金融学·课件梳理6-比率分析与财务预测2.docxVIP

2017-2018学年度第二学期期末考试复习材料金融学·课件梳理@群众演员Lesson 6 Ratio Analysis and Financial Forecast 2第6课 比率分析与财务预测2Today’s Agenda?Financial Forecast（本档从略）?Ratio Analysis-ContRatio Analysis-Cont 1、Balance SheetAssetsLiabilities and EquityIncome statementOther data2、Why are ratios useful??Ratiosstandardize numbersand facilitate comparisons. 比例标准化和便于比较。?Ratio comparisons shouldbe made through time and with competitors比率比较应该通过时间和竞争者来制定。?Trend analysis 趋势分析?Peer (or Industry) analysis 对等（或行业）分析?Ratios are used to highlight weaknesses and strengths. 比率用于突出弱点和长处。3、What are the five major categories of ratios, 比率的五大类别是什么？，and what questions do they answer? 他们回答什么问题？? Liquidity: Can we make required payments?流动资金：我们可以要求支付吗？? Asset management: Right amount of assets vs. sales?资产管理：正确的资产数量与销售额？? Debt management: Right mix of debt and equity?债务管理：债务和股权的正确组合？? Profitability: Do sales prices exceed unit costs?盈利能力：销售价格是否超过单位成本？? Market value: Do investors like what they see as reflected in P/E and M/B ratios?市场价值：投资者喜欢他们所看到的反映在市盈率和市盈率上的因素吗？4、D’Leon’s forecasted current ratio and quick ratio for 2009.Current ratio = Current assets / Current liabilities 流动比率=流动资产/流动负债= $2,680 / $1,145= 2.34xQuick ratio = (CA – Inventories) / CL = ($2,680 – $1,716) / $1,145= 0.84x5、Comments on liquidity ratios 对流动性比率的评论Expected to improve but still below the industry average.预计将改善，但仍低于行业平均水平。Liquidity position is weak.流动性弱。6、All else being equal, which of the following will increase the CR?An increase in accounts receivable. 应收账款的增加。An increase in accounts payable. 应付账款的增加。An increase in net fixed assets. 净固定资产增加。Both 1 and 2 are correct. All of the statements are correct. 7、What is the inventory turnover ratio? 存货周转率是多少？?Inv. turnover= Sales / Inventories = $7,036 / $1,716 = 4.10x 投资周转率=销售/库存?Inventoryturnoverisbelowindustry average.存货周转率低于行业平均水平。?D’Leon might have old inventory, or its control might be poor.德裏昂可能旧的存货，或控制可能是贫穷的。?No improvement is currently forecasted.目前没有改善的预测。If a firm switched to Vendor Mana