1. 課程二:財務報表分析與財務規劃

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

3. 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?

4. Financial Ratios
Liquidity
Asset Management
Debt Management
Profitability
Market value

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

6. 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

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

8. 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

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

10. 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

11. Financial Ratios

12. 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.

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

16. Hw2
編列“大有塑膠公司”的財務預測報表及做財務比率分析