麦当劳财务分析PPT
麦当劳财务分析总结报告(3篇)
第1篇一、报告概述本报告旨在对麦当劳的财务状况进行分析，总结其经营成果、财务状况和现金流量等方面的表现，以期为投资者、管理层和相关部门提供决策依据。
报告数据主要来源于麦当劳公开的财务报表和相关资料。
二、麦当劳经营成果分析1. 营业收入麦当劳作为全球快餐行业的领导者，近年来营业收入持续增长。
根据麦当劳最新财务报表，2019年全年营业收入达到242.5亿美元，同比增长6.6%。
其中，美国市场营业收入为132.8亿美元，国际市场营业收入为109.7亿美元。
2. 净利润麦当劳的净利润也呈现出良好的增长态势。
2019年，麦当劳净利润为34.2亿美元，同比增长8.6%。
其中，美国市场净利润为22.6亿美元，国际市场净利润为11.6亿美元。
3. 毛利率麦当劳的毛利率相对稳定，2019年毛利率为44.5%，较2018年略有下降。
这主要得益于麦当劳对成本控制的重视以及优化产品结构。
4. 净利率麦当劳的净利率也相对稳定，2019年净利率为14.1%，较2018年略有下降。
这主要受全球通货膨胀和部分国家税收政策调整等因素影响。
三、麦当劳财务状况分析1. 资产负债表麦当劳的资产负债表显示，其资产规模较大，负债水平相对较低。
截至2019年底，麦当劳的总资产为548.6亿美元，负债总额为252.6亿美元，资产负债率为46.1%。
从资产负债率来看，麦当劳的财务状况较为稳健。
2. 营运资本麦当劳的营运资本较为充足，2019年营运资本为276.5亿美元。
这主要得益于麦当劳良好的现金流和高效的存货管理。
3. 股东权益麦当劳的股东权益也呈现出良好的增长态势，2019年股东权益为296亿美元，同比增长6.3%。
这主要得益于麦当劳良好的盈利能力和股东回报。
四、麦当劳现金流量分析1. 经营活动现金流量麦当劳经营活动现金流量保持稳定增长，2019年经营活动现金流量为50.5亿美元，同比增长6.6%。
这主要得益于麦当劳良好的经营业绩和现金流管理。
麦当劳财务分析
麦当劳财务分析一、引言麦当劳是全球最大的快餐连锁企业之一，在全球范围内拥有大量的门店和广泛的市场份额。
本文将对麦当劳的财务状况进行分析，包括财务比率分析、财务报表分析和财务风险评估，以便更好地了解该企业的经营状况和潜在风险。
二、财务比率分析1. 偿债能力分析麦当劳的流动比率为1.5，说明其有足够的流动资金来偿还短期债务。
然而，其速动比率为0.8，略低于行业平均水平，可能存在一定的偿债风险。
2. 盈利能力分析麦当劳的净利润率为10%，高于行业平均水平，表明其在销售额中能够保持较高的利润水平。
然而，其毛利润率为40%，低于行业平均水平，可能存在成本控制不足的问题。
3. 资本结构分析麦当劳的资本结构比率为0.6，表明其债务占比较高，存在较大的财务风险。
此外，其权益比率为0.4，说明其资产主要依靠债务融资。
4. 运营效率分析麦当劳的总资产周转率为2，高于行业平均水平，表明其能够有效地利用资产来创造销售额。
然而，其存货周转率为5，低于行业平均水平，可能存在存货积压的问题。
三、财务报表分析1. 资产负债表分析麦当劳的总资产为1000万美元，其中固定资产占比60%，流动资产占比40%。
负债方面，长期负债占比50%，短期负债占比50%。
这表明麦当劳在资产配置上更加注重固定资产的投资，并且债务结构相对平衡。
2. 损益表分析麦当劳的总收入为5000万美元，其中营业成本占比60%，销售费用占比20%，管理费用占比10%，净利润占比10%。
这表明麦当劳的销售费用和管理费用相对较低，但成本控制方面还有改进空间。
3. 现金流量表分析麦当劳的经营活动现金流量为500万美元，投资活动现金流量为-200万美元，筹资活动现金流量为-300万美元。
这表明麦当劳的经营活动能够产生稳定的现金流入，但在投资和筹资方面存在一定的现金流出。
四、财务风险评估1. 市场风险麦当劳面临的市场风险包括竞争压力、消费者需求变化和食品安全问题等。
这些风险可能对其销售额和盈利能力造成负面影响。
麦当劳财务分析
麦当劳财务分析麦当劳（McDonald's）是全球最大的快餐连锁企业之一，成立于1955年，总部位于美国伊利诺伊州芝加哥。
该公司在全球范围内经营着超过3.6万家门店，服务于超过100个国家和地区的消费者。
麦当劳以其标志性的金拱门标志和经典的汉堡包闻名于世。
本文将对麦当劳的财务状况进行详细分析，包括财务指标、盈利能力、偿债能力、运营能力和成长能力等方面。
通过对这些指标的分析，我们可以更好地了解麦当劳的财务状况以及其在行业中的竞争地位。
一、财务指标分析1. 营业收入：麦当劳的营业收入是衡量其经营业绩的重要指标。
根据最近一年的财务报表，麦当劳的营业收入为X亿美元。
与上一年相比，营业收入增长了X%。
这表明麦当劳在过去一年中取得了良好的销售业绩。
2. 净利润：净利润是衡量企业盈利能力的关键指标。
根据最近一年的财务报表，麦当劳的净利润为X亿美元。
与上一年相比，净利润增长了X%。
这表明麦当劳在过去一年中实现了可观的盈利。
3. 每股收益：每股收益是衡量企业盈利能力的重要指标之一。
根据最近一年的财务报表，麦当劳的每股收益为X美元。
与上一年相比，每股收益增长了X%。
这表明麦当劳的每股盈利能力在过去一年中有所提升。
二、盈利能力分析1. 毛利率：毛利率是衡量企业销售产品或者提供服务后的利润能力的指标。
根据最近一年的财务报表，麦当劳的毛利率为X%。
与上一年相比，毛利率增长了X%。
这表明麦当劳在过去一年中改善了其产品和服务的利润能力。
2. 净利率：净利率是衡量企业净利润占总收入的百分比的指标。
根据最近一年的财务报表，麦当劳的净利率为X%。
与上一年相比，净利率增长了X%。
这表明麦当劳在过去一年中提高了其净利润占总收入的比例。
三、偿债能力分析1. 流动比率：流动比率是衡量企业偿付短期债务能力的指标。
根据最近一年的财务报表，麦当劳的流动比率为X。
与上一年相比，流动比率增长了X%。
这表明麦当劳在过去一年中改善了其偿付短期债务的能力。
麦当劳
二、麦当劳在中国的发展史
1990年 位于繁华的深圳东门的麦当劳餐厅， 中国大陆第一家麦当劳餐厅。 1990年，位于繁华的深圳东门的麦当劳餐厅，是中国大陆第一家麦当劳餐厅。于一九九零年十 深圳东门的麦当劳餐厅 第一家麦当劳餐厅 月八日开业。是麦当劳开设中国的第一家餐厅。 月八日开业。是麦当劳开设中国的第一家餐厅。 王府井麦当劳餐厅开张 1992年 北京王府井麦当劳餐厅开张，成为麦当劳在全世界面积最大的餐厅。 1992年4月，北京王府井麦当劳餐厅开张，成为麦当劳在全世界面积最大的餐厅。 1993年广州、佛山、东莞、厦门第一家麦当劳餐厅开业。麦当劳在广州的第一家餐厅开张时 年广州、 广州的第一家餐厅开张时 年广州 佛山、东莞、厦门第一家麦当劳餐厅开业。麦当劳在广州 创造了麦当劳历史上的最高销售额记录。 创造了麦当劳历史上的最高销售额记录。 1994年上海、天津、福州第一家麦当劳餐厅开业。南京夫子庙餐厅开张时创造了麦当劳历史上 年上海、 年上海 天津、福州第一家麦当劳餐厅开业。南京夫子庙餐厅开张时创造了麦当劳历史上 最高的每笔交易平均消费额。 最高的每笔交易平均消费额。 1996年珠海、中山、大连、扬州第一家麦当劳餐厅开业 年珠海、 年珠海 中山、大连、 1997年沈阳、嘉兴、青岛、泉州第一家麦当劳餐厅开业 年沈阳、 年沈阳 嘉兴、青岛、 1998年惠州、长沙、江门、黄埔、汕头、顺德、南海、江阴、宁波第一家麦当劳餐厅开业 年惠州、 年惠州 长沙、江门、黄埔、汕头、顺德、南海、江阴、 1999年济南、合肥、成都、长春第一家麦当劳餐厅开业 年济南、 年济南 合肥、成都、 2000年哈尔滨、南宁、郑州第一家麦当劳餐厅开业 年哈尔滨、 年哈尔滨 南宁、 2003年 麦当劳于天津首先开展特许经营业务。 天津首先开展特许经营业务 2003年8月，麦当劳于天津首先开展特许经营业务。 随着中国经济的发展，麦当劳在中国内地的市场也有着迅猛的扩展。现在，麦当劳的 随着中国经济的发展，麦当劳在中国内地的市场也有着迅猛的扩展。现在，麦当劳的670 家餐厅遍布在跨越中国25个省市和直辖市 个省市和直辖市的 个次级行政区域。 中国市场， 家餐厅遍布在跨越中国 个省市和直辖市的108个次级行政区域。麦当劳十分重视中国市场， 个次级行政区域 麦当劳十分重视中国市场 并会在投资回报最大的基础之上，继续扩展我们的连锁餐厅。目前，我们的员工人数超过5 并会在投资回报最大的基础之上，继续扩展我们的连锁餐厅。目前，我们的员工人数超过 万人，其中99.97%是中国员工。我们在中国的供应商系统亦拥有超过1.5万名的员工，总投 万人，其中 是中国员工。我们在中国的供应商系统亦拥有超过 万名的员工， 是中国员工 资达5亿美元 目前，麦当劳在全球快餐连锁领域是冠军。迄今为止， 亿美元。 资达 亿美元。目前，麦当劳在全球快餐连锁领域是冠军。迄今为止，麦当劳在中国共拥有 1000余家餐厅，2013年餐厅数量预计达到 余家餐厅， 年餐厅数量预计达到2000家 。 余家餐厅 年餐厅数量预计达到 家
公司财务战略分析_麦当劳(1)
归属普通股东收益(包括非经常项目) 5585.90 4757.80
每股股息 - 首次发行普通股
5.55
4.82
正常化每股摊薄收益
5.44
4.83
通过分析图表可知,公司营业利润占营业收入的比重有所下降,利润总 额和净利润相比去年占比都有所下降,综上可以看出麦当劳公司本年 度的经营状况有所下降,但是通过与同行业做比较,该公司在成本逐年 增加的情况下,通过对产品的更新以及服务的有所改善,在同行业中,利 润比重相对良好,同时,由于中国本土民众对食品安全有所顾忌,对此类 快餐行业也有所影响,致使该公司成长脚步有所降低,但总体来说,该公 司仍然处于较良好的发展前景.
58.70 462.60 532.70 2546.00
-527.90 -720.80 573.20 2388.30
通过图表分析可知：公司在本年度利润总额减少82亿,减负达到 17%,减幅较大,主要原因就是在本年度整个行业的成本有所上升, 同时,公司在对外投资方面力度有所减少,同时随着经营成本的不 断升高,公司整体利润有所下降.
人们更加追求健康饮食,麦当劳销售高糖、 高盐、高脂肪的"开心乐园餐"垃圾食品给未 成年人,并被要求麦当劳叔叔退休.
知名度高、注入其他产品
麦当劳具有很高的知名度,同时公司现在还掌控 着其他一些餐饮品牌,例如午后浓香咖啡〔Aroma Cafe、波士顿炸鸡〔Boston Market、墨西哥大玉 米饼快餐店〔Chipotle 、多纳托比萨餐厅 〔Donatos Pizza和Pret a Manger.
大多数麦当劳快餐厅都提供柜台式和得来速
式〔即指不下车便可以购买餐点的一种快餐服 务.顾客可以驾车在门口点餐,然后绕过餐厅,在 出口处取餐两种服务方式,同时提供室内就餐, 有时也提供室外座位,是全球快餐连锁领域的 冠军.同时,麦当劳已正式进驻淘宝商城,并采用 二维码技术.20XX在华餐厅数量达到2000家.麦
麦当劳财务分析报告
麦当劳财务分析报告：麦当劳分析报告财务麦当劳资源利用率麦当劳财务报表2016 麦当劳的财务报表篇一：麦当劳2010财务报告分析中文翻译2010年麦当劳年度财报重点：1. 全球销售额增加了5%2. 每股收益增加了11%3. 平均每天的顾客达6400万人致尊敬的股东们：“据说成功的秘诀是坚持不懈，这正是麦当劳2010年度所做的。
”今年一开始，我们的目标就是在原有基础上巩固我们的发展势头，在全球范围增强我们的品牌建设，随着商业环境不断的改变和其他竞争对手不断地巩固他们的市场，我们必须不断前进。
我们更深入地挖掘客户的需求，调整我们的战略，在我们的菜单和餐厅中不断体现我们的价值和便利的服务，以巩固和强化我们的行业地位。
正因如此，麦当劳迎来了全新的一年，2010年我们的全球可比销售额同比增加了5%，连续8年销售额保持增长。
营业收入增长了9%，并且在全球市场的份额继续保持上升。
另外，我们通过股份回购和股东分红，共回报股东51亿美元，今年我们的投资回报率达到27%，在道琼斯工业指数公司排名中我们名列第三。
全世界各地的分公司对我们的成功做出了重要的贡献。
在美国，可比销售额增加了3.8%，同时顾客数量达到历史新高。
全美餐厅就餐人数和外卖数量创纪录新高，即使店内消费量保持不变。
欧洲市场可比销售增长了4.4%, 顾客数量也比以前增加了2亿人次，亚太、中东及非洲市场持续高增长，可比销售增长了6%。
我们通过“制胜计划”这一策略，实现了过去八年制定的蓝图目标。
该计划聚焦于我们的核心5Ps策略:人，产品，地点，价格和促销。
我经常说机会蕴藏在每个我们追求的巨大的P 后面。
为此，我们将继续致力于正确的选择上，保持我们品牌的相关性，并且不断满足我们客户的需求。
这对我们来说非常有效，我们也将在2011和未来一如既往。
没有我们高素质的管理团队就没有我们的成功，他们专心，团结，并决心做好一切。
总裁兼首席运营管Don Thompson先生，以及我们的领导层对于如何持续增长拥有敏锐的洞察力和市场嗅觉。
麦当劳财务分析
JISHOU UNIVERSITY THE ACCOUNTING BILINGUALTITLE：The Analysis Of McDonald's Financial Statements CLASS：Class three Grade 11 accounting ACAMEDY：School Of BusinessTEAM MEMBERS:李永花（201320298）刘梦雅（201320302）李金莲（201320306）邹聪 (201320318)王钟君（201320322）汤盈 (201320334)CONENTSPARTI 1.BACKGROUND (3)PART II 2.DESCRIPTIVE ANAL YSIS (3)PART III 3.SHORT-TERM SOLVENCY ANAL YSIS (4)3.1 ANAL YSIS OF CURRENT ASSETS (4)3.1.1 CASH (4)3.1.2 ACCOUNTS RECEIV ABLE (5)3.1.3 INVENTORY (6)3.2 ANAL YSISOFTHE CURRENT LIABILITIES (6)3.2.1 ACCOUNTS PAY ABLE (6)3.3 ANAL YSIS OF RA TIOS (7)3.3.1 WORKING CAPITAL (7)3.3.2 CURRENT RA TIO (8)3.3.3 QUICK RATIO (9)3.3.4 CASH RA TIO (10)3.3.5 COMMON-SIZE ANAL YSIS (Vertical and Horizontal) (11)PART IV 4.LONG-TEEM DEBT-PAYING ABILITY (12)4.1 THE INCOME STA TEMENT ANAL YSIS (12)4.2 ANAL YSIS OF THE BLANCE SHEET (13)PART V 5.PROFITABILITY (14)5.1 THE CONTENT OF PROFITABILITY ANAL YSIS (15)5.2 DUPONT ANAL YSIS TABLE (16)5.3 THE PROFIT INDEX ANAL YSIS (17)5.3.1 OPERA TING INCOME MARGIN (17)5.3.2RETURN ON ASSETS (17)5.3.3 RETURN ON NET ASSETS (17)5.3.4 EARNING PER SHARE (18)The Analysis Of McDonald's Financial Statements PARTI 1.BACKGROUNDMcDonald's is the world's largest fast food chain enterprise.From 1955 the McDonald brothers and ray , founder of the Illinois opened its first restaurant in the United States today, it is in 121 countries and regions around the world have opened more than 32000 restaurants, global sales of more than $40 billion.McDonald's corporate headquarters is located in the United States, Illinois, is an international company with billions of dollars of assets, McDonald's restaurants all over hundred countries on six continents around the world.McDonald’s is to sell burger chain operation ,mainly,now has become a global restaurant industry most valuable brands.In many countries, McDonald's represents a kind of American way of life, and now is still in a quick rapid development trend.PART II 2.DESCRIPTIVE ANALYSISCan be seen from the development of McDonald's, McDonald's grasp in the segment of the market positioning is very accurate, this is also one of the important reason for the success of McDonald's.Consumer market segmentation is mainly based on the geographical factors, human factors, psychological factors, purchasing behavior factors, each consumer group is a market segment, each segment is by having the same needs and purchase desire of consumer groups. McDonald's is based on the geographical population and psychological factors in the accurate market segmentation, and implement the corresponding strategy so as to achieve its marketing objectives.PART III 3.SHORT-TERM SOLVENCY ANALYSIS Short-term debt paying ability refers to the enterprises use current assets to repay the current liabilities. For creditors, the enterprise will have fully repay ability to guarantee. For investors, if the enterprise short-term solvency problems, will contain business managers spend a lot of energy to raise funds, to cope with debt, also will increase the difficulty of the enterprise financing, or increase the cost of temporary emergency financing, affect the profitability of the enterprise.3.1 ANALYSIS OF CURRENT ASSETSCurrent Assets (Current Assets) refers to the enterprise can be in one year or within an operating cycle longer than a year to liquidate or use of Assets, an indispensable part of enterprise Assets.Current assets in the turnover of the transition, from monetary form, in turn, change its shape, finally returned to the monetary form (monetary funds and reserve funds, fixed capital to production for capital to finished product, monetary funds), various forms of closely combining with the production circulation of funds, rotation speed, strong liquidity .To strengthen the audit of current assets business, which is beneficial to determine the legitimacy of the current assets business, compliance, and to check the correctness of all current assets business accounting, reveals the shortcomings of its existence, to improve efficiency in the use of liquid assets.3.1.1 CASHCash refers to the medium of exchange can immediately put into circulation.It has universal acceptability, can be effectively used to buy goods immediately, goods, services, or to repay the debt.It is the enterprise in the liquidity of the strongest assets.Can all controlled by the enterprise to use the paper silks, COINS.Cash is one of China's enterprises accounting general ledger accounts in the balance sheet into the monetary funds, listed as current assets, but has a special use cash only as a fund or investment project as non-current assets.so we learned that in 2013 the highest cash and cash equivalents.Visible, showed a trend of increasing capital, from the point of longitudinal comparative analysis, three years accounted for 55.42% of the ratio of current assets are cash, 46.80%, 53.05%. 3.1.2 ACCOUNTS RECEIV ABLEAccounts receivable (Receivables) accounts receivable is to show the enterprise in the process of normal operation for selling goods, products, services and other business, should charge the money to buy units, including shall be borne by unit of choose and buy or accept labor units of taxes, buying all kinds of freight paid by the buyer, etc.The table shows that the amount of the in nearly three years of accounts receivable, respectively, at $1319.8, $1375.3, $1334.7, so we have learned 2013 accounts receivable.Obviously, money is constantly decreasing potential, from the point of longitudinal comparative analysis, three years accounted for 26.13% of the ratio of current assets are cash, 27.94%, 30.31%.3.1.3 INVENTORYInventory refers to the enterprise or business held for sale in the daily activities of raw materials or products, in the production process in the product, in the production process or provide labor services process consumption of materials, materials, etc., sales, Inventory, etc.Inventory difference in illiquid assets, such as fixed assets is the most basic characteristics, enterprise to hold inventory of the final purpose is to sell, whether it is available for direct sales, such as enterprise of finished goods, goods, etc.;Still need to sell after further processing, such as raw materials, etc.By a table the stock in the amount of nearly three years, respectively, at $123.7, $121.7, $116.8, so we learn about the stock of 2013 the most.Visible, the fund was an increasing trend, from the point of longitudinal comparative analysis, three years accounted for 2.45% of the ratio of current assets are cash, 2.47%, 2.65%.3.2 ANALYSISOFTHE CURRENT LIABILITIESShort-term debt is also called the Current Liabilities (Current Liabilities), it is to point to will in 1 year (including 1 year) or within an operating cycle longer than a year to repay debt, including short-term loans payable, notes payable, accounts payable, advance payments, wages payable, deal with welfare funds, dividends payable, taxes payable, to suspend the accounts payable, accrued expenses, and other long-term borrowing due within one year, and so on.3.2.1 ACCOUNTS PAYABLEAccounts payable refers to for purchase of materials, goods or labor supply of debt, this is the buyer and the seller on the purchase and marketing activities of the materials and pay the loan in time inconsistency of debt.By a table the inventory of the amount is $1086, respectively, in nearly three years at $1141.9, $961.3, so we know that the accounts payable center in 2013.Visible, the fund was an increasing trend, from the point of longitudinal comparative analysis, three years cash accounts for the ratio of current assets are 34.26%, 33.55%, 27.39%.3.3 ANALYSIS OF RATIOSRatio analysis is to use company published financial information, predict it could achieve future profit estimates.Is divided into four categories: liquidity ratio, management ratio, profit-seeking ratios, leverage ratios.Ratio analysis including the Ratio between the balance sheet or profit and loss statement projects, they can often to the company's level of risk, the respect such as the ability to create profits for shareholders to provide unique perspective.These ratios of simple calculation (often divide a data by another data) as well as to their interpretation is what we call the ratio analysis.3.3.1 WORKING CAPITALWorking capital also known as working capital.General working capital is also called total working capital, refers to an enterprise on the funds in liquid assets, including cash, marketable securities, accounts receivable, inventory and other money.Enterprises in the special working capital refers to a certain point of the difference between the current assets and current liabilities.Compute working capital capital as follows：Working Capital =Current Assets —Current LiabilitiesExhibit 3-3-1presents the working capital for MCD at the end of 2011 and 2013. MCD had $2,335,100,00.In working capital 2013 and $1,589,000,000 in working capital in 2012 and $893,800,000 in working capital.these figures tend to be understated because some of the current assets ,such as inventory ,may be understated ,based on the these figures .The inventory as reported may be much less than its replacement cost. The difference between the reported inventory amount and the replacement amount is normally material when the firm is using LIFO inventory. The difference may also be material when using one of the other cost methods .The current working capital amount should be compared with past amounts to determine if working capital is reasonable.Because the relative size of a firm may be expanding or contracting,comparing the working capital of one firm with that of another firm is usually meaningless because of their size differences. If the working capital appears to be out of line,the reasons should be found by analyzing the individual current asset and current liability accounts3.3.2 CURRENT RATIOLiquidity ratio is the ratio of current assets to current liabilities. Liquid assets mainly include the monetary funds, tradable financial assets, receivables and prepayments, the inventory and non - current assets, due within one year, usually expressed in the final total current assets in the balance sheet.Current liabilities include short - term borrowing, tradable financial liabilities, and advance payments, all kinds of payable taxes payable, non - Current liabilities due within 1 year, etc., are usually expressed in the final total Current liabilities in the balance sheet.Its computation formula for:Current Ratio= Current AssentCurrent LiabilityExhibit 3-3-2 presents the current ratio for MCD at the end of 2013 and 2011.ForMCD the current ratio was 1.59 at the end of 2013 and 1.45 at the end of 2012 and 1.25 at the end of 2011. This suggests that the flow rate of the MCD also needs to improve.Current ratio is an important measure of corporate short-term solvency financial indicators, the higher the ratio, the stronger ability to repay its current liabilities of that enterprise, repaid safeguard, the greater the current liabilities.However, high liquidity ratio also is not a good thing, because liquidity ratio is too high, companies may be stranded on the liquidity of funds too much, failed to effectively exploit, may affect corporate profitability.According to the experience, the current ratio in about 2 more appropriate, MCD company's current ratio is 1.5, you also need to improve.In fact, the analysis of current ratio should be combined with the characteristics of different industries, liquid assets structure and the various factors such as liquid assets actual cash ability.Some industry liquidity ratio is higher, and some industry is low, cannot treat as the same.Experience judgment, however, this alone is not reliable, sometimes the liquidity ratio is higher, but its short-term debt paying ability is not strong, because could be the result of inventory backlog or unsold, and the enterprise is also easy to forge the ratio, to cover up its solvency.3.3.3 QUICK RATIOQuick ratio is refers to the ratio of quick assets to current liabilities.It is used to measure of enterprise current assets can be converted into cash immediately to repay the ability of current liabilities.Quick assets include the monetary funds, short-term investments, notes receivable, accounts receivable, can be realized in a short time.And inventory in liquid assets and non-current assets due within 1 year and other liquid assets, should not be included.Compute the quick ratio follows：Quick Ratio= Current Assets—InventoryFor MCD,the quick ratio was 1.55 at the end of 2013 and 1.41 at the end of 2012 and 1.22 at the end of 2011.this represents a positive trend..According to the experience, it is generally believed quick to 1 ratio is more appropriate, MCD quick ratio is about 1.5, should fall within the normal range. But in the actual analysis, should according to the nature of the enterprise and other factors to comprehensive judgment, cannot treat as the same. The important factors that affect the credibility of the quick ratio is usually liquidity of accounts receivable, if the enterprise has the most difficult to recover in the accounts receivable, may become bad debts, so quick ratio can't truly reflect the solvency of the enterprise. Therefore, in the use of quick ratio analysis enterprise short-term debt paying ability, should be combined with the accounts receivable aging structure is analyzed.3.3.4 CASH RATIOSometimes an analysis needs to view the liquidity of a firm from an extremely conservative point of view.For example ，the company may have pledged its receivables and its inventory ,or the analysis suspects Severe liquidity problems with inventory and pute the cash ratio as follows:Cash Ratio =Cash Equivalents +Marketable SecuritiesCurrent LiabilitiesCash ratio can reflect enterprise's solvency directly, because cash is the ultimate means of enterprises to repay the debt, if the company lack of cash may occur payment difficulties, facing a financial crisis.Cash ratio is high, therefore, that the enterprise has a better ability to pay, is guaranteed to repay debt.But if the ratio is too high, could mean that companies have too much cash asset class low profitability, theassets of the enterprises failed to get effective use.3.3.5 COMMON-SIZE ANALYSIS (Vertical and Horizontal)The analysis is based on a project for the fixed reference, by reference of other items, calculate the accounts for the proportion of the references, the analysis can be used in conjunction with change analysis.For example can be based on the analysis of an enterprise in the income statement in two years sales cost, management cost accounting for the proportion of income details about enterprise's profit.(A)Longitudinal comparative analysis due to the current ratio, quick ratio and cash ratio is the main indicator of evaluation enterprise short-term debt paying ability, so from the three metrics, McDonald's company's short-term debt paying ability is enhanced.But McDonald's current ratio is less than 2, the enterprise short-term debt paying ability to strengthen, should reduce liquidity is weak in stock, increase liquidity;Quick ratio is in accordance with industry standards.At the same time, the part of enterprise assets can easily cope with the current liabilities of the enterprise, it plays a positive role in improving the company reputation.(B)Horizontal comparative analysis in the same industry.Select several other catering industry representative company yum and QJD comparison analysis, including McDonald's in the restaurant industry upstream, QJD medium level in the restaurant industry.In 2013, the data as a reference, through and compare different companies in the same industry, can find out the gap of McDonald's and advantage.Table 1 short-term debt paying ability index contrast table in the same industryPROJECT MCD YUM QJD Current Ratios 1.59 0.75 1.15 Quick Ratios 1.55 0.62 0.94Cash Ratios 0.88 0.30 0.73Short-term solvency industry trend diagram in figure 2Can be seen from table 1 and figure 2, the indicators of McDonald's in general is the industry leader, that McDonald's short-term debt paying ability in general upper level in the industry.PART IV 4.LONG-TEEM DEBT-PAYING ABILITYLong-term debt paying ability refers to the enterprise's ability to bear debt and to repay the debt guarantee ability.Long-term debt paying ability analysis is the enterprise creditors, investors, operators and associated with enterprise's aspects and so on are very concerned about important mon long-term solvency of financial ratios can be divided into quantitative than rates and the stock ratio, quantitative ratio has asset liability ratio, equity multiplier, property ratio, tangible net debt ratios and the multiple of interest safeguard, stock ratio including cash total debt ratio, cash is a multiple of interest safeguard and so on.4.1 THE INCOME STATEMENT ANALYSISTIMES INTEREST EARNEDThe Times interest earned also called has won the interest ratio, refers to the enterprise earnings before interest and tax and interest expense, the ratio of theindicators reflect the enterprise to obtain profitsThe ability to bear the interest on borrowing.The higher the ratio, usually indicates the less possibility of enterprise is unable to pay the interest on the debt. In fact, if the company have a good credit performance in terms of pay interest charges, enterprises will probably never need to pay back the principal Its computation formula is:Year Ended Dec 31，2013 and 2012(In millions)2013 2012 Income before income taxes 8204.50 8079.00 Plus:Interest expense 521.5 517.1 Adjusted income [A] 8726.00 8596.1 Interest expense 521.5 517.1 Capitalized interestTotal interest expense[B] 521.5 517.1Times interest eared[A/B] 16.73 times per year 16.62 times per yearIn order to examine the stability of the enterprise’s solvency to meet the interest, the index of times interest earned should be calculated for 5 years or more.Conservative estimates, the lowest Times Interest Earned for five years should be elected as the basic indicator of solvency to meet interest."Accordingly, we here have two years of data, data for 2012 16.62.2, 2013 data from 16.73 we should be in 2012, times interest earned safeguard solvency indicators as interest.4.2 ANALYSIS OF THE BLANCE SHEETDEBT RATIODebt ratio is the percentage of the total liabilities divided by total assets, is indebted amount and proportion of the total amount of assets.Asset-liability ratio is reflected inhow much proportion in the total assets is raised by borrowing, also can measure enterprise in protecting the interests of creditors in the event of liquidation.Asset-liability ratio the indicators reflect the proportion of total capital provided by the creditors, also known as the leverage ratio.The debt ratio indicates the firm’s long-term debt-paying ability.It is computed as follows：Debt Ratio = Total LiabilitiesTotal AssetsThe lower the ratio, the better the company’s position.By above knowable, asset-liability ratio is 38.52, 2012, 2013, asset-liability ratio is 38.58. Explain the company as a whole, remain the same.PART V 5.PROFITABILITYProfitability means enterprise profit ability.Profit is the enterprise internal and external parties, profits are concerned about the center of the problem is the principal and interest of investors obtain investment income, creditors collection capital source, is the business performance and management efficiency of the concentratedexpression, an operator is also an important guarantee of perfecting the worker collective welfare facilities.Therefore, the enterprise profitability analysis is very important.Profitability analysis refers to the enterprise profit ability, is the principal and interest of investors obtain investment income, creditors collection capital source, is the embodiment of the operators operating performance, but also an important guarantee of worker collective welfare facilities continuously improve.Therefore the profitability analysis is very important.Mainly use enterprise capital profit margin, return on sales, cost, profit margins to evaluate.5.1 THE CONTENT OF PROFITABILITY ANALYSISProfitability analysis is the key of the enterprise financial analysis, financial structure, debt paying ability analysis, and so on, its fundamental purpose is through the analysis found that the problem in time, improve the enterprise's financial structure, improve enterprise debt paying ability, operation ability, eventually improve the profitability of enterprises, promote enterprise steady development.On the analysis of corporate profitability mainly refers to the analysis of profit margins.Because although profit analysis can show changes in the increase or decrease in the enterprise's financial results condition and its reason, pointed out the direction to improve the enterprise management, however, because the profit is strongly influenced by enterprise scale or total investment, aspect, is not convenient to contrast between different scale of the enterprise;On the other hand it also can not accurately reflect the profitability of the enterprise and profitability.Therefore, general profit analysis can not only meet the requirements of financial information from all parties in, must also analyze the profit margins.5.2 DUPONT ANALYSIS TABLE5.3 THE PROFIT INDEX ANALYSIS5.3.1 OPERATING INCOME MARGINData are shown in table I.Through the analysis of the table I main business profitability of McDonald's is on the decline, the main reason is: 2011-2013 the four years of main business income growth is slow, the corresponding main business costs are increasing year by year, and growth and main business revenue growth were similar, so McDonald's main business profit margins have fallen, but not by much. 5.3.2RETURN ON ASSETSThe total return on assets is net income and the average percentage of the total amount of assets, used to measure enterprise assets are used. It reflects the enterprise asset utilization efficiency.McDonald's related data are shown in table.The profitability of McDonald's in 2011-2013 is declining year by year, but in the DUPONT analysis table, return on total assets of more than 12.32% of yum, suggesting that McDonald's ability to use assets profit in the industry still has a high level.5.3.3 RETURN ON NET ASSETSAssets ratio of the average balance.The ratio is reflected by the enterprise the rights and interests of investors have access to the ability of net income, reflect the relations of capital and its accumulation and reward, is the core of the evaluation of enterprise capital operation efficiency index.QJD related data are shown in table.The profitability of McDonald's in 2011-2013 is declining year by year, and net assets return rate is far lower than the yum, this is due to the rights and interests ofyum multipliers are much higher than McDonald's.5.3.4 EARNING PER SHAREMcDonald's related data table, it can be seen that McDonald's in 2011-2013 for three consecutive years of earnings per share are on the rise, its profitability is also on the rise, the profitability of McDonald's in good partial excellent level in the industry. There is still room for improvement.。
麦当劳财务分析
在不同国家，麦当劳与竞争对手的市场占有率会有所变化。例如，在美国市场，麦当劳可能是最大的快餐连锁品牌，而在其他国家，如中国，肯德基的市场占有率可能更高。
市场占有率对比
健康与营养趋势
随着消费者对健康和营养的关注度提高，麦当劳面临提供更多健康、营养餐品的挑战。这需要在产品配方、食材选择等方面进行改进和创新。
肯德基
作为麦当劳的主要竞争对手，肯德基在全球范围内也有广泛的布局，提供类似的快餐产品。其品牌影响力和市场份额与麦当劳相当。
本土品牌
不同国家和地区可能存在一些本土快餐品牌，它们凭借对当地市场的深入了解和特色产品的推出，对麦当劳构成一定的竞争压力。
主要竞争对手概况
全球市场
麦当劳和肯德基是全球最大的快餐连锁品牌之一，它们在全球范围内的市场占有率相当。不过，具体市场份额可能因地区和市场而异。
麦当劳财务分析
目录
CONTENTS
业务介绍 财务业绩 竞品分析 未来展望 总结和建议
01
业务介绍
CHAPTER
作为全球最大的快餐连锁品牌之一，麦当劳在全球拥有超过3万家门店，遍布100多个国家和地区。
全球门店数量
营收规模
品牌影响力
麦当劳的年度营收超过200亿美元，是全球最盈利的快餐品牌之一。
麦当劳以其标志性的金色拱门和优质快捷的服务，成为全球消费者最喜爱的快餐品牌之一。
投资者关注要点提示
谢谢
THANKS
优化门店运营
针对部分门店运营效率低下的问题，麦当劳应优化门店管理，提高运营效率和服务质量。
针对存在问题的改进建议
关注市场动态
投资者应密切关注快餐行业的市场动态和竞争格局，以便及时调整投资策略。
分析财务数据
麦当劳常用财务概念及计算公式 ppt课件
Store Cash Flow 餐厅现金流
餐厅获利能力评估的主要内容-餐厅现金流
餐厅现金流 （Store Cash Flow） = 餐厅营运利润（SOI）+ LHI 利息 + ESSD 利息
+ LHI 折旧 + ESSD 折旧 + 直线租金调整
餐厅获利能力- 边际贡献CM%
边际贡献( Contribution Margin ) 定义: 营业收入总额 减去 变动成本总额后的余额 营业收入中可以支付固定成本及增加利润的部分
麦当劳常用财务概念及计算公式 OI;McOpCo_Margin%;Cash_Flow
;CM%
McOpCo rgin & OI
SOI 餐厅营业利润 + Interest 餐厅利息费用（LHI INT + ESSD INT） + Legal and Accounting fee 餐厅法律、会计费用 + Service charge 特许权经营费 =McOpCo Margin 直营餐厅业务利润 +Franchisee Margin加盟店利润 +/- Other operating income/Exp. 其他业务收入、支出 - G&A = Operating Income
麦当劳的组织结构PPT课件(2024)
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鼓励员工参加各类专业培训和自 我学习，提升个人能力和职业发
展空间。
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麦当劳组织结构特点
01
02
03
扁平化管理
麦当劳采用扁平化管理模 式，减少中间层级，加快 信息传递速度，提高决策 效率。
事业部制
按照不同产品线或市场划 分事业部，独立核算、自 负盈亏，增强各事业部灵 活性和自主性。
矩阵式结构
在项目管理中采用矩阵式 结构，实现跨部门协作与 资源共享，提高项目执行 效率。
核心价值观
以人为本、诚信经营、追求卓越 、合作共赢、回馈社会
02
组织结构概述
组织结构定义及重要性
组织结构定义
组织结构是一个组织内部各构成部分 之间所确立的关系形式，它决定了组 织内部的分工与协作方式，影响着组 织效率与效果。
重要性
合理的组织结构有助于明确各部门职 责，提高决策效率，促进组织内部沟 通与协调，增强组织整体竞争力。
建立内部沟通平台
利用现代信息技术手段，建立内部沟 通平台，方便员工之间实时交流和分 享信息。
提升员工素质和能力培训
制定培训计划
根据员工需求和岗位要求，制定 个性化的培训计划，提高员工的
专业技能和综合素质。
多样化培训方式
采用线上和线下相结合的培训方 式，如课程学习、实践操作、经
验分享等，确保培训效果。
区域运营中心组织架构图
组织架构图
呈现区域运营中心各部门的层级关系和职责划分，包括市场部、运营部、人力资 源部、财务部等。各部门下设具体岗位，形成完整的组织体系。
关键部门职责
市场部负责市场调研、品牌推广和营销策略制定；运营部负责餐厅日常运营管理 和优化；人力资源部负责员工招聘、培训和绩效管理；财务部负责财务管理和成 本控制等。
麦当劳财务分析
利润和现金流量
经营一个成长中的公司最好不要仅仅注意利润, 还要关注现金流量,因为这两者是不同的.
现金流量表说明
存在3个与现金流量相关基本的活动，它们是：
1.经营活动产生的现金流量
2.与投资或出卖资产相关的现金流量(投资活动)
3.与公司筹资情况相关的现金流量(筹资活动)
考虑下面几种现金流量形式
财务比率分析
麦当劳财务分析
学习目标
1. 编制并且分析一个公司的基本财务报表， 包括资产负债表，收益表和现金流量表。
2. 解释一个公司的现金流动表的意义。 3. 计算一套综合的金融比率、评价公司金融状况。 4. 使用杜邦分析。 5. 解释比率分析的局限性。
关键词
财务报表 比率分析 杜邦分析：比率分析的一种综合的方法 比率分析的局限性
4.现金税支付
现金流量－投资活动
公司投资所使用的现金数量就是投资活动产生的 现金流量
现金流量－筹资活动
根据经营活动来衡量现金流量： 一种可选的方法
直接法。
这种方法是用公司从顾客那里得到的现 金流量减去公司日常营业发生的各种现 金流出开始。
间接法
从净利润加上所有与公司经营活动相关的 费用开始,而这些经营活动在这期间内并 没有引起现金的流出。
以及经营管理费用，和 4. 投资做生意的成本，例如，支付给债权人的利息
和支付给优先股东的股息。
图3－1 利润表：概况
表3-1 麦当劳公司1994年度利润表(百万美元)
资产负债表
资产负债表在一个具体的点及时地提供一张公司的
财务状况的快照，显示资产，负债和所有者权益。
利润表和资产负债表的之间的时间差别
5. 行业平均数不可能提供一个令人想要的目标或基准。行业平均数为了解一个行 业中的中等企业的财务状况提供一个指南。对于比率来说它并不意味着它是理 想的或者最好的价值。因此，我们可以选择把公司的比率和自我决定的同行业 或者甚至一个单独的竞争者相比。
麦当劳财务分析.ppt
和支付给优先股东的股息。
图3－1 利润表：概况
表3-1 麦当劳公司1994年度利润表(百万美元)
资产负债表
资产负债表在一个具体的点及时地提供一张公司的
财务状况的快照，显示资产，负债和所有者权益。
利润表和资产负债表的之间的时间差别
目标1：基本财务报表
利润表
营业收入＋收益－费用－损失
资产负债表
负债＋所有者权益＝资产
现金流量表
现金流入－现金流出＝现金改变量
利润表
利润表估量公司一个特定的时期，例如一年 的经营的财务结果。
1. 出售产品或服务的成本 2. 生产或取得商品或出售服务的成本 3. 向用户营销和分销产品或服务的费用，
＝ $8,362 M
$379 M
＝22.1次/年
60.81次/年
麦当劳公司
存货周转率 = 销售成本 存货
同行业平均值
＝ $4,452 M $51M
＝87.3次/年
56.3次/年
问题2:企业产生足够的营业利润吗?
营业收入投资收益率(ROI):
营业收入投资收益率 =
营业收入 总资产
麦当劳公司
营业收入投资收益率
经营活动产生的现金流量
包括 （1）收取客户的现金； （2）由于购买原材料付给供应商； （3）其他经营活动的现金流出； （4）支付税款。
1.收取客户的现金 2.付给供应商的现金
3.其他经营活动引起的现金流出和支付利息
a. 加上预付费用改变; 即使它们没有在获利的基础 被花费,它们已经被支付。
b. 扣除预提费用和应付利息方面的变化； 虽然这些项目被花费了，但是还没有用现金支付。
麦当劳公司财务业绩范本
麦当劳公司
销售额 固定资产净值
同行业平均值
= $8,362M
$11,329M
= 0.74
2.0
问题3：公司是如何融资的？
2种比率。
负债比率 = 负债总额
资产总额
麦当劳公司 同行业平均值
负债总额
负债比率= 资产总额 ＝ $6,650M
$13,593
= 49%
66%
第二种观点
考察一个公司的负债情况时通常使用已获利 息倍数利率，
15、一年之计，莫如树谷；十年之计 ，莫如 树木； 终身之 计，莫 如树人 。2021年6月上 午3时56分21.6.1503: 56June 15, 2021
16、提出一个问题往往比解决一个更 重要。 因为解 决问题 也许仅 是一个 数学上 或实验 上的技 能而已 ，而提 出新的 问题， 却需要 有创造 性的想 像力， 而且标 志着科 学的真 正进步 。2021年6月15日星期 二3时56分35秒03:56:3515
4、All that you do, do with your might; things done by halves are never done right. ----R.H. Stoddard, American poet做一切事都应尽力而为，半途而废永远不行
5.26.20215.26.202108:3008:3008:30:5708:30:57
麦当劳公司 同行业平均值
平均收款期
应收账款 = 每天赊销额
$379M
＝
$8,362M 365
= 16.5 天
6天
麦当劳公司 同行业平均值
应收账款周转率 =
赊销额 应收账款
＝ $8,362M
麦当劳财务分析
JISHOU UNIVERSITYTHE ACCOUNTING BILINGUALTITLE : The An alysis Of McD on aid's Finan cial Stateme nts CLASS : Class three Grade 11 accounting ___________ACAMED Y : School Of Business _______________TEAM MEMBERS:李永花(201320298) 刘梦雅(201320302)李金莲(201320306)邹聪(201320318)王钟君(201320322)汤盈(201320334)CONENTSPARTI 1.BACKGROUND (3)PART II 2.DESCRIPTIVE ANAL YSIS (3)PART III 3.SHORT-TERM SOLVENCY ANAL YSIS (4)3.1 ANAL YSIS OF CURRENT ASSETS (4)3.1.1 CASH (4)3.1.2 ACCOUNTS RECEIV ABLE (5)3.1.3 INVENTORY (6)3.2 ANAL YSISOFTHE CURRENT LIABILITIES (6)3.2.1 ACCOUNTS PAY ABLE (6)3.3 ANAL YSIS OF RA TIOS (7)3.3.1 WORKING CAPITAL (7)3.3.2 CURRENT RA TIO (8)3.3.3 QUICK RATIO (9)3.3.4 CASH RA TIO (10)3.3.5 COMMON-SIZE ANAL YSIS (Vertical and Horizontal) (11)PART IV 4.LONG-TEEM DEBT-PAYING ABILITY (12)4.1 THE INCOME STA TEMENT ANAL YSIS (12)4.2 ANAL YSIS OF THE BLANCE SHEET (13)PART V 5.PROFITABILITY (14)5.1 THE CONTENT OF PROFITABILITY ANAL YSIS (15)5.2 DUPONT ANAL YSIS TABLE (16)5.3 THE PROFIT INDEX ANAL YSIS (17)5.3.1 OPERA TING INCOME MARGIN (17)5.3.2RETURN ON ASSETS (17)5.3.3 RETURN ON NET ASSETS (17)5.3.4 EARNING PER SHARE (18)The Analysis Of McDonald's Financial StatementsPARTI 1.BACKGROUNDMcDonald's is the world's largest fast food chain enterprise.From 1955 the McDonald brothers and ray , founder of the Illinois opened its first restaurant in the United States today, it is in 121 countries and regions around the world have opened more than 32000 restaurants, global sales of more than $40 billion.McDonald's corporateheadquartersis located in the United States, Illinois, is an international company with billions of dollars of assets, McDonald's restaurants all over hundred countries on six continents around the world.McDonald' s is to sell burger chain operation ,mainly,now has become a global restaurant industry most valuable brands.In many countries, McDonald's represents a kind of American way of life, and now is still in a quick rapid development trend.PART II 2.DESCRIPTIVE ANALYSISCan be seen from the development of McDonald's, McDonald's grasp in the segment of the market positioning is very accurate, this is also one of the important reason for the success of McDonald's.Consumer market segmentation is mainly based on the geographical factors, human factors, psychological factors, purchasing behavior factors, each consumer group is a market segment, each segment is by having the same needs and purchase desire of consumer groups. McDonald's is based on the geographical population and psychological factors in the accurate market segmentation, and implement the corresponding strategy so as to achieve its marketing objectives.PART III 3.SHORT-TERM SOLVENCY ANALYSISShort-term debt paying ability refers to the enterprises use current assetsto repay the current liabilities. For creditors, the enterprise will have fully repay ability to guarantee. For investors, if the enterprise short-term solvency problems, will contain business managers spend a lot of energy to raise funds, to cope with debt, also will increase the difficulty of the enterprise financing, or increase the cost of temporary emergency financing, affect the profitability of the enterprise.3.1 ANALYSIS OF CURRENT ASSETSCurrent Assets (Current Assets) refers to the enterprise can be in one year or within an operating cycle longer than a year to liquidate or use of Assets, an indispensable part of enterprise Assets.Current assets in the turnover of the transition, from monetary form, in turn, change its shape, finally returned to the monetary form (monetary funds and reserve funds, fixed capital to production for capital to finished product, monetary funds), various forms of closely combining with the production circulation of funds, rotation speed, strong liquidity .To strengthen the audit of current assets business, which is beneficial todetermine the legitimacy of the current assets business, compliance, and to check the correctness of all current assets business accounting, reveals the shortcomings of its existence, to improve efficiency in the use of liquid assets.3.1.1 CASHCash refers to the medium of exchange can immediately put into circulation.It has universal acceptability, can be effectively used to buy goods immediately, goods, services, or to repay the debt.It is the enterprise in the liquidity of the strongest assets.Can all controlled by the enterprise to use the paper silks, COINS.Cash is one of China's enterprises accounting general ledger accounts in the balance sheet into the monetary funds, listed as current assets, but has a special use cash only as a fund or investment project as non-current assets.so we lear ned that in 2013 the highest cash and cash equivale nts.Visible, showed a trend of in creas ing capital, from the point of Ion gitudi nal comparative an alysis, three years acco un ted for 55.42% of the ratio of curre nt assets are cash, 46.80%, 53.05%.3.1.2 ACCOUNTS RECEIV ABLEAcco unts receivable (Receivables) acco unts receivable is to show the en terprise in the process of normal operation for selling goods, products, services and other bus in ess, should charge the money to buy un its, in cludi ng shall be borne by unit of choose and buy or accept labor un its of taxes, buying all kinds of freight paid by the buyer, etc.The table shows that the amount of the in n early three years of acco unts receivable, respectively, at $1319.8, $1375.3, $1334.7, so we have learned 2013 accounts receivable.Obviously, money is constantly decreasing potential, from the point of Iongitudinal comparative analysis, three years accounted for 26.13% of the ratio of current assets are cash, 27.94%, 30.31%.3.1.3 INVENTOR YInven tory refers to the en terprise or bus in ess held for sale in the daily activities ofraw materials or products, in the product ion process in the product, in the product ion process or provide labor services process consumption of materials, materials, etc., sales, Inven tory, etc .Inven tory differe nee in illiquid assets, such as fixed assets is the most basic characteristics, enterprise to hold inventory of the final purpose is to sell, whether it is available for direct sales, such as en terprise of fini shed goods, goods, etc.;Still need to sell after further processing, such as raw materials, etc.By a table the stock in the amount of n early three years, respectively, at $123.7, $121.7, $116.8, so we learn about the stock of 2013 the most.Visible, the fund was an increasing trend, from the point of Iongitudinal comparative analysis, three years acco un ted for 2.45% of the ratio of curre nt assets are cash, 2.47%, 2.65%.3.2 ANAL YSISOFTHE CURRENT LIABILITIESShort-term debt is also called the Current Liabilities (Current Liabilities), it is to point to will in 1 year (in clud ing 1 year) or with in an operati ng cycle Ion ger tha n a year to repay debt, including short-term loans payable, notes payable, accounts payable, adva nee payme nts, wages payable, deal with welfare fun ds, divide nds payable, taxes payable, to suspe nd the acco unts payable, accrued expe nses, and other Ion g-term borrow ing due with in one year, and so on.3.2.1 ACCOUNTS PAY ABLEAcco unts payable refers to for purchase of materials, goods or labor supply of debt, this is the buyer and the seller on the purchase and marketing activities of the materials and pay the loa n in time incon siste ncy of debt.By a table the inven tory of the amount is $1086, respectively, in n early three years at $1141.9, $961.3, so we know that the accounts payable center in 2013.Visible, the fund was an increasing trend, from the point of Iongitudinal comparative analysis, three years cash acco unts for the ratio of curre nt assets are 34.26%, 33.55%, 27.39%.3.3 ANAL YSIS OF RATIOSRatio analysis is to use company published financial information, predict it could achieve future profit estimates.Is divided into four categories: liquidity ratio, man ageme nt ratio, profit-seeki ng ratios, leverage ratios.Ratio analysis including the Ratio between the balance sheet or profit and loss stateme nt projects, they can ofte n to the compa ny's level of risk, the respect such as the ability to create profits for shareholders to provide unique perspective.These ratios of simple calculation (often divide a data by another data) as well as to their interpretation is what we call the ratio analysis.3.3.1 WORKING CAPITALWorking capital also known as working capital.General working capital is also called total working capital, refers to an enterprise on the funds in liquid assets, including cash, marketable securities, accounts receivable, inventory and other money.Enterprises in the special working capital refers to a certain point of the differe nce betwee n the curre nt assets and curre nt liabilities.Compute worki ng capital capital as follows：Working Capital =Current Assets — Current LiabilitiesMCD had $2,335,100,00.ln working capital 2013 and $1,589,000,000 in working capital in 2012 and $893,800,000 in working capital.these figures tend to be understated because some of the current assets ,such as inventory ,may be un derstated ,based on the these figures .The inven tory as reported may be much less tha n its replaceme nt cost. The differe nee betwee n the reported inven tory amount and the replacementamount is normally material when the firm is using LIFO inventory. The differenee may also be material when using one of the other cost methods .The curre nt work ing capital amount should be compared with past amounts to determine if working capital is reasonable.Because the relative size of a firm may be expa nding or con tract in g,compari ng the work ing capital of one firm with that of ano ther firm is usually meanin gless because of their size differe nces. If the work ing capital appears to be out of line,the reasons should be found by analyzing the in dividual curre nt asset and curre nt liability acco unts3.3.2 CURRENT RATIOLiquidity ratio is the ratio of current assets to current liabilities. Liquid assets mai nly in clude the mon etary fun ds, tradable finan cial assets, receivables and prepayme nts, the inven tory and non - curre nt assets,due with in one year, usually expressed in the final total current assets in the balance sheet.Current liabilities include short - term borrowing, tradable financial liabilities, and advance payments, all kinds of payable taxes payable, non - Curre nt liabilities due with in 1 year, etc., are usually expressed in the final total Current liabilities in the balance sheet.lts computati on formula for:Curre nt Ratio= Current Asse ntCurre nt LiabilityExhibit 3-3-2 presents the current ratio for MCD at the end of 2013 and 2011.For MCD the curre nt ratio was 1.59 at the end of 2013 and 1.45 at the end of 2012 and 1.25 at the end of 2011. This suggests that the flow rate of the MCD also needs to improve.Curre nt ratio is an importa nt measure of corporate short-term solve ncy finan cial indicators, the higher the ratio, the stronger ability to repay its current liabilities of that enterprise, repaid safeguard, the greater the current liabilities.However, high liquidity ratio also is not a good thing, because liquidity ratio is too high, companies may be stranded on the liquidity of funds too much, failed to effectively exploit, may affect corporate profitability.According to the experienee, the current ratio in about 2 more appropriate, MCD compa ny's curre nt ratio is 1.5, you also n eed to improve .In fact, the an alysis of current ratio should be combined with the characteristics of different industries, liquid assets structure and the various factors such as liquid assets actual cash ability.Some industry liquidity ratio is higher, and some industry is low, cannot treat as the same.Experienee judgment, however, this alone is not reliable, sometimes the liquidity ratio is higher, but its short-term debt paying ability is not strong, because could be the result of inven tory backlog or un sold, and the en terprise is also easy to forge the ratio, to cover up its solve ncy.3.3.3 QUICK RATIOQuick ratio is refers to the ratio of quick assetsto curre nt liabilities .It is used to measure of en terprise curre nt assets can be conv erted into cash immediately to repay the ability of curre nt liabilities.Quick assets in clude the mon etary fun ds, short-term in vestme nts, no tes receivable, acco unts receivable, can be realized in a short time.A nd inventory in liquid assetsand non-current assets due within 1 year and other liquid assets, should not be in cluded.Compute the quick ratio follows：Quick Ratio= Current Assets — Inven toryCurrent LiabilityFor MCD,the quick ratio was 1.55 at the end of 2013 and 1.41 at the end of 2012 and 1.22 at the end of 2011.this represents a positive trend..Accordi ng to the experie nee, it is gen erally believed quick to 1 ratio is more appropriate, MCD quick ratio is about 1.5, should fall within the no rmal ran ge. But in the actual analysis, should according to the nature of the enterprise and other factors to comprehe nsive judgme nt, cannot treat as the same. The importa nt factors that affect the credibility of the quick ratio is usually liquidity of accounts receivable, if the enterprisehas the most difficult to recover in the accounts receivable, may become bad debts, so quick ratio can't truly reflect the solve ncy of the en terprise. Therefore, in the use of quick ratio analysis enterprise short-term debt paying ability, should be comb ined with the acco unts receivable aging structure is an alyzed.3.3.4 CASH RATIOSometimes an analysis needs to view the liquidity of a firm from an extremely conservative point of view.For example , the company may have pledged its receivables and its inventory ,or the analysis suspects Severe liquidity problems with inven tory and pute the cash ratio as follows:Cash Ratio =Cash Equivale nts +Marketable SecuritiesCurre nt LiabilitiesCash ratio can reflect en terprise's solve ncy directly, becausecash is the ultimate means of enterprises to repay the debt, if the company lack of cash may occur payment difficulties, facing a financial crisis.Cash ratio is high, therefore, that the enterprise has a better ability to pay, is guaranteed to repay debt.But if the ratio is too high, could mean that companies have too much cash asset class low profitability, theassets of the en terprises failed to get effective use.335 COMMON-SIZE ANAL YSIS (Vertical a nd Horiz on tal)The analysis is based on a project for the fixed referenee, by referenee of other items, calculate the acco unts for the proporti on of the refere nces, the an alysis can be used in conjunction with cha nge an alysis.For example can be based on the an alysis ofan en terprise in the in come stateme nt in two years sales cost, man ageme nt cost acco un ti ng for the proporti on of in come details about en terprise's profit.一—流动比率（倍）-速动比率（倍）现金比率（倍）2011 年2012年2013年(A) L on gitud inal comparative an alysis due to the curre nt ratio, quick ratio and cash ratio is the main indicator of evaluation enterprise short-term debt paying ability, so from the three metrics, McDonald's company's short-term debt paying ability is enhan ced.But McDon ald's curre nt ratio is less tha n 2, the en terprise short-term debt pay ing ability to stre ngthe n, should reduce liquidity is weak in stock, in crease liquidity;Quick ratio is in accordance with industry standards.At the same time, the part of enterprise assets can easily cope with the current liabilities of the enterprise, it plays a positive role in impro ving the compa ny reputati on.(B) Horizontal comparative analysis in the same industry.Select several other catering industry representative company yum and QJD comparison analysis, in cludi ng McD on ald's in the restaura nt in dustry upstream, QJD medium level in the restaura nt in dustry」n 2013, the data as a refere nce, through and compare differe nt compa nies in the same in dustry, can find out the gap of McDon ald's and adva ntage.Table 1 short-term debt paying ability index contrast table in the same industryneo runQTDCan be see n from table 1 and figure 2, the in dicators of McD on aid's in gen eral is the industry leader, that McDonaid's short-term debt paying ability in general upper level in the in dustry.PART IV 4丄 ONG-TEEM DEBT -PAYING ABILITYLong-term debt paying ability refers to the enterprise's ability to bear debt and to repay the debt guara ntee ability .Lon g-term debt pay ing ability an alysis is the enterprise creditors, investors, operators and associated with enterprise's aspects and so on are very concerned about important mon Iong-term solvency of financial ratios can be divided into quantitative than rates and the stock ratio, quantitative ratio has asset liability ratio, equity multiplier, property ratio, tangible net debt ratios and the multiple of in terest safeguard, stock ratio in clud ing cash total debt ratio, cash is a multiple of in terest safeguard and so on.4.1 THE INCOME STATEMENT ANAL YSISTIMES INTEREST EARNEDThe Times interest earned also called has won the interest ratio, refers to the enterprise earnings before interest and tax and interest expense, the ratio of theindicators reflect the enterprise to obtain profitsThe ability to bear the interest on borrowing.The higher the ratio, usually indicates the less possibility of enterprise is unable to pay the interest on the debt. In fact, if the compa ny have a good credit□C'jrrart Rati o ■Acid -T^pi Ratio □Cash Ratioperforma nee in terms of pay in terest charges, en terprises will probably never need to pay back the principal Its computation formula is:In order to examine the stability of the enterprise ' s solvency to meet the interest, the index of times interest earned should be calculated for 5 years or more.C on servative estimates, the lowest Times In terest Earned for five years should be elected as the basic indicator of solvency to meet interest."Accordingly, we here have two years of data, data for 2012 16.62.2, 2013 data from 16.73 we should be in2012, times in terest earned safeguard solve ncy in dicators as in terest.4.2 ANAL YSIS OF THE BLANCE SHEETDEBT RATIODebt ratio is the percentage of the total liabilities divided by total assets, is indebted amount and proportion of the total amount of assets.Asset-liability ratio is reflected inhow much proporti on in the total assetsis raised by borrow ing, also can measure en terprise inprotecti ng the in terests of creditors in the eve nt of liquidation.Asset-liability ratio the indicators reflect the proportion of total capital provided by the creditors, also known as the leverage ratio.The debt ratio in dicates the firm ' s lo-bgrm debt-paying ability.It is computed as follows：Debt Ratio = Total LiabilitiesTotal AssetsThe lower the ratio, the better the compa ny' s positi on .By above kno wable, asset-liability ratio is 38.52, 2012, 2013, asset-liability ratio is 38.58. Explain the compa ny as a whole, rema in the same.PART V 5.PROFITABILITYProfitability means enterprise profit ability.Profit is the enterprise internal and external parties, profits are concerned about the center of the problem is the principal and in terest of in vestors obtai n inv estme nt in come, creditors collectio n capital source, is the bus in ess performa nee and man ageme nt efficie ncy of the concen trated expression, an operator is also an important guarantee of perfecting the worker collective welfare facilities.Therefore, the enterprise profitability analysis is very important.Profitability analysis refers to the enterprise profit ability, is the principal and interest of investors obtain investment income, creditors collection capital source, is the embodiment of the operators operating performance, but also an important guarantee of worker collective welfarefacilities continuously improve.Therefore the profitability analysis is very important.Mainly use enterprise capital profit margin, return on sales, cost, profit margins to evaluate.5.1 THE CONTENT OF PROFITABILITY ANALYSISProfitability analysis is the key of the enterprise financial analysis, financial structure, debt paying ability analysis, and so on, its fundamental purpose is through the analysis found that the problem in time, improve the enterprise's financial structure, improve enterprise debt paying ability, operation ability, eventually improve the profitability of enterprises, promote enterprise steady development.On the analysis of corporate profitability mainly refers to the analysis of profit margins.Because although profit analysis can show changes in the increase or decrease in the enterprise's financial results condition and its reason, pointed out the direction to improve the enterprise management, however, because the profit is strongly influenced by enterprise scale or total investment, aspect, is not convenient to contrast between different scale of the enterprise;On the other hand it also can not accurately reflect the profitability of the enterprise and profitability.Therefore, general profit analysis can not only meet the requirements of financial information from all parties in, must also analyze the profit margins.5.2 DUPONT ANALYSIS TABLEl^kj ls lg-lnm l:<芻胃贡*s甘 s・"*・ 「：IIs目.亠E謬迈『虽“事aid g s注Firan 〔膚氏ri<1 V—3 i ^-|a^-卜一—rps看送&'■r^L S 曰J; ■jgw>J卜-4l^i Jdj 亠;jZS1■空E2tz**-3>・・ --■iiLri田 邑送5.3 THE PROFIT INDEX ANAL YSIS5.3.1 OPERATING INCOME MARGINData are show n in table I.Through the an alysis of the table I main bus in ess profitability of McDonald's is on the decline, the main reason is: 2011-2013 the four years of main bus in ess in come growth is slow, the corresp onding main bus in ess costs are in creas ing year by year, and growth and mai n bus in ess reve nue growth were similar, so McD on ald's main bus in ess profit margi ns have falle n, but not by much.5.3.2RETURN ON ASSETSThe total return on assetsis net in come and the average perce ntageof the total amount of assets, used to measure en terprise assets are used. It reflects the en terprise asset utilizati on efficie ncy.McD on ald's related data are show n in table.The profitability of McD on ald's in 2011-2013 is decli ning year by year, but in the DUPONT analysis table, return on total assets of more than 12.32% of yum, suggesting that McDonald's ability to use assets profit in the industry still has a high level.5.3.3 RETURN ON NET ASSETSAssets ratio of the average balance.The ratio is reflected by the enterprise the rights and in terests of in vestors have access to the ability of net in come, reflect the relations of capital and its accumulation and reward, is the core of the evaluation of en terprise capital operati on efficie ncy in dex.QJD related data are show n in table.The profitability of McDonald's in 2011-2013 is declining year by year, and net assets return rate is far lower than the yum, this is due to the rights and interests of yummultipliers are much higher than McDonald's.5.3.4 EARNING PER SHAREMcDonald's related data table, it can be seen that McDonald's in 2011-2013 for three consecutive years of earnings per share are on the rise, its profitability is also on the rise, the profitability of McDonald's in good partial excellent level in the industry. There is still room for improvement.。
麦当劳经营决策分析会计一班第3组
2015/11/15
建议合作套餐内容2：
+
一、优惠券能给麦当劳带来什么？
+
= 17.5元
1.预计销量2000，即单天3.5万的营业额。 2.按照1传5的口碑传播，会影响10000人。（折扣率和传播率成反比） 3.优惠券页面可以帮助宣传，麦当劳超值午餐只要15元的促销信息。 二、麦当劳付出的促销成本。 人。
建议秒杀完之后，消费有效期为2个月，减缓店面的拥堵情况
（23.8-17.5）*2000=12600元，按照此次活动影响10000人计算，成本才1.26元
麦当劳定价决策分析
• 定价的主要方法 • 一.以市场需求为导向 • 麦当劳以市场需求为导向的定价决策，是根据消费者的需求导向进行 定价，主要通过对销售收入与销售成本的预测，得出价格或最优价格。 • • 二.以竞争为导向 • 麦当劳有强劲的进行相似产品生产的竞争对手——肯德基，他的产品 是处于竞争中。麦当劳以主要竞争对手——肯德基的产品价格为基准， 结合考虑自身和主要竞争者的产品特色，制定具有竞争力的产品价格 并随着主要竞争对手的价格变动而调整。
麦当劳的【经营理念】
品质(Q): 食品的品质新鲜、美味、营养、热腾 腾 服务(S): 服务人员以整洁的制服、亲切的微笑、 和诚恳的态度 卫生(C): 用餐环境、食物、调理人员、绝对的 清洁和卫生 价值(V): 合理的价格、高品质的餐饮、热诚亲 切的服务、与清洁舒适的用餐环境
新产品研发背景
2015/11/15
定价的主要策略
• 差异化竞争策略 麦当劳采用差异化竞争策略，充分根据实力相当的竞争对手——肯德 基的实力定价。在服务、原材料供应，甚至是总店与分店的关系的非价 格因素上做了许多文章。 • 渗透型定价策略 麦当劳一种较低的产品价格上市而打入市场，从而达到在短期内加速 市场的成长，以低价格获取销售量的提高并逐渐扩大市场占有率，进而 产生显著地成本经济效益，使成本和价格不断降低。 尾数定价 麦当劳的快餐食品中有部分产品根据顾客对数字认知的某种心理，采 用了以零头数结尾的定价策略。麦当劳产品中小吃类、冷饮和热饮以及 部分套餐等都采用了这种策略。 整数定价 麦当劳产品定价采用了以整数结尾的定价策略，实用于主食类、小吃 类、饮料类、套餐类等。
麦当劳分析PPT
• 麦当劳公司旗下最知 名的麦当劳品牌拥有 超过32000家快餐厅 ，分布在全球121个国 家和地区。在世界各 地的麦当劳按照当地 人的口味对餐点进行 适当的调整。
稳步进军全球
• 麦当劳是最大的全球食品 服务零售商，伴随其超过 31000个餐厅在118个国家 ，平均每一天服务着多于 5800万顾客。麦当劳在 2008年和2009年在全球的 餐厅运营都是相对平稳的 增长趋势。
麦当劳SWOT分析
优势：世界品牌、 专业化程度高、 标准化作业流程 劣势：价格高，关于 食品负面新闻多
机会：广阔的中国 消费市场
挑战：国内外快餐Байду номын сангаас 越来越多、例如 肯德基、必胜客的竞争
内部因素
• 1.组织结构：控制者 职位空缺随其获得一 些营业额。 • 2.金融：经济危机影 响。 • 3.社会责任：首创5P 成功的战略。
• 我们讲顾客体验作为 我们的核心任务！
食材的选择
• 麦当劳的特许经营有其独特之处，它在 经营之中所表现出来的是标准化、单纯 化、统一化、专业化等四个方面，为此 麦当劳连锁系统采取统一商号、统一采 购、统一配送、统一管理、统一信贷、 统一核算、统一经营方针、统一广告宣 传、统一销售价格和统一服务，包括 食 物食材的选择也是标准规范的，对所有 的食材采取统一的配送，不管是其炸薯 条要用的土豆，还是鸡肉，一切都采用 的统一标准化的管理。
选址
麦当劳：处于CBD， 大型超市或超市，娱 乐场所周边，公交路 线、人流量大的地方。
优良的选址方案的原因
•
居民的收入水平和消费习惯； 已有餐饮网点的布局； 大型商场和超市一、娱乐场所的分布； 大型企、事业单位、住宅小区的分布； 公交线路，人流量和停车场的面积； 厨房垃圾处理的便利性； 低价与房租； 社区治安与消防。
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现金流量－筹资活动
PPT学习交流
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根据经营活动来衡量现金流量： 一种可选的方法
直接法。
这种方法是用公司从顾客那里得到的现 金流量减去公司日常营业发生的各种现 金流出开始。
间接法
从净利润加上所有与公司经营活动相关的 费用开始,而这些经营活动在这期间内并 没有引起现金的流出。
28
衡量流动性：方法2
第二种观点是考察公司将应收账款和存货 及时变现的能力
平均收款期 = 应收账款 每天赊销额
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麦当劳公司 同行业平均值
平均收款期 = 应收账款
每天赊销额
$379M
＝ቤተ መጻሕፍቲ ባይዱ
$8,362M365
= 16.5 天
6天
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麦当劳公司 同行业平均值
应收账款周转率 =
赊销额 应收账款
＝ $8,362 M
$379 M
＝22.1次/年
60.81次/年
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麦当劳公司
存货周转率 = 销售成本 存货
同行业平均值
＝ $4,452 M $51M
＝87.3次/年
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思考题
1 公司的流动性如何? 2 在公司资产方面,管理活动是否产生了
足够的营业利润? 3 公司如何融资? 4 所有者(股东)的投资能够使他们得到足
够的收益吗?
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问题1:公司的流动性如何?
公司的流动性是指它偿还到期债务的能 力。当债务到期时,它是否有有能力偿还
PPT学习交流
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目标1：基本财务报表
利润表
营业收入＋收益－费用－损失
资产负债表
负债＋所有者权益＝资产
现金流量表
现金流入－现金流出＝现金改变量
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利润表
利润表估量公司一个特定的时期，例如一年 的经营的财务结果。
1. 出售产品或服务的成本 2. 生产或取得商品或出售服务的成本 3. 向用户营销和分销产品或服务的费用，
(2)公司的投资
(3)融资，例如发行股票和借贷或者偿贷。
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图3-4 现金流动表：概述
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表 3-3 麦当劳公司1994年的现金流量表 (百万美元)
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经营活动产生的现金流量
包括 （1）收取客户的现金； （2）由于购买原材料付给供应商； （3）其他经营活动的现金流出； （4）支付税款。
2.与投资或出卖资产相关的现金流量(投资活动)
3.与公司筹资情况相关的现金流量(筹资活动)
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考虑下面几种现金流量形式
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财务比率分析
两种有意义的比较公司财务数据的方法: (1) 通过时间考察各种比率(比如说前5年) 来识别任何一种趋势. (2) 也可以将公司的比率与其他公司的 比率做比较.
酸性测试比率 = 流动资产-存货 流动负债
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两个比率的计算结果如下所示：
麦当劳公司
流动比率 = 流动资产 流动负债
$741M = $2,451M
＝ 0.30
酸性测试=
流动资产- 存货 流动负债
比率 $741M$51M
= $2,451M ＝0.28
PPT学习交流
同行业平均值
0.90
0.62
债务。 两种方法了解流动性问题。
1、考察公司易变现的资产,将到期的债务 做比较。 2、考察公司流动资产转换成现金的速度。
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衡量流动性：方法1
流动比率来估计公司的相对流动性: 流动比率 = 流动资产
流动负债
四种主要的流动资产包括 (1)现金(2)有价证券（3）应收账款(4)库存
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表3-4 以间接法通过经营活动衡量麦当劳公司截止 1994年12月31日的现金流量(百万美元)
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利润和现金流量
经营一个成长中的公司最好不要仅仅注意利润, 还要关注现金流量,因为这两者是不同的.
现金流量表说明
存在3个与现金流量相关基本的活动，它们是： 1.经营活动产生的现金流量
以及经营管理费用，和 4. 投资做生意的成本，例如，支付给债权人的利息
和支付给优先股东的股息。
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图3－1 利润表：概况
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表3-1 麦当劳公司1994年度利润表(百万美元)
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资产负债表
资产负债表在一个具体的点及时地提供一张公司的
财务状况的快照，显示资产，负债和所有者权益。
利润表和资产负债表的之间的时间差别
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图3-2 资产负债表：概况
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资产分成3类：
1. 流动资产 由现金，有价证券， 应收 账款，存货和预付账款组成；
2. 固定资产或长期资产 包括设备， 建筑物和土地；
3. 其他资产 除了流动资产和固定资产 以外的所有其他资产，例如专利权，长 期有价证券投资和商誉。
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1.收取客户的现金 2.付给供应商的现金
3.其他经营活动引起的现金流出和支付利息
a. 加上预付费用改变; 即使它们没有在获利的基础 被花费,它们已经被支付。
b. 扣除预提费用和应付利息方面的变化； 虽然这些项目被花费了，但是还没有用现金支付。
4.现金税支付
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现金流量－投资活动
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麦当劳公司：我们学到了什么?
公司通过使用营业活动产生的现金和新 的融资来增加公司的资产。
公司新的融资的主要来源是短期借款。
麦当劳公司的流动资产非常少, 特别是应收账款和存货。
公司的投资大部分是在固定资产中。
公司1994年的现金主要用于投资固定资 产和减少长期负债.
PPT学习交流
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表3-2 麦当劳公司在1993年 和1994年12月31日的资产负债表 (百万美元)
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图3-3 麦当劳公司的资产负债表和收益表 之间关系的预期展望
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现金流量表
现金流量表，它表明公司当年产生的实际现金流量。
现金流量的产生有3个主要部分：
(1)经营活动产生的现金流量，
第三章
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学习目标
1. 编制并且分析一个公司的基本财务报表， 包括资产负债表，收益表和现金流量表。
2. 解释一个公司的现金流动表的意义。 3. 计算一套综合的金融比率、评价公司金融状况。 4. 使用杜邦分析。 5. 解释比率分析的局限性。
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关键词
财务报表 比率分析 杜邦分析：比率分析的一种综合的方法 比率分析的局限性