公司财务 课件 第三章.pptVIP

现实例子 - III 资产管理比率或周转率： 存货周转率 = 2.8x ; 同行业比率 = 3.6x 应收账款周转率 = 22.2x (16 days); 同行业比率 = 17.7x (21 days) 总资产周转率 = 1.6x ; 同行业比率 = 2.2x 获利能力比率： 销售利润率 = 17.4% ; 同行业比率 = 3.1% 资产报酬率（ROA） = 27.6% ; 同行业 = 5.8% 权益报酬率（ROE ） = 37.9% ; 同行业 = 17.6% 重点回顾 财务比率的定义、计算、应用和理解； 企业增长的涵义和决定因素。 补充作业 登录财经网站，选择你感兴趣的上市公司，对其进行杜邦分析，并说明影响ROE的主要因素是什么。 * www: Click on the web surfer to go to CNBC’s stock screener. Choose the “Advanced Search” option to show students the wide range of ratios that can be used for making investment decisions. * The firm is just barely able to cover current liabilities with it’s current assets. A short-term creditor might find this a bit disconcerting and may reduce the likelihood that they would lend money to the company. The ratio should be compared to the industry – it’s possible that this industry has a substantial amount of cash flow and that they can meet their current liabilities out of cash flow instead of relying solely on the liquidation of current assets that are on the books. The quick ratio is a little lower than the current ratio, but overall inventory seems to be a small component of current assets. This company carries a very low cash balance. This may be an indication that they are aggressively investing in assets that will provide higher returns. We need to make sure that we have enough cash to meet our obligations, but too much cash reduces the return earned by the company. * Note that these are often called leverage ratios. TE = total equity and TA = total assets, the numerator in the total debt ratio could also be found by adding all of the current and long-term liabilities. Another way to compute the D/E ratio if you already have the total debt ratio: D/E = Total debt ratio / (1 – total debt ratio) = .5863 / (1 - .5863) = 1.417 The EM is one of the ratios that is used in the Du Pont Identity as a measure of the firm’s financial leverage. * Even though the company is financed with over 58% debt, they have a substantial amount of operati