财务管理基础-对财务报表分析（ppt53）.pptVIP

股东权益 普通股数. BVPS = = = $6.21. $1,552 250 每股市价 每股净资产 M/B = = = 2.0x. $12.17 $6.21 (More…) P/E: 投资者对每元净利润所愿支付的价格. 越高越好. M/B:投资者对每元账面价值所愿支付的价格.越高越好. 如果ROE 高,风险低,P/E 和 M/B are high if is high, risk is low. 2002E 2001 2000 Ind. P/E 12.0x -0.4x 9.7x 14.2x P/CF 8.2x -0.6x 8.0x 7.6x M/B 2.0x 1.7x 1.3x 2.9x 资产负债表的规模:把所有的项目除以总资产 资产 2000 2001 2002E Ind. 现金 0.6% 0.3% 0.4% 0.3% 短期投资 3.3% 0.0% 2.0% 0.3% 应收账款 23.9% 22.1% 25.1% 22.4% 存货 48.7% 44.9% 49.1% 41.2% 流动资产总计 76.5% 67.2% 76.6% 64.1% 固定资产净值 23.5% 32.8% 23.4% 35.9% 资产总计 100.0% 100.0% 100.0% 100.0% 把所有项目都除以负债和所有者权