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财务报表分析与长期计划必看课件资料.ppt 31页

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快速测试 财务计划的目标是什么? 财务计划牵涉的主要决策领域有哪些? 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? 增长的主要决定因素有哪些? * * * * * * 以下比率是根据2010年版教材表3.1和表3.4中的信息计算出的。 * 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 Du Pont Identity as a measure of the firm’s financial leverage. * Remember that depreciation (and amortization) is a non-cash deduction. A better indication of a firm’s ability to meet interest payments may be to add back the depreciation and amortization to get an estimate of cash flow before taxes. You can also calculate a type of inverse value as follows: Interest Bearing Debt / EBITDA = (196 + 457) / 967 = .68 Values less than one are indicative of a stable position. * Inventory turnover can be computed using either ending inventory o


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