财务管理基础 第13版 教学课件Chap003_PPT.ppt

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1、FinancialAnalysis3ChapterOutlineRatioanalysisanditsimportanceUseofratioformeasurementsTheDuPontsystemofanalysisTrendanalysisEvaluationofreportedincometoidentifydistortion2RatioAnalysisFinancialratiosUsedtoweighandevaluatetheoperatingperformanceofafirmUsedtocompareperformancere

2、cordasagainstsimilarfirmsintheindustryAnalyzingratiosandnumericalcalculationsSuchdataisprovidedbyvariousorganizations3RatiosandtheirClassificationA.Profitabilityratios1.Profitmargin2.Returnonassets(investment)3.ReturnonequityB.Assetutilizationratios4.Receivableturnover5.Averag

3、ecollectionperiod6.Inventoryturnover7.Fixedassetturnover8.Totalassetturnover4RatiosandtheirClassification(cont’d)C.Liquidityratios9.Currentratio10.QuickratioD.Debtutilizationratios11.Debttototalassets12.Timesinterestearned13.Fixedchargecoverage5TypesofRatiosProfitabilityratios

4、Measurementofthefirm’sabilitytoearnanadequatereturnon:SalesAssetsInvestedcapitalAssetutilizationratiosMeasuresthespeedatwhichthefirmisturningoveraccountsreceivable6TypesofRatios(cont’d)LiquidityratiosEmphasizesthefirm’sabilitytopayoffshort-termobligationsasandwhendueDebtutiliz

5、ationratiosEstimatestheoveralldebtpositionofthefirmEvaluatesinthelightofassetbaseandearningpower7FinancialStatementforRatioAnalysis8ProfitabilityRatios9DuPontSystemofAnalysisAsatisfactoryreturnonassetsmightbederivedthrough:AhighprofitmarginArapidturnoverofassets(generatingmor

6、esalesperdollarofitsassets)OrbothReturnonassets(investment)=Profitmargin×Assetturnover10DuPontSystemofAnalysis(cont’d)Asatisfactoryreturnonequitymightbederivedthrough:AhighreturnontotalassetsAgenerousutilizationofdebtOracombinationofbothReturnonequity=Returnonassets(investment

7、)(1–Debt/Assets)11DuPontAnalysis12ReturnofWal-MartversusMacy’susingtheDuPontmethodofanalysis,200713AssetUtilizationRatiosTheseratiosrelatethebalancesheettotheincomestatement14AssetUtilizationRatios(cont’d)15LiquidityRatios16DebtUtilizationRatiosMeasurestheprudenceofthedebtmana

8、gementpoliciesofthefirm17DebtUtilizationRatios(cont’d)Fixedch