[管理学]3财务报表分析与长期计划2003.pptVIP

内部增长率 内部增长率告诉我们，企业在使用留存收益作为唯一的资金来源时，能多大程度地扩张资产。 利用源自Hoffman公司的信息(见书P51)： ROA = 66 / 500 =0 .132 b = 44/ 66 = 0.667(留存比率) * 25 Copyright@2010 by Deng Lu 可持续增长率 可持续增长率告诉我们，企业通过利用内生资金和发行债务去维持一个固定的负债比率，能增长多快。 利用Hoffman公司为例： ROE = 66 / 250 =0.264 b = 0.667 * 26 Copyright@2010 by Deng Lu 决定增长的因素 销售利润率 – 经营效率 总资产周转率 – 资产利用效率 财务杠杆 – 选择最佳负债比率 股利政策 – 选择付给股东或再投资于企业各多少 * 27 Copyright@2010 by Deng Lu 3.7 一些说明 财务计划模型并非总是提出正确的问题，主要原因在于其依赖于会计关系而非财务关系，特别是，公司价值的三个基本要素没有考虑在内，即现金流量规模，风险及时间性。 * 28 Copyright@2010 by Deng Lu Copyright@2010 by Deng Lu * 29 * * The ratios in the following slides will be computed using the 2006 information from the Balance Sheet (Table 3.1) and Income Statement (Table 3.3) given in the text. * 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 applied in the slide. The EM is one