Topic4财务比率分析.ppt

Topic 4 Financial Ratio Analysis Contents 4.1 Financial Ratio Analysis 4.2 Liquidity Ratios 4.3 Debt Management Ratios 4.4 Asset Management Ratios 4.5 Profitability Ratios 4.6 Market Value Ratios 4.7 Uses and Limitations of Financial Ratio Analysis Core words and expressions financial ratio 财务比率 bond indenture 债务契约 liquidity ratio 流动性比率 current ratio quick ratio cash ratio window dressing 账面粉饰 last-in, first-out (LIFO) 后进先出 first-in, first-out (FIFO) 先进先出 Core words and expressions debt management ratio 债务管理比率 debt ratio 债务比率 debt-to-equity ratio 债务权益（产权）比率 equity multiplier 权益乘数 long-term debt to total capital ratio leverage ratio 杠杆比率 interest coverage ratio 利息保障比率 cash flow coverage ratio 现金流量保障比率 Core words and expressions asset management ratio 资产管理比率 accounts receivable turnover ratio inventory turnover ratio inventory processing period accounts payable turnover ratio cash conversion cycle total asset turnover ratio 总资产周转率 Core words and expressions profitability ratio 盈利比率 gross profit margin 毛利 net profit margin 净利 operating profit margin 经营利润 return on assets (ROA) 资产报酬率 return on equity (ROE) 权益报酬率 return on common equity (ROCE) DuPont Analysis of ROE Core words and expressions market value ratio 市场价值比率 price to earnings (P/E) ratio 市盈率 price to book value ratio (P/B, P/BV) 市净率 market-to-book value ratio 市场价值与账面价值比率 dividend yield 股利收益率 dividend payout ratio 股利支付率 4.1 Financial Ratio Analysis A financial ratio is a mathematical relationship among several numbers often stated in the form of percentage, times, or days. Lenders: assess liquidity and debt ratios Rating agencies: credit rating to a firm’s debt issues Other investors: future profitability Regulators: performance targets Managers: identify their firm’s strengths and weaknesses; assess performance; targets; Analyzing Financial Ratios Financial ratios are not standardized. Analyzing a single financial ratio for a given y