会计英语(比率分析-财务报表分析).doc

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1、Inthepartofthischapter,I’llmakecleansomeratios,suchasCurrentRatio,TotalDebtRatio,InventoryTurnover……Alloftheseratiosarenecessarytofinancialanalysis.Therearetwoprimarytoolsinfinancialanalysis:·Ratioanalysis–toassess（评价）howvariouslineitemsinfinancialstatementsrelatetoeachotherandtom

2、easurerelativeperformance.·Cashflowanalysis–toevaluateliquidityandthemanagementofoperating,investing,andfinancingactivitiesastheyrelatetocashflow.Inthischapterwewillmainlyintroducesratioanalysis.Asweallknown,profitabilityandgrowthdrivefirmvalue.Managerscanemployfourleverstoachieve

3、growthandprofittargets:1.Operatingmanagement2.Investmentmanagement3.Financingstrategy4.Dividendpolicy（股息分配方针）Thenratioanalysisseekstoevaluatethefirm’seffectivenessintheseareas.RatioAnalysis·Evaluatingratiosrequirescomparisonagainstsomebenchmark（基准）.Suchbenchmarksinclude:–Ratiosove

4、rtimefrompriorperiods(timeseries)–Ratiosofotherfirmsintheindustry(cross-sectional)–Someabsolutebenchmark·Effectiveratioanalysismustattempttorelateunderlyingbusinessfactorstothefinancialnumbers（有效的财务分析必须联系相关的财务要素来分析财务数字）andweuseratiostoanalysisthecompany’ssolvency（偿债能力）、OperatingCa

5、pacity（营运能力）、generatingcapacity/Profitability（获利能力）FinancialLeverageAnalysis·Borrowingallowsafirmtoaccesstocapital,butincreasestheriskofownershipforequityholders.·Analysisofleveragecanbeperformedonbothshort-andlong-termdebts:1.Liquidityanalysisrelatestoevaluatingcurrentliabilities

6、。2.Solvencyanalysisrelatestolongertermliabilities。LiquidityAnalysis（Short-termsolvencyanalysis短期偿债能力）•Thereareseveralratiosusefultoevaluateafirm’sliquidity,including:–Currentratio–Quickratio–Cashratio–Operatingcashflowratio•Eachoftheseratiosattemptstomeasuretheabilityofafirmtopayi

7、tscurrentobligations.•Knowinghowtheliquidityratiosarecalculatedallowstheusertounderstandhowtointerpret解释them:①Currentratio=Currentassets/CurrentliabilitiesCurrentratioalsocalledWorkingCapitalRatio（营运资金比率）②Quickratio=Cash+Short-terminvestments+Accounts.receivableCurrentliabilitiesT

8、hisratioalsocalledAcidtest.Here,I