MBA财政会计实务英文.ppt

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1、Outlineoftoday’slectureValueofafirmtoinvestorsandcreditorsAnalysisofprofitability:ROAAnalysisofprofitability:ROCEAnalysisofprofitability:EPSThevalueofafirmtoequityinvestorsV=D1/(1+r)+D2/(1+r)2+D3/(1+r)3…….profitabilityriskThevalueofafirmtocreditorsV=I1/(1+r)+I2/(1+r)2+I3/(1+r)3+P/(1+r)3Ii:i

2、nterestrevenuesinperiodiP:returnofprincipalprofitabilityriskFinancialStatementAnalysis1.Understandtherelationbetweentheexpectedreturnandriskofinvestmentalternatives,andtheroleofanalysisinprovidingriskandreturninformation.2.Understandtheusefulnessoftherateofreturnonassets(ROA)asameasureofafi

3、rm’soperatingprofitability.3.Understandtheusefulnessoftherateofreturnoncommonshareholders’equity(ROCE)asameasureofprofitability.4.Understandthestrengthsandweaknessesofearningspercommonshareasameasureofprofitability.Whattocompare?1.Theplannedratiofortheperiod2.Thecorrespondingratiofromaprior

4、period(time-seriesanalysis)3.Thecorrespondingratioforanotherfirminthesameindustry(cross-sectionanalysis)4.Theaverageratioforotherfirmsinthesameindustry(cross-sectionanalysis)AnalysisofProfitabilityReturnonassets(ROA):returntothefirmasawholeReturnoncommonequity(ROCE):returntocommonshareholde

5、rsonlyEarningspercommonshareAnalysisofProfitabilityROA:returntothefirmROCE:returntocommonShareholdersonlyReturnonAssets(ROA)ROApresentsprofitabilityindependentofthesourceoffinancingDoesnotconsiderleverageMeasureofhowwellthefirmusesitsassetstogenerateincomeAsifthefirmisfinancedbyequityaloneH

6、orriganCorporationYear4SalesRevenue$475Lessexpense:COGS280Selling53Administrative22Depreciation18Interest16Total389Nextincomebeforetax86Incometaxexpense26NextIncome60HorriganCorporation-assumingnodebtsYear4SalesRevenue$475Lessexpense:COGS280Selling53Administrative22Depreciation18Interest16-

7、16Total389-16=373Nextincomebeforetax86+16=102LessIncometaxexpense26+4.8=30.8NextIncome60+16–4.8=71.2HorriganCorporationROAAveragetotalassetsofthiscompanyinyear4(520+650)/2=585,ThenROA=71.2/585=12.2%Whyaddbackinterestincomenetofincometaxsavingsinthenumera