财务指标的讲义

1RATIOANALYSIS2RatioOverviewRatiosprovideamethodofstandardizationABSales109,876$115,609$COGS83,506$85,551$SG&A24,722$27,168$PROFIT1,648$2,890$ABSales100.0%100.0%COGS76.0%74.0%SG&A22.5%23.5%PROFIT1.5%2.5%3RatioOverviewAsmentionedratiosprovideamethodofstandardizationbutmoreimportantly-theyprovideaprofileoffirm’seconomiccharacteristicsandcompetitivestrategies.CCompanySales100,000$125,000$CostsandExpenses80,000$85,000$Profit20,000$40,000$20%32%LCompanySales100,000$125,000$CostsandExpenses80,000$90,000$Profit20,000$35,000$20%28%4RatioOverview•Althoughextremelyvaluableasanalyticaltools,financialratiosalsohavelimitations.Theycanserveasscreeningdevices,indicateareasofpotentialstrengthorweakness,andrevealmattersthatneedfurtherinvestigation.•Shouldbeusedincombinationwithotherelementsoffinancialanalysis.•Thereisnoonedefinitivesetofkeyratios;Thereisnouniformdefinitionforallratios;andthereisnostandardthatshouldbemetforeachratio.•Therearenorulesofthumbthatapplytotheinterpretationoffinancialratios.5Caveats•economicassumptions-linearityassumption•benchmark•manipulation–timingaccountingmethods•negativenumbers6CommonSizeFinancialStatementsDifferencesinfirmsizemayconfoundcrosssectionalandtimeseriesanalyses.Toovercomethisproblem,commonsizestatementsareused.–Acommonsizebalancesheetexpresseseachitemonthebalancesheetasapercentageoftotalassets–Acommonsizeincomestatementexpresseseachincomestatementcategoryasapercentageoftotalsalesrevenues7Acommonsizeincomestatement1234Sales101,840$109,876$115,609$126,974$COGS78,417$83,506$85,551$93,326$SG&A20,368$24,722$27,168$31,109$PROFIT3,055$1,648$2,890$2,539$1234Sales100.0%100.0%100.0%100.0%COGS77.0%76.0%74.0%73.5%SG&A20.0%22.5%23.5%24.5%PROFIT3.0%1.5%2.5%2.0%1234Sales100%108%114%125%COGS100%106%109%119%SG&A100%121%133%153%PROFIT100%54%95%83%8FourcategoriesofratiosA.Activityratios–theliquidityofspecificassetsandtheefficiencyofmanagingassetsB.Liquidityratios–firm'sabilitytomeetcashneedsastheyariseC.DebtandSolvencyratios–theextentofafirm'sfinancingwithdebtrelativetoequityanditsabilitytocoverfixedchargesD.Profitabilityratios–theoverallperformanceofthefirmanditsefficiencyinmanaginginvestment(assets,equity,capital)ThesecategoriesarenotdistinctasweshallseeActivityLiquidityActivityProfitabilitySolvencyProfitability9A.ACTIVITYRATIOS:ASSETMANAGEMENT&EFFICIENCY10ACTIVITYRATIOS:ASSETMANAGEMENT&EFFICIENCY1.Short-term(operating)activityratios:a)InventoryTurnoverRatioCOGS/(Averageinventory)b)ReceivableTurnoverRatioSales/(Averageaccountsreceivable)11a)InventoryTurnoverRatioCOGS/(Averageinventory)•Measuresefficiencyoffirminmanagingandsellinginventory.•Highratiorepresentfewerfundstiedupininventories--efficientmanagement.•Inventorydoesnotlanguishonshelves.•Highturnovercanalsorepresentunderstockingandlostorders.•Lowturnovercanalsorepresentlegitimatereasonssuchaspreparingforastrike,increaseddemand,etc.•Ratiodependsonindustry-(perishablegoodsetc.)Average#ofdaysinventoryinstock=365/(InventoryTurnoverRatio)12b)ReceivableTurnoverRatioSales/(Averagereceivables)•Howmanytimesreceivablesareturnedintocash•Relativelylowturnovermayindicateinefficiency,cutbackindemand,orearningmanipulation.•(Whenavailable,thefigureforcreditsalescanbesubstitutedfornetsalessincecreditsalesproducethereceivables.)Average#ofdaysreceivablesoutstanding=365/(A/RTurnoverRatio)•Providesinformationaboutthefirm'screditpolicy•Shouldbecomparedwiththefirm'sstatedpolicy(i.e.,iffirmpolicyis30daysandaveragecollectionperiodis60days,companyisnotstringentincollectioneffort.)13Short-term(operating)activityratios:•High/lowrelativetotheindustryshouldbeexamined(i.e.,highreceivableturnovermightindicatelostsalestocompetitorsascredittermstootight).•Lowturnoverratiosmayimply•firm’sincomeoverstated•futureproductioncutbacks•futureliquidityproblems14ACTIVITYRATIOS:ASSETMANAGEMENT&EFFICIENCY2.Long-term(investment)activityratios:a)FixedAssetsTurnoverRatio=Sales/Averagefixedassetsb)TotalAssetsTurnoverRatio=Sales/Averagetotalassets•FixedAssetandTotalAssetTurnoveraremeasuresoftherelationbetweensalesandinvestmentsinlong-livedassets;i.e.theefficiencyintheuseoftheseassets.Howmuchofaninvestmentisrequiredtogenerateagivenlevelofsales?15Long-term(investment)activityratios•Whentheassetturnoverratiosarelow,relativetotheindustryorhistoricalrecord,•eithertheinvestmentinassetsistooheavyand/or•salesaresluggish.•Theremay,however,beplausibleexplanations:•thefirmmayhavetakenanextensiveplantmodernization.16B.LIQUIDITYRATIOS:SHORTTERMSOLVENCY17ImportanceofWorkingCapitalOperatingCycleGoal:Shortenthecycle18Activityratiosasmeasure(s)ofliquidityTheOperatingcycleandtheCashCycle(NetTradeCycle)Operatingcycle–thenumberofdaysittakesforthefirm’soperationsto“convert”intocashiscalculatedas1.thenumberofdaysinventoryisinstock[365/inventoryturnover]PLUS2.thenumberofdaysreceivableareoutstanding[365/Receivableturnover]Notethatforamanufacturingcompany,thelengthoftheoperatingcyclemustalsoconsiderthetimethatmoneyistiedupbyproduction.(Box3-1)19Activityratiosasmeasure(s)ofliquidityTheOperatingcycleandtheCashCycle