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    今日福彩3d好运彩字谜 03利用财务报表

    好运彩app:03利用财务报表.ppt

    03利用财务报表

    ranfand
    2019-03-07 0人阅读 举报 0 0 0 暂无简介

    今日福彩3d好运彩字谜 www.qwbcf.com 简介:本文档为《03利用财务报表ppt》,可适用于市场营销领域

    ChapterMcGrawHillIrwinCopyrightcopybyTheMcGrawHillCompanies,IncAllrightsreserved利用财务报表本章要求掌握现金来源及其运用、现金流量表掌握如何编制同比财务报表掌握本章各财务指标的计算及其经济意义掌握杜邦恒等式了解财务报表分析中应注意的问题Prufrock资产负债表单位:百万Prufrock利润表单位:百万,EPS与DPS除外ThissampleincomestatementisbasedoninformationfromtheMcGrawHillannualreport,thenetincomefigureandEPSarebasedonincomefromcontinuingoperationsTherearemillionsharesoutstanding现金的来源和运用现金来源现金流入量ndash当销售发生时资产账户的减少(简要BS)应收账款,存货,固定资产净值负债或者权益的增加应付账款,其他流动负债,普通股本留存收益现金运用现金流出量ndash当购买发生时资产账户的增加现金和其他流动资产负债或者权益的减少应付票据与长期负债ClickonSampleBStogototheBalanceSheettoillustratetheaccountsthataresourcesanduses,OntheBSClickonthesmallgreenarrowtoreturntothisslide现金流量表以报表形式归集现金的来源与运用将现金的所有变动归并为三大类经营活动ndash包含净利润及大部分流动资产的变动投资活动ndash包含固定资产的变动筹资活动ndash包含应付票据、长期负债和权益账户(如股利)的变动Prufrock现金流量表单位:百万标准财务报表同比报表用资产的百分比来表示所有项目同比利润表将每一个项目表述为销售总额的百分比同比报表便于比较财务信息尤其是公司不同发展阶段的信息同比报表也便于比较规模不同的公司尤其是同行业内其他公司的信息比率分析比率便于一个企业不同阶段或不同企业之间的比较对于每一个比率要注意这个比率是用来计量什么的比率数值的高低说明的是什么含义这些数值可能会产生哪些误导?比率分析广泛用于企业内部分析与外部分析财务比率的分类短期偿债能力比率或流动性比率长期偿债能力比率或财务杠杆比率资产营运比率或周转率获利能力比率市场价值比率TheratiosinthefollowingslideswillbecomputedusingtheinformationfromthePrufrockBalanceSheetandIncomeStatement流动性比率计量指标流动比率=流动资产CA流动负债CL=倍速动比率=(CAndash存货)CL(ndash)=倍现金比率=现金CL=倍净营运资本对资产总额的比率=NWCTA(ndash)=间隔时间指标=CA日均经营成本()=天ThefirmisjustbarelyabletocovercurrentliabilitieswithitrsquoscurrentassetsinAshorttermcreditormightfindthisabitdisconcertingandmayreducethelikelihoodthattheywouldlendmoneytothecompanyTheratioshouldbecomparedtotheindustryndashitrsquospossiblethatthisindustryhasasubstantialamountofcashflowandthattheycanmeettheircurrentliabilitiesoutofcashflowinsteadofrelyingsolelyontheliquidationofcurrentassetsthatareonthebooksAlso,theCRforwas,sothecompanyhasimprovedfromthepreviousyearThequickratioisquiteabitlowerthanthecurrentratio,soinventoryseemstobeanimportantcomponentofcurrentassetsThiscompanycarriesalowcashbalance,althoughthecashratiohasincreasedsubstantiallyfromthepreviousyear(in)ThismaybeanindicationthattheyareaggressivelyinvestinginassetsthatwillprovidehigherreturnsWeneedtomakesurethatwehaveenoughcashtomeetourobligations,buttoomuchcashreducesthereturnearnedbythecompanyTheNWCtoTAmeasureseemsrelativelylow,butisconsistentwiththecurrentratioTheIntervalMeasureindicatesthatthecompanycanmeetaveragedailyexpenseswithcurrentassetsfordays长期偿债能力计量指标总负债率=(资产总额ndash权益总额)资产总额(ndash)=债务权益率=债务总额权益总额=倍权益乘数=TATE=DE=长期负债率=LTD(LTDTE)()=NotethattheseareoftencalledleverageratiosTE=totalequityandTA=totalassets,thenumeratorinthetotaldebtratiocouldalsobefoundbyaddingallofthecurrentandlongtermliabilitiesThefirmfinancesalmostofitsassetswithdebtThisisdownfromaboutfromthepreviousyearAnotherwaytocomputetheDEratioifyoualreadyhavethetotaldebtratio:DE=Totaldebtratio(ndashtotaldebtratio)=()=TheEMisoneoftheratiosthatisusedintheDuPontIdentityasameasureofthefirmrsquosfinancialleverageTheLongtermdebtratioisdownfromin涵盖率计量指标利息保障倍数=EBIT利息Interest=倍现金涵盖率=(EBIT折旧Depreciation)Interest()=倍Eventhoughthecompanyisfinancedwithoverdebt,theyhaveasubstantialamountofoperatingincomeavailabletocovertherequiredinterestpaymentsRememberthatdepreciationisanoncashdeductionAbetterindicationofafirmrsquosabilitytomeetinterestpaymentsmaybetoaddbackthedepreciationtogetanestimateofcashflowbeforetaxes存货管理计量指标存货周转率=销售成本存货Inventory=次存货周转天数=存货周转率=天InventoryturnovercanbecomputedusingeitherendinginventoryoraverageinventorywhenyouhavebothbeginningandendingfiguresItisimportanttobeconsistentwithwhateverbenchmarkyouareusingtoanalyzethecompanyrsquosstrengthsorweaknessesItisalsoimportanttoconsiderseasonalityinsalesIfthebalancesheetispreparedatatimewhenthereisalargeinventorybuilduptomeetseasonaldemand,thentheinventoryturnoverwillbeunderstatedandyoumightbelievethatthecompanyisnotperformingaswellasitisOntheotherhand,ifthebalancesheetispreparedwheninventoryhasbeendrawndownduetoseasonalsales,thentheinventoryturnoverwouldbeoverstatedandthecompanymayappeartobedoingbetterthanitreallyisAveragesusingannualdatamaynotfixthisproblemIfacompanyhasseasonalsales,youmaywanttolookatquarterlyaveragestogetabetterindicationofturnoverThepreviouseditionoftheseslidesusedtheannualreportforMcGrawHillandtheDaysrsquoSalesinInventoryatthattimewasdays,sotheyhavesignificantlyimprovedtheirinventoryturnoverduringthelastyears应收账款管理计量指标应收账款周转率=销售收入应收账款=次应收账款周转天数=应收账款周转率=天Technically,thesalesfigureshouldbecreditsalesThisisoftendifficulttodeterminefromtheincomestatementsprovidedinannualreportsIfyouusetotalsalesinsteadofcreditsales,youwilloverstateyourturnoverlevelYouneedtorecognizethisbiaswhencreditsalesareunavailable,particularlyifalargeportionofthesalesarecashsalesAswithinventoryturnover,youcanuseeitherendingreceivablesoranaverageofbeginningandendingYoualsorunintothesameseasonalissuesasdiscussedwithinventoryProbablythebestbenchmarkfordaysrsquosalesinreceivablesisthecompanyrsquoscredittermsIfthecompanyoffersadiscount(net),thenyouwouldliketoseedaysrsquosalesinreceivableslessthanIfthecompanydoesnotofferadiscount(net),thenyouwouldliketoseedaysrsquosalesinreceivablesclosetothenettermsIfdaysrsquosalesinreceivablesissubstantiallylargerthanthenetterms,thenyoufirstneedtolookforbiases,suchasseasonalityinsalesIfthisdoesnotprovideanexplanationforthedifference,thenthecompanymayneedtotakeanotherlookatitscreditpolicy(whoitgrantscredittoanditscollectionprocedures)Fromtheannualreport,thedaysrsquosalesinreceivableswasdays,sothecompanyhassubstantiallyimproveditsaveragecollectionperiodaswell总资产周转率计量指标总资产周转率=销售收入总资产=若该指标,也属正常,尤其当企业拥有大量的固定资产时NWC周转率=销售收入NWC(ndash)=倍固定资产周转率=销售收入NFA=次HavingaTAToflessthanoneisnotaproblemformostfirmsFixedassetsareexpensiveandaremeanttoprovidesalesoveralongperiodoftimeThisiswhythematchingprincipleindicatesthattheyshouldbedepreciatedinsteadofimmediatelyexpensedThisisoneoftheratiosthatwillbeusedintheDuPontidentity获利能力计量指标利润率=净利润销售收入=资产报酬率(ROA)=净利润资产总额=权益报酬率(ROE)=净利润权益总额=YoucanalsocomputethegrossprofitmarginandtheoperatingprofitmarginGPM=(SalesndashCOGS)Sales=(ndash)=OPM=EBITSales==ProfitmarginisoneofthecomponentsoftheDuPontidentityandisameasureofoperatingefficiencyItmeasureshowwellthefirmcontrolsthecostsrequiredtogeneratetherevenuesIttellshowmuchthefirmearnsforeverydollarinsalesIntheexample,thefirmearnsalmost$foreachdollarinsalesNotethattheROAandROEarereturnsonaccountingnumbersAssuch,theyarenotdirectlycomparablewithreturnsfoundinthemarketplaceROAissometimesreferredtoasROI(returnoninvestment)Aswithmanyoftheratios,therearevariationsinhowtheycanbecomputedThemostimportantthingistomakesurethatyouarecomputingthemthesamewayasthebenchmarkyouareusingROEwillalwaysbehigherthanROAaslongasthefirmhasdebtThegreatertheleveragethelargerthedifferencewillbeROEisoftenusedasameasureofhowwellmanagementisattainingthegoalofownerwealthmaximizationTheDuPontidentityisusedtoidentifyfactorsthataffecttheROE市场价值计量指标市价=$每股流通在外的普通股=millionEPS=净利发行股份数量==$市价mdash盈余比率=每股市价每股盈余=倍市价mdash账面价值比率=每股市价每股账面价值()=倍ThepriceisasofNov,杜邦恒等式ROE=净利润权益总额乘以将等式变为ROE=(NITE)(TATA)ROE=(NITA)(TATE)=ROA*权益乘数再乘以将等式变为ROE=(NITA)(TATE)(SalesSales)ROE=(NISales)(SalesTA)(TATE)ROE=利润边际*总资产周转率*权益乘数利用杜邦恒等式ROE=PM*TAT*EM利润边际反映了经营效率即企业控制成本的努力总资产周转率反映了资产使用效率即企业如何管理好资产权益乘数计量了企业财务杠杆即企业利用负债的程度ImprovingouroperatingefficiencyorourassetuseefficiencywillimproveourreturnonequityIftheTATislowcomparedtoourbenchmark,thenwecanbreakitdownintomoredetailbylookingatinventoryturnoverandreceivablesturnoverIfthoseareasarestrongthenwecanlookatfixedassetturnoverandcashmanagementWecanalsoimproveourROEbyincreasingourleveragendashuptoapointDebtaffectsalotofotherfactors,includingprofitmargin,sowehavetobealittlecarefulhereWewanttomakesurewehaveenoughdebttoutilizeourinteresttaxcrediteffectively,butwedonrsquotwanttooverdoitThechoiceofleverageisdiscussedinmoredetailinchapterThissampleincomestatementisbasedoninformationfromtheMcGrawHillannualreport,thenetincomefigureandEPSarebasedonincomefromcontinuingoperationsTherearemillionsharesoutstandingClickonSampleBStogototheBalanceSheettoillustratetheaccountsthataresourcesanduses,OntheBSClickonthesmallgreenarrowtoreturntothisslideTheratiosinthefollowingslideswillbecomputedusingtheinformationfromthePrufrockBalanceSheetandIncomeStatementThefirmisjustbarelyabletocovercurrentliabilitieswithitrsquoscurrentassetsinAshorttermcreditormightfindthisabitdisconcertingandmayreducethelikelihoodthattheywouldlendmoneytothecompanyTheratioshouldbecomparedtotheindustryndashitrsquospossiblethatthisindustryhasasubstantialamountofcashflowandthattheycanmeettheircurrentliabilitiesoutofcashflowinsteadofrelyingsolelyontheliquidationofcurrentassetsthatareonthebooksAlso,theCRforwas,sothecompanyhasimprovedfromthepreviousyearThequickratioisquiteabitlowerthanthecurrentratio,soinventoryseemstobeanimportantcomponentofcurrentassetsThiscompanycarriesalowcashbalance,althoughthecashratiohasincreasedsubstantiallyfromthepreviousyear(in)ThismaybeanindicationthattheyareaggressivelyinvestinginassetsthatwillprovidehigherreturnsWeneedtomakesurethatwehaveenoughcashtomeetourobligations,buttoomuchcashreducesthereturnearnedbythecompanyTheNWCtoTAmeasureseemsrelativelylow,butisconsistentwiththecurrentratioTheIntervalMeasureindicatesthatthecompanycanmeetaveragedailyexpenseswithcurrentassetsfordaysNotethattheseareoftencalledleverageratiosTE=totalequityandTA=totalassets,thenumeratorinthetotaldebtratiocouldalsobefoundbyaddingallofthecurrentandlongtermliabilitiesThefirmfinancesalmostofitsassetswithdebtThisisdownfromaboutfromthepreviousyearAnotherwaytocomputetheDEratioifyoualreadyhavethetotaldebtratio:DE=Totaldebtratio(ndashtotaldebtratio)=()=TheEMisoneoftheratiosthatisusedintheDuPontIdentityasameasureofthefirmrsquosfinancialleverageTheLongtermdebtratioisdownfrominEventhoughthecompanyisfinancedwithoverdebt,theyhaveasubstantialamountofoperatingincomeavailabletocovertherequiredinterestpaymentsRememberthatdepreciationisanoncashdeductionAbetterindicationofafirmrsquosabilitytomeetinterestpaymentsmaybetoaddbackthedepreciationtogetanestimateofcashflowbeforetaxesInventoryturnovercanbecomputedusingeitherendinginventoryoraverageinventorywhenyouhavebothbeginningandendingfiguresItisimportanttobeconsistentwithwhateverbenchmarkyouareusingtoanalyzethecompanyrsquosstrengthsorweaknessesItisalsoimportanttoconsiderseasonalityinsalesIfthebalancesheetispreparedatatimewhenthereisalargeinventorybuilduptomeetseasonaldemand,thentheinventoryturnoverwillbeunderstatedandyoumightbelievethatthecompanyisnotperformingaswellasitisOntheotherhand,ifthebalancesheetispreparedwheninventoryhasbeendrawndownduetoseasonalsales,thentheinventoryturnoverwouldbeoverstatedandthecompanymayappeartobedoingbetterthanitreallyisAveragesusingannualdatamaynotfixthisproblemIfacompanyhasseasonalsales,youmaywanttolookatquarterlyaveragestogetabetterindicationofturnoverThepreviouseditionoftheseslidesusedtheannualreportforMcGrawHillandtheDaysrsquoSalesinInventoryatthattimewasdays,sotheyhavesignificantlyimprovedtheirinventoryturnoverduringthelastyearsTechnically,thesalesfigureshouldbecreditsalesThisisoftendifficulttodeterminefromtheincomestatementsprovidedinannualreportsIfyouusetotalsalesinsteadofcreditsales,youwilloverstateyourturnoverlevelYouneedtorecognizethisbiaswhencreditsalesareunavailable,particularlyifalargeportionofthesalesarecashsalesAswithinventoryturnover,youcanuseeitherendingreceivablesoranaverageofbeginningandendingYoualsorunintothesameseasonalissuesasdiscussedwithinventoryProbablythebestbenchmarkfordaysrsquosalesinreceivablesisthecompanyrsquoscredittermsIfthecompanyoffersadiscount(net),thenyouwouldliketoseedaysrsquosalesinreceivableslessthanIfthecompanydoesnotofferadiscount(net),thenyouwouldliketoseedaysrsquosalesinreceivablesclosetothenettermsIfdaysrsquosalesinreceivablesissubstantiallylargerthanthenetterms,thenyoufirstneedtolookforbiases,suchasseasonalityinsalesIfthisdoesnotprovideanexplanationforthedifference,thenthecompanymayneedtotakeanotherlookatitscreditpolicy(whoitgrantscredittoanditscollectionprocedures)Fromtheannualreport,thedaysrsquosalesinreceivableswasdays,sothecompanyhassubstantiallyimproveditsaveragecollectionperiodaswellHavingaTAToflessthanoneisnotaproblemformostfirmsFixedassetsareexpensiveandaremeanttoprovidesalesoveralongperiodoftimeThisiswhythematchingprincipleindicatesthattheyshouldbedepreciatedinsteadofimmediatelyexpensedThisisoneoftheratiosthatwillbeusedintheDuPontidentityYoucanalsocomputethegrossprofitmarginandtheoperatingprofitmarginGPM=(SalesndashCOGS)Sales=(ndash)=OPM=EBITSales==ProfitmarginisoneofthecomponentsoftheDuPontidentityandisameasureofoperatingefficiencyItmeasureshowwellthefirmcontrolsthecostsrequiredtogeneratetherevenuesIttellshowmuchthefirmearnsforeverydollarinsalesIntheexample,thefirmearnsalmost$foreachdollarinsalesNotethattheROAandROEarereturnsonaccountingnumbersAssuch,theyarenotdirectlycomparablewithreturnsfoundinthemarketplaceROAissometimesreferredtoasROI(returnoninvestment)Aswithmanyoftheratios,therearevariationsinhowtheycanbecomputedThemostimportantthingistomakesurethatyouarecomputingthemthesamewayasthebenchmarkyouareusingROEwillalwaysbehigherthanROAaslongasthefirmhasdebtThegreatertheleveragethelargerthedifferencewillbeROEisoftenusedasameasureofhowwellmanagementisattainingthegoalofownerwealthmaximizationTheDuPontidentityisusedtoidentifyfactorsthataffecttheROEThepriceisasofNov,ImprovingouroperatingefficiencyorourassetuseefficiencywillimproveourreturnonequityIftheTATislowcomparedtoourbenchmark,thenwecanbreakitdownintomoredetailbylookingatinventoryturnoverandreceivablesturnoverIfthoseareasarestrongthenwecanlookatfixedassetturnoverandcashmanagementWecanalsoimproveourROEbyincreasingourleveragendashuptoapointDebtaffectsalotofotherfactors,includingprofitmargin,sowehavetobealittlecarefulhereWewanttomakesurewehaveenoughdebttoutilizeourinteresttaxcrediteffectively,butwedonrsquotwanttooverdoitThechoiceofleverageisdiscussedinmoredetailinchapter

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  • 险!年近八旬老人就医晕倒 赞!医生不顾腰伤抱起抢救(图) 2019-04-18
  • 计划不是产生在交换基础上的计划。 2019-04-18
  • 【理上网来喜迎十九大】习近平指引中国特色大国外交 2019-04-12
  • 视频江西城管猛扇摆摊老人耳光 官方:已停职 2019-04-11
  • 法中委员会秘书长:法中两国将在创新合作中碰撞出火花 2019-04-11
  • “00后”登场、加分政策收紧 今年高考有这些新特征! 2019-04-10
  • “机车医生”李向前:让火车头动力更强 2019-04-10
  • 环保约谈濂溪区主要负责同志 谢一平要求立行立改真抓真改 2019-04-09
  • 5G标准出炉明年有望商用 2019-04-05
  • 鹰潭高新区打造非公党建示范带 2019-04-03
  • 城市环境研究︱西溪综保工程中文化保护的探索与实践 2019-04-01
  • 纪念张廷发同志诞辰100周年座谈会在京举行 2019-03-31
  • 人民日报人民时评:前进的时代需要英雄 2019-03-29
  • 一周人事:三省份省委常委履新京浙调整政府领导分工 2019-03-26
  • 日本卫生间竟然如此牛逼?!看完只能给满分了! 2019-03-26