财务报表分析和长期计划 chap003

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1、Chap3FinancialStatementsAnalysisandLong-TermPlanningYixiaWangCM,HUSTMar.20102011/2/16FN11KeyConceptsandSkillslKnowhowtostandardizefinancialstatementsforcomparisonpurposeslKnowhowtocomputeandinterpretimportantfinancialratioslBeabletodevelopafinancialplanusingthepercentageofsalesapproachlUnd

2、erstandhowcapitalstructureanddividendpoliciesaffectafirm’sabilitytogrow2011/2/16FN12ChapterOutlinel3.1FinancialStatementsAnalysisl3.2RatioAnalysisl3.3TheDuPontIdentityl3.4UsingFinancialStatementInformationl3.5Long-TermFinancialPlanningl3.6ExternalFinancingandGrowthl3.7SomeCaveatsRegardingF

3、inancialPlanningModels2011/2/16FN133.1FinancialStatementsAnalysislCommon-SizeBalanceSheetsuComputeallaccountsasapercentoftotalassetslCommon-SizeIncomeStatementsuComputealllineitemsasapercentofsaleslStandardizedstatementsmakeiteasiertocomparefinancialinformation,particularlyasthecompanygrow

4、s.lTheyarealsousefulforcomparingcompaniesofdifferentsizes,particularlywithinthesameindustry.2011/2/16FN143.2RatioAnalysislRatiosalsoallowforbettercomparisonthroughtimeorbetweencompanies.lAswelookateachratio,askyourself:uHowistheratiocomputed?uWhatistheratiotryingtomeasureandwhy?uWhatistheu

5、nitofmeasurement?uWhatdoesthevalueindicate?uHowcanweimprovethecompany’sratio?2011/2/16FN15CategoriesofFinancialRatioslShort-termsolvencyorliquidityratioslLong-termsolvency,orfinancialleverage,ratioslAssetmanagementorturnoverratioslProfitabilityratioslMarketvalueratios2011/2/16FN16Liquidity

6、RatioslDowehaveenoughliquidassetstomeetapproachingobligations?2011/2/16FN17ComputingLiquidityRatioslCurrentRatio=CA/CLu708/540=1.31timeslQuickRatio=(CA–Inventory)/CLu(708-422)/540=.53timeslCashRatio=Cash/CLu98/540=.18times2011/2/16FN18LeverageRatioslMeasuretheimpactofusingdebtcapitaltofina

7、nceassets.lFirmsusedebttolever(increase)returnsoncommonequity.2011/2/16FN19ComputingLeverageRatioslTotalDebtRatio=(TA–TE)/TAu(3588-2591)/3588=28%lDebt/Equity=TD/TEu(3588–2591)/2591=38.5%lEquityMultiplier=TA/TE=1+D/Eu1+.385=1.3852011/2/16FN110ComputingCoverageR