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財(cái)務(wù)報(bào)表分析要素作者：吉布林本文出自財(cái)務(wù)報(bào)表分析期刊12卷第2期，2009年1.財(cái)務(wù)報(bào)表分析概述財(cái)務(wù)報(bào)表的分析需要采用各種不同的技術(shù)分析方法來強(qiáng)調(diào)數(shù)據(jù)的相對(duì)重要性，以此評(píng)估出公司的財(cái)務(wù)狀況。這些方法包括比率分析，趨勢(shì)分析，審查說明性資料分析以及與其他類型數(shù)據(jù)的比較分析，從這些分析方法中得出的信息應(yīng)該相互融合以看出公司的總體財(cái)務(wù)狀況，因?yàn)槿魏我环N單一的分析方法都不能得出總體的結(jié)論或滿足不同使用者的需求。在進(jìn)行財(cái)務(wù)報(bào)表分析時(shí)，可以在同行業(yè)中選擇現(xiàn)有的兩家上市公司，如聯(lián)合利華和寶潔公司在食品和個(gè)人護(hù)理產(chǎn)品等方面來進(jìn)行比較分析，找到他們最近三年的財(cái)務(wù)報(bào)表 然后運(yùn)用上面所提到的各種分析方法進(jìn)行綜合分析。財(cái)務(wù)分析方法如比率分析和趨勢(shì)分析等能對(duì)一個(gè)公司的經(jīng)營(yíng)、風(fēng)險(xiǎn)預(yù)測(cè)等提出寶貴的意見，而這些寶貴的建議僅通過看一些原始數(shù)據(jù)是無法提出的，當(dāng)數(shù)據(jù)被分析提交后，那么由于時(shí)間段、財(cái)務(wù)報(bào)表各項(xiàng)目的聯(lián)系以及公司的不同所造成的差異就會(huì)變得容易理解。一種有效的分析方法應(yīng)包括計(jì)算和分析兩個(gè)方面，真正的理性的分析并不是簡(jiǎn)單的將所收集到的信息、表格和圖形等進(jìn)行簡(jiǎn)單的加總結(jié)合，例如，對(duì)一個(gè)公司過去的業(yè)績(jī)進(jìn)行評(píng)價(jià)，不僅要知道過去發(fā)生了什么交易和事項(xiàng)，而且要了解其為什么會(huì)發(fā)生以及它是否有利于企業(yè)的戰(zhàn)略實(shí)施，需要解決的一些關(guān)鍵問題主要包括如下幾個(gè)方面：（一）哪些因素是一個(gè)公司在同行業(yè)競(jìng)爭(zhēng)中取得成功的關(guān)鍵（二）公司的業(yè)績(jī)?nèi)绾尾拍芊线@些關(guān)鍵因素的標(biāo)準(zhǔn)，通常這應(yīng)該是建立在適當(dāng)?shù)幕鶞?zhǔn)上，如公司自己的歷史業(yè)績(jī)或競(jìng)爭(zhēng)對(duì)手的業(yè)績(jī)（三）怎樣才能達(dá)到這些業(yè)績(jī)指標(biāo)，以及這將對(duì)公司的未來發(fā)展有什么影響（四）這種發(fā)展趨勢(shì)對(duì)公司甚至整個(gè)行業(yè)的未來現(xiàn)金流會(huì)有什么影響（五）作為一個(gè)分析師所能提出的意見及建議2.財(cái)務(wù)報(bào)表分析方法下面的分析方法可以幫助實(shí)現(xiàn)對(duì)一個(gè)公司財(cái)務(wù)報(bào)表分析的總體目標(biāo)。 2.1 比率分析法比率分析是對(duì)來自公司財(cái)務(wù)報(bào)表的數(shù)據(jù)進(jìn)行計(jì)算和比較的一種分析方法。通常財(cái)務(wù)比率按百分比或倍數(shù)來表示。 (一）流動(dòng)比率流動(dòng)比率一般用來衡量一個(gè)公司的現(xiàn)行償債能力。主要包括現(xiàn)行負(fù)債率、酸性測(cè)試比率、銷售營(yíng)運(yùn)資金率。(二）杠桿比率杠桿比率主要衡量長(zhǎng)期資金供應(yīng)的保障程度，主要包括時(shí)間利息率、固定費(fèi)用償付率、負(fù)債比率、債務(wù)/權(quán)益比率、債務(wù)與有形凈資產(chǎn)比率、當(dāng)前價(jià)值/凈資產(chǎn)比率、總資本比率、固定資產(chǎn)收益率、權(quán)益比率。(三）盈利能力比率盈利能力比率衡量一個(gè)企業(yè)的盈利能力。主要包括凈利率、資產(chǎn)回收就率、杜邦資產(chǎn)回報(bào)率、 經(jīng)營(yíng)收入率、資產(chǎn)周轉(zhuǎn)率、營(yíng)業(yè)資產(chǎn)回收率、固定資產(chǎn)銷售率、返回投資回報(bào)率、返回總權(quán)益率、毛利率。(四）變現(xiàn)比率變現(xiàn)比率是衡量一個(gè)公司在資產(chǎn)負(fù)債表中使不同的賬戶轉(zhuǎn)換成現(xiàn)金或銷售收入能力的比率。主要包括應(yīng)收賬款周轉(zhuǎn)率、平均收款期、應(yīng)付賬款周轉(zhuǎn)率、平均付款期限、存貨周轉(zhuǎn)率、存貨平均年齡、工作周期、總資產(chǎn)周轉(zhuǎn)率、固定資產(chǎn)周轉(zhuǎn)率。(五）市場(chǎng)比率市場(chǎng)比率通常是投資者用來評(píng)價(jià)一個(gè)企業(yè)的業(yè)績(jī)以確定是否將其作為投資或入股對(duì)象的比率。主要包括每股收益、每股盈余、價(jià)格/市盈率、保留盈余百分比、派息率、股息收益率、每股賬面價(jià)值。(六）現(xiàn)金流量比率現(xiàn)金流量比率能表明一個(gè)企業(yè)的資金流動(dòng)性、借貸能力以及盈利能力。主要包括經(jīng)營(yíng)現(xiàn)金流/應(yīng)付票據(jù)、經(jīng)營(yíng)現(xiàn)金流/總債務(wù)、經(jīng)營(yíng)每股現(xiàn)金流量、經(jīng)營(yíng)現(xiàn)金流量/現(xiàn)金股利等。2.2 橫向分析法橫向分析是以以前年度的某個(gè)項(xiàng)目為基準(zhǔn)，通過計(jì)算分析年度數(shù)據(jù)的增減變動(dòng)最后以百分比的形式表現(xiàn)出來的一種分析方法。它能夠突出顯示出意外變化或意外維持不變的項(xiàng)目。它使用某一年的數(shù)據(jù)作為基準(zhǔn)來顯示出其他年度的數(shù)據(jù)變化。2.3 縱向分析法縱向分析是指通過將各種賬戶余額除以相應(yīng)的總賬戶余額所得到的百分比來反映在同一財(cái)務(wù)報(bào)表中各種項(xiàng)目的結(jié)構(gòu)關(guān)系的一種分析方法。 2.4 審查說明性資料分析法一般存在于年度報(bào)告、貿(mào)易期刊以及業(yè)界評(píng)論中的說明性資料能夠有效的幫助了解一個(gè)公司的財(cái)務(wù)狀況，說明性材料可能討論生產(chǎn)資本的擴(kuò)張以及和目標(biāo)有關(guān)的未來銷售計(jì)劃，如少數(shù)民族聘用或聯(lián)盟談判，或者還會(huì)有助于解釋一個(gè)公司的股利分配政策。2.5 比較分析法絕對(duì)數(shù)字或絕對(duì)比率似乎毫無意義，除非其與其他數(shù)字 或比率相比較才會(huì)突出其價(jià)值。有見解性的比較方法通常有以下幾種類型:(一）趨勢(shì)分析趨勢(shì)分析法是通過研究一個(gè)企業(yè)過去的業(yè)績(jī)史來與現(xiàn)在的業(yè)績(jī)進(jìn)行比較，通過計(jì)算比率來反映公司的業(yè)績(jī)變化，這種方法有助于及時(shí)發(fā)現(xiàn)存在的問題或挖掘良好的管理模式，通過將比率繪制成相應(yīng)的圖表從而可以直觀的顯示其是否正在下降、上升或保持相對(duì)穩(wěn)定。(二）與行業(yè)平均值及競(jìng)爭(zhēng)對(duì)手的比較如果一個(gè)實(shí)體的財(cái)務(wù)報(bào)表分析結(jié)果能夠與行業(yè)平均水平及競(jìng)爭(zhēng)對(duì)手的業(yè)績(jī)水平相比較，其將會(huì)變得更有意義。從同行業(yè)中選擇三到四個(gè)公司然后根據(jù)其財(cái)務(wù)報(bào)表計(jì)算八到十個(gè)比率,最后用計(jì)算出的比率與本公司進(jìn)行比較，從而使分析師意識(shí)到本公司在同行業(yè)中落后的方面。2Essentials for Financial Statements AnalysisGibson.C.H.Journal of Financial Statement Analysis Vol.12 No.2,2009Overview of financial statements analysisThe analysis of financial data employs various techniques to emphasize the comparative and relative importance of the data presented and to evaluate the position of the firm. These techniques include ratio analysis, common size analysis, review of descriptive material, and comparisons of results with other types of data. The information derived from these types of analyses should be blended to determine the overall financial position. No one type of analysis supports overall findings or serves all types of users. You have to select two listed companies existing in the same industry (e.g. Unilever and Proctor and Gamble in the food and personal care products, etc) Get their financial statements for the most recent three years and Perform the afore-mentioned analysis. Financial Analysis techniques such as ratio analysis and common size financial statements can provide valuable insight into a companys operations, risk characteristics, and valuation beyond what is readily apparent by examining raw data. When data is presented analytically, differences across time periods, interrelationships of financial statement accounts and comparisons among companies, are more easily understood. An effective analysis encompasses both computations and interpretations. A well reasoned analysis differs from a mere complication of various pieces of information, computations, tables, and graphs by integrating the data collected into a cohesive whole. Analysis of the past performance, for example, should address not only what happened but also why it happened and whether it advanced companys strategy. Some of the key questions to address include:l What aspects of performance are critical for this company to successfully compete in the industry?l How well did the companys performance meet these critical aspects? (This is established through computations and comparison with appropriate benchmarks, such as the companys own historical performance or competitors performance.)l What are the key causes of this performance, and how would this performance affect the company in the future?l What is the likely impact of trends in the company, industry, and economy on the future cash flows?l What are your recommendations as an analyst?Financial Analysis TechniquesThe following techniques can help you in achieving the overall objective of financial statement analysis of the companies.1. Ratio AnalysisRatio analysis is the calculation and comparison of ratios which are derived from the information in a companys financial statements. Financial ratios are usually expressed as a percent or as times per period.a) Liquidity RatiosLiquidity ratios measure a firms ability to meet its current obligations. These include Current Ratio, Acid Test Ratio, Sales to Working Capital, Working capital.b) Leverage RatiosLeverage ratios measure the degree of protection of suppliers of long term funds. These include Time Interest Earned, Fixed Charge Coverage, Debt Ratio, Debt / Equity Ratio, Debt to Tangible Net worth Ratio, Current Worth / Net worth Ratio, Total Capitalization Ratio, Fixed Asset Ratio / Equity Ratio, Long term Assets versus Long term Debt.c) Profitability RatiosProfitability ratios measure the earning ability of a firm. These include Net Profit Margin, Return on Assets, DuPont Return on Assets, Operating Income Margin, Operating Assets Turnover, Return on Operating Assets, Sales to Fixed Assets, Return on Investment (ROI), Return on Total Equity, Gross Profit Margin.d) Activity RatiosActivity ratios measure a firms ability to convert different accounts within their balance sheets into cash or sales. These include Accounts Receivable Turnover, Average Collection Period, Accounts Payable Turnover, Average Payment Period, Inventory Turnover, Average Age of Inventory, Operating Cycle, Total Assets Turnover, Fixed Assets Turnover.e) Market Ratios Market ratios are commonly used by the investors to assess the performance of a business as an investment and also the cost of issuing stock. These include Dividend per share, Earning per Share, Price/earning Ratio, Percentage of Earnings Retained, Dividend Payout, Dividend Yield, Book Value per Share.f) Statements of Cash FlowCash flow ratios indicate liquidity, borrowing capacity and profitability. These include Operating Cash Flow /Current Maturities of Long Term Debt and Current Notes Payable, Operating Cash Flow/Total Debt, Operating Cash Flow per Share, Operating Cash Flow/Cash Dividends. 2. Horizontal AnalysisHorizontal analysis is done by computing the increase or decrease in percentage terms of each item from the prior year. It highlights items that have changed unexpectedly or have unexpectedly remained unchanged. It uses one years worth of entries as a baseline while every other year represents differences in terms of changes to that baseline.3. Vertical AnalysisIt is a technique for identifying relationship between items in the same financial statement by expressing all amounts as the percentage of the total amount taken as 100.4. Review of Descriptive InformationThe descriptive information found in an annual report, in trade periodicals, and in industry reviews helps in understanding the financial position of a firm. Descriptive material might discuss the role of research and development in producing future sales, present data on capital expansion and the goal related such as minority hiring or unionnegotiations, or help explain the dividend policy of the firm.5. ComparisonsAbsolute figures or ratios appear meaningless unless compared to other figures or ratios. Several