战略分析工具 分析方法-ratioanalysis

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1、Author:CollinsQianRatioAnalysisMarch19981AgendaUsingratiosTypesofkeyratiosprofitabilityturnoverleverageliquiditycoverageReturnonEquityRatioexercisesForecastingexerciseAbbreviationsKeytakeaways2AnalyzingRatiosRatiosinisolationaremeaningless.Acompany'sratiosmustbeexaminedoverti

2、meand/oragainstitscompetitors’ratios.HistoricalcomparisonCompetitivecomparisonComparepresentratioswithsamecompany'shistoricalratiosInstablesituations,historicalratiosmaybeusedtoprojectfutureperformanceCompareacompany’sratioswithsimilarfirms’ratiosorwithindustryaveragesatthesa

3、mepointintimeLookfortrendsLookatrelativeperformance3TheArtofRatioAnalysisWhichratiosaremostimportantinagivensituation?Whatitemsshouldbeincluded/excludedincalculatingtheratios?Howmuchinfluencedoesmanagementhaveovertheratios?Whatdotheratiossayaboutthefirm’sstrategy?Ratioanalysi

4、sisanartaswellasascience.4TheNeedforJudgmentPotentialProblemManagementcansubstantiallyinfluencefinancialsintheshorttermImplicationsNeedtousejudgmenttounderstandfinancialsRatioanalysisrequireskeenjudgment.Financialstatementdataishistorical,notproformaCross-companycomparisonsar

5、emeaninglessifadjustmentsarenotmadefordifferentaccountingconventionsThetimingofthereportingperiodinfluencesfundsflowsandrequirementsNeedtounderstandthathistorydoesNOTnecessarilypredictfutureNeedtobeverysensitiveaboutindustry-specificseasonalityandcyclicalityNeedtostandardizea

6、crosscompaniestoadjustfordifferentaccountingmethods5AgendaUsingratiosTypesofkeyratiosprofitabilityturnoverleverageliquiditycoverageReturnonEquityRatioexercisesForecastingexerciseAbbreviationsKeytakeaways6TypesofRatiosRatioshelpusunderstandhowwellacompanyisperforming.Specifica

7、lly,howmuchreturnisitgeneratingwithwhatlevelofrisk?Howwelldoesthecompanymanagecostsrelativetorevenues?ReturnRiskCoverageInterestchargeFixedchargecoverageLiquidityCurrentratioQuickratioLeverageAssettoequityDebttoequityDebttototalcapitalTurnoverReceivablesInventoryPayablesAsset

8、ProfitabilityOperatingmarginROSGrossmarginHoweffectiveisthecompanyin