财务管理英文版课件 4

Topic4

FinancialRatioAnalysisPage

2contents4.1FinancialRatioAnalysis财务比率分析4.2LiquidityRatios流动性比率4.3DebtManagementRatios债务管理比率4.4AssetManagementRatios资产管理比率4.5ProfitabilityRatios盈利比率4.6MarketValueRatios市场价值比率4.7UsesandLimitationsofFinancialRatioAnalysis财务比率分析的使用和限制Page

34.1AnalyzingFinancialRatiosSomepreliminarycommentsarewarranted:1.Financialratiosarenotstandardized.2.Analyzingasinglefinancialratioforagivenyearmaynotbeveryuseful.3.Someofafirm’sfinancialaccountingpracticesorchoiceswillaffectitsfinancialstatementsand,finally,itsfinancialratios.4.Financialratiosdonotprovideanalystswithalloftheanswersaboutafirm’scondition.

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44.2LiquidityRatiosLiquidityratiosindicateafirm’sabilitytopayitsobligationsintheshortrun.Financialmanagersmustpaycloseattentiontoliquidityratiostoensuretheyreflectahighprobabilityofthefirmbeingabletopromptlyandfullypayitsbillswithoutunduestress.Page

54.2.1CurrentratioDenominator分母Numerator分子Page

64.2.1Currentratio(1)Excessivelyhighcurrentratios,however,mayindicatedafirmmayhavetoomuchofitslong-terminvestor-suppliedcapitalinvestedinshort-termlow-earningcurrentassets.Page

74.2.1Currentratio(2)Inaninflationaryenvironment,firmsthatuselast-in,first-out(LIFO)inventoryvaluationwilllikelyhave

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currentratiosthanfirmsthatusefirst-in,first-out(FIFO).Page

84.2.1CurrentratioWithLIFOinventoryvaluation,firmsdeterminethevalueofcostofgoodssoldontheincomestatementbythecostoftheinventorymostrecentlyproduced;Exceptinsomedecliningcostindustries,inflationwilllikelycausethevalueofthis“older”inventorycarriedonthebalancesheettobelessthanthemorerecentcostofproducingthatinventory.Page

94.2.1CurrentratioThevalueofinventoryreportedonthebalancesheetisfrommorerecentperiodsandwillbebasedonmorerecent(higher)costdatathantheinventorybalanceofsimilarfirmsthatuseLIFO.Yet,ifafirmhasacurrentratiothatislessthanone,thesametransactionwouldleadtoalowercurrentratio.Page

104.2.1Currentratio(3)Equalabsolutechangesinthenumeratoranddenominatormayleadtoapparentimprovementsordeteriorationinratiosthatdonotreflectrealchangesinperformance.Analystsshouldbeawarethatafirm’smanagersmayundertakeyear-endtransactions,suchastheonedescribedabove,tomakecertainratiosappearbetterfollowingaperiodofdisappointingperformance.(windowdressing)Page

114.2.1Currentratio(4)Oneofthefirmsmayhaveasubstantialportionofitscurrentassetstiedupininventories,whiletheotherfirmmayhavelargecashandmarketablesecurities.Managersoranalystscanexamineafirm’scommon-sizebalancesheetovertimetoseerelativechangesinthecompositionofbothcurrentassetsandcurrentliabilitiesandassesschangesordifferencesinliquidity.Page

124.2.2QuickratioacidtestratioTherationaleforexcludinginventoryisthatitistheleastliquidofafirm’scurrentassetsandmaynotbeasreadilyavailabletomeetashort-termmaturingobligationastheothermoreliquidcurrentassets.Page

134.2.2QuickratioForanyfirmcarryinganinventorybalance,thequickratiowillbelowerthanthecurrentratio.Forexample,supposeafirm’scurrentratiohasbeenfairlystableandconsistentwithindustryaveragesoverthepastthreeyears.Butduringthesameperiod,thefirm’squickratiohasdeclinedandisnowbelowindustryaverages.Page

144.2.2QuickratioWhethertheincreaseislikelytemporaryorpermanentHowthefirmfinancestheinventoryHowtherelativeincreasesininventorywillaffectthefirm’sliquidityandoverallperformancePage

154.2.3CashratioAnalyzingacashratio,however,couldbehelpfulforassessingafirm’sliquiditywhenthefirmneedstopaymostorallofitscurrentliabilitieswithcashinthenearterm.Page

164.3DebtManagementRatiosDebtmanagementratioscharacterizeafirmintermsoftherelativemixofdebtandequityfinancingandprovidemeasuresofthelong-termdebtpayingabilityofthefirm.Page

17Leverageratioscharacterizeafirmintermsofitsrelativeamountofdebtfinancing,buttheydonotindicatethefirm’sabilitytomeetitsdebtobligations.LeverageratiosPage

18Whencomputingthedebtratioandthelong-termdebtratio,denominatorinplaceoftotalassets.somemanagersandanalystsusetotalcapitalinthedenominatorinplaceoftotalassets.Page

19InterestCoverageratiomeasurestheextenttowhichoperatingincomecandeclinebeforethefirmisunabletomeetitsannualinterestcost.Notethatearningsbeforeinterestandtaxes,ratherthannetincome,isusedinthenumeratorbecauseinterestispaidwithpre-taxdollars,andthefirm’sabilitytopaycurrentinterestisnotaffectedbytaxes.Page

204.4AssetManagementRatios

Assetmanagementratios,alsoreferredtoasassetutilizationorassetefficiencyratios,measureafirm’sabilitytomanagetheassetsatitsdisposal.Page

21AssetManagementRatios(1)AccountsReceivableTurnoverRatio

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22去waawset55Managersshouldanalyzethetradeoffbetweenanyincreasedsalesfromamorelenientcreditpolicyandtheassociatedcostsoflongercollectionperiodsandmoreuncollectedreceivablestodeterminewhetherchangingthefirm’screditsalespolicycouldincreaseshareholder’swealth.Page

23(2)InventoryTurnoverRatio

Alow,decliningratiomaysuggestthefirmhascontinuedtobuildupinventoryinthefaceofweakeningdemandormaybecarryingandreportingoutdatedorobsoleteinventorythatcouldonlybesoldatreducedprices,ifatall.Page

24Ontheotherhand,amanageroranalystshouldchecktomakesurethatahighratiodoesnotreflectlostsalesopportunitiesbecauseofinadequateinventorylevelscausedbyproductionproblems,poorsalesforecasting,orweakcoordinationbetweensalesandproductionactivitieswithinthefirm.Page

25AssetManagementRatios

(3)AccountsPayableTurnoverRatio

AccountsPayableTurnoverindays(PTD)

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26Whenafirmproducesgoodsoracquiresinventoryforthesaleand/orsellstheitemsonacreditbasis,itwillneedtohaveamplecashduringtheperiodbetweenwhenthefirmmustpayfortherawmaterials,inventoryandlaborandwhenitreceivescashfromthesalesofgoods.Page

27AssetManagementRatios(4)Operatingcycle：营业周期thelengthoftimefromthecommitmentofcashforpurchasesuntilthecollectionofreceivablesresultingfromthesaleofgoodsorservices.

OC=ITD+RTDPage

28(5)Cashcycle:现金周期

thelengthoftimefromtheactualoutlayofcashforpurchasesuntilthecollectionofcashresultingfromsales

CC=ITD+RTD-PTD=OC-PTDPage

29Operatingcycle&cashcycleTheoperatingcycle,byfocusingonITDandRTD,providesasummaryactivity

measure.Themeasureprovidessupplementaryinformationonafirm’s

liquidity

aswell.Arelativelylongoperatingcyclemightbeawarningsignofexcessivereceivablesand/orinventoryandwouldreflectnegativelyonthefirm’strueliquidity.Page

30Operatingcycle&cashcycleThecashcyclereflectsbothoperatingandfinancingdecisionsofafirm.Onemustextremelycarefulintryingtoanalyzethismeasure.Onthesurface,arelativelyshortcashcycleisasignofgoodmanagement.Suchafirmisquicktocollectcashfromsalesonceitpaysforpurchases.Page

31Operatingcycle&cashcycleButthinkaboutafirmthatneverpayitsbillsontime(apoorfinancingdecision),itscashcyclewouldbeloworperhapsevennegative.Theoperatingcycle,byfocusingstrictlyontheeffectsofoperatingdecisionsoninventoryandreceivables,providesclearsignalsfortheanalysttoconsider.Page

32AssetManagementRatios(6)AssetTurnoverRatios

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33Thelengthoftheoperatingcycleisthetimefromthepurchaseofinventorytothecollectionofcashfromthesaleofthatinventory;thisintervalisequaltothe

numberofdays’salesininventoryplustheaveragecollectionperiod.Page

344.5ProfitabilityRatios

Profitabilityratiomeasurestheearningpowerofafirm.(1)GrossProfitMargin销售毛利率Page

35ProfitabilityRatios(2)OperatingProfitMargin营业利润率(3)NetProfitMargin销售净利率Page

36ProfitabilityRatios(4)ReturnonAssets(ROA)ReturnonInvestment(ROI)ROAratiosarealsoaffectedbytheageofafirm’splantandequipment,especiallyduringperiodsofmoderatetohighinflation(5)TotalReturnonAssetsPage

37ProfitabilityRatios(6)ReturnonTotalEquity(7)ReturnonCommonEquity

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38ProfitabilityRatios(8)DuPontAnalysisofROE

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394.5ProfitabilityRatiosHighnetprofitmarginssuggestafirmcancontrolitscostsorhasasolidcompetitivepositionwithinitsindustrythatisnotthreatenedbycost-cuttingcompetitors.Firmsinindustrieswithhighsalesvolumes(likeretailgrocerystores)canoperateprofi