财务管理(双语版)第六章

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Chapter 6 Financial Statement Analysis,1.,Financial Statements,财务报表,Balance Sheet B/S,资产负债表,时点、静态，财务状况,Total Assets=Total Liabilities+Owners Equity,Income Statement,损益表（利润表）,时期、动态，反映经营成果,Revenues-Expenses=Net Income(or Loss),Statement of Cash Flows,现金流量表,某一时期的现金流入和流出,2.,Financial Ratios,财务比率,Liquidity Ratios,短期偿债能力比率,Current Ratio,流动比率,=,Current Assets/Current Liabilities,Quick(Acid-test)Ratio,速动比率,=(,Current Assets-Inventories)/Current Liabilities,Debt Ratios,长期偿债能力比率（负债比率）通过债务融资的比率,Debt-to-equity Ratio,债务股本比率（产权比率）,=,Total Debt/Shareholders Equity,Debt-to-Total-Assets Ratio,资产负债率,=,Total Debt/Total Assets,Coverage Ratios,保障比率,Interest Coverage Ratio,利息保障倍数,=,EBIT/interest expenses,EBIT:Earnings Before Interest and Taxes,Receivables Activity,应收帐款管理比率,Activity Ratios,资产管理比率,Payables Activity,应付帐款管理比率,Inventory Activity,存货管理比率,Operating Cycle,营业周期,=,Inventory turnover in days(ITD)+Receivable turnover in days(RTD),Cash Cycle,现金周期,=,Operating Cycle-Payable turnover in days,=(ITD+RTD)-PTD,Total Asset(or Capital)Turnover,总资产周转率,=,Net Sales/Total Assets=,销售净额/总资产,Profitability Ratios,盈利能力比率,Du,Pont Approach,杜邦财务分析法,3.,Application,应用,Trend Analysis,趋势分析法,纵向比较，时间序列分析方法，比较公司一段时间的财务比率，发现公司财务状况、经营成果的变化（改善或恶化）,Common-size and Index Analysis,结构百分比和指数分析,Common-size,资产负债表项目/资产总额，利润表项目/销售净额（营业收入）,Index Analysis,与基期相比较，基期年份为100，以后各期%，评价公司一段时期财务报表百分比水平变化趋势,计算、解释结果，分析原因，找出改进措施，不断提高财务管理水平,