公司金融简答.doc

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1、4.4.3annuity年金alevelstreamofregularpaymentsthatlastsforafixednumberofperiods.7企业业绩5个方面2.6financialstatementanalysistheobjectiveoftheanalysisistoshowhowtorearrangeinformationfromfinancialstatementsintofinancialratiosthatprovideinformationaboutfiveareasoffinancialperformance:1.

2、shout-termsolvency2.activity3.financialleverage(财务杠杆)4.profitability5.value2.6.1short-termsolvencyratiosofshort-termsolvencymeasuretheabilityofthefirmtomeetrecurringfinancialobligations.accountingliquiditymeasuresshort-termsolvencyandisoftenassociatedwithnetworkingcapital.1.c

3、urrentratio(流动比率):totalcurrentassets/totalcurrentliabilities2.quickratio（速动比率）:quickassets/totalcurrentliabilitiesquickassets=currentassets-inventories2.6.2activitytheseratiosmeasurehoweffectivelythefirm’sassetsarebeingmanaged.onelogicalstartingpointistocompareassetswithsales

4、fortheyeartoarriveatturnover.1.totalassetturnover（总资产周转率）=totaloperatingrevenues/totalassets(average)totalassets(average)=(beginningassets+finalassets)/22.receivablesturnover（应收账款周转率）=totaloperatingrevenues/receivables(average)averagereceivables=(beginningreceivables+finalrec

5、eivables)/2averagecollectionperiod(应收账款周转天数or平均收账期)=365/receivablesturnover3．inventoryturnover(存货周转率)=costofgoodssold/inventory(average)inventory(average)=(beginninginventory+finalinventory)/2daysininventory(存货周转天数)=daysinperiod/inventoryturnover2.6.3financialleverage(long-te

6、rmsolvency)whichisrelatedtotheextenttowhichafirmreliesondebtfinancingratherthanequity.toomuchdebtcanleadtoahigherprobabilityofinsolvencyandfinancialdistress.anotherhand,debtisanimportantformoffinancing,andprovidesasignificanttaxadvantagebecauseinterestpaymentsaretaxdeductible

7、.1.debtratio(负债比率or资产负债率)=totaldebt/totalassets2.debt-to-equityratio（负债权益比）=totaldebt/totalequity3.equitymultiplier(权益乘数)=totalassets/totalequity4．interestcoverage(利息保障倍数)=EBIT/interestexpensetheratioisdirectlyconnectedtotheabilityofthefirmtopayinterest.itwouldprobablymakesen

8、setoadddepreciationtoincomeincomputingthisratioandtoincludeotherfina