財務(wù)管理專業(yè)英語unite+4

FinancialRatioAnalysis

財務(wù)比率分析

LearningObjectivesWhatarefinancialratios?Whatcategories（種類）

canfinancialratiosbegroupedinto?Howtocalculateeachfinancialratio?What’sthemeaningofeachfinancialratio?Whataretheprosandconsofeachfinancialratio?優(yōu)缺點WisdomIfyoucannotmeasureit,youcannotimproveit.

——LordKelvin(1824-1907)無法衡量就無法改善。CoreFinancialRatioLiquidityRatios:LiquidityRatiosmeasurethecompany’sabilitytomeetitsshort-termobligations.CurrentratioQuickratioCashratio流動比率速動比率現(xiàn)金比率DebtManagementRatios:DebtManagementRatiosmeasureacompany’sabilitytomeetlong-termobligations.DebtratioDebt–to–equityratioEquitymultiplierLong-termdebtratioInterestcoverageratioCashflowcoverageratio資產(chǎn)負債比率產(chǎn)權(quán)比率權(quán)益乘數(shù)長期負債比率利息保障倍數(shù)現(xiàn)金流量保障比率AssetManagementRatios:AssetManagementRatiosmeasureacompany’sabilitytoManagetheassetsatitsdisposal.AccountsreceivableturnoverratioInventoryturnoverratioAccountspayableturnoverratioCashconversioncycleFixedassetturnoverratioTotalassetturnoverratio現(xiàn)金流轉(zhuǎn)周期存貨周轉(zhuǎn)率應(yīng)付賬款周轉(zhuǎn)率固定資產(chǎn)周轉(zhuǎn)率總資產(chǎn)周轉(zhuǎn)率應(yīng)收賬款周轉(zhuǎn)率

Profitabilityratios：Profitabilityratiosmeasurethecompany’sabilitytogenerateprofitablesalesfromitsAssets.GrossprofitmarginOperatingprofitmarginNetprofitmarginReturnonassets(ROA)Returnonequity(ROE)ReturnontotalequityReturnoncommonequity資產(chǎn)報酬率營業(yè)利潤率毛利率全部權(quán)益報酬率權(quán)益報酬率銷售凈利率普通權(quán)益報酬率Marketvalueratios:Marketvalueratiosusemarketdatasuchasstockpricetoprovideusefulinformationaboutthefirm’srelativevalue.Price/earningsratios(P/E)Market-to-bookvalueratioDividendyieldDividendpayout市值與賬面價值的比（市凈率）市盈率股利支付率股利收益率WordsStudy1.Financialratio財務(wù)比率financial

ratioanalysis

財務(wù)比率分析2.restrictivecovenants限制性條款這項借款有很多限制性條款Therearemanyrestrictivecovenantsintheloan3.Bondindenture債券契約這項債券契約是合法的Thebondindentureisalegitimate4.financialanalyst財務(wù)分析師5.last-in,first-out(LIFO)后進先出

first-in,first-out(FIFO)先進先出6.windowdressing賬面粉飾Windowdressingisanunfairwayofattractingcustomers.

粉飾帳目不是吸引客戶的公正方式。Textstudy4.1

FinancialRatioAnalysis4.2LiquidityRatios4.3DebtManagementRatios4.4AssetManagementRatios4.5ProfitabilityRatios4.6MarketValueRatios4.7UsesandLimitationsofFinancialRatioAnalysis

FinancialRatioAnalysis1.what’sfinancialratio?Afinancialratioisamathematicalrelationshipamongseveralnumbersoftenstatedintheformofpercentage,times,ordays.

財務(wù)比率是幾個數(shù)字之間的數(shù)學關(guān)系，它的單位是百分比、倍數(shù)（次數(shù)）和天數(shù)。

Financialratiosareameansofevaluatingafirm’sperformanceandhealththatuseastandardofcomparisonsofitemsonthefirm’sfinancialstatementsratherthanadirectreadingoffinancialfigures.

與財務(wù)數(shù)字不同，財務(wù)指標通過對財務(wù)報表中會計報表項目之間的標準化比較來評價企業(yè)的經(jīng)營業(yè)績和財務(wù)狀況。Lenders,ratingagencies,otherinvestors,regulators,managersMoody‘s穆迪公司

創(chuàng)始人是約翰·穆迪，他在1909年首創(chuàng)對鐵路債券進行信用評級。它的股票在紐約證券交易所上市交易（代碼MCO）。在全球占有40%的份額。STANDARD&POOR'S標準普爾

由亨利·瓦納姆·普爾（MrHenryVarnumPoor）于1860年創(chuàng)立。標準普爾為投資者提供信用評級、獨立分析研究、投資咨詢等服務(wù)，其中包括反映全球股市表現(xiàn)的標準普爾全球1200指數(shù)和為美國投資組合指數(shù)的基準的標準普爾500指數(shù)等一系列指數(shù)。FitchRatings惠譽國際

1913年由約翰·惠譽（JohnK.Fitch）創(chuàng)辦。2.AnalyzingFinancialRatios：Financialratiosarenotstandardized.Analyzingasinglefinancialratioforagivenyearmaynotbeveryuseful.

Inisolation(孤立地）,afinancialratioisauselesspieceofinformation.單獨的一個財務(wù)指標能告訴我們的信息很少。Someofafirm’sfinancialaccountingpracticesorchoiceswillaffectitsfinancialstatementsand,finally,itsfinancialratios.Financialratiosdonotprovideanalystswithalloftheanswersaboutafirm’scondition.FinancialRatioAnalysisInterpretativeExamples

Supposeagrossprofitmarginforacompanyis25%,accordingtothegiveninformation,canyoutellitishigh,orlowforthecompany?

假設(shè)一個公司的毛利率為25％，你能判斷該公司毛利率的高低嗎？InterpretativeExamples

Ifgiventhatthiscompany’scompetitorshaveprofitmarginsof10%,whatcanyoudrawfromthecomparison?

如果我們知道該公司的競爭對手毛利率平均為10％，那通過比較我們能獲得什么結(jié)論？Ifgiventhatthehistoricaltrendofthiscompany’sgrossprofitmarginisupwards,whatconclusioncanyoumake?

如果該公司的毛利率在過去的幾年里保持增長趨勢，我們又能得出什么結(jié)論呢？

It’simperativetonotetheimportanceofthepropercontextforratioanalysis

在財務(wù)報表分析中，恰當?shù)谋容^背景非常重要。Thatis,usinghistoricaldataindependentiffundamentalchangesinacompany'ssituationorprospectswouldpredictverylittleaboutitsfuturetrends.

如果公司現(xiàn)在或?qū)頃l(fā)生根本性的變化，那么該公司的歷史信息就不能很好的預(yù)測公司未來的發(fā)展趨勢。InterpretativeExamplesLiquidityRatiosLiquidityratiosareconnectedwithshort-termassetsandliabilities,whichmeasureafirm’sabilitytomeetshort-termobligations.

變現(xiàn)能力指標是有關(guān)短期資產(chǎn)和短期負債的指標，它衡量企業(yè)的短期償債能力。

E.g.Currentratio、Quickratio、Cashratio

LiquidityRatios-CurrentRatioThethreedisadvantage:

Afirm’saccountingmethods,particularlyinventoryvaluation,mayaffectitscurrentratio.Inaninflationaryenvironment,firmsthatuselast-in,first-out(LIFO)inventoryvaluationwilllikelyhavelowercurrentratiosthanfirmsthatusefirst-in,first-out(FIFO).Equalabsolutechangesinthenumeratoranddenominatormayleadtoapparentimprovementsordeteriorationinratiosthatdonotreflectrealchangesinperformance.

分子和分母發(fā)生完全相等的變化，可能使流動比率發(fā)生明顯的改善或惡化，但是這種變化卻不能反映業(yè)績真正的變化。LiquidityRatios-CurrentRatioCurrentratiosmayhideimportantliquiditydifferencesamongfirms.E.g.A:currentassets4000(cash1000,inventory3000)currentliabilities:2000B:currentassets4000(cash4000)currentliabilities:2000LiquidityRatios-CurrentRatioLiquidityRatios-QuickRatioSometimesreferredtoastheacidtestratio.Thequickratioissimilartothecurrentratioexceptinventoryisexcludedfromthecurrentassetsinthenumerator.

Generally,anacid-testratioof1:1isgoodformanufacturesandindicatethefirmdoesnothavetosellinventoriestopaythedebtsthatcomedue.

LiquidityRatios-QuickRatioLiquidityRatios-CashRatioThecashratioismoreconservativeliquiditymeasurethanthecurrentorquickratio.Thecashratioonlyincludescashandmarketablesecuritiesinthenumerator.DebtManagementRatios

showtheextenttowhichthefirmisfinancedbylong-termdebts,whichprovideanindicationofthelong-term

solvencyofthefirm.

財務(wù)杠桿表明企業(yè)的負債程度，是衡量企業(yè)長期償債能力的指標。E.g.Debtratio、Deb

to

equityratio、

Equitymultiplier、Long-termDebtRatio、InterestCoverageRatio、CashFlowCoverageRatioDebtManagementRatiosDebtManagementRatios-

DebtRatioCreditorspreferalowormoderatedebtratiobecauseitprovidesmoreprotectionifthefirmexperiencesfinancialproblems.Stockholders,ontheotherhand,maywantmoreleveragebecauseitmagnifiesexpectedearnings.DebtManagementRatios-

Deb

To

EquityRatioDebtManagementRatios-EquityMultiplier

Equitymultiplier=Debt

to

equityratio/DebtratioDebtManagementRatios-LongTermDebtRatioWhencomputingthedebtratioandthelong-termdebtratio,somemanagersandanalystsusetotalcapitalinthedenominatorinplaceoftotalassets.

DebtManagementRatios-InterestCoverageRatio

Alsocalledtimesinterestearned.Theratiomeasurestheextenttowhichoperatingincomecandeclinebeforethefirmisunabletomeetitsannualinterestcosts.DebtManagementRatios-CashFlowCoverageRatio

DepreciationisaddedbacktoEBITtoestimatecashflowbecausedepreciationisanon-cashexpensesubtractedfromrevenuestocalculateEBITontheincomestatement.AssetManagementRatiosmeasurehoweffectivelythefirmisusingitsassets.

資產(chǎn)運營指標衡量企業(yè)運用資產(chǎn)的效率。E.g.AccountsReceivableTurnoverRatio、

InventoryTurnoverRatio、

AccountsPayableTurnoverRatio、

AssetTurnoverRatioAssetManagementRatiosAssetManagementRatios

-AccountsReceivableTurnoverRatio

Whenthefinancialstatementsdonotseparatecashandcreditsales,totalnetsalesareoftenusedinthenumerator.Technically,thenumeratorshouldonlyincludecreditsalesbecausetheaccountsreceivableinthedenominatorariseonlyfromcreditsales.AssetManagementRatios

-InventoryTurnoverRatioAhighratio,relativetosomebenchmark基準,suggestsefficientmanagementofthefirm’sinventory.Alow,decliningratiomaysuggestthefirmhascontinuedtobuildupinventoryinthefaceofweakeningdemandormaybecarryingandreportingoutdatedorobsoleteinventorythatcouldonlybesoldatreducedprices.AssetManagementRatios

-AccountsPayableTurnoverRatio

Thecashconversioncycleisthelengthoftimeacompany’scashistiedupinthebusiness.AssetManagementRatios

–AssetTurnoverRatios

Afirmwitholdplantandequipmentwillhavehigherassetturnoverratioastheequipmentisdepreciatedandreportedonthebalancesheetatalowbookvalue.ProfitabilityRatiosProfitabilityratiosrelateprofitstoinvestmentorsalestomeasureafirm’sperformance.

盈利能力指標通過將企業(yè)的盈利與銷售額或投資額相比較，來衡量企業(yè)的經(jīng)營業(yè)績。

E.g.GrossProfitMargin、

OperatingProfitMargin、NetProfitMargin、ReturnonAssets、

TotalReturnonAssets、ReturnonTotalEquity、ReturnonCommonEquity、DuPontAnalysisofROE

ProfitabilityRatios-GrossProfitMargin

grossprofit=netsales–costofsalesProfitabilityRatios-OperatingProfitMargin

Theoperatingprofitmargin,whichindicatestheoperatingprofitgeneratedperdollarofnetsales,measuresthefirm’soperatingprofitabilitybeforefinancingcosts.Operatingprofit=EBIT=netsales–costofsales–sellingexpense-generalandadministrativeexpenses–depreciationexpenseProfitabilityRatios-NetProfitMargin

Netincome=EBIT–interestexpenses–incometaxProfitabilityRatios-ReturnonAssets

ProfitabilityRatios-TotalReturnonAssets

Sincetotalassetsarefinancedbybothdebtandequityandprovidereturnstobothgroupsofinvestors,someanalystscomputetotalreturnonassetsbyaddingafirm’sinterestexpensetothenumerator.Withoutthisadjustment,firmswithhighrelativeamountsofdebtfinancingwillhavelowerreturnsonassets.ProfitabilityRatios-ReturnonEquity

ReturnonTotalEquity

ROEindicateshowwellmanagementhasusedshareholderresourcestogeneratenetincome.ProfitabilityRatios

-ReturnonCommonEquity

Justfocusesonthereturntocommonshareholders.Theequityamountinthedenominatorrepresentstheequitycapitalthathasbeeninvestedinthefirm,includingreinvestmentofretainedearnings,butdoesnotrepresentthecurrentmarketvalueofthefirm’sequityinvestment.ProfitabilityRatios

-DuPontAnalysisofROE

ByseparatingROEintothesethreecomponents,ananalystcandeterminewhetherchangesinafirm’sROEareattributabletoch