MBA财政会计实务英文版(ppt 37).pptxVIP

Outline of today’s lecture;The value of a firm to equity investors;The value of a firm to creditors;Financial Statement Analysis;What to compare?;Analysis of Profitability;Analysis of Profitability;Return on Assets (ROA);Horrigan Corporation;Horrigan Corporation-assuming no debts;Horrigan Corporation ROA;Disaggregating ROA;How to increase ROA?;How to increase ROA?-2;The evolution of ROA in the U.S.the graphs in the next few slides are from Penman and Nissim Review of Accounting Studies, 2001;RNOA: Return on net operating assetsRegression to the mean （回归到平均值）;Profit margin;Asset turnover;Rev