ACCA SBL（P1&P3）「Tips」预热，在勾重点之前必须要读的「 财务比率」汇总 （5）.docVIP

【最新】 \o "点击文章标题可访问原文章链接" ACCA SBL（P1&P3）「Tips」预热，在勾重点之前必须要读的「 财务比率」汇总 （5） 1. FINANCIAL MEASUREMENT (RATIO ANALYSIS) 1) ?Profitability and return 2) ?Debt and gearing 3) ?Liquidity, control of cash and other working capital items 4) ?Shareholders' investment ratios 1.1. PROFITABILITY AND RETURN ROE vs. ROCE ROCE measures how much profit we earn from investment (capital employed). ROE measures how much profit a company generates for its ordinary shareholders with?the money they have invested in the company. ROE is different from ROCE: ? ?PAT is used instead of operating profit. ? ?Shareholder’s fund are used instead of D+E 1.2. DEBT AND GEARING 1.3. LIQUIDITY, CONTROL OF CASH AND OTHER WORKING CAPITAL ITEMS Working Capital Days 1.4. SHAREHOLDERS’ INVESTMENT RATIOS ?? EPS is the basic measure of a company’s performance from an ordinary shareholder’s point of view. ??Remember that ordinary shareholders do not receive a fixed rate of dividends as they are the owners of the company. ? Disadvantage of EPS: ? Does not represent actual income of shareholders ??Earnings are not directly linked to the objective of maximizing shareholder wealth. ??Earning can be easily manipulated b) Price-Earnings Ratio (P/E ratio) ? ?The P/E ratios is a measure of future earnings growth, it compares the market value to the current earnings. ??The higher the P/E ratio, the greater the market expectation of future earnings growth. This may also be described as market potential. ???A high PE ratio indicates that investors perceive the firm’s earnings to be of high quality, usually a mixture of high growth and/or lower risk expectations. ? ?Dividend per share helps individual shareholders see how much of the overall dividend payout they are entitled to. d) Dividend cover ? ?The amount of profits attributable to shareholders that are actually paid out in the form of dividend. The level of dividend cover depends on a number of factors: ? ?The type of industry ? ?The requirements of specific inv