公司金融课件：财务报表分析与财务模型.pptVIP

企业价值 (EV) = 资本市场价值（公司市值） + 带息债务市场价值 – 现金 将企业价值看作收购成本 EV乘数= 企业价值 / 息、税及折旧与摊销前利润 将EV乘数看作投资回收期 类似于市盈率，公司的成长性越好，EV越高 利用财务报表注意 时间-趋势分析 用来观察公司的业绩随时间如何变化 同类分析 与类似公司或同行业公司进行比较 ROE分解 ROE = 净利润 / 总权益 分子分母同乘以总资产，可有： ROE = (净利润 / 总权益) (总资产 / 总资产) ROE = (净利润 / 总资产) (总资产 / 总权益) = 资产收益率ROA * 权益乘数 二、杜邦恒等式 分子分母同乘以销售额，可有： ROE = (净利润 / 总资产) (总资产 / 总权益) (销售额 / 销售额) ROE = (净利润 / 销售额) (销售额 / 总资产) (总资产 / 总权益) ROE = 销售利润率 * 总资产周转率 * 权益乘数 杜邦恒等式的应用 ROE = 销售利润率 * 总资产周转率 * 权益乘数 销售利润率度量了公司的经营效率——成本费用控制得如何？ 总资产周转率度量了公司资产运用的效率——资产管理得如何 权益乘数度量了公司的财务杠杆水平 三、销售百分比法 有些项目直接随销售变动而变动，有些项目则不变 利润表 销售成本随销售直接变动 – 如果这一条成立的话，则销售毛利润率为常数（表3-8，3-9） 折旧与利息费用通常不随销售变动而变动（非线性） – 如果这一条成立的话，则销售净利率将不为常数 股利受管理层决策的影响，通常不随销售直接变动 – 该项目会影响当期留存收益的新增额（利润-分红） 3-* * * 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 investing in assets that will provide higher returns. We need to make sure that we have enough cash to meet our obligations, but too much cash reduces the return earned by the company. * Note that these are often called solvency ratios. TE = total equity, and TA = total assets. The numerator in the total debt ratio could also be found by adding all of the current and long-term liabilities. The firm finances approximately 28% of its assets with debt. Another way to compute the D/E ratio if you already have the total debt ratio: D/E = Total debt ratio / (1 – total debt ratio) = .28 / .72 = .39 Note the rounding error as compared to the dir