附7报表分析.docVIP

一、 比较分析 （一）纵向比较分析 （不同时期比较）或趋势分析 以销售收入分析为起点， 其他各报表项目分析应与销售收入的变动进行比较。如 毛利 营业利润 利润总额 税后利润 股利发放 （二） . 2、分析时可与 ——行业平均值 ——公司目标 ——公司过去 ——行业领先值 等进行比较 二、比率分析 营利能力比率（所有者） 营运资本报酬率（ROCE） 毛利率 净利率 管理水平比率 净资产周转率 存货周转率 应收账款周转率 应付款周转率 财务比率（债权人）-反映公司的财务状况及偿债能力 短期偿债能力比率 ——流动比率 ——速动比率 长期偿债能力比率 ——杠杆比率 ——负债权益比率 —— 投资比率（资本市场比率） ——反映公司股票数量、价格与公司利润、股利、资产等的关系 每股收益（Earnings per share） 每股净资产（Net assets per share） 市盈率（Price/earnings ratio） 股利收益率（Dividend yield） 股利保障倍数（Dividend cover） 1、盈利比率 1-1 运用资本报酬率——Return on capital employed (ROCE) 基本公式： 利润Profit /运用资本Capital employed X100% （1）— profit is measured as the profit before interest and tax, i.e. the profit before taking account of any returns paid to the providers of long-term finance ?rcapital employed is measured as equity plus interest-bearing finance less cash balances, i.e. the long term finance supporting the business. (2) Alternative measures of return Profit after interest and after preference dividends Return on equity = -------------------------------------------------------------- x 100% Ordinary share capital + reserves (3) the other commonly used alternative is: Operating profit Overall return = ------------------------------------------------------ x 100% Share capital + reserves + all borrowings This is used by managers assessing performance. 具体计算分析 —— Treatment of associates and investments - Where the profit excludes investment income, the balance sheet carrying amounts for associates and investments should be excluded from the capital employed. 棗 eThis gives an accurate measure of trading performance. If associates and investments are not excluded, the overall profit figure should include income from investments and associates. 棗 cLarge cash balances are not contributing to profits and some analysts therefore exclude them from capital employed (to compare operating profits with operating assets). However,