财务指标的讲义.ppt

Excerpt from: “Net Worth” by Peter Elstrom, Business Week E.BIZ, September 18, 2000; P. EB 114 * 第三十一页，共五十四页。 Follow-up on above companies Company 18-Sep 29-Dec % Change 52 week High  En Pointe $8.00 $3.12 -60.9% $55.00 Acclaim $2.00 $0.03 -98.4% $ 6.63 GC qualification issued 11/29 Streamline $0.69 $0.00 -99.7% $12.00 Ceased operations 11/13 IdeaMall $3.56 $1.12 -68.4% $15.50 Wavo $0.75 $0.04 -95.2% $ 8.63 Auditor resigns 10/29 NASDAQ 3,726.52 2,470.52 -33.7% * 第三十二页，共五十四页。 Cash burn ratio (2000) Cash (+M/S) available Cash needs Cash Needs = CFO; or CFO + capital expenditure Amazon Using (CFO + capital expenditure) Annual (2000) 822 + 278 = 1,100=4.2 yrs 130+135 265 Quarter (1st quarter 2001) 447 + 196 = 643=1.5 qtrs 407 + 19 426 Can they be so far apart??? * 第三十三页，共五十四页。 Cash burn ratio (2001) Cash (+M/S) available Cash needs Cash Needs = CFO; or CFO + capital expenditure Amazon Using (CFO + capital expenditure) Annual (2001) 540 + 456 = 996=5.6 yrs 120+50 170 Quarter (1st quarter 2002) 297 + 449 = 746=3.0 qtrs 241 + 5 246 Can they be so far apart??? * 第三十四页，共五十四页。 GENERAL ELECTRIC CO.Working Capital Trends - Cash Flow1991 – 1994 * 第三十五页，共五十四页。 C. DEBT SOLVENCY RATIOS: DEBT FINANCING AND COVERAGE * 第三十六页，共五十四页。 DEBT SOLVENCY RATIOS: DEBT FINANCING AND COVERAGE The use of debt involves risk because debt carries fixed commitments (interest charges principal repayment).? While debt implies risk, it also introduces the potential for increased benefits to the firms owners (leverage effect illustrated in next section). There are other fixed commitments, such as lease payments, that are similar to debt and should be considered * 第三十七页，共五十四页。 Debt Ratios Debt to Capital = Debt/(Debt + Equity) Debt to Assets = Debt/Total assets Debt to Equity = Debt/Shareholders equity (Debt can include trade debt -- usually it