《存货周转率》PPT课件

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1、CHAPTER3AnalysisofFinancialStatementsRatioAnalysisDuPontsystemEffectsofimprovingratiosLimitationsofratioanalysisQualitativefactorsWhyareratiosuseful?Financialratiosaredesignedtohelponeevaluateafinancialstatement.Ratiosstandardizenumbersandfacilitatecompa

2、risons.Ratiosareusedtohighlightweaknessesandstrengths.Whatarethefivemajorcategoriesofratios,andwhatquestionsdotheyanswer?Liquidity:Canwemakerequiredpayments?Assetmanagement:rightamountofassetsvs.sales?Debtmanagement:Rightmixofdebtandequity?Profitability:

3、Dosalespricesexceedunitcosts,andaresaleshighenoughasreflectedinPM,ROE,andROA?Marketvalue:DoinvestorslikewhattheyseeasreflectedinP/EandM/Bratios?LiquidityRatio.Currentratio=Currentassets/Currentliabilities=$1,000/$310=3.2xIndustryaverage=4.2xCommentsoncur

4、rentratio200320022001Ind.Currentratio2.34x1.20x2.30x2.70xExpectedtoimprovebutstillbelowtheindustryaverage.Liquiditypositionisweak.AssetManagementRatiosInventoryturnoverratio(存貨週轉率)DSO=DaysSalesOutstanding(銷售流通天數)FAturnover(固定資產周轉率)TAturnover(總資產週轉率)Asset

5、ManagementRatios200320022001Ind.InventoryTurnover4.1x4.70x4.8x6.1xInventoryturnoverratio=Sales/Inventories=$3,000/$615=4.9xIndustryaverage=9.0xCommentsonInventoryTurnoverInventoryturnoverisbelowindustryaverage.Thisfirmmighthaveoldinventory,oritscontrolm

6、ightbepoor.ItholdstoomuchinventoryExcessinventorymeansunproductive,anditpresentsaninvestmentwithaloworzerorateofreturnNoimprovementiscurrentlyforecasted.DSOistheaveragenumberofdaysaftermakingasalebeforereceivingcash.DSO=DaysSalesOutstanding(銷售流通天數)=Avera

7、geCollectionPeriod(平均收現期間)=Receivables/Averagesalesperday=應收帳款/平均每日銷售額=Receivables/Sales/365=用來評估應收帳款的催收速度=$375/($3,000/365)=45.625~46daysIndustryaverage=36daysAppraisalofDSO200320022001Ind.DSO45.638.237.432.0Thisfirmcollectsonsalestooslowly,andisgetting

8、worse.Ithasapoorcreditpolicy.Fixedassetandtotalassetturnoverratiosvs.theindustryaverageFAturnover=固定資產週轉率=衡量公司如何有效使用其固定資產=Sales/Netfixedassets=$3,000/$1,000=3.0xFixedassetandtotalassetturnoverratiosvs.theindustryaverageTAt