财务管理专业英语unite 4ppt课件.ppt

Financial Ratio Analysis
财务比率分析
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Learning Objectives
What are financial ratios?
What categories（种类） can financial ratios be grouped into?
How to calculate each financial ratio?
What’s the meaning of each financial ratio?
What are the pros and cons of each financial ratio?
优缺点
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Wisdom
If you cannot measure it, you cannot improve it.
——Lord Kelvin(1824-1907)
无法衡量就无法改善。
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Core Financial Ratio
Liquidity Ratios:
Liquidity Ratios measure the company’s ability to meet its short-term obligations.
Current ratio
Quick ratio
Cash ratio
流动比率
速动比率
现金比率
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Debt Management Ratios:
Debt Management Ratios measure a company’s
ability to meet long-term obligations.
Debt ratio
Debt –to –equity ratio
Equity multiplier
Long-term debt ratio
Interest coverage ratio
Cash flow coverage ratio
资产负债比率
产权比率
权益乘数
长期负债比率
利息保障倍数
现金流量保障比率
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Asset Management Ratios:
Asset Management Ratios measure a company’s ability to
Manage the assets at its disposal.
Accounts receivable turnover ratio
Inventory turnover ratio
Accounts payable turnover ratio
Cash conversion cycle
Fixed asset turnover ratio
Total asset turnover ratio
现金流转周期
存货周转率
应付账款周转率
固定资产周转率
总资产周转率
应收账款周转率
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Profitability ratios ：
Profitability ratios measure the company’s ability to
generate profitable sales from its Assets.
Gross profit margin
Operating profit margin
Net profit margin
Return on assets
Return on total equity
Return on common equity
资产报酬率
营业利润率
毛利率
普通权益报酬率
全部权益报酬率
净利润率
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Market value ratios:
Market value ratios use market data such as stock price to
provide useful information about the firm’s relative value.
Price/earnings ratios (P/E)
Market -to-book value ratio
Dividend yield
Dividend payout
市值与账面价值的比
市盈率
股利支付率
股利收益率
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Mini Case
施乐公司（Xerox Corporation）创建于1906年，总部位于美国康涅狄格州斯坦福市，是一家历史悠久的以经营办公设备为主的跨国企业，也是世界上最大的现代化办公设备制造商及复