罗斯 公司理财 英文第九版ppt课件.ppt

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1、FinancialStatementsAnalysisandLong-TermPlanningChapter3Copyright©2010bytheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinKeyConceptsandSkillsKnowhowtostandardizefinancialstatementsforcomparisonpurposesKnowhowtocomputeandinterpretimportantfinancialratiosBeabletodev

2、elopafinancialplanusingthepercentageofsalesapproachUnderstandhowcapitalstructureanddividendpoliciesaffectafirm’sabilitytogrowChapterOutline3.1FinancialStatementsAnalysis3.2RatioAnalysis3.3TheDuPontIdentity3.4FinancialModels3.5ExternalFinancingandGrowth3.6SomeCaveatsRegardingFi

3、nancialPlanningModels3.1FinancialStatementsAnalysisCommon-SizeBalanceSheetsComputeallaccountsasapercentoftotalassetsCommon-SizeIncomeStatementsComputealllineitemsasapercentofsalesStandardizedstatementsmakeiteasiertocomparefinancialinformation,particularlyasthecompanygrows.They

4、arealsousefulforcomparingcompaniesofdifferentsizes,particularlywithinthesameindustry.3.2RatioAnalysisRatiosalsoallowforbettercomparisonthroughtimeorbetweencompanies.Aswelookateachratio,askyourself:Howistheratiocomputed?Whatistheratiotryingtomeasureandwhy?Whatistheunitofmeasure

5、ment?Whatdoesthevalueindicate?Howcanweimprovethecompany’sratio?CategoriesofFinancialRatiosShort-termsolvencyorliquidityratiosLong-termsolvencyorfinancialleverageratiosAssetmanagementorturnoverratiosProfitabilityratiosMarketvalueratiosComputingLiquidityRatiosCurrentRatio=CA/CL7

6、08/540=1.31timesQuickRatio=(CA–Inventory)/CL(708-422)/540=.53timesCashRatio=Cash/CL98/540=.18timesComputingLeverageRatiosTotalDebtRatio=(TA–TE)/TA(3588-2591)/3588=28%Debt/Equity=TD/TE(3588–2591)/2591=38.5%EquityMultiplier=TA/TE=1+D/E1+.385=1.385ComputingCoverageRatiosTimesInte

7、restEarned=EBIT/Interest691/141=4.9timesCashCoverage=(EBIT+Depreciation+Amortization)/Interest(691+276)/141=6.9timesComputingInventoryRatiosInventoryTurnover=CostofGoodsSold/Inventory1344/422=3.2timesDays’SalesinInventory=365/InventoryTurnover365/3.2=114daysComputingReceivable

8、sRatiosReceivablesTurnover=Sales/AccountsReceivable2311/188=1