英文财务管理

4- 15
Measuring Efficiency（管理效率）
Asset turn over ratio = Sales totalassets at start of year
OR
Sales Averagetotalassets
Asset turn over ratio =
For PepsiCo
Asset turn over ratio = Sales 35,753 1.13 totalassets at start of year 31,727
OR
Asset turn over ratio =
Sales 35,753 1.16 Averagetotalassets (31,727 29,930) / 2
Residual Income

4- 9
Measuring Profitability
Economic Value Added (EVA) of PepsiCo
EVA Residual Income Net Income- Cost of Equity Equity
EVA Residual Income 5,642- .09514,251 $4,527million
Net Income Interest 5,642 239 Return on assets = = .185 totalassets 31,727
Net Income Interest 5,642 239 Return on capital= .355 Long termdebt equity 16,564
4- 7
Value and Value Added
Stock market measures of company performance, 2006. Companies are ranked by market value added. (dollar values in millions)
leverage ratio
asset turnover
Operating profit margin
4- 24
The DuPont System
4- 1
Fundamentals of Corporate Finance
Sixth Edition
Chapter 4
Measuring Corporate Performance
Richard A. Brealey Stewart C. Myers Alan J. Marcus
Slides by Matthew Will
4- 22
杜邦财务分析体系
净资产报酬率
总资产报酬率 销售利润率 利润额
×
1
权益乘数
× 资产周转率 ÷
资产额
÷ 1－资产负债率
负债额
÷
销售收入
÷
资产额
收入、成本等损益类指标
资产、资本等财务状况类指标
4- 23
The DuPont System
assets sales Net Income ROE = x x equity assets sales
Return on Equity (ROE，净资产收益率)

Net income as a percentage of shareholders’ equity Net income plus Interest as a percentage of longterm capital.
Net income plus interest as a percentage of total assets
4- 8
Measuring Profitability
Economic Value Added (经济增加值， EVA)

Net income minus a charge for the cost of capital employed. Also called residual income. Net Dollar return after deducting the cost of capital EVA Residual Income Net Income- Cost of Equity Equity
4- 2
Topics Covered
Value and Value Added Measuring Profitability Measuring Efficiency Analyzing the Return on Assets: The Du Pont System Measuring Leverage Measuring Liquidity Calculating Sustainable Growth Interpreting Financial Ratios The Role of Financial Ratios–and a Final Note on Transparency
4- 16
Measuring Efficiency
Inventory turnoverratio = cost of goods sold inventory at start of year
AverageDaysin Inventory =
inventory at start of year cost of goods sold/365
4- 12
Measuring Profitability
Accounting measures of company performance, 2006. Companies are ranked by return on equity.
4- 13
Measuring Profitability（盈利能力）
A breakdown of ROE and ROA into component ratios
Net Income Profit Margin = sales Net Income Interest Operating Profit Margin = sales
4- 18
The DuPont System
Return on Capital (ROC)

Return on Assets (ROA，资产收益率)

4- 14
Measuring Profitability
PepsiCo Profitability Measurements
net income 5,642 Return on equity = .396 equity 14,251
McGraw McGraw Hill/Irwin Hill/Irwin
Copyright ©Copyright 2009 by The McGraw-Hill Companies, Inc. All rights reserved © 2009 by The McGraw-Hill Companies, Inc. All rights reserved
4- 10
Economic Value Added (EVA)
Economic Value Added (EVA)：Value added to shareholders by management during a given year. It focuses on managerial effectiveness in a given year. The basic formula for EVA is as follows: EVA ＝ NOPAT－ After-tax dollar cost of capital used to support operations ＝ EBIT(1－ Corporate tax rate)－ (Total investorsupplied operating capital) ×(After-tax percentage cost of capital). = NOPAT – After-tax Cost of Capital
Net Income interest ROA = assets
sales Net Income interest ROA = x assets sales
asset turnover
Operating profit margin
4- 19
Measuring Leverage
long termdebt Long termdebt ratio = long termdebt + equity
4- 3
Value and Value Added
Market Capitalization(市值）P57-58

Total market value of equity, equal to share price times number of shares outstanding. $62.55×1638=$102 457(million) MarketCapitaliza tion (# shares) (priceper share)4- 11EVA Concepts
In order to generate positive EVA, a firm has to more than just cover operating costs. It must also provide a return to those who have provided the firm with capital. EVA takes into account the total cost of capital, which includes the cost of equity.
Receivable s T urnover=
sales receivable s at start of year
Averagecollectionperiod =
receivable s at start of year averagedaily sales
4- 17
The DuPont System(杜邦分析体系）
4- 4
PepsiCo Balance Sheet (December 31, 2006)
$Millions
4- 5
Value and Value Added
Pepsico Income Statement (year end 2006) Net Sales COGS Selling, G&A expenses Depreciation expense EBIT Net interest expense Taxable Income Income Taxes Net Income 35,753 15,762 11,530 1,406 7,055 66 6,989 1,347 5,642
long termdebt Debt equity ratio = equity
4- 20
Measuring Leverage（偿债能力）
4- 21
财务指标分析
一、偿债能力分析(包括长期偿债能力
和短期偿债能力也称变现能力分析）
二、营运能力分析（也称为资产 管理效率能力分析） 三、盈利能力分析 四、现金流量分析 五、成长能力分析
Market Value Added（市场增加值）
Market capitalization minus book value of equity. MVA=$102 457-$15 368=$87 089

MVA MarketCapitaliza tion- EquityBook Value
4- 6
Value and Value Added
Market-to-Book Ratio (市净率）

Ratio of market value of equity to book value of equity.
market val ue of equity Market- to - book ratio book valueof equity $102,457 $15,368 6.7