财务指标的讲义，非常不错，共同分享（53）.pptVIP

RATIO ANALYSIS Ratio Overview Ratios provide a method of standardization Ratio Overview As mentioned ratios provide a method of standardization but more importantly - they provide a profile of firm’s economic characteristics and competitive strategies. Ratio Overview Although extremely valuable as analytical tools, financial ratios also have limitations. They can serve as screening devices , indicate areas of potential strength or weakness, and reveal matters that need further investigation. Should be used in combination with other elements of financial analysis. There is no one definitive set of key ratios; There is no uniform definition for all ratios; and there is no standard that should be met for each ratio. There are no rules of thumb that apply to the interpretation of financial ratios. Caveats economic assumptions - linearity assumption benchmark manipulation – timing accounting methods negative numbers Common Size Financial Statements Differences in firm size may confound cross sectional and time series analyses. To overcome this problem, common size statements are used. A common size balance sheet expresses each item on the balance sheet as a percentage of total assets A common size income statement expresses each income statement category as a percentage of total sales revenues A common size income statement Four categories of ratios Activity ratios – the liquidity of specific assets and the efficiency of managing assets Liquidity ratios – firms ability to meet cash needs as they arise Debt and Solvency ratios – the extent of a firms financing with debt relative to equity and its ability to cover fixed charges Profitability ratios – the overall performance of the firm and its efficiency in managing investment (assets, equity, capital) A. ACTIVITY RATIOS: ASSET MANAGEMENT EFFICIENCY ACTIVITY RATIOS: ASSET MANAGEMENT EFFICIENCY Short-term (operating) activity ratios: Inventory Turnover Ratio COGS/(Average inventory) Recei