会计英语(比率分析,财务报表分析).docVIP

In the part of this chapter, I’ll make clean some ratios, such as Current Ratio , Total Debt Ratio, Inventory Turnover…… All of these ratios are necessary to financial analysis. There are two primary tools in financial analysis: 稲atio analysis ?to assess（评价） how various line items in financial statements relate to each other and to measure relative performance. ·Cash flow analysis – to evaluate liquidity and the management of operating, investing, and financing activities as they relate to cash flow. In this chapter we will mainly introduces ratio analysis. As we all known, profitability and growth drive firm value. Managers can employ four levers to achieve growth and profit targets: 1. Operating management 2. Investment management 3. Financing strategy 4. Dividend policy（股息分配方针） Then ratio analysis seeks to evaluate the firm’s effectiveness in these areas. Ratio Analysis ·Evaluating ratios requires comparison against some benchmark（基准）. Such benchmarks include: Ratios over time from prior periods (time series) Ratios of other firms in the industry (cross-sectional) Some absolute benchmark ·Effective ratio analysis must attempt to relate underlying business factors to the financial numbers （有效的财务分析必须联系相关的财务要素来分析财务数字）and we use ratios to analysis the company’s solvency（偿债能力）、Operating Capacity（营运能力）、generating capacity/ Profitability（获利能力） Financial Leverage Analysis ·Borrowing allows a firm to access to capital, but increases the risk of ownership for equity holders. ·Analysis of leverage can be performed on both short- and long-term debts: 1. Liquidity analysis relates to evaluating current liabilities。 2. Solvency analysis relates to longer term liabilities。 Liquidity Analysis（Short-term solvency analysis短期偿债能力） There are several ratios useful to evaluate a firm’s liquidity, including: Current ratio Quick ratio Cash ratio Operating cash flow ratio Each of these ratios attempts to measure the ability of a firm to pay its current obligations. Knowin