公司理财精要版(罗斯第9版)-3利用财务报表.ppt

* The first three components come from the ROE and the Du Pont identity. It is important to note at this point that growth is not the goal of a firm in and of itself. Growth is only important so long as it continues to maximize shareholder value. * * * 可持续增长率 可持续增长率是公司在没有外部股权融资且保持负债权益比不变的情况下可能实现的最高增长率。 利用Hoffman公司的数据，可有： ROE 66 / 250 0.264 b 0.667 增长的决定因素 销售利润率——经营效率。 总资产周转率——资产使用效率。 财务杠杆——最佳负债水平的选择。 股利政策——将利润发放多少给股东，留存多少在企业。 一些注意事项 财务计划模型并未说明哪些财务政策是最佳的。 模型只是对现实的简化，而真实的实现是千变万化的。 但如果没有计划，公司就会像在大海中失去了方向指引的小舟一样，茫然无依。 快速测试 怎样标准化资产负债表和利润表？ 为什么标准化后的信息更加有用？ 财务比率有哪些主要类别？ 对每一类别下的财务比率，是如何进行计算的？ 财务报表分析存在哪些可能的问题？ 快速测试 财务计划的目标是什么？ 财务计划牵涉的主要决策领域有哪些？ 什么是销售百分比法？ 什么是内部增长率？ 什么是可持续增长率？ 增长的主要决定因素有哪些？ * * * * * * 以下比率是根据2010年版教材表3.1和表3.4中的信息计算出的。 * The firm is able to cover current liabilities with it’s current assets by a factor of 1.3 to 1. 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 quite a bit lower than the current ratio, so inventory seems to be an important component of current assets. This company carries a 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 solvency 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. The firm finances approximately 28% of its assets with debt. 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 .28 / .72 .39 Note the rounding error as compared to the direct method app