财务管理E.pptVIP

Financial Statements Analysis and Long-Term Planning Key Concepts and Skills Know how to compute and interpret important financial ratios Be able to develop a financial plan using the percentage of sales approach Understand how capital structure and dividend policies affect a firm’s ability to grow Chapter Outline 3.1 Financial Statements Analysis 3.2 Using Financial Statement Information 3.3 Long-Term Financial Planning 3.4 External Financing and Growth 3.5 Some Caveats Regarding Financial Planning Models 一、财务报告及其结构回顾 主要财务报表：资产负债表、损益表、现金流量表。 资产负债表：某一特定时点上的财务状况 表现财务状况的基本恒等式 资产 = 负债 + 所有者权益 期初：100万 ＝ 40万 + 60万 期末：102万 ＝ 40万 + 62万 利润表：反映某一特定时期内的经营成果 表现财务成果的等式： 收入 — 费用 = 利润 12万 － 10万 ＝ 2万 原则：权责发生制 现金流量表： 表现财务状况变动的等式： 流动资产 - 流动负债 = 长期负债+所有者权益 - 长期性资产 (除：短期投资) （除：流动负债） 附表： 对主表内容某方面所进行的有针对性的说明 如：利润分配表、其他业务收支明细表。 注释： 是对财务报表本身某些无法或难以表达的内容所作的补充说明和详解。 财务状况说明书： 是对财务报表进行的说明、分析、评价及对未来作出估计、判断、预测 二、会计报表的局限 计量属性的问题：历史成本与公允价值 程序选择的问题：可比性 内容分类方面的问题：利润表 有关创新性业务的会计处理（抽逃资金） 有关信息范围：会计信息与财务信息（财务中的现金流量：机会成本，非收付实现制） 3.1 Financial Statements Analysis Common-Size Balance Sheets Compute all accounts as a percent of total assets Common-Size Income Statements Compute all line items as a percent of sales as the company grows， companies of different sizes 3.2 Ratio Analysis Ratios also allow for better comparison through time or between companies. As we look at each ratio, ask yourself: How is the ratio computed? What is the ratio trying to measure and why? What is the unit of measurement? What does the value indicate? How can we improve the company’s ratio? Categories of Financial Ratios Short-term solvency or liquidity ratios Long-term solvency, or financial leverage ratios Asset management or turnover ratios Profitability ratios Market value ratios Computing Liquidity Ratios Current Ratio = CA / CL Quick Ratio = (CA – Invento