负债比率相关.pptx

负债比率相关.pptx

《负债比率相关.pptx》由会员分享，可在线阅读，更多相关《负债比率相关.pptx（51页珍藏版）》请在冰点文库上搜索。

AnalysisofFinancialStatement,Professor:

Dr.Jo-HuiChen,OnMay19,1999,DellcomputerCorp.announcedthatitsfirstquarterearningswere42%higherthanthosereportedoneyearearlier.ThisdramaticincreaseinearningswasroughlyinlinewithWallStreetprojections.Nevertheless,Dellsstockfellnearly$4ashareimmediatelyaftertheannouncement.Atfirstglance,themarketsresponseappearspuzzling.However,analystszeroedinonthefactthatDellsprofitmargininthefirstquarterhadfallenconsiderably.,TableofContents,FinancialManagementRatioAnalysisLiquidityRatiosAssetManagementRatiosDebtManagementRatiosProfitabilityRatiosMarketValueRatiosTrendAnalysis,FinancialStatement,Financialmanagement,Financialstatementsreportbothonafirmspositionatapointintime（thebalancesheet）andonitsoperationsoversomepastperiod（theincomestatementandstatementofcashflows）.,Beuseful,creditanalyst,stockanalysts,anticipatefutureconditions,astartingpointforplanningactionsthatwillaffectthefuturecourseofevent.,Ratioanalysis,managers,Financialratiosaredesignedtohelponeevaluateafinancialstatement.,LiquidRatio,LiquidAssets:

Itisonethattradesinanactivemarketandhencecanquicklyconvertedtocashatthegoingmarketprice.,Ratioanalysis,TheCurrentRatio,Quick,orAcidTest,Ratio,TheCurrentRatio,Ratioanalysis,Cash,Marketablesecurities,Accountreceivable,Inventories,AccountPayable,Short-termnotepayable,CurrentmaturitiesofLong-termdebt,Accruedtaxes,Otheraccruedexpenses,LiquidRatio,Normallycreditorsliketoseehighcurrentratios.Ifacompanyisgettingintofinancialdifficulty,itwillbeginpayingitsbills（accountspayable）moreslowly,borrowingfromitsbank,andsoon.Highcurrentratiocouldalsomeanthecompanyhasalotofmoneytiedupinnonproductiveassets.Ifcurrentliabilitiesarerisingfasterthancurrentassets,thecurrentratiowillfall,andthiscouldmakethecompanyfacetrouble.,TheCurrentRatio,Ratioanalysis,LiquidRatio,Abilitytomeetshort-termfinancialobligations.,TheCurrentRatio,Example:

MicroDrive,Industryaverage:

4.2times,MicroDrivehasalowercurrentratiothantheaverageforitsindustry,soitsliquiditypositionisrelativelyweak.Nowconsiderthecurrentratiofromtheperspectiveofashareholder.Ahighcurrentratiocouldmeanthatthecompanyhasalotofmoneytiedupinnonproductiveassets,suchasexcesscashormarketablesecurities,orininventory.Notedthatanindustryaverageisnotamagicnumberthatallfirmsshouldstrivetomaintain.Infact,someverywell-managedfirmswillbeabovetheaveragewhileothergoodfirmswillbebelowit.However,ifafirmsratiosarefarremovedfromtheaverageforitsindustry,thisisaredflag.Andanalystsshouldbeconcernedaboutwhythevarianceoccurs.,QuickRatio,Itisameasureofthefirmsabilitytopayoffshort-termobligations.Inventoriesaretypicallytheleastliquidofafirmscurrentassets,hencethoseonwhichloosesaremostlikelytooccurintheeventofliquidation.Therefore,ameasureofthefirmsabilitytopayoffshort-termobligationswithoutrelyingonthesaleofinventoriesisimportant.,Ratioanalysis,LiquidRatio,Example:

MicroDrive,Industryaverage:

2.1times,Theindustryaveragequickratiois2.1,soMicroDrives1.2ratioislowincomparisonwithotherfirmsinitsindustry.,AssetManagementRatios,LinkingAssetManagementandFreeCashFlow:

TheOperatingCapitalRequirementRatio,EvaluatingInventories:

TheInventoryTurnoverRatio,EvaluatingReceivables:

TheDaysSalesOutstanding（orAverageCollectionPeriod）,EvaluatingFixedAssets:

TheFixedAssetsTurnoverRatio,Goal:

Measurehoweffectivelythefirmismanagingitsassets.,EvaluatingTotalAssets:

TheTotalAssetsTurnoverRatio,Ratioanalysis,TheInventoryTurnoverRatio,MicroDrivehastoomuchinventory.Excessinventoryisunproductive.Itrepresentsaninvestmentwithaloworzerorateofreturn.,AssetmanagementRatio,Industryaverage:

9.0times,Example:

MicroDrive,Ratioanalysis,MicroDrivesturnoverof4.9timesismuchlowerthantheindustryaverageof9times.ThissuggeststhatMicroDrivehastoomuchinventory.Excessinventoryis,ofcourse,unproductive,anditrepresentsaninvestmentwithaloworzerorateofreturn.,TheDaySalesOutstandingAverageCollectionPeriod（ACP）,Ratioanalysis,AssetmanagementRatio,TheDSOrepresentstheaveragelengthoftimethatthefirmmustwaitaftermakingasalebeforereceivingcash,ortheaveragecollectionperiod.,Industryaverage:

36days,MicroDrivessalestermscallforpaymentwithin30days,sothefactthat45dayssales,not30days,areoutstandingindicatesthatcustomers,ontheaverage,arenotpayingtheirbillsontime.ThisdeprivesMicroDriveoffundswhichitcouldusetoreducedebtorinvestinproductiveassets.Moreover,acustomerispayingitsbillslatemaysignalthatthecustomerisinfinancialtrouble,inwhichcaseMicroDrivemayhaveahardtimeevercollectingtheaccount.Therefore,ifthetrendinDSOisup,butthecreditpolicyhasnotbeenchanged,thiswouldbestrongevidencethatstepsshouldbetakentoexpeditethecollectionofaccountsreceivable.,TheFixedAssetsTurnoverRatio,Goal:

measureshoweffectivelythefirmusesitsplantandequipment.,Fixedassets,Inflationhascausedthevalueofmanyassetsthatwerepurchasedinthepasttobeseriouslyunderstated.,Theratioshouldbeusedprimarilyforyear-to-yearcomparisonwithinthesamecompany,ratherthanforinter-company.,Ratioanalysis,AssetmanagementRatio,Industryaverage:

3.0times,Ratioanalysis,AssetmanagementRatio,TheFixedAssetsTurnoverRatio,MicroDrivesratioof3.0timesisthesameastheindustryaverage,indicatingthefirmisusingitsfixedassetsaboutasintensivelyasareotherfirmsinitsindustry.ThereforeMicroDriveseemstohaveabouttherightamountoffixedassetsinrelationtootherfirms.,ThetotalAssetsTurnoverRatio,Ratioanalysis,AssetmanagementRatio,Goal:

measurestheturnoverofallthefirmsassets.,Industryaverage:

1.8times,Indicatethatthecompanyisnotgeneratingasufficientvolumeofbusinessgivenitstotalassetinvestment.,Should:

increasesales,disposesomeassetsorcombinethetwosteps.,TheOperationCapitalRequirementRatio,Ratioanalysis,Industryaverage:

50.3%,Goal:

measurestherelationshipbetweenoperatingcapitalandsales.,ItmeansMicroDriverequires60percentsofoperatingcapitalforeverydollarofsaleswhichismorethanindustryaverage.,Investmentinoperatingcapital,Capitalcost,capital,Stockprice,Operatingassets,oroperatingcapital,isthesumofnetoperatingworkingcapitalplusnetfixedassets,anditequalsthefundsinvestorshaveprovidedtosupportoperations.,DebtManagementRatios,Byraisingfundsthroughdebt,stockholderscanmaintaincontrolofafirmwhilelimitingtheirinvestment,Creditorslooktotheequity,orowner-suppliedfunds,toprovideamarginofsafety,soifthestockholdershaveprovidedonlyasmallproportionofthetotalfinancing,therisksoftheenterprisearebornemainlybyitscreditors.,Ifthefirmearnsmoreoninvestmentsfinancedwithborrowedfundsthanitpaysininterest,thereturnontheownerscapitalismagnified,or“leveraged”,Threeimplicationofusingdebtfinancing（financialleverage）:

Ratioanalysis,DebtManagementRatios,AbilitytoPayInterest:

TimesInterestEarned,HowtheFirmisFinanced:

TotalDebttoTotalAssets,AbilityToServiceDebt:

TheFixedChargeCoverageRatio,Ratioanalysis,DebtManagementRatios,Ratioanalysis,Ratioanalysis,DebtManagementRatios,DebtManagementRatios,EventhoughbothcompaniesassetsproducethesameexpectedEBIT,undernormalconditionsFirmLwillprovideitsstockholderswithareturnonequityof27%vs.only18%forfirmU.ThedifferenceiscausedbyFirmLsuseofdebt,whichraisestheexpectedrateofreturntostockholders.Sinceinterestisdeductible,theuseofdebtlowersthetaxbillandleavesmoreoperatingincomeavailabletoitsinvestors.Thus,debtcanbeusedto“leverageup”therateofreturnonequity.,DebtManagementRatios,Ratioanalysis,TotalDebttoTotalAssets,Creditorspreferlowdebtratiosbecausethelowertheratio,thegreaterthecreditorsprotectionagainstlossesintheeventofbankruptcy.,Itmeansthecreditorshavesuppliedmorethanhalfofittotalfinancing.,Industryaverage:

40%,負債比率相關,通常企業負債比率以不超過50%較好，但也要看產業特性而定。

另外，負債比率偏高並不代表一定會出問題，但至少反映出企業支付利息的壓力沈重。

以下為我國主要行業之平均負債比率。

資料來源：

中華徵信所公司1998財務總分析,TheFixedchargeCoverageRatio,DebtManagementRatios,Ratioanalysis,Industryaverage:

5.5times,ItissimilartoTIEbutmoreinclusivebecauseitrecognizethatmanyfirmsleaseassetsandalsomustmakesinkingfundpayment.,MicroDrivesfixedchargesarecoveredonly2.1times,versusanindustryaverageof5.5times.Again,thisindicatesthatthefirmisweakerthanaverage,andthisreinforcestheargumentthatMicroDrivewouldprobablyencounterdifficultiesifitattemptedtoincreaseitsdebt.,TimesInterestEarned,TheTimes-interest-earned（TIE）ratioisdeterminebydividingearningsbeforeinterestandtaxes（EBIT）bytheinterestcharges:

DebtManagementRatios,Ratioanalysis,Failuretomeetthisobligationcanbringlegalactionbythefirmscreditors,possiblyresultinginbankruptcy.,MicroDrivesInterstiscovered3.2times.Sincetheindustryaverageis6times,MicroDrivehasarelativelylowmarginofsafety.Thus,theTIEratioreinforcesourconclusionbasedonthedebtratiothatMicroDrivewouldfacedifficultiesifitattemptedtoborrowadditionalfunds.,ProfitabilityRatios,Ratioanalysis,Profitabilityisthenetresultofanumberofpoliciesanddecisions.Profitabilityratiosshowthecombinedeffectsofliquidity,assetmanagement,anddebtonoperatingresults.,ProfitabilityRatios,Ratioanalysis,ProfitMarginonSales,BasicEarningPower（BEP）,Operati