4财务管理专业英语.pptVIP

4. Financial Ratio Analysis 4.1 Financial Ratio Analysis 财务比率分析 4.2 Liquidity Ratios 流动性比率 4.3 Debt Management Ratios 债务管理比率 4. Financial Ratio Analysis 4.4 Asset Management Ratios 资产管理比率 4.5 Profitability Ratios 盈利比率 4.6 Market Value Ratios 市场价值比率 4. Financial Ratio Analysis 4.7 Uses and Limitations of Financial Ratio Analysis 财务比率分析的使用和限制 Analyzing Financial Ratios Some preliminary comments are warranted: 1. Financial ratios are not standardized. Analyzing Financial Ratios 2. Analyzing a single financial ratio for a given year may not be very useful. Analyzing Financial Ratios 3. Some of a firm’s financial accounting practices or choices will affect its financial statements and, finally, its financial ratios. Analyzing Financial Ratios 4. Financial ratios do not provide analysts with all of the answers about a firm’s condition. 4.2 Liquidity Ratios Liquidity ratios indicate a firm’s ability to pay its obligations in the short run. 4.2 Liquidity Ratios Financial managers must pay close attention to liquidity ratios to ensure they reflect a high probability of the firm being able to promptly and fully pay its bills without undue stress. 4.2 Liquidity Ratios Net working capital to total assets ratio= Net working capital Total assets 净营运资本比总资产比率 4.2.1 Current ratio Denominator 分母 Numerator 分子 4.2.1 Current ratio For example, a current ratio of 1.5 implies that a firm has $1.5 in current assets for every $1 in current liabilities and thus has 1.5 times the current assets, or has its current liabilities covered 1.5 times over. 4.2.1 Current ratio Excessively high current ratios, however, may indicated a firm may have too much of its long-term investor-supplied capital invested in short-term low-earning current assets. 4.2.1 Current ratio In an inflationary environment, firms that use last-in, first-ou