文本财务管理

1、Financial Analysis31-2Chapter Outline Ratio analysis and its importance Use of ratio for measurements The DuPont system of analysis Trend analysis Evaluation of reported income to identify distortion1-3Ratio Analysis Financial ratios Used to weigh and evaluate the operating performance of a firm Use

2、d to compare performance record as against similar firms in the industry Analyzing ratios and numerical calculations Such data is provided by various organizations1-4Ratios and their ClassificationA.Profitability ratios1. Profit margin 销售利润率2. Return on assets (investment) 总资产收益率3. Return on equity

3、股东权益（净资产）收益率B.Asset utilization ratios4. Receivable turnover 应收账款周转率5. Average collection period 平均收账期6. Inventory turnover 存货周转率7. Fixed asset turnover 固定资产周转率8. Total asset turnover 总资产周转率1-5Ratios and their Classification (contd)C.Liquidity ratios 9. Current ratio 流动比率10. Quick ratio 速动比率D.Debt u

4、tilization ratios11. Debt to total assets 资产负债率12. Times interest earned 利息保障倍数13. Fixed charge coverage 固定费用保障率1-6Types of Ratios Profitability ratios Measurement of the firms ability to earn an adequate return on: Sales Assets Invested capital Asset utilization ratios Measures the speed at which t

5、he firm is turning over accounts receivable1-7Types of Ratios (contd) Liquidity ratios Emphasizes the firms ability to pay off short-term obligations as and when due Debt utilization ratios Estimates the overall debt position of the firm Evaluates in the light of asset base and earning power1-8Finan

6、cial Statement for Ratio Analysis1-9Profitability Ratios1-10DuPont System of Analysis A satisfactory return on assets might be derived through: A high profit margin A rapid turnover of assets (generating more sales per dollar of its assets) Or bothReturn on assets (investment) = Profit margin Asset

7、turnover 1-11DuPont System of Analysis (contd) A satisfactory return on equity might be derived through: A high return on total assets A generous utilization of debt Or a combination of bothReturn on equity = Return on assets (investment) (1 Debt/Assets)1-12DuPont Analysis1-13Return of Wal-Mart vers

8、us Macys using the Du Pont method of analysis, 20071-14Asset Utilization Ratios These ratios relate the balance sheet to the income statement1-15Asset Utilization Ratios (contd) 1-16Liquidity Ratios 1-17Debt Utilization Ratios Measures the prudence of the debt management policies of the firmpp.59 Fi

9、xed Charge = Interests + Lease Obligations 1-18Debt Utilization Ratios (contd) Fixed charge coverage measures the firms ability to meet the fixed obligations Interest payments alone are not consideredIncome before interest and taxes.$550,000Lease payments $50,000Income before fixed charges and taxes

10、$600,000 1-19Ratio Analysis1-20Trend Analysis1-21Trend Analysis in the Computer IndustryProblems 3-34 3-35 Problem 3-34 GOODYEAR CALENDAR COMPANY Problem 3-35 JONES CORPORATION1-22END1-231-24Impact of Inflation on Financial Analysis Inflation Revenue is stated in current dollars Plant, equipment, or

11、 inventory may have been purchased at lower price levels Profits may be more a function of increasing prices than due to good performance1-25Comparison of Replacement and Historical Cost Accounting1-26Comparison of Replacement and Historical Cost Accounting (contd) Replacement cost reduces income bu

12、t increases assets An increase lowers the debt-to-assets ratio A decrease indicates decrease in the financial leverage of the firm A declining income results in a decreased ability to cover interest costs1-27Impact of Disinflation on Financial Analysis Disinflation Financial assets such as stocks an

13、d bonds have the potential to do well encouraging investors Tangible assets do not have the potential Deflation Actual reduction of prices affecting everybody due to bankruptcies and declining profits1-28Other Elements of Distortion in Reported Income Effect of changing prices Reporting of revenues Treatment of nonrecurring items Tax write-off policies1-29Income Statements1-30Explanation of Discrepancies (contd) Sales Firm may defer recognition until each payment is received or full recognition at earliest possible date Cost of goods sold Use of different accounting pr