4财务管理专业英语

山东轻工业学院商学院14.FinancialRatioAnalysis4.1FinancialRatioAnalysis财务比率分析4.2LiquidityRatios流动性比率4.3DebtManagementRatios债务管理比率山东轻工业学院商学院24.FinancialRatioAnalysis4.4AssetManagementRatios资产管理比率4.5ProfitabilityRatios盈利比率4.6MarketValueRatios市场价值比率山东轻工业学院商学院34.FinancialRatioAnalysis4.7UsesandLimitationsofFinancialRatioAnalysis财务比率分析的使用和限制山东轻工业学院商学院4AnalyzingFinancialRatiosSomepreliminarycommentsarewarranted:1.Financialratiosarenotstandardized.山东轻工业学院商学院5AnalyzingFinancialRatios2.Analyzingasinglefinancialratioforagivenyearmaynotbeveryuseful.山东轻工业学院商学院6AnalyzingFinancialRatios3.Someofafirm’sfinancialaccountingpracticesorchoiceswillaffectitsfinancialstatementsand,finally,itsfinancialratios.山东轻工业学院商学院7AnalyzingFinancialRatios4.Financialratiosdonotprovideanalystswithalloftheanswersaboutafirm’scondition.山东轻工业学院商学院84.2LiquidityRatiosLiquidityratiosindicateafirm’sabilitytopayitsobligationsintheshortrun.山东轻工业学院商学院94.2LiquidityRatiosFinancialmanagersmustpaycloseattentiontoliquidityratiostoensuretheyreflectahighprobabilityofthefirmbeingabletopromptlyandfullypayitsbillswithoutunduestress.山东轻工业学院商学院104.2LiquidityRatiosNetworkingcapitaltototalassetsratio=NetworkingcapitalTotalassets净营运资本比总资产比率山东轻工业学院商学院114.2.1CurrentratioDenominator分母Numerator分子CurrentassetsCurrentratioCurrentliabilities山东轻工业学院商学院124.2.1CurrentratioForexample,acurrentratioof1.5impliesthatafirmhas$1.5incurrentassetsforevery$1incurrentliabilitiesandthushas1.5timesthecurrentassets,orhasitscurrentliabilitiescovered1.5timesover.山东轻工业学院商学院134.2.1CurrentratioExcessivelyhighcurrentratios,however,mayindicatedafirmmayhavetoomuchofitslong-terminvestor-suppliedcapitalinvestedinshort-termlow-earningcurrentassets.山东轻工业学院商学院144.2.1CurrentratioInaninflationaryenvironment,firmsthatuselast-in,first-out(LIFO)inventoryvaluationwilllikelyhavelowercurrentratiosthanfirmsthatusefirst-in,first-out(FIFO).山东轻工业学院商学院154.2.1CurrentratioWithLIFOinventoryvaluation,firmsdeterminethevalueofcostofgoodssoldontheincomestatementbythecostoftheinventorymostrecentlyproduced;山东轻工业学院商学院164.2.1CurrentratioExceptinsomedecliningcostindustries,inflationwilllikelycausethevalueofthis“older”inventorycarriedonthebalancesheettobelessthanthemorerecentcostofproducingthatinventory.山东轻工业学院商学院174.2.1CurrentratioThevalueofinventoryreportedonthebalancesheetisfrommorerecentperiodsandwillbebasedonmorerecent(higher)costdatathantheinventorybalanceofsimilarfirmsthatuseLIFO.山东轻工业学院商学院184.2.1CurrentratioYet,ifafirmhasacurrentratiothatislessthanone,thesametransactionwouldleadtoalowercurrentratio.山东轻工业学院商学院194.2.1CurrentratioEqualabsolutechangesinthenumeratoranddenominatormayleadtoapparentimprovementsordeteriorationinratiosthatdonotreflectrealchangesinperformance.山东轻工业学院商学院204.2.1CurrentratioAnalystsshouldbeawarethatafirm’smanagersmayundertakeyear-endtransactions,suchastheonedescribedabove,tomakecertainratiosappearbetterfollowingaperiodofdisappointingperformance.山东轻工业学院商学院214.2.1CurrentratioOneofthefirmsmayhaveasubstantialportionofitscurrentassetstiedupininventories,whiletheotherfirmmayhavelargecashandmarketablesecurities.山东轻工业学院商学院22LatterDidhewalkorswim?Thelatterseemsunlikely.山东轻工业学院商学院234.2.1CurrentratioManagersoranalystscanexamineafirm’scommon-sizebalancesheetovertimetoseerelativechangesinthecompositionofbothcurrentassetsandcurrentliabilitiesandassesschangesordifferencesinliquidity.山东轻工业学院商学院244.2.2QuickratioCurrentassetsinventoryQuickratioCurrentliabilities山东轻工业学院商学院254.2.2QuickratioTherationaleforexcludinginventoryisthatitistheleastliquidofafirm’scurrentassetsandmaynotbeasreadilyavailabletomeetashort-termmaturingobligationastheothermoreliquidcurrentassets.山东轻工业学院商学院264.2.2QuickratioForanyfirmcarryinganinventorybalance,thequickratiowillbelowerthanthecurrentratio.Forexample,supposeafirm’scurrentratiohasbeenfairlystableandconsistentwithindustryaveragesoverthepastthreeyears.Butduringthesameperiod,thefirm’squickratiohasdeclinedandisnowbelowindustryaverages.山东轻工业学院商学院284.2.2QuickratioWhethertheincreaseislikelytemporaryorpermanentHowthefirmfinancestheinventoryHowtherelativeincreasesininventorywillaffectthefirm’sliquidityandoverallperformance山东轻工业学院商学院294.2.3CashratioCashmarketablesecuritiesCashratioCurrentliabilities山东轻工业学院商学院304.2.3CashratioAnalyzingacashratio,however,couldbehelpfulforassessingafirm’sliquiditywhenthefirmneedstopaymostorallofitscurrentliabilitieswithcashinthenearterm.山东轻工业学院商学院314.3DebtManagementRatiosDebtmanagementratioscharacterizeafirmintermsoftherelativemixofdebtandequityfinancingandprovidemeasuresofthelong-termdebtpayingabilityofthefirm.山东轻工业学院商学院324.3DebtManagementRatiosLeverageratios:TotalliabilitiesDebtratioTotalassetsLongtermdebtLongtermdebtRatioTotalassets山东轻工业学院商学院334.3DebtManagementRatiosCoverageratios:EBITInterestcoverageratioInterestexpenseEBITdepreciationCashflowcoverageratioInterestexpense山东轻工业学院商学院344.3.1DebtRatioCreditorpreferalowofmoderatedebtratiobecauseitprovidesmoreprotectionifthefirmexperiencesfinancialproblems.山东轻工业学院商学院354.3.1DebtRatioTotalliabilitiesD