第03章-财务报表分析与长期规划方案.pptVIP

如果增长率较低，内部融资额(留存收益)可能超过资产投资所需要的金额。 随着增长率的升高，内部融资可能就不够了, 企业将不得不到资本市场进行融资。 考察增长率和外部融资需要之间的关系是长期计划的一个有用的工具。 * 内部增长率告诉我们企业用留存收益作为唯一的融资来源，企业的资产会增加多少。 用H公司的信息计算： ROA = 66 / 500 = .132 b = 44/ 66 = .66700 * 可持续增长率告诉我们用内部产生的资金和按常数的资产负债率举债，企业能够增长多少。 用H公司信息计算： ROE = 66 / 250 = .264 b = .667 * 利润率—经营效率 总资产周转率—资产使用效率 财务杠杆—最优负债率 股利政策—多少支付给股东、多少用于企业在投资的选择 * 财务计划模型并不能显示哪种财务政策是最优的。 模型是现实的简化，世界可能不会按我们的假设去发展。 但毫无计划，企业可能象在没有航标的情况下在大海中漂流。 * * * * * The 比率s in the following slides will be computed using the 2007 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 比率 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 比率 is quite a bit lower than the current 比率, 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 比率s. TE = total equity, and TA = total assets. The numerator in the total debt 比率 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 比率 if you already have the total debt 比率: D/E = Total debt 比率 / (1 – total debt 比率) = .28 / .72 = .39 Note the rounding error as compared to the direct method applied in the slide. The EM is one of the 比率s that is used in the DuPont Identity as a measure of the firm’s financial leverage. * Remember that depreciation is a non-cash de