财务管理分析范围.doc

财务管理分析
判断正误10*2' 名解5*3' 问答3*5' 业务4题 50'
Chapter 1
The Balance Sheet: P6 名解
A balance sheet is a financial snapshot,taken at a point in time.of all the assets the company owns and all the claims against those assets. (资产负债表相当于一张财务快照，它反映了企业在某一时点上所拥有的全部资产和与之相对应的全部要求权。)

EBIT: P15 名解
EBIT is earnings before interest and taxes, a useful and widely used measure of a business's income before it is divided among creditors,owners,and the taxman.(息税前利润是一项十分有用且被广泛应用的利润度量指标，度量在向债权人支付利息、向所有者支付股利和向税务当局缴纳税款之前的利润。)

P29判断对错(以下是对的)
3. A company's finances and its business operations are integrally related.We study a company's financial statements because they are a window on the firm's operations.(公司的财务与经营内在相连，我们之所以要研究公司的财务报表，是因为报表是反映公司经营情况的窗口。)

4. Earnings are not cash flow.The wise manager watches both.（盈利不是现金流量，明智的管理者需两者并重。）

5. A balance sheet is a snapshot of a company's assets and liabilities at a point in time.An income statement records sales,related expenses,and earnings over a period of time.（资产负债表是公司资产和负债（权益）在某一时点上的快照。利润表记录一定时期内的销售收入、相关的费用以及利润。）

7. A cash flow statements eliminates the effects of accrual accounting to present the firm's cash receipts and disbursements over the accounting period.（现金流量表剃除了权责发生制的影响，揭示了公司在会计期间的现金收入和现金支出。）

P33 计算题 课后第12题
12.Below are summary cash flow statements(现金流量表) for three roughly equal-size companies

（$ millions）

A
B
C
Net cash flows from operations
来自经营活动的净现金流
$(300)
$(300)
$300
Net cash used in investing activities
用于投资活动的净现金流
(900)
(30)
(90)
Net cash flow from financing activities
来自融资活动的净现金流
1,200
210
(240)
Cash balance at beginning of year
年初现金余额
150
150
150
a.Calculate each company’s cash balance at the end of the year.
Cash balance at the end of the year:
(公式：cash balance at the end of the year= cash balance at the beginning of the year+ net cash flows from operations+ net cash used in investing activities+ net cash from financing activities)
A: 150-300-900+1200=150($)
B: 150-300-30+210=30($)
C: 150+300-90-240=120($)

b. Explain what might cause company C’s net cash from financing activities to be negative.
The cash might be repaid for the debts(偿还债务) or used to repurchase the stocks（股票回购）.

c. Looking at companies A and B, which company would you prefer to own? Why?
I prefer to own company A. The reasons are the following. Compared with which at the beginning of the year, the figure of company B at the end of the year is falling down. Furthermore, the net cash used in investing activities and from financing activities of company A is much higher than which of company B, so the liquidity(流动性) of company A is higher. All of above indicate company A is potential and worth our investing.

d. Is company C's cash flow statement（现金流量表） cause for any concern on the part of C's management or shareholders? Why or why not?
There is no need to concern about the part of C's management or shareholders. Take a glance of company C's cash flow statement, we can figure out company C's net cash flow from operations is positive, and they use the cash from operations to repay the financing activities in the past. It's a mature and experienced company.

Chapter 2
P36 简答
Return in equity = Profit margin * Asset turnover * Financial leverage
股东权益收益率=销售利润率*资产周转率*财务杠杆
This says that management has only three levers for controlling ROE:
这个表达式说明管理者只有是哪个杠杆来调控ROE：
(1) the earnings squeezed out of each dollar of sales, or the profit margin;
每一美元的销售收入所能赚取的利润，即销售利润率
(2) The sales generated from each dollar of assets employed,or the asset turnover;
每一美元的资产所能带来的销售收入，即资产周转率
(3) The amount of equity used to finance the assets,or the financial leverage.
股东收入每一美元所能运用的资产，即财务杠杆

P37 简答(P37-P382 两段话简化一下)
Why are ROEs similar across firms while profit margins, asset turnovers,and financial leverages differ dramatically?(为什么公司之间的销售利润率、资产周转率和财务杠杆有如此巨大的差异，而ROE却相差无几呢？)
The answer in a word is competition. Attainment of an unusually high ROE by one company acts as a magnet to attract rivals anxious to emulate the superior performance. As rivals enter the market, the heightened competition drives the successful company's ROE back toward the average. Conversely, unusually low ROEs repel potential new competitors and drive existing companies out of business so that over time, survivors' ROEs rise toward the average.
一言以蔽之——竞争。要是一个公司获得了非同寻常的高ROE，就会像一块磁铁，吸引竞争者纷至沓来，追组超常业绩，一旦对手们进入该市场，竞争加剧，成功者的ROE便被迫讲到平均水平。反之，非同寻常的低ROE则会将潜在的新对手和现存的公司从该市场上驱赶出去，这样，经过一段时间之后，幸存者的ROE就会上升到平均水平。

The profit margin: P38名解
The profit margin measures the fraction of each dollar of sales that trickles downs through the income statement to profits.（销售利润率衡量的是每一美元销售额随着利润表的栏目从上往下移动而最终成为利润的那一部分。）

Credit sales per day :P42 名解
Credit sales per day is defined as credit sales for the accounting period divided by the number of days in the accounting period, which for annual statements is obviously 365 days.（日赊销额的定义是会计期内的赊销总额除以会计期总天数，对于年度报表而言显然是365天。）

P76 判断对错(以下是对的)
5. More financial leverage is not always better than less. Financial leverage can be measured by using balance sheet ratios or coverage ratios.Coverage ratios compare the annual burden of the debt to the operating cash flow available to service the debt. Coverage ratios are usually superior for measuring long-term indebtedness.（财务杠杆并非越高越好，可以用资产负债表比率或偿债比率来衡量财务杠杆。偿债比率反映了年度债务负担与可用于偿还债务的经营性现金流量的对比，通常更适合度量长期负债水平。）

6. Companies display widely differing profit margins, asset turnovers, and financial leverage, depending on the production technologies and strategies employed. The product of these three ratios is return on equity. Competition ensures that there is less variation tn return-on-equity ratios than in its constituents.（由于生产技术与经营战略不同，不同公司在销售利润率、资产周转率和财务杠杆三个方面相差很大。这三个比率的乘积就是权益收益率，竞争的存在使得不同公司在权益收益率上的差异小于它的三个构成要素的差异。）

8. Ratio analysis is the systematic examination of a number of company ratios in search of insights into the firm's operations and its financial vitality.（比率分析法是利用很多比率对公司进行系统性的检测，用以剖析公司经营和财务状况。）

P79 课后第3题 判断对错
TURE OR FALSE?
a. A company’s return on equity will always equal or exceed its return on assets.
一个公司的权益收益率总是大于或者等于其资产收益率。(T)
b. A company’s assets-to-equity ratio always equals one plus its liabilities-to-equity ratio.
一个公司的资产权益比总是等于1加负债权益比(T)
c.A company’s collection period should always be less than its payables period.
一个公司的应收账款回收期总是小于其应付账款付款期。(F)
d.A company’s current ratio must always be larger than its acid-test ratio.
一个公司的流动比率一定大于其速动比率。(T)
e.Economic earnings are more volatile than accounting earnings.
经济利润比会计利润更加变动不定。(F)
f.Ignoring taxes and transactions costs,unrealized paper gains are less valuable than realized cash earnings.若不考虑税收和交易成本，未实现的纸上盈利不如已实现的现金盈利有价值。(F)

P80 课后第7题 计算题
7.Answer the questions below based on the following information.Taxes are 35 percent and all dollars are in millions. 计算下表回答以下问题，所得税是35%，所有美元以十亿位单位。

Company X
Company Z
Earnings before interest and taxes
$400
$420
Debt(at 10% interest)
200
1200
Equity
800
300
a. Calculate each company’s ROE,ROA,and ROIC
计算每间公司的ROE、ROA和ROIC

Company X
Company Z
ROE(净资产收益率)
31%
65%
ROA（资产收益率）
25%
13%
ROIC（资本回报率）
26%
18%
X公司净资产收益率=净利润/权益
ROE x =Net income/equity=(400-200*10%)*(1-35%)/800=31%
Z公司净资产收益率=净利润/权益
ROE z =Net income/equity=(420-1200*10%)*(1-35%)/300=65%
X公司资产收益率=净利润/资产
ROA x =Net income/assets=(400-200*10%)*(1-35%)/1000=25%
Z公司资产收益率=净利润/资产
ROA z =Net income/assets=(420-1200*10%)*(1-35%)/1500=13%
X公司资本回报率=息税前利润*（1-税率）/（有息负债+权益
ROICx=EBIT*(1-Tax rate)/(Interest bearing debt+Equity)=400*(1-35%)/(800+200)=26%
Z公司资本回报率=息税前利润*（1-税率）/（有息负债+权益）
ROICz=EBIT*(1-Tax rate)/(Interest bearing debt+Equity)=420*(1-35%)/(1200+300)=18%

b. Why is company Z’s ROE so much higher than X’s? Dode this mean Z is a better company?Why or why not?
为什么Z公司的ROE高于X公司？是不是意味着Z是间更好的企业？如果是，为什么？
Because company Z has a higher financial leverage than company X.
It does not mean that company Z is the better company because company Z’s higher financial leverage makes it a very uncertain enterprise and it is much risker than company X.
财务杠杆=资产/所有者权益
X=（200+800）/800=1.25 Z=（1200+300）/300=5
因为Z公司比X公司有更高的财务杠杆，但这并不意味着Z公司比X公司好。因为Z公司的高财务杠杆使得它有更多的不确定因数，要比X公司承担更大的风险。

c. Why is company X’s ROA higher than Z’s? What does this tell you about the two companies?为什么X公司的ROA高于Z公司？这能说明这两家公司的什么资料？
This is also due to Z’s higher financial leverage .
ROA differs from ROE in that it measures profit as a percentage of the money proveded by owners and creditors as opposed to only the money provided by owners.As a result,it does not mean that Z is a worse company than X
这同样是因为Z公司更高的财务杠杆。
资产收益率（ROA）与净资产收益率（ROE）的不同在于资产收益率的衡量标准是利润与所有者权益及负债的百分比相对于净资产收益率来说它仅是利润与所有者权益的百分比。所以这并不意味着Z公司比X公司差。

d. How do the two companies'ROICs compare? What does this suggest about the two companies?如何比较这两家的ROIC对于这两家公司有什么建议？
ROIC is a measure of how effectively a company uses the money invested in its operations. It abstracts from differences in leverage to provide a direct comparison of the earning power of the two companies’ assets. ROE is impacted by financial leverage while ROIC is not distorted by financial leverage ,hence it is a more reliable measure. Consequently，X is the superior performer.
资本回报率（ROIC）是用来衡量一个公司对它所经营项目进行投资时使用金钱的效率。它从两个不同的杠杆率中提供了一个两公司资产盈利能力的直接比较。相比于ROE，ROIC不受财务杠杆的影响，因而它是一个更能反映公司盈利能力的指标。所以X公司表现的更加出众。

P81 课后第11题 计算题
11.Given the following information ,complete the balance sheet shown below.
根据以下信息，完成资产负债表
Collection period应收账款回收期
50 days

Days sales in cash现金的的销售天数
15 days

Current ratio流动比率
2.4

Inventory turnover存货周转率
6 times

Liabilities to assets资产负债比
80%

Payables period应付账款周转天数
28 days
(All sales are on credit. All calculations assume a 365-day year. Payables period is based on cost of goods sold)（所有销售都是赊销。所有计算都以365天为一年。应付账款周转天数以商品销售成本为基础）
Assets资产
Current:流动
Cash现金 $500,000
Accounts receivable应收账款 1,666,667
Inventory存货 1,000,000
Total current assets全部流动资产 3,166,667
Net fixed assets净固定资产 1,833,333
Total assets全部资产 $5,00000,0
Liabilities and shareholders’ equity负债和所有者权益
Current liabilities流动负债
Accounts payable应付账款 $460,274
Short-term debt短期借款 859,170
Total current liabilities全部流动负债 1,319,444
Long-term debt长期借款 2,680,556
Shareholders’ equity所有者权益 1,000,000
Total liabilities and equity全部负债和所有者权益 $5,000,00

1.Sales/365=(Cash/Days sales in cash)
销售收入/365=（现金/销售的现金）=500000/15=33333
2.Accounts receivable=Collection period*Credit sales per day=Collection period*(Slaes/365)
应收账款=应收账款回收期*每天的销售收入
=应收账款回收期*（销售收入/365）=50*33333=1666667
3.Cost of goods sold=Inventory turnover *Ending inventory
商品销售成本=存货周转率*期末存货=6*1000000=6000000
4.Accounts payable=Payables period*(Cost of goods sold/365)
应付账款=应付账款回收期*（商品销售成本/365）
=28*6000000/365=460274
5.Current liabilities=Current assets/Current ratio
流动负债=流动资产/流动比率=3166667/2.4=1319444
6.Total liabilities=Assets*Liabilities to assets
全部负债=资产*资产负债比率=5000000*0.8=4000000
7.Shareholders’ equity=Total assets- Total liabilities
所有者权益=全部资产-全部负债=5,000,000-4,000,000=1000000

Chapter 3
Percent-of-sales forecasting: 销售百分比预测法P88 名解
One way to tie many of the income statement and balance sheet figures to future sales.
一种将利润表和资产负债表中的数字与未来的销售联系起来的方法。

Cash budget : 名解 P105
The cash budget is one of the most important elements of the budgeted balance sheet. The cash budget presents the expected receipts (inflows) and payments (outflows) of cash for a period of time.(百度的)

P110 判断对错(以下是对的)
2. Pro forma statements are the best all-around means of financial forecasting. They are a projection of the company's income statement and balance sheet at the end of the forecast period.(模拟财务报表是最好的一种财务预测方法，它是对预测期结束时公司的利润表和资产负债表进行预计。)

6.Computers are valuable allies in financial planning. They gracefully solve the interdependency problem between interest expense and external funding needs.and they greatly facilitate use of sensitivity analysis,scenario analysis, and simulation to "stress test" the plans.(计算机是财务分析的好帮手，完美地解决了利息费用和外部融资需要量互为变量的问题，它们还有助于使用敏感性分析、场景分析和模拟来对计划进行“压力测试”。)

7. A cash budget is a less general way to forecast than pro forma statements. It consists of a list of anticipated cash receipts and disbursements and their net effect on the firm's cash balances. When done correctly and using the same assumptions, cash budgets and pro forma statements generate the same estimated need for outside financing.
现金预算作为预测方法的通用程度低于模拟财务报表。现金预算由一系列的预计现金收入、预计现金支出及其对公司现金余额的净影响列表构成。如果使用相同的假设，并且编制正确，现金预算与模拟财务报表所估计的外部融资需要量相同。

P112 问答题 课后第1题
Suppose you constructed a pro forma balance sheet for a company and the estimate for external financing required was negative. How would you interpret this result?假设你为一家公司编制了一份模拟资产负债表，该公司的外部融资需要量估计为负数，对此你应作何解释？
A negative value implies that the company has excess cash above its desired minimum. You can demonstrate this on the balance sheet by setting the external funding requirement to zero and adding the absolute value of the external financing required to cash.负债意味着公司的现金多于最低需要量，要证明这一点，你可以用资产负债表中的现金加上外部融资需要量的绝对值，这是外部融资需要量为0.

P113 计算题 课后第5题
5、 Using a computer spreadsheet ,the information presented below, and the modified equations determined in question 4 above, extend the forecast for R&E Supplies contained in Table 3.5 through 2007. Is R&E’s external financing required in 2007 higher or lower than in 2006?

Projected external financing requirements in 2007 are over $1 million higher than in 2006.
2007年度R&E供应公司的模拟预测

利润表
销售净额 33496
销售成本 28807
毛利 4689
行政、销售与管理费用 3685
利息费用 327
税前利润 677
所得税 305
税后利润 372
股利 186
留存收益增加 186

资产负债表
流动资产 9714
固定资产净值 270
资产合计 9984
流动负债 4823
长期负债 560
权益 1994
负债与所有者权益合计 7377

外部融资需要量 2607

由题目知：
（1）07年销售净增长率=30%
销售净额=上年的销售净额×（1+30%）=25766×1.3=33496
（2） 销售成本/销售净额=86%
销售成本=销售净额×86%=33496×0.86=28807
（3）毛利=销售净额-销售成本=33496-28807=4689
(4）行政、销售与管理费用/销售净额=11%
行政、销售与管理费用=销售净额×11%=33496×0.11=3685
（5） 设外部资金需要量为X
由题目知，长期负债=560，长期负债即将到期部分=100,利率=10%
则利息费用=（长期负债+长期负债即将到期部分+X）×10%=（560+100+X）×10%=66+0.1X
（6）税前利润=毛利-行政、销售与管理费用-利息费用=4689-3685-（66+0.1X）=938-0.1X
（7）所得税=税前利润×45%=（938-0.1X）×0.45=422-0.045X
（8）税后利润=税前利润-所得税=938-0.1X-（422-0.045X）
=516-0.055X
（9）股利/税后利润=50%
可知股利=税后利润×50%=（516-0.055X) ×50%=258-0.0275X
10） 留存收益=税后利润-股利=516-0.055X-（258-0.0275X）=258-0.0275X

由题目可知：
流动资产/销售净额=29%，固定资产净值=270，流动负债/销售净额=14.4%
(1) 流动资产=销售净额×29%=33496×29%=9714
(2) 流动负债=销售净额×14.4%= 33496×14.4%=4823
(3) 权