4.4.3 annuity年金
a level stream of regular payments that lasts for a fixed number of periods.
7 企业业绩5个方面
2.6 financial statement analysis
the objective of the analysis is to show how to rearrange information from financial statements into financial ratios that provide information about five areas of financial performance:
1.shout-term solvency
2.activity
3.financial leverage(财务杠杆)
4.profitability
5.value
2.6.1 short-term solvency
ratios of short-term solvency measure the ability of the firm to meet recurring financial obligations.
accounting liquidity measures short-term solvency and is often associated with net working capital.
1.current ratio(流动比率): total current asts/total current liabilities
2.quick ratio（速动比率）: quick asts/total current liabilities
quick asts=current asts-inventories
2.6.2activity
the ratios measure how effectively the firm有翻译’s asts are being managed. one logical starting point is to compare asts with sales for the year to arrive at turnover.
1.total ast turnover（总资产周转率） = total operating revenues/total asts(average)
total asts(average)=(beginning asts +final asts)/2
2.美世留学receivables turnover（应收账款周转率） = total operating revenues/receivables(average)
average receivables = (beginning receivables + final receivables)/2
average collection period(应收账款周转天数or 平均收账期)=365/ receivables turnover
注册会计师含金量3．inventory turnover(存货周转率)=cost of goods sold/inventory(average)
special headinventory(average) = (beginning inventory + final inventory)/2
days in inventory(存货周转天数)=days in period/inventory turnover
2.6.3financial leverage(long-term solvency)
which is related to the extent to which a firm relies on debt financing rather than equity.
too much debt can lead to a higher probability of insolvency and financial distress.
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another hand, debt is an important form of financing ,and provides a significant tax advantage becau interest payments are tax deductible.
1.debt ratio(负债比率or资产负债率)=total debt/total asts
2.debt-to-equity ratio（负债权益比）=total debt/total equity
3.equity multiplier(权益乘数)=total asts/total equity
4．interest coverage(利息保障倍数)=EBIT/interest expen
the ratio is directly connected to the ability of the firm to pay interest. it would probably make n to add depreciation to income in computing this ratio and to include other financing expens, such as payments of principal and lea payments.
2.6.4profitability
there are two problems in understanding profitability:
notafraid
(1)many business opportunities involve sacrificing current profits for future profits.
(2)accounting-bad measures of profitability is that they ignore risk.
>in general, a firm is profitable in the economic n only if its profitability is greater than investors can achieve on their own in the capital markets.
1 profit margin(销售净利润率)=net income/total operating revenue
gross profit margin（销售毛利率）=EBIT/total operating revenues
2．net return on asts(资产净收益率)=net income/average total asts
gross return on asts（资产总收益率）=EBIT/average total asts
>dupont system of financial control
ROA=profit margin*ast turnover
ROA(net)=net income /total operating revenue *
total operating revenue/average total asts
ROA(gross)=EBIT/ total operating revenue *
total operating revenue / average total asts
so increa ROA by tow ways: increasing profit margins or ast turnover.
3.return on equity(净资产收益率)=net income/average stockholders’ equity
ROE=profit margin*ast turnover*equity multiplier
=net income/total operating revenue * total operating revenue/average total asts * total asts/average stockholders’ equity
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4.payout ratio(股利支付率)=cash dividends/net income
5.retention ratio(留存比率)=retained earnings/net income
retained earnings=net income-dividends
2.6.5 market value ratios
1.market price of the common equity=market price of a share of common stock*number of shares outstanding
in an efficient stock market, market prices reflect all relevant facts about firms, thus market prices reveal the true value of the firm’s underlying asts.
2．price-to-earnings ratio(市盈率)=current market price/earnings per share of common stock
3.dividend yield(股利收益率)=dividend per share/market price per share
4.market-to-book value（市场与账面价值比）=market price per share/book value per share(市值与面值比)
5.爱智康Tobin’s Q ratio=the market value of all of the firm’s debt plus equity/the replacement value of the firm’s asts
小学语文试卷分析
compaq15.1 the capital-structure question and the pie theory
