ch1 财务分析.ppt

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1、Ch1 财务分析,1.财务分析的5个角度,201009,2.成长性,销售增长的4个来源,201009,谨慎看待并购,201009,增长质量,201009,IBM,201009,201009,IBM公司：降低所得税率降低管理和销售费用、成本回购Overfund Pension Plan,DEFINITION of Overfunded Pension Plan,A company retirement plan that has more assets than liabilities. In other words, there is asurplusamount of money neede

2、d to cover current and futureretirements. Although the surplus can legally be recorded as company income, it cannot be paid out to corporation shareholders like other income as it is reserved for current and future retirees.,201009,3.盈利能力,201009,ROA：Return on Assets,201009,201009,ROE：Return on Equit

3、y,201009,201009,201009,201009,FCF:Free Cash Flow,201009,201009,I think its reasonable to say that any firm thats able to convert more than 5 percent of sales to free cash flow-just divide free cash flow by sales to get this percentage-is doing a solid job at generating excess cash.,201009,ROE vs FCF

4、,201009,201009,201009,201009,ROIC: Return on Invested Capital,201009,The numerator of thls equation IS easy: profits after taxes, but before Interest costs,201009,201009,4.财务安全,201009,权益负债比率,201009,已获利息倍数,201009,201009,201009,流动比率、速动比率,The current ratio (current assets divided by current liabilities),201009,the quick ratio, which is simply current assets less inventories divided by current liabilities,201009,