Chapter4Foundationsofratioandfinancialanalysi
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转天数）=365/inventory turnover
②Receivables turnover ratio（应 收账款周转率）
Receivables turnover =sales/average trade receivables Average No. days receivables outstanding（应收账款周转天数）
Illustration: 3 pharmaceutical （制药） companies from different countries.
2. Industry（行业） comparisons (Exhibit 42) P102
Illustration: 8 industries
3. Comparisons over time (Exhibit 4-3) P104 Illustration: 5 years of 1 company
current liabilities
Cash Accounts receivable Inventory
Current assets Property, plant, and equipment Less: accumulated depreciation
Total assets Accounts payable Taxes payable Short-term debt
Total assets Accounts payable Taxes payable Short-term debt
Current liabilities Long-term debt
Total liabilities Common stock Retained earnings
Total equity Total liabilities and equity
20%
Company B 10,000 30,000
33%
Company C 10,000 (50,000)
(20%)
(5)Accounting methods
Give some examples about different accounting methods used by the company.
2009 Income statement for $46 the Year Ending Dec.31, 599 2009
458
$1,103 Sales
$1,861
237 Cost of goods sold
1,277
(87)
$1,253 Operating expense
504
$104
133 Depreciation
Average NO. Days payable outstanding（应付账款周转天数）
=365/payables turnover
④working capital turnover ratio （营运资本周转率）
Working capital turnover =sales/average working capital *working capital（营运资本）=current assets-
analysis?
(4)Negative numbers（负数）
Company A Company B
Income $10,000 (10,000)
Equity $100,000 (100,000)
ROE 10% 10%
Dividend Income Payout Ratio
Company A $10,000 $50,000
DISCUSSION OF RATIOS BY CATEGORY
1. Activity analysis（营运分析） the firm’s level of operation == the assets
needed to sustain operating activities.
(1) Short-term（短期） activity ratios ①Inventory turnover ratio（存货周转率） Inventory turnover=GOGS/average inventory Average No. days inventory in stock（存货周
Cash Cycle for Dell Computers
1998
1999
Days of sales in
36
36
accounts receivable
Days of supply in ccounts payable
(51)
(54)
Cash cycle
(8)
COMMON-SIZE STATEMENTS（共 同比报表）
as a percentage of a relevant base. Balance sheet == Total assets Income statement == Sales
1. Cross-sectional（代表性） comparisons (Exhibit 4-1) P101
2008 $30 545 405
$980 204 (73) $1,111 $113 130 391 $634 143 $777 73 261 $334 $1,111
2009 Income statement for $46 the Year Ending Dec.31, 599 2009
458
$1,103 Sales
(3)Timing and window dressing only at specific points in time seasonal business window dressing（弄虚作假）
Review
What are the four broad ratio categories? What are the cautionary notes for ratio
②Total asset turnover（总资产周转率） Total asset turnover
=sales/average total assets
Cash Accounts receivable Inventory
Current assets Property, plant, and equipment Less: accumulated depreciation
=365/receivables turnover
③Accounts payable turnover ratio （应付账款周转率）
Payables turnover =purchases/average accounts payable
*purchases=COGS+ (Ending inventoryBeginning inventory)
Chapter 4 Foundations of Ratio and Financial Analysis
INTRODUCTION
1. Purpose and use of ratio analysis firms of different sized（不同规模的公司） a profile of a firm （characteristics）
Total Asset Turnover =1861/(1111+1253)/2=1.57
2. Liquidity analysis（流动性分析）
(1) Length of cash cycle（现金循环周期）
Operating cycle（经营周期）=Inventory + Receivables
Receivables Turnover=1861/572=3.25
Average No. Days Receivables Outstanding=365/3.25=112.31
Payables Turnover=(1277+53)/108.5=12.26
Average No. Days Payables Outstanding=365/12.26=29.77
(12)
2000 34 6 (58) (18)
Review
1. What are the short-term activity ratios mentioned last time?
2. Why can the company have the negative cash cycle?
(2)Working capital ratios（营运资本比 率） and defensive intervals（速动资 产够用天数）
$1,861
237 Cost of goods sold
1,277
(87)
$1,253 Operating expense
504
$104
133 Depreciation
14
453 Interest
51
$690 Taxes
6
239
Net income
$9
$929
76
248
$324
$1.253
Fixed Assets Turnover =1861/(131+150)/2=13.25
14
453 Interest
51
$690 Taxes
6
239
Net income
$9
$929
76
248
$324
$1.253
Inventory Turnover=1277/431.5=2.96
Average No. Days Inventory In Stock=365/2.96=123.31
Working Capital Turnover=1861/(346+413)/2=4.90
(2) Long-term activity ratios（长期营运 能力）
①Fixed asset turnover ratio（固定资产 周转率） Fixed assets turnover =sales/average fixed assets
2. Ratio analysis: cautionary notes
(1)Economic assumptions Proportionality（比例）assumption fixed costs (2)Benchmarks Optimal levels（最优水平） Industry（行业） norms as benchmarks.
Four broad ratio categories:
(1)Activity analysis（营运能力） (2)Liquidity analysis （流动性/短期偿债能
力） (3)Long-term debt and solvency analysis
（长期偿债能力） (4)Profitability analysis（盈利能力）
Cash cycle（现金周期）= Inventory + Receivables – Payables
Average No. Days Inventory In Stock = 365/2.96=123.31
Average No. Days Receivables Outstanding = 365/3.25=112.31
①Current ratio（流动比率）=current assets/current liabilities
Average No. Days Payables Outstanding = 365/12.26=29.77
Operating Cycle =123.31+112.31=235.62
Cash Cycle=235.62-12.26=223.36
*negative cash cycles
Current liabilities Long-term debt
Total liabilities Common stock Retained earnings
Total equity Total liabilities and equity
2008 $30 545 405
$980 204 (73) $1,111 $113 130 391 $634 143 $777 73 261 $334 $1,111
②Receivables turnover ratio（应 收账款周转率）
Receivables turnover =sales/average trade receivables Average No. days receivables outstanding（应收账款周转天数）
Illustration: 3 pharmaceutical （制药） companies from different countries.
2. Industry（行业） comparisons (Exhibit 42) P102
Illustration: 8 industries
3. Comparisons over time (Exhibit 4-3) P104 Illustration: 5 years of 1 company
current liabilities
Cash Accounts receivable Inventory
Current assets Property, plant, and equipment Less: accumulated depreciation
Total assets Accounts payable Taxes payable Short-term debt
Total assets Accounts payable Taxes payable Short-term debt
Current liabilities Long-term debt
Total liabilities Common stock Retained earnings
Total equity Total liabilities and equity
20%
Company B 10,000 30,000
33%
Company C 10,000 (50,000)
(20%)
(5)Accounting methods
Give some examples about different accounting methods used by the company.
2009 Income statement for $46 the Year Ending Dec.31, 599 2009
458
$1,103 Sales
$1,861
237 Cost of goods sold
1,277
(87)
$1,253 Operating expense
504
$104
133 Depreciation
Average NO. Days payable outstanding（应付账款周转天数）
=365/payables turnover
④working capital turnover ratio （营运资本周转率）
Working capital turnover =sales/average working capital *working capital（营运资本）=current assets-
analysis?
(4)Negative numbers（负数）
Company A Company B
Income $10,000 (10,000)
Equity $100,000 (100,000)
ROE 10% 10%
Dividend Income Payout Ratio
Company A $10,000 $50,000
DISCUSSION OF RATIOS BY CATEGORY
1. Activity analysis（营运分析） the firm’s level of operation == the assets
needed to sustain operating activities.
(1) Short-term（短期） activity ratios ①Inventory turnover ratio（存货周转率） Inventory turnover=GOGS/average inventory Average No. days inventory in stock（存货周
Cash Cycle for Dell Computers
1998
1999
Days of sales in
36
36
accounts receivable
Days of supply in ccounts payable
(51)
(54)
Cash cycle
(8)
COMMON-SIZE STATEMENTS（共 同比报表）
as a percentage of a relevant base. Balance sheet == Total assets Income statement == Sales
1. Cross-sectional（代表性） comparisons (Exhibit 4-1) P101
2008 $30 545 405
$980 204 (73) $1,111 $113 130 391 $634 143 $777 73 261 $334 $1,111
2009 Income statement for $46 the Year Ending Dec.31, 599 2009
458
$1,103 Sales
(3)Timing and window dressing only at specific points in time seasonal business window dressing（弄虚作假）
Review
What are the four broad ratio categories? What are the cautionary notes for ratio
②Total asset turnover（总资产周转率） Total asset turnover
=sales/average total assets
Cash Accounts receivable Inventory
Current assets Property, plant, and equipment Less: accumulated depreciation
=365/receivables turnover
③Accounts payable turnover ratio （应付账款周转率）
Payables turnover =purchases/average accounts payable
*purchases=COGS+ (Ending inventoryBeginning inventory)
Chapter 4 Foundations of Ratio and Financial Analysis
INTRODUCTION
1. Purpose and use of ratio analysis firms of different sized（不同规模的公司） a profile of a firm （characteristics）
Total Asset Turnover =1861/(1111+1253)/2=1.57
2. Liquidity analysis（流动性分析）
(1) Length of cash cycle（现金循环周期）
Operating cycle（经营周期）=Inventory + Receivables
Receivables Turnover=1861/572=3.25
Average No. Days Receivables Outstanding=365/3.25=112.31
Payables Turnover=(1277+53)/108.5=12.26
Average No. Days Payables Outstanding=365/12.26=29.77
(12)
2000 34 6 (58) (18)
Review
1. What are the short-term activity ratios mentioned last time?
2. Why can the company have the negative cash cycle?
(2)Working capital ratios（营运资本比 率） and defensive intervals（速动资 产够用天数）
$1,861
237 Cost of goods sold
1,277
(87)
$1,253 Operating expense
504
$104
133 Depreciation
14
453 Interest
51
$690 Taxes
6
239
Net income
$9
$929
76
248
$324
$1.253
Fixed Assets Turnover =1861/(131+150)/2=13.25
14
453 Interest
51
$690 Taxes
6
239
Net income
$9
$929
76
248
$324
$1.253
Inventory Turnover=1277/431.5=2.96
Average No. Days Inventory In Stock=365/2.96=123.31
Working Capital Turnover=1861/(346+413)/2=4.90
(2) Long-term activity ratios（长期营运 能力）
①Fixed asset turnover ratio（固定资产 周转率） Fixed assets turnover =sales/average fixed assets
2. Ratio analysis: cautionary notes
(1)Economic assumptions Proportionality（比例）assumption fixed costs (2)Benchmarks Optimal levels（最优水平） Industry（行业） norms as benchmarks.
Four broad ratio categories:
(1)Activity analysis（营运能力） (2)Liquidity analysis （流动性/短期偿债能
力） (3)Long-term debt and solvency analysis
（长期偿债能力） (4)Profitability analysis（盈利能力）
Cash cycle（现金周期）= Inventory + Receivables – Payables
Average No. Days Inventory In Stock = 365/2.96=123.31
Average No. Days Receivables Outstanding = 365/3.25=112.31
①Current ratio（流动比率）=current assets/current liabilities
Average No. Days Payables Outstanding = 365/12.26=29.77
Operating Cycle =123.31+112.31=235.62
Cash Cycle=235.62-12.26=223.36
*negative cash cycles
Current liabilities Long-term debt
Total liabilities Common stock Retained earnings
Total equity Total liabilities and equity
2008 $30 545 405
$980 204 (73) $1,111 $113 130 391 $634 143 $777 73 261 $334 $1,111