南京大学财务管理第三章财务报表分析与长期计划.ppt

思考与练习 长期财务计划的目的是什么？ 在制定一个计划的时候，需要考虑哪些决策因素？ 什么是销售百分比法? 什么是内部增长率? 什么是可持续增长率? 增长的决定因素有哪些? * * * The ratios in the following slides will be computed using the 2006 information from the Balance Sheet (Table 3.1) and Income Statement (Table 3.3) given in the text. * The firm is able to cover current liabilities with it’s current assets by a factor of 1.3 to 1. The ratio should be compared to the industry – it’s possible that this industry has a substantial amount of cash flow and that they can meet their current liabilities out of cash flow instead of relying solely on the liquidation of current assets that are on the books. The quick ratio is quite a bit lower than the current ratio, so inventory seems to be an important component of current assets. This company carries a low cash balance. This may be an indication that they are aggressively investing in assets that will provide higher returns. We need to make sure that we have enough cash to meet our obligations, but too much cash reduces the return earned by the company. * Note that these are often called solvency ratios. TE = total equity, and TA = total assets. The numerator in the total debt ratio could also be found by adding all of the current and long-term liabilities. The firm finances approximately 28% of its assets with debt. Another way to compute the D/E ratio if you already have the total debt ratio: D/E = Total debt ratio / (1 – total debt ratio) = .28 / .72 = .39 Note the rounding error as compared to the direct method applied in the slide. The EM is one of the ratios that is used in the DuPont Identity as a measure of the firm’s financial leverage. * Remember that depreciation is a non-cash deduction. A better indication of a firm’s ability to meet interest payments may be to add back the depreciation to get an estimate of cash flow before taxes. * Inventory turnover can be computed using either ending inventory or average inventory when you have both beginning and ending figures. It is importa