财务战略矩阵--财务绩效评价体系.ppt

财务战略矩阵--财务绩效评价体系
主讲人:张友棠教授
Speaker: Prof. Zhang Youtang
1
目录
第1部分财务评价矩阵关键要素分析
第2部分中国企业集团(央企)财务综
合评价规则
第3部分财务竞争战略评价矩阵研究 —中国上市公司三维财务竞争战略矩阵研究
第4部分财务风险预警评价矩阵研究
——中国上市公司财务风险预警评价矩阵研究报告
2
第1部分财务评价矩阵关键要素分析
3
国际企业财务评价基础知识Basic Knowledge of Multinational Corporation Financial Evaluation
(1)负债成本、权益成本与加权平均资本成本
Liability Cost, Equity Cost and Weighted Average Cost of Capital
负债:
①带息负债,亦称金融性负债→构成“负债成本”
②无息负债,亦称非金融性负债
Liability:
①Liability with interest(financial liability)→”Liability Cost”
②Liability without interest(non-financial liability)
4
负债成本=带息负债的“财务费用”×(1-所得税率25%)
Liability Cost=”financial expenses” of Liability with interest×(1-e tax rate)
权益成本=使用“所有者权益资本”的机会成本(含股息)
Equity Cost=Opportunity Cost of using “Owners’ Equity Capital”(including dividend)
加权平均资本成本()=负债资本成本率×负债资本占投入资本的百分比+权益资本成本率×权益资本占投入资本的百分比
=Liability Capital Cost Ratio×percentage of Liability Capital in Invested Capital+Equity Capital Cost Ratio×percentage of Equity Capital in Invested Capital
5
(2)营运资本需求与净营运资本Working Capital Requirement(WCR) Working Capital(NWC)
营运资本需求=非金融性流动资产-非金融性流动负债=(应收项目+存货+预付项目)-(应付项目+预收项目)
Working Capital Requirement=non-financial current assets-non-financial current liability
=(receivables+inventory+prepayment)-(payables+receivable in advance)
净营运资本=全部流动资产(含金融性流动资产)-全部流动负债(含金融性流动负债)
Net Working Capital=all current assets(including financial current assets)-all current liability(including non-financial current liability)
6
(3)留存收益率、股利支付率与内部权益筹资率 Retained Earning Ratio, Dividend Payout Ratio and Internal Equity Financing Ratio
净利润:
①提取法定盈余公积②提取公益金③提取任意盈余公积④支付现金股利→现金股利⑤未分配利润
Earning After Tax(EAT):
①extract legal surplus reserve ②extract public welfare fund③extract arbitrary surplus reserve④pay cash dividend⑤undistributed profit
7
留存收益=盈余公积+未分配利润
Retained Earning= Surplus Reserve+Undistributed Profit
留存收益率=(RE-留存收益)/(EAT-净利润)
Retained Earning Ratio=(RE-Retained Earning)/( Profit)
股利支付率=(DP-股利支付)/(EAT-净利润)
Dividend Payout Ratio=(DP-Di