ch1 财务分析必看课件资料.ppt

流动比率、速动比率 The current ratio (current assets divided by current liabilities) 201009 the quick ratio, which is simply current assets less inventories divided by current liabilities 201009 投资学? SCAU Ch1 财务分析 1.财务分析的5个角度 201009 2.成长性 销售增长的4个来源 201009 谨慎看待并购 201009 增长质量 201009 IBM 201009 201009 IBM公司： 降低所得税率 降低管理和销售费用、成本 回购 Overfund Pension Plan DEFINITION of 'Overfunded Pension Plan' A company retirement plan that has more assets than liabilities. In other words, there is a?surplus?amount of money needed to cover current and future?retirements. Although the surplus can legally be recorded as company income, it cannot be paid out to corporation shareholders like other income as it is reserved for current and future retirees.  201009 3.盈利能力 201009 ROA：Return on Assets 201009 201009 ROE：Return on Equity 201009 201009 201009 201009 FCF:Free Cash Flow 201009 201009 I think it's reasonable to say that any firm that's able to convert more than 5 percent of sales to free cash flow-just divide free cash flow by sales to get this percentage-is doing a solid job at generating excess cash. 201009 ROE vs FCF 201009 201009 201009 201009 ROIC: Return on Invested Capital 201009 The numerator of thls equation IS easy: profits after taxes, but before Interest costs 201009 201009 4.财务安全 201009 权益负债比率 201009 已获利息倍数 201009 201009 201009 投资学? SCAU