英文版公司理财课件 .pptVIP

COPYRIGHT?ZHULI Chapter 16 Financial statement analysis Objectives Calculate and interpret measures of a firm’s leverage, liquidity, efficiency, and profitability Use the Du Pont formula to understand the determinants of the firm’s return on its assets and equity Valuate the potential pitfalls of ratios based on accounting data Understand some key measures of firm performance such as market value added and economic value added Public companies have a variety of stakeholders, such as shareholders, bondholders, bankers, suppliers, employees, and management. All these stakeholders need to monitor the firm and to ensure that their interests are being served. They rely on the company’s financial statements to provide the necessary information. Content Financial ratios The Du Pont system Using financial ratios Measuring company performance The role of financial ratios If balance sheet resembles a snapshot of the firm at a particular point in time, its income statement is like a video. It shows how profitable the firm has been over the past year. When managers review a company’s financial position, they often start by comparing the current year’s ratios with equivalent figures for earlier years. It is also helpful to look at how the company’s financial position measures up to that of other firms in the same industry. Financial statements provide you with the basic information to assess its current financial standing. However, financial statements typically contain large amounts of data—far more than is contained in the simplified statements . To condense these data into a convenient form, financial managers generally focus on a few key financial ratios. We will explain how to calculate these ratios and use them to shed light on four questions: How much has the company borrowed? Is the amount of debt likely to result in financial distress? How liquid is the company? Can it easily lay its hands on cash if needed? How productively is the company using its assets? Are th