AccountingLessonFinancialRaioAnalysis.pptVIP

* Lesson Four:Financial Ratio Analysis * Financial obligation Financial distress Current ratio Quick ratio/acid-test ratio Quick assets Receivables turn days receivables Payable turn days payable Inventory turn days inventory Debt ratio Debt-to-equity ratio Equity multiplier Interest coverage 财务责任 财务困境 流动比率 速动比率/酸性测试比率 速动资产 应收账款周转率平均收账期 应付账款周转率平均付款期 存货周转率存货周转天数 负债比率 负债权益比 权益乘数 利息保障倍数 Relevant Glossary * EBIT (earnings before interest and tax) Book value Benchmark Profit margin ROS (returns on sales) ROI (return on investment) ROA (returns on assets) ROE (returns on equity) Financial leverage 息税前利润 账面价值 基准 销售利润率 销售收益率 投资收益率/投资回报率 资产收益率 权益报酬率/净资产收益率 财务杠杆 Relevant Glossary(2) * Preferred dividend EPS (earnings per share) Dividend yield Payout ratio Retention ratio Asset turnover Common stock Fair market value P/E ratio M/B (market-to-book value) Tobin’s Q Replacement value DuPont framework Relevant Glossary (3) 优先股股利 每股收益 股利收益率 股利支付率 留存比率 资产周转率 普通股 公平市价，公允价值 市盈率 市值与账面价值比 托宾Q值 重置价值 杜邦分析框架 * Ratios standardize numbers and facilitate comparisons. Ratios are used to highlight weaknesses and strengths. Why Are Financial Ratios Useful? * Short-term Liquidity: Can we make required payments? Long-term Solvency and Capital Structure: Right mix of debt and equity? Profitability: Do sales prices exceed unit costs, and are sales high enough? Efficiency: right amount of assets vs. sales? Growth: How fast is the company growing? Market Value Ratio: Do investors like what they see as reflected in P/E and M/B ratios? Important Financial Ratio * Current ratio Quick ratio Quick asset=Current assets-Inventories Receivables turn days receivables Inventory turn days inventory Amount of working capital Short-term Liquidity * Net worth to total assets Debt ratio Debt ratio Debt-to-equity ratio Equity multiplier Interest coverage Long-term Solvency and Capital Structure: * Net Profit margin ROS (returns on sales) ROA (returns on assets) ROE (returns on equity) =ROI (return on inves