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1、Chapter6FinancialStatementAnalysis©PearsonEducationLimited2004FundamentalsofFinancialManagement,12/eCreatedby:GregoryA.Kuhlemeyer,Ph.D.CarrollCollege,Waukesha,WIAfterstudyingChapter6,youshouldbeableto:Understandthepurposeofbasicfinancialstatementsandtheirconte
2、nts.Explainwhyfinancialstatementanalysisisimportanttothefirmandtooutsidesuppliersofcapital.Define,calculate,andcategorize(accordingtoliquidity,financialleverage,coverage,activity,andprofitability)themajorfinancialratiosandunderstandwhattheycantellusaboutthefir
3、m.Define,calculate,anddiscussafirm’soperatingcycleandcashcycle.Useratiostoanalyzeafirm'shealthandthenrecommendreasonablealternativecoursesofactiontoimprovethehealthofthefirm.Analyzeafirm’sreturnoninvestment(i.e.,“earningpower”)andreturnonequityusingaDuPontappr
4、oach.Understandthelimitationsoffinancialratioanalysis.Usetrendanalysis,common-sizeanalysis,andindexanalysistogainadditionalinsightsintoafirm'sperformance.Financial StatementAnalysisFinancialStatementsAPossibleFrameworkforAnalysisBalanceSheetRatiosIncomeStateme
5、ntandIncomeStatement/BalanceSheetRatiosTrendAnalysisCommon-SizeandIndexAnalysisExamplesofExternalUsesofStatementAnalysisTradeCreditors--Focusontheliquidityofthefirm.Bondholders--Focusonthelong-termcashflowofthefirm.Shareholders--Focusontheprofitabilityandlong-
6、termhealthofthefirm.ExamplesofInternalUsesofStatementAnalysisPlan--Focusonassessingthecurrentfinancialpositionandevaluatingpotentialfirmopportunities.Control--Focusonreturnoninvestmentforvariousassetsandassetefficiency.Understand--Focusonunderstandinghowsuppli
7、ersoffundsanalyzethefirm.PrimaryTypesofFinancialStatementsIncomeStatementAsummaryofafirm’srevenuesandexpensesoveraspecifiedperiod,endingwithnetincomeorlossfortheperiod.BalanceSheetAsummaryofafirm’sfinancialpositiononagivendatethatshowstotalassets=totalliabilit
8、ies+owners’equity.BasketWonders’BalanceSheet(AssetSide)a.Howthefirmstandsonaspecificdate.b.WhatBWowned.c.Amountsowedbycustomers.d.Futureexpenseitemsalreadypaid.e.Cash/likelyconvert
