财务管理专业英语unite+4.pptVIP

Financial Ratio Analysis 财务比率分析  Learning Objectives What are financial ratios? What categories（种类） can financial ratios be grouped into? How to calculate each financial ratio? What’s the meaning of each financial ratio? What are the pros and cons of each financial ratio? 优缺点 Wisdom If you cannot measure it, you cannot improve it. ——Lord Kelvin(1824-1907) 无法衡量就无法改善。 Core Financial Ratio Liquidity Ratios: Liquidity Ratios measure the company’s ability to meet its short-term obligations. Current ratio Quick ratio Cash ratio 流动比率 速动比率 现金比率 Debt Management Ratios: Debt Management Ratios measure a company’s ability to meet long-term obligations. Debt ratio Debt –to –equity ratio Equity multiplier Long-term debt ratio Interest coverage ratio Cash flow coverage ratio 资产负债比率 产权比率 权益乘数 长期负债比率 利息保障倍数 现金流量保障比率 Asset Management Ratios: Asset Management Ratios measure a company’s ability to Manage the assets at its disposal. Accounts receivable turnover ratio Inventory turnover ratio Accounts payable turnover ratio Cash conversion cycle Fixed asset turnover ratio Total asset turnover ratio 现金流转周期 存货周转率 应付账款周转率 固定资产周转率 总资产周转率 应收账款周转率  Profitability ratios ： Profitability ratios measure the company’s ability to generate profitable sales from its Assets. Gross profit margin Operating profit margin Net profit margin Return on assets Return on total equity Return on common equity 资产报酬率 营业利润率 毛利率 普通权益报酬率 全部权益报酬率 净利润率 Market value ratios: Market value ratios use market data such as stock price to provide useful information about the firm’s relative value. Price/earnings ratios (P/E) Market -to-book value ratio Dividend yield Dividend payout 市值与账面价值的比 市盈率 股利支付率 股利收益率 Mini Case 施乐公司（Xerox Corporation）创建于1906年，总部位于美国康涅狄格州斯坦福市，是一家历史悠久的以经营办公设备为主的跨国企业，也是世界上最大的现代化办公设备制造商及复印机的发明者。施乐公司于2001年和2002年两次重新编报以前年度的财务报告，大幅下调收入和利润。 主要会计操纵手段   1、提前确认租赁收入 2、任意提高出租设备余值 3、提前确认出租资产组合收益合约的收入 4、操纵各项准备金 5、未披露应收账款贴现业务 Rental income is recogniz