金融学·课件梳理3财务报表分析与比率分析1.pdf

2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理 2017-2018 学年度第二学期期末考试复习材料 金融学 课件梳理· @群众演员 Financial Statement Analysis Ratio Analysis1 Lesson3 第 3 课财务报表分析与比率分析 1 Today’s Agenda The Balance Sheet The Income Statement Ratio Analysis The Balance Sheet 1、The Balance Sheet资产负债表 The Balance sheet is a snapshot of the firm ’s assets and liabilities at a given point in time. Balance Sheet Identity Assets=Liabilities+Stockholders 资产’ Equity=负债 +所有者权益 1 2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理 2、Net Working Capital 净营运资金 CurrentA ssets- Current Liabilities 流动资产 -流动负债 Positive when the cash that will be received over the next 12 months exceeds the cash that will be paid out Usually positive in a healthy firm 3、Liquidity 流动性 Assets are listed in order of liquidity Speed and ease of converting an asset to cash将资产转换成现金的速度和便利性 Liquid firms are less likely to experience financial distress 流动性公司不太可能经历财务危机。 But, liquid assets earn a lower return流动资产赚取较低的回报。 Trade-offto find balancebetweenliquid and illiquid assets 4、Debt vs. Equity债务与股权 Debthasprecedence over equityto afirm ’s cash flows债务优先于股权对公司现金流 Stockholders ’ Equity=Assets-Liabilities Shareholders are ― residual 股东是“剩余”所有者。‖ owners Debt is referred to as financial leverage (more debt, the greater is degree of financial leverage; like lever =can magnify both gains and losses) 债务被称为财务杠杆（更多的债务，更大程度上是财务杠杆；就像杠杆可以放大收 2 2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理 益和亏损）。 5、Market Value vs. Book Value市场价值与账面价值 The balance sheet provides the book value of the assets, liabilities a