第三章利用财务报表资料.ppt

* 对大部分公司来说，总资产周转率小于1并不是问题。固定资产一般都价值不菲，在未来很长时期内能为公司提供收入。因此配比原则才要求应对固定资产计提折旧，而不是立即费用化处理。 This is one of the ratios that will be used in the Du Pont identity. * You can also compute the gross profit margin and the operating profit margin. GPM = (Sales – COGS) / Sales OPM = EBIT / Sales Profit margin is one of the components of the Du Pont identity and is a measure of operating efficiency. It measures how well the firm controls the costs required to generate the revenues. It tells how much the firm earns for every dollar in sales. In the example, the firm earns almost $0.16 for each dollar in sales. Note that the ROA and ROE are returns on accounting numbers. As such, they are not directly comparable with returns found in the marketplace. ROA is sometimes referred to as ROI (return on investment). As with many of the ratios, there are variations in how they can be computed. The most important thing is to make sure that you are computing them the same way as the benchmark you are using. ROE will always be higher than ROA as long as the firm has debt (and ROA is positive). The greater the leverage, the larger the difference will be. ROE is often used as a measure of how well management is attaining the goal of owner wealth maximization. The Du Pont identity is used to identify factors that affect the ROE. * See Table 3.6, as well as the instructor’s manual (chapter 3 appendix), for a summary list of financial ratios. * * Improving our operating efficiency or our asset use efficiency will improve our return on equity. If the TAT is low compared to our benchmark, then we can break it down into more detail by looking at inventory turnover and receivables turnover. If those areas are strong, then we can look at fixed asset turnover and cash management. We can also improve our ROE by increasing our leverage – up to a point. Debt affects a lot of other factors, including profit margin, so we have to be a little careful here. We want to make sure we have enough debt to ut