会计英语(比率分析,财务报表分析)

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1、Inthepartofthischapter，I’llmakecleansomeratios，suchasCurrentRatio，TotalDebtRatio,InventoryTurnoverAlloftheseratiosarenecessarytofinancialanalysis.Therearetwoprimarytoolsinfinancialanalysis:•Ratioanalysis一toassess（评｛介）howvariouslineitemsinfinancialstatementsrelatetoeachotherandtomeasu

2、rerelativeperformance.•Cashflowanalysis一toevaluateliquidityandthemanagementofoperating,investing,andfinancingactivitiesastheyrelatetocashflow.Inthischapterwewillmainlyintroducesratioanalysis.Asweallknown,profitabilityandgrowthdrivefirmvalue.Managerscanemployfourleverstoachievegrowtha

3、ndprofittargets:1.Operatingmanagement2.Investmentmanagement3.Financingstrategy4.Dividendpolicy（股息分配方针）Thenratioanalysisseekstoevaluatethefirm’seffectivenessintheseareas.RatioAnalysis•Evaluatingratiosrequirescomparisonagainstsomebenchmark（基?伟）•Suchbenchmarksinclude:-Ratiosovertimefrom

4、priorperiods（timeseries）一Ratiosofotherfirmsintheindustry（cross-sectional）-Someabsolutebenchmark•Effectiveratioanalysismustattempttorelateunderlyingbusinessfactorstothefinancialnumbers（脊效的财务分析必须联系相关的财务要素来分析财务数字）andweuseratiostoanalysisthecompany’ssolvency（偿债能力）、OperatingCapacity（营运能力）

5、、generatingcapacity/Profitability（获利能力）FinancialLeverageAnalysis•Borrowingallowsafirmtoaccesstocapital，butincreasestheriskofownershipforequityholders.•Analysisofleveragecanbeperformedonbothshort-andlong-termdebts:1.Liquidityanalysisrelatestoevaluatingcurrentliabilities。2.Solvencyanal

6、ysisrelatestolongertermliabilities。LiquidityAnalysis（Short-termsolvencyanalysis短期偿债能力）•Thereareseveralratiosusefultoevaluateafirm'sliquidity,including:-Currentratio-Quickratio-Cashratio—Operatingcashflowratio•Eachoftheseratiosattemptstomeasuretheabilityofafirmtopayitscurrentobligatio

7、ns.•Knowinghowtheliquidityratiosarecalculatedallowstheusertounderstandhowtointerpret角军#them:①Currentratio=Currentassets/CurrentliabilitiesCurrentratioalsocalledWorkingCapitalRatio（营运资金比率）①Quickratio=Cash+Short-terminvestments+Accounts,receivableCurrentliabilitiesThisratioalsocalledAc

8、idtest.Here，