(存货周转率).ppt

CHAPTER 3Analysis of Financial Statements Ratio Analysis Du Pont system Effects of improving ratios Limitations of ratio analysis Qualitative factors Why are ratios useful? Financial ratios are designed to help one evaluate a financial statement. Ratios standardize numbers and facilitate comparisons. Ratios are used to highlight weaknesses and strengths. What are the five major categories of ratios, and what questions do they answer? Liquidity: Can we make required payments? Asset management: right amount of assets vs. sales? Debt management: Right mix of debt and equity? Profitability: Do sales prices exceed unit costs, and are sales high enough as reflected in PM, ROE, and ROA? Market value: Do investors like what they see as reflected in P/E and M/B ratios? Liquidity Ratio. Current ratio = Current assets / Current liabilities = $ 1,000/ $ 310 = 3.2 x Industry average=4.2 x Comments on current ratio Asset Management Ratios Inventory turnover ratio (存貨週轉率) DSO=Days Sales Outstanding (銷售流通天數) FA turnover (固定資產周轉率) TA turnover (總資產週轉率) Asset Management Ratios Comments on Inventory Turnover Inventory turnover is below industry average. This firm might have old inventory, or its control might be poor. It holds too much inventory Excess inventory means unproductive, and it presents an investment with a low or zero rate of return No improvement is currently forecasted. DSO is the average number of days after making a sale before receiving cash. DSO =Days Sales Outstanding (銷售流通天數) =Average Collection Period (平均收現期間) = Receivables / Average sales per day = 應收帳款/平均每日銷售額 = Receivables / Sales/365 = 用來評估應收帳款的催收速度 = $375 / ($3,000/365) = 45.625~46 days Industry average=36 days Appraisal of DSO Fixed asset and total asset turnover ratios vs. the industry average FA turnover = 固定資產週轉率 = 衡量公司如何有效使用其固定資產 = Sales / Net fixed assets = $3,000 / $1,000 = 3.0x Fixed asset and total asset tur