财务管理基础（第6版）理查德·A·布雷利-chap004.pptVIP

8 13 15 3 4 17 5 6 10 4- * 4- * McGraw Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved Fundamentals of Corporate Finance Sixth Edition Richard A. Brealey Stewart C. Myers Alan J. Marcus Slides by Matthew Will Chapter 4 McGraw Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved Measuring Corporate Performance Topics Covered Value and Value Added Measuring Profitability Measuring Efficiency Analyzing the Return on Assets: The Du Pont System Measuring Leverage Measuring Liquidity Calculating Sustainable Growth Interpreting Financial Ratios The Role of Financial Ratios–and a Final Note on Transparency Value and Value Added Market Capitalization Total market value of equity, equal to share price times number of shares outstanding. Market Value Added Market capitalization minus book value of equity. Value and Value Added PepsiCo Balance Sheet (December 31, 2006) $Millions Value and Value Added Pepsico Income Statement (year end 2006) Net Sales 35,753 COGS 15,762 Selling, GA expenses 11,530 Depreciation expense 1,406 EBIT 7,055 Net interest expense 66 Taxable Income 6,989 Income Taxes 1,347 Net Income 5,642 Value and Value Added Market-to-Book Ratio Ratio of market value of equity to book value of equity. Value and Value Added Stock market measures of company performance, 2006. Companies are ranked by market value added. (dollar values in millions) Measuring Profitability Economic Value Added (EVA) Net income minus a charge for the cost of capital employed. Also called residual income. Residual Income Net Dollar return after deducting the cost of capital Measuring Profitability Economic Value Added (EVA) of PepsiCo Measuring Profitability Accounting measures of company performance, 2006. Companies are ranked by return on equity. Measuring Profitability Return on Equity (ROE) Net income as a percentage of shareholders’