财务报告分析2(65页).pptVIP

CHAPTER 15 FINANCIAL STATEMENT ANALYSIS 财务报告分析 1 Discuss the need for comparative analysis. 2 Identify the tools of financial statement analysis. 3 Explain and apply horizontal analysis. 4 Describe and apply vertical analysis. 5 Identify and compute ratios and describe their purpose and use in analyzing a firm’s liquidity, profitability, and solvency. 6 Understand the concept of earning power and indicate how material items not typical of regular operations are presented. 7 Recognize the limitations of financial statement analysis. Analyzing financial statements involves Three characteristics of a company: (1) its liquidity流动性, (2) its profitability盈利性, (3 ) its solvency偿付能力. Every item reported in a financial statement has significance. In order to obtain information as to whether the amount 1 represents an increase over prior years or 2 is adequate in relation to the company’s need for cash, the amount of cash must be compared with other financial statement data. Comparisons can be made on several difference bases – three are illustrated in this chapter: (1) intra-company basis, (2) industry averages, and (3) inter-company basis. Three commonly used tools are utilized to evaluate the significance of financial statement data. (1) Horizontal analysis 横向分析 (trend analysis) is a technique for evaluating a series of financial statement data over a period of time. (2) Vertical analysis 纵向分析 is a technique for evaluating financial statement data that expresses each item in a financial statement in terms of a percent of a base amount. (3) Ratio analysis比率分析 expresses the relationship among selected items of financial statement data. Ratio analysis expresses the relationship among selected items of financial statement data. A ratio expresses the mathematical relationship between one quantity and another. A single ratio by itself is not very meaningful, in the upcoming illustrations we will use: (1) Intra-company comparisons 公司自身比较 covering two