公司理财chapter.ppt

Chapter 16Financial statement analysis1精品课件Objectives1.Calculate and interpret measures of a firms leverage,liquidity,efficiency,and profitability2.Use the Du Pont formula to understand the determinants of the firms return on its assets and equity3.Valuate the potential pitfalls of ratios based on accounting data4.Understand some key measures of firm performance such as market value added and economic value added2精品课件ContentnFinancial ratiosnThe Du Pont systemnUsing financial ratiosnMeasuring company performancenThe role of financial ratios3精品课件Income statement:financial statement thatshows the revenues,expenses,and net incomeof a firm over a period of time.4精品课件Common-size income statement:income statement thatpresents items as a percentage of revenues.5精品课件Balance sheet:financial statement that shows the value of the firms assets and liabilities at a particular time.6精品课件Common-size balance sheet:balance sheet thatpresents items as a percentage of total assets.7精品课件Four types of financial ratios1.Leverage ratios show how heavily the company is in debt.2.Liquidity ratios measure how easily the firm can lay its hands on cash.3.Efficiency or turnover ratios measure how productively the firm is using its assets.4.Profitability ratios are used to measure the firms return on its investments.8精品课件Leverage ratiosDebt increases returns to shareholders in good times and reduces them in bad times,it is said to create financial leverage.Leverage ratios measure how much financial leverage the firm has taken on.9精品课件Debt ratio10精品课件Times interest earned ratioThe extent to which interest obligations are covered by earnings11精品课件Cash coverage ratioThe extent to which interest is covered by the cash flows from operations12精品课件Liquidity ratiosNet working capital to total assets ratioThe difference between current assets and current liabilities is known as net working capital.13精品课件Current ratio14精品课件Quick(or acid-test)ratioManagers often exclude inventories and other less liquid components of current assets when comparing current assets to current liabilities.15精品课件Cash ratioA companys most liquid assets are its holdings of cash and marketable securities.16精品课件Efficiency ratiosAsset turnover ratioThe asset turnover,or sales-to-assets,ratio shows how hard the firms assets are being put to use.17精品课件Average collection periodThe average collection period measures how quickly customers pay their bills.18精品课件Inventory turnover ratioThe rate at which the company is turning over its inventories.How many days sales are represented by inventories.19精品课件Profitability ratiosProfit margin20精品课件Return on assets(ROA)In a competitive industry firms can expect to earn only their cost of capital.Therefore,a high return on assets is sometimes cited as an indication that the firm is taking advantage of a monopoly position to charge excessive prices.21精品课件Return on equity(ROE)22精品课件Payout ratio23精品课件Income statement:利润表Common-size income statement:共同尺度利润表、百分率利润表Balance sheet:资产负债表Common-size balance sheet:共同尺度资产负债表Leverage ratios:负债比率、杠杆比率Financial leverage:财务杠杆Long-term debt ratio:长期负债比率Long-term debt-equity ratio:长期债务权益比Total debt ratio:资产负债率24精品课件Times interest earned ratio:已获利息倍数Cash coverage ratio:现金流偿债能力比率Liquidity ratio:变现能力比率Net working capital to total assets ratio:净营运资本占总资产比Current ratio:流动比率Quick(or acid-test)ratio:速动比率或酸性测试比率Cash ratio:现金比率Marketable securities:有价证券Asset turnover ratio:资产周转率25精品课件Average collection period:平均收账期Inventory turnover ratio:存货周转率Profitability ratios:盈利能力比率Profit margin:销售净利率、利润边际Operating profit margin:营业利润率Return on assets(ROA):总资产收益率Return on equity(ROE):净资产收益率Payout ratio:股利支付率Plowback ratio:留存收益率26精品课件ContentnFinancial ratiosnThe Du Pont systemnUsing financial ratiosnMeasuring company performancenThe role of financial ratios27精品课件Du Pont system:a breakdown of ROE andROA into component ratios.28精品课件29精品课件30精品课件Other financial ratios31精品课件32精品课件33精品课件34精品课件Du Pont system:杜邦财务分析体系ROA:总资产收益率ROE:净资产收益率35精品课件ContentnFinancial ratiosnThe Du Pont systemnUsing financial ratiosnMeasuring company performancenThe role of financial ratios36精品课件Accounting principles and financial ratiosnFinancial ratio analysis will rarely be useful if practiced mechanically.It requires a large dose of good judgment.nFinancial ratios seldom provide answers,but they do help you ask the right questions.nMoreover,accounting data do not necessarily reflect market values properly,and so must be used with caution.37精品课件Choosing a benchmarkOnce you have selected and calculated the important ratios,you still need some way of judging whether they are high or low38精品课件1.Compare them with the equivalent figures for the same company in earlier years39精品课件2.Compare them with those of other firms40精品课件3.Compare them with industry/sector average41精品课件ContentnFinancial ratiosnThe Du Pont systemnUsing financial ratiosnMeasuring company performancenThe role of financial ratios42精品课件nThe ratio of the market value of the firms equity to its book value indicates how far the value of the shareholders investment exceeds the money that they have contributed.nThe difference between the market and book values is known as market value added and measures the number of dollars of value that the company has added.43精品课件nManagers often compare the companys return on assets with the cost of capital to see whether the firm is earning the return that investors require.nIt is also useful to deduct the cost of the capital employed from the companys profits to see how much profit the company has earned after all costs.This measure is known as residual income,economic value added,or EVA.nManagers of divisions or plants are often judged and rewarded by their businesss economic value added.44精品课件45精品课件Market value added:市场增加值Residual income:剩余收益Economic value added,or EVA:经济增加值46精品课件ContentnFinancial ratiosnThe Du Pont systemnUsing financial ratiosnMeasuring company performancenThe role of financial ratios47精品课件48精品课件The End!49精品课件