财务管理ppt英文课件Cha
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– Accounting liquidity – Debt versus equity – Value versus cost
A
8
Accounting Liquidity
• Refers to the ease and quickness with which assets can be converted to cash. • Current assets are the most liquid. • Some fixed assets are intangible. • The more liquid a firm’s assets, the less likely the firm is to experience problems
• Thus shareholder’s equity is the residual difference between assets and liabilities. • Financial leverage increases the potential reward to shareholders, but also increases
Chapter 6
Financial Statement Analysis
A
1
Financial Statement Analysis
• Financial Statements • A Possible Framework for Analysis • Ratio Analysis • Trend Analysis • Common-Size and Index Analysis
• Control -- Focus on return on investment for various assets and asset efficiency.
• Understand -- Focus on understanding how suppliers of funds analyze the firm.
meeting short-term obligations. • Liquid assets frequently have lower rates of return than fixed assets.
A
9
Debt versus Equity
• Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow.
A
Long-Term Debt
Shareholders’ Equity Total Value of Liabilities and Shareholders’ Equity
7
Balance Sheet Analysis
• When analyzing a balance sheet, the financial manager should be aware of three concerns:
A
2
Uses of Financial Statement Information
• Internal uses: – performance evaluation – planning for the future
• External uses: – evaluation by outside parties – evaluation of main competitors – identifying potential takeover targets
the potential for financial distress and business failure.
A
10
Value versus Cost
• Generally Accepted Accounting Principles (GAAP) show that audited financial statements show assets at historical cost or book value.
A
4
Examples of External Uses of Statement Analysis
• Trade Creditors -- Focus on the liquidity of the firm. • Bondholders -- Focus on the long-term cash flow of the firm. • Shareholders -- Focus on the profitability and long-term health of the firm.
• Income Statement – A summary of a firm’s revenues and expenses over a specified period, ending with net income or loss for the period. Revenue – Expenses ≡ Income
A
6
The Balance Sheet
Current Assets
Net
Working Capital
Current LiabiΒιβλιοθήκη Baiduities
Fixed Assets 1.Tangible fixed assets 2.Intangible fixed assets
Total Value of Assets
A
3
Examples of Internal Uses of Statement Analysis
• Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
A
5
Primary Types of Financial Statements
Balance Sheet
➢ A summary of a firm’s financial position on a given date that shows
total assets = total liabilities + owners’ equity.
A
8
Accounting Liquidity
• Refers to the ease and quickness with which assets can be converted to cash. • Current assets are the most liquid. • Some fixed assets are intangible. • The more liquid a firm’s assets, the less likely the firm is to experience problems
• Thus shareholder’s equity is the residual difference between assets and liabilities. • Financial leverage increases the potential reward to shareholders, but also increases
Chapter 6
Financial Statement Analysis
A
1
Financial Statement Analysis
• Financial Statements • A Possible Framework for Analysis • Ratio Analysis • Trend Analysis • Common-Size and Index Analysis
• Control -- Focus on return on investment for various assets and asset efficiency.
• Understand -- Focus on understanding how suppliers of funds analyze the firm.
meeting short-term obligations. • Liquid assets frequently have lower rates of return than fixed assets.
A
9
Debt versus Equity
• Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow.
A
Long-Term Debt
Shareholders’ Equity Total Value of Liabilities and Shareholders’ Equity
7
Balance Sheet Analysis
• When analyzing a balance sheet, the financial manager should be aware of three concerns:
A
2
Uses of Financial Statement Information
• Internal uses: – performance evaluation – planning for the future
• External uses: – evaluation by outside parties – evaluation of main competitors – identifying potential takeover targets
the potential for financial distress and business failure.
A
10
Value versus Cost
• Generally Accepted Accounting Principles (GAAP) show that audited financial statements show assets at historical cost or book value.
A
4
Examples of External Uses of Statement Analysis
• Trade Creditors -- Focus on the liquidity of the firm. • Bondholders -- Focus on the long-term cash flow of the firm. • Shareholders -- Focus on the profitability and long-term health of the firm.
• Income Statement – A summary of a firm’s revenues and expenses over a specified period, ending with net income or loss for the period. Revenue – Expenses ≡ Income
A
6
The Balance Sheet
Current Assets
Net
Working Capital
Current LiabiΒιβλιοθήκη Baiduities
Fixed Assets 1.Tangible fixed assets 2.Intangible fixed assets
Total Value of Assets
A
3
Examples of Internal Uses of Statement Analysis
• Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
A
5
Primary Types of Financial Statements
Balance Sheet
➢ A summary of a firm’s financial position on a given date that shows
total assets = total liabilities + owners’ equity.