課程二:財務報表分析與財務規劃.

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Presentation transcript:

課程二:財務報表分析與財務規劃

Financial ratio analysis Financial ratio analysis involves methods of calculating and interpreting financial ratios in order to assess a firm’s performance or status.

Steps 1. What is the definition? 2. How to calculate? 3. Is the number food or bad? Time-series analysis Cross-sectional analysis 4. Why?

Financial Ratios Liquidity Asset Management Debt Management Profitability Market value

Liquidity Current ratio: current assets/current liabilities Quick ratio(acid-test): (current assets-inventories)/current liabilities

Asset Management Inventory turnover: sales/inventories Days sales outstanding:receivables/(daily sales) Fixed assets turnover:sales/net fixed assets Total assets turnover:sales/total assets

Debt Management Total debt to total assets: total debts/total assets Times-interest-earned (TIE):EBIT/interest charges

Profitability Profit margin on sales:net income available to common stockholders/sales Basic earning power (BEP):EBIT/total assets Return on total assets (ROA):net income available to common stockholders/total assets Return on common equity (ROE):net income available to common stockholders/common equity

Market value Price/earnings (P/E):price per share/earnings per share Market/book (M/B):market price per share/book value per share

Du Pont Equation ROA =profit margin x total assets turnover ROE =profit margin x total assets turnover x equity multiplier or = ROA x Equity Multiplier

Financial Ratios

Long-term financial planning Financial planning formulates the way financial goals are to be achieved. The end result is a financial plan. Goal: growth Basic financial policy: Capital budgeting decisions - The firm’s needed investment in new assets. Capital structure policy - The degree of financial leverage the firm choose to employ. Dividend policy - The amount of cash the firm pay to the shareholders. Net working capital decision - The amount of liquidity and working capital the firm needs on an ongoing basis.

Pro Forma Statements A financial plan will have a forecasted balance sheet, income statement, and statement of cash flows.

Hw2 編列“大有塑膠公司”的財務預測報表及做財務比率分析