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ID:51624027
大小:1.29 MB
页数:30页
时间:2020-03-26
《投资学,9e,精要版,48772,48760,英文PPT Chap013.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、CHAPTER13FinancialStatementAnalysis119-2Financialstatementanalysiscanbeusedtodiscovermispricedsecurities.Financialaccountingdataarewidelyavailable,butAccountingearningsandeconomicearningsarenotalwaysthesamething!FinancialStatementAnalysis219-3IncomeStatement:P
2、rofitabilityovertimeBalanceSheet:FinancialconditionatapointintimeStatementofCashFlows:Tracksthecashimplicationsoftransactions.FinancialStatements319-4Table13.1ConsolidatedStatementofIncomeforHewlett-Packard,2009419-5Table13.2ConsolidatedBalanceSheetforHewlett-
3、Packard,2009519-6Table13.3StatementofCashFlowsforHewlett-Packard,2009619-7AccountingVersusEconomicEarningsEconomicearningsSustainablecashflowthatcanbepaidtostockholderswithoutimpairingproductivecapacityofthefirmAccountingearningsAffectedbyconventionsregardingt
4、hevaluationofassets719-8ProfitabilityMeasuresROEmeasuresprofitabilityforcontributorsofequitycapital.After-taxprofit/bookvalueofequityROAmeasuresprofitabilityforallcontributorsofcapital.EBIT/totalassets819-9Pastvs.FutureROEROEisakeydeterminantofearningsgrowth.P
5、astprofitabilitydoesnotguaranteefutureprofitability.Securityvaluesarebasedonfutureprofits.Expectationsoffuturedividendsdeterminetoday’sstockvalue.919-10FinancialLeverageandROEROEcandifferfromROAbecauseofleverage.LeveragemakesROEmorevolatile.Lett=taxrateandr=in
6、terestrate,then:1019-11FinancialLeverageandROEIfthereisnodebtorROA=r,ROEwillsimplyequalROA(1-t).IfROA>r,thefirmearnsmorethanitpaysouttocreditorsandROEincreases.IfROA7、onROE1219-13ROE=NetProfitPretaxProfitxPretaxProfitEBITxEBITSalesSalesAssetsxxAssetsEquity(1)x(2)x(3)x(4)x(5)xMarginxTurnoverxLeverageTaxBurdenInterestBurdenDecompositionofROEDuPontMethodx1319-14DecompositionofROEROA=EBIT/SalesXSales/Assets=marginXturnoverMarg8、inandturnoverareunaffectedbyleverage.ROAreflectssoundnessoffirm’soperations,regardlessofhowtheyarefinanced.1419-15DecompositionofROEROE=TaxburdenXROAXCompoundleveragefactorTaxburde
7、onROE1219-13ROE=NetProfitPretaxProfitxPretaxProfitEBITxEBITSalesSalesAssetsxxAssetsEquity(1)x(2)x(3)x(4)x(5)xMarginxTurnoverxLeverageTaxBurdenInterestBurdenDecompositionofROEDuPontMethodx1319-14DecompositionofROEROA=EBIT/SalesXSales/Assets=marginXturnoverMarg
8、inandturnoverareunaffectedbyleverage.ROAreflectssoundnessoffirm’soperations,regardlessofhowtheyarefinanced.1419-15DecompositionofROEROE=TaxburdenXROAXCompoundleveragefactorTaxburde
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