公司理财精要9版-英文-第三章.ppt

Financial Statements Analysis and long-term financial planning Chapter Outline 3.1 Cash flow and financial statement 3.2 Standardized financial statement 3.3 Ratio Analysis 3.4 The Du Pont Identity 3.5 Using Financial Statement Information 3.1 Standardizing Financial Statements Common-Size Balance Sheets Compute all accounts as a percent of total assets Common-Size Income Statements Compute all line items as a percent of sales Standardized statements make it easier to compare financial information, particularly as the company grows. They are also useful for comparing companies of different sizes, particularly within the same industry. 3.1.2 the statement of cash flow There is some flexibility in summarizing the sources and uses of cash in the form of a financial statement． However it is presented, the result is called the statement of cash flows．Table3-3 3.2 Standardized financial statement It have a problem that to directly companies the financial statement for two companies because of differences in size. So, one common and useful way of doing this is to work with percentages instead of total dollars. Two different ways: common-size statements: to express each item as a percentage of total assets Common-base year financial statement: trend analysis: to chose a base year and then express each item relative to the base amount. Table 3-6 Common-base year financial statement 3.3 Ratio Analysis Another way of avoiding the problems involved in comparing companies of different sizes is to calculate and compare financial ratios. Such ratios are ways of comparing and investigating the relationships between different pieces of financial information. Using ratios eliminates the size problem because the size effectively divides out. We’re then left with percentages, multiples, or time periods. 3.3.1 Short-term solvency, or liquidity, measures Current Ratio 流动比率 The Quick (or Acid-Test) Ratio.速动比率 3.3.2 Long-term solvency measures Prufrock has $.28 in debt for ev