公司金融第02章财务报表及分析讲义.ppt

* The information for these calculations is given in Table 3.13. This firm could grow assets at 9.65% without raising additional external capital. Relying solely on internally generated funds will increase equity (retained earnings are part of equity) and assets without an increase in debt. Consequently, the firm’s leverage will decrease over time. If there is an optimal amount of leverage, as we will discuss in later chapters, then the firm may want to borrow to maintain that optimal level of leverage. This idea leads us to the sustainable growth rate. * Note that no new equity is issued. The sustainable growth rate is substantially higher than the internal growth rate. This is because we are allowing the company to issue debt as well as use internal funds. Commonly, sustainable growth is calculated as only the numerator of our formula (ROE * b), but this assumes we calculate ROE based on beginning, rather than ending, equity. * The first three components come from the ROE and the Du Pont identity. It is important to note at this point that growth is not the goal of a firm in and of itself. Growth is only important so long as it continues to maximize shareholder value. * * * * * * * * * It is extremely important to remind students that accounting cash flow and actual cash flow as calculated earlier are different values. * * * * * * * * * 以下比率是根据2010年版教材表3.1和表3.4中的信息计算出的。 * The firm is able to cover current liabilities with it’s current assets by a factor of 1.3 to 1. The ratio should be compared to the industry – it’s possible that this industry has a substantial amount of cash flow and that they can meet their current liabilities out of cash flow instead of relying solely on the liquidation of current assets that are on the books. The quick ratio is quite a bit lower than the current ratio, so inventory seems to be an important component of current assets. This company carries a low cash balance. This may be an indication that they are aggressively investin