnings per share are $1, the market value of each share will be $20($1*20) It also can be written as P/E Firms expected to provide returns greater than those for the market in general with equal or less risk often have P/E ratios higher than the market P/E ratio.,Limitations of the income statement,Can you figure out some limitations?,Accounting values are established primarily by actual transactions, and income that is gained or lost during a given period is a function of verifiable transactions.,资产负债表 Balance Sheet,The balance sheet indicates what the firm owns and how these assets are financed in the form of liabilities or ownership interest. While the income statement purports to show the profitability of the firm, the balance sheet delineates the firms holdings and obligations. Together, these statements are intended to answer two questions: How much did the firm make or lose, and what is a measure of its worth? The balance sheet is a picture of the firm at a point in time.,Concept of Net Worth 净值（账面价值）,Stockholders equity the preferred stock component = net worth, or book value, of the firm.,Limitations of the Balance Sheet,Can you figure out some limitations?,资产负债表中的大多数项目的价值是以历史成本或初始成本为计价基础的，这种方法不能真实反映厂房、设备和存货的现行市场价格。 这些资产的目前价值可能是初始成本的两倍或三倍，或者重置这些资产的成本可能是初始成本的几倍。,Statement of Cash Flows现金流量表,The purpose of the statement of cash flows is to emphasize the critical nature of cash flow to the operations of the firm. According to accountants, cash flow represents cash or cash equivalent items that can easily be converted into cash within 90 days(such as a money market fund). 按照收付实现制原则编制，将权责发生制下的盈利信息调整为收付实现制下的现金流量信息。,Cash flows from operating activities Generation of funds in normal operations Expenditure of funds in normal operations Cash flows from investing activities Sale of plant and equipment; liquidation of long-term investment Purchase of plant and equipment; long-term investment Cash flows from financing activities Sale of bonds, common stock, preferred stock, and other securities Retirement or repurchase of bonds, common stock, preferred stock, and other securities; payment of cash dividends,Net income,Depreciation,Increase in current assets,Decrease in current assets,Increase in current liabilities,Decrease in current liabilities,Net cash flow from operating activities,Steps in computing net cash flows from operating activities using the indirect method,Depreciation and Funds Flow 折旧与资金流,Depreciation represents an attempt to allocate the initial cost of an asset over its useful life. 折旧费纯粹是一种会计记录，并没有发生实际的现金支出。,Free Cash Flow自由现金流,Cash flow from operating activities,Capital expenditures (required to maintain the productive capacity of the firm),Dividends (needed to maintain the necessary payout on common stock and to cover any preferred stock obligation),Free cash flow,自由现金流量的概念使得股票分析师或银行不仅考虑经营活动创造的现金，而且考虑必要的厂房和设备等资本性支出，以保证正常的经营活动。另外，还要扣除支付给股东的股利。,Income tax considerations 基于所得税的考虑,Cost of a Tax-Deductible Expense,Depreciation as a Tax Shield,Ratio Analysis比率分析,计算出公司的相关财务比率之后，不仅要将公司的财务比率与同行业相似公司的财务比率比较，而且还要与公司以往的业绩情况作对比。 行业平均值的作用,Classification System 指标分类,盈利能力比率 销售利润率 总资产（投资）收益率 净资产收益率（股东权益收益率） 资产利用比率 应收账款周转率 平均收账期 存货周转率 固定资产周转率 总资产周转率,Profitability ratios Profit margin Return on assets(investment) Return on equity Asset utilization ratios Receivable turnover Average collection period Inventory turnover Fixed asset turnover Total asset turnover,Classification System 指标分类,短期偿债能力比率 流动比率 速动比率 负债利用比率 资产负债率 利息保障倍数 固定费用保障比率,Liquidity ratios Current ratio Quick ratio Debt utilization ratios Debt to total assets Times interest earned Fixed charge coverage,Profitability ratios盈利能力指标,计算以上指标，需参照企业的利润表及资产负债表。,思考,销售利润率高意味着什么样的经营状况？ 总资产周转率高意味着什么样的经营状况？ 假如该公司的销售利润率低于行业平均值，但是总资产（投资）收益率高于行业平均值，这说明了该公司怎样的经营状况？,Asset utilization ratios资产利用比率考察企业的营运能力,计算以上指标，需参照企业的利润表（销售收入）及资产负债表（资产）。,Liquidity ratios短期偿债能力比率,Debt utilization ratios负债利用比率 考虑企业的长期偿债能力,Trend analysis趋势分析,财务趋势分析是通过比较企业连续几期的财务报表或财务比率，分析企业财务状况变化的趋势，并以此预测企业未来的财务状况和发展前景。 主要方法有：比较财务报表、比较百分比财务报表、比较财务比率、图解法等。,*公司简化比较百分比资产负债表（%） 2007-2009年度,财务综合分析之一： 财务比率综合评分法,该方法也称为沃尔评分法。通过对选定的几项财务比率进行评分，然后计算出综合得分，并据此评价企业的综合财务状况。 （1）选定评价财务状况的财务比率； （2）确定财务比率标准评分值（重要性系数）； （3）确定财务比率评分值的上下限； （4）确定财务比率的标准值； （5）计算关系比率（实际值/标准值）； （6）计算出各项财务比率的实际得分（25）。,*公司2009年财务比率综合评分表,财务综合分析之二： Du Pont analysis杜邦分析体系,Net income,Sales,Total assets,Asset turnover,Profit margin,Financing plan,Total debt,Total assets,Return on assets,Return on assets (1-De