公司理财规划课件003.ppt

公司理财规划课件003.ppt

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Copyright2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinChapter3WorkingWithWorkingWithFinancialFinancialStatementsStatements1-13-11KeyConceptsandSkillsKnowhowtostandardizefinancialstatementsforcomparisonpurposesKnowhowtocomputeandinterpretimportantfinancialratiosKnowthedeterminantsofafirmsprofitabilityandgrowthUnderstandtheproblemsandpitfallsinfinancialstatementanalysis1-23-22ChapterOutlineStandardizedFinancialStatementsRatioAnalysisTheDuPontIdentityInternalandSustainableGrowth（可持续稳定地增长）UsingFinancialStatementInformation1-33-33StandardizedFinancialStatementsCommon-SizeBalanceSheetsComputeallaccountsasapercentoftotalassetsCommon-SizeIncomeStatementsComputealllineitemsasapercentofsalesStandardizedstatementsmakeiteasiertocomparefinancialinformation,particularlyasthecompanygrowsTheyarealsousefulforcomparingcompaniesofdifferentsizes,particularlywithinthesameindustry1-43-44RatioAnalysisRatiosalsoallowforbettercomparisonthroughtimeorbetweencompaniesAswelookateachratio,askyourselfwhattheratioistryingtomeasureandwhythatinformationisimportantRatiosareusedbothinternallyandexternally1-53-55CategoriesofFinancialRatiosShort-termsolvencyorliquidityratiosLong-termsolvencyorfinancialleverageratiosAssetmanagementorturnoverratiosProfitabilityratiosMarketvalueratios1-63-66SampleBalanceSheetCash680,623A/P318,301A/R1,051,438N/P4,613Inventory300,459OtherCL1,645,748OtherCA415,310TotalCL1,968,662TotalCA2,447,830LTDebt909,814NetFA3,415,159C/S2,984,513TotalAssets5,862,989TotalLiab.&Equity5,862,989Numbersinthousands1-73-77SampleIncomeStatementRevenues5,250,538CostofGoodsSold2,046,645Expenses1,904,556Depreciation&Amortization（摊销）124,647EBIT1,174,690InterestExpense5,785TaxableIncome1,168,905Taxes412,495NetIncome756,410EPS3.92Dividendspershare1.20Numbersinthousands,exceptEPS&DPS1-83-88ComputingLiquidityRatiosCurrentRatio=CA/CL2,447,830/1,968,662=1.24timesQuickRatio=（CAInventory）/CL（2,447,830300,459）/1,968,662=1.09timesCashRatio=Cash/CL680,623/1,968,662=.346times1-93-99ComputingLeverageRatiosTotalDebtRatio=（TATE）/TA（5,862,9892,984,513）/5,862,989=.491timesor49.1%Thefirmfinancesslightlyover49%oftheirassetswithdebt.Debt/Equity=TD/TE（5,862,9892,984,513）/2,984,513=.964timesEquityMultiplier（权益乘数）=TA/TE=1+D/E1+.964=1.9641-103-1010ComputingCoverageRatiosTimesInterestEarned（获利倍数）=EBIT/Interest1,174,900/5,785=203timesCashCoverage=（EBIT+Depreciation）/Interest（1,174,900+124,647）/5,785=225times1-113-1111ComputingInventoryRatiosInventoryTurnover=CostofGoodsSold/Inventory2,046,645/300,459=6.81timesDaysSalesinInventory=365/InventoryTurnover365/6.81=54days1-123-1212ComputingReceivablesRatiosReceivablesTurnover=Sales/AccountsReceivable5,250,538/1,051,438=4.99timesDaysSalesinReceivables=365/ReceivablesTurnover365/4.99=73days1-133-1313ComputingTotalAssetTurnoverTotalAssetTurnover=Sales/TotalAssets5,250,538/5,862,989=.896timesMeasureofassetuseefficiencyNotunusualforTAT1,especiallyifafirmhasalargeamountoffixedassets1-143-1414ComputingProfitabilityMeasures1.ProfitMargin（利润率）=NetIncome/Sales756,410/5,250,538=.1441timesor14.41%2.ReturnonAssets（ROA）=NetIncome/TotalAssets756,410/5,862,989=.1290timesor12.90%3.ReturnonEquity（ROE）=NetIncome/TotalEquity756,410/2,984,513=.2534timesor25.34%1-153-1515ComputingMarketValueMeasuresMarketPrice（12/31/04）=$91.54pershareSharesoutstanding=189,813,459PERatio=Pricepershare/Earningspershare91.54/3.92=23.35timesMarket-to-bookratio=marketvaluepershare/bookvaluepershare91.54/（2,984,513,000/189,813,459）=5.82times1-163-1616Table3.51-173-1717Deriving（来自）theDuPontIdentityROE=NI/TEMultiplyby1andthenrearrangeROE=（NI/TE）（TA/TA）ROE=（NI/TA）（TA/TE）=ROA*EMMultiplyby1againandthenrearrangeROE=（NI/TA）（TA/TE）（Sales/Sales）ROE=（NI/Sales）（Sales/TA）（TA/TE）ROE=PM*TAT*EM1-183-1818UsingtheDuPontIdentityROE=PM*TAT*EMProfitmarginisameasureofthefirmsoperatingefficiencyhowwelldoesitcontrolcostsTotalassetturnoverisameasureofthefirmsassetuseefficiencyhowwelldoesitmanageitsassetsEquitymultiplierisameasureofthefirmsfinancialleverage1-193-1919PayoutandRetentionRatiosDividendpayoutratio（“1-b”）=Cashdividends/Netincome1.20/3.92=.3061or30.61%Retentionratio（“b”）=Addn.toR/E/Netincome=（EPSDPS）/EPS（3.921.20）/3.92=.6939=69.39%Or:

Retentionratio=1DividendPayoutRatio1-.3061=.6939=69.39%1-203-2020TheInternalGrowthRateTheinternalgrowthratetellsushowmuchthefirmcangrowassetsusingretainedearningsastheonlysourceoffinancing.1-213-2121TheSustainableGrowthRateThesustainablegrowthratetellsushowmuchthefirmcangrowbyusinginternallygeneratedfundsandissuingdebttomaintainaconstantdebtratio.1-223-2222Determ