《公司金融简答.docVIP

4.4.3 annuity年金 a level stream of regular payments that lasts for a fixed number of periods. 7 企业业绩5个方面 2.6 financial statement analysis the objective of the analysis is to show how to rearrange information from financial statements into financial ratios that provide information about five areas of financial performance: shout-term solvency activity financial leverage(财务杠杆) profitability value 2.6.1 short-term solvency ratios of short-term solvency measure the ability of the firm to meet recurring financial obligations. accounting liquidity measures short-term solvency and is often associated with net working capital. current ratio(流动比率): total current assets/total current liabilities quick ratio（速动比率）: quick assets/total current liabilities quick assets=current assets-inventories 2.6.2activity these ratios measure how effectively the firm’s assets are being managed. one logical starting point is to compare assets with sales for the year to arrive at turnover. total asset turnover（总资产周转率） = total operating revenues/total assets(average) total assets(average)=(beginning assets +final assets)/2 receivables turnover（应收账款周转率） = total operating revenues/receivables(average) average receivables = (beginning receivables + final receivables)/2 average collection period(应收账款周转天数or 平均收账期)=365/ receivables turnover 3．inventory turnover(存货周转率)=cost of goods sold/inventory(average) inventory(average) = (beginning inventory + final inventory)/2 days in inventory(存货周转天数)=days in period/inventory turnover 2.6.3financial leverage(long-term solvency) which is related to the extent to which a firm relies on debt financing rather than equity. too much debt can lead to a higher probability of insolvency and financial distress. another hand, debt is an important form of financing ,and provides a significant tax advantage because interest payments are tax deductible. debt ratio(负债比率or资产负债率)=total debt/total assets debt-to-equity ratio（负债权益比）=total debt/total equity equity m