财务报表分析英文课件Chap5.ppt

Outline of today’s lecture Value of a firm to investors and creditors Analysis of profitability: ROA Analysis of profitability: ROCE Analysis of profitability: EPS The value of a firm to equity investors V = D1/(1+r) + D2/(1+r)2 + D3/(1+r)3 ……. The value of a firm to creditors Financial Statement Analysis 1.Understand the relation between the expected return and risk of investment alternatives, and the role of analysis in providing risk and return information. 2. Understand the usefulness of the rate of return on assets (ROA) as a measure of a firm’s operating profitability. 3. Understa