公司理財?shù)谄甙鍯hap004

1、McGraw-Hill/IrwinCopyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.Corporate PerformanceCorporate Performance MeasuredMarket Value AddedBook ValueMarket Value Added Share Price Shares Outstanding - EquityWhat is it?Why is it useful?Defined:MVA: DiscussionConsider AT&T and Hom

2、e DepotSimilar MVA, Different Market-to-Book RatioWhy?Book ValueMarket Value Added Share Price Shares Outstanding - EquityTABLE 4.3Economic Value AddedWhat is it?Why is it important?Defined:Economic Value Added Operating Income* - Cost of Capital Total CapitalizationWhy is it called residual income?

3、EVA: DiscussionConsider Coca-Cola and GoogleSimilar EVA, Different Return on CapitalWhy?Economic Value Added Operating Income - Cost of Capital Total CapitalizationTABLE 4.4* Operating Income = Net Income + After-tax Interest; ROC = Return on CapitalBook Rates of Return*Book Rates of Return are also

4、 referred to as Accounting rates of ReturnWhat do they measure?Return on Capital: Return on Assets:Return on Equity: Calculating Return on CapitalLowes Balance Sheet (in $m)Lowes Return on CapitalAfter-Tax Operating Income1,964ROC8.4%Average Total Capitalization23,345.5After Tax Operating Income = N

5、et Income + After-Tax Interest = 1,783 + 181 = 1,964Average Total Capitalization = Average Long-Term Debt + Equity(23,59723,094)23,345.52Calculating Return on AssetsLowes Balance Sheet (in $m)Lowes Return on AssetsAfter-Tax Operating Income1,964ROA6.0%Average Total Assets32,815After-Tax Operating In

6、come1,964ROA = 6.0%Total Assets32,625Year BeginningorAfter Tax Operating Income = Net Income + After-Tax Interest = 1,783 + 181 = 1,964(33,00532,625)Average Total Assets = 232,815Calculating Return on EquityLowes Balance Sheet (in $m)Lowes Return on EquityNet Income1,783ROE9.6%Average Total Equity18

7、,562Net Income1,783ROE = 9.9%Equity18,055YearBeginningor(19,069 18,055)Average Total Equity = 218,562Financial Ratios and Shareholder ValueShareholder value depends on good investment and financing decisions.Financial Ratios help measure the success and soundness of these decisions.Efficiency Ratios

8、SalesReceivables Turnover=ReceivablesYear BeginningSalesAsset turnover ratio=Total AssetsYear BeginningS ales=A verage T otal A ssetsOR*How does this ratio measure efficiency?How does this ratio measure efficiency?* Either equation is a legitimate way to calculate the asset turnover ratioEfficiency

9、RatiosInventoryAverage Daysin Inventory=(Cost of Goods Sold/365)Year BeginningHow does this ratio measure efficiency?Cost of Goods SoldInventory Turnover Ratio=InventoryYear BeginningHow does this ratio measure efficiency?ReceivablesAverage Collection Period=(Sales/365)YearBeginningHow does this rat

10、io measure efficiency?Calculating an Efficiency RatioLowes Balance Sheet (in $m)Lowes Asset Turnover RatioSales47,220Asset Turnover Ratio1.4Average Total Assets32,815(33,00532,625)Average Total Assets = 232,815Profitability RatiosHow does this ratio measure the firms profitability?When is this ratio

11、 potentially more useful than just profit margin?Net IncomeAfter-Tax Interest Operating Profit Margin=SalesNet Income Profit Margin=SalesNote: ROC, ROA, ROE and EVA are also typically considered profitability ratios.Calculating a Profitability RatioLowes Balance Sheet (in $m)Lowes Operating Profit M

12、arginNet Income + After-Tax Interest1,783 181OPM4.2%Sales47,220Leverage RatiosLong Term DebtLong term debt ratio=Long Term Debt+EquityHow does this ratio measure leverage?Long-Term DebtLong-term Debt Equity Ratio=EquityHow does this ratio measure leverage?Measuring LeverageTotal LiabilitiesTotal Deb

13、t Ratio=Total AssetsHow does this ratio measure leverage?EBITTimes Interest Earned=Interest PaymentsHow does this ratio measure leverage?EBIT+DepreciationCash Coverage Ratio=Interest PaymentsHow does this ratio measure leverage?Calculating a Leverage RatioLowes Balance Sheet (in $m)Lowes Times Inter

14、est Earned RatioEBIT3,112Times Interest Earned10.8Interest287EBIT = Sales - COGS - Expenses - Depreciation47,22030,75711,7371,6143,112Measuring LiquidityNet Working CapitalNWC to Total Assets Ratio =Total AssetsCurrent AssetsCurrent Ratio=Current LiabilitiesHow does this ratio measure liquidity?How

15、does this ratio measure liquidity?Liquidity RatiosCash + Marketable Securities + ReceivablesQuick ratio=Current LiabilitiesHow does this ratio differ form the current ratio? Why might a financial manager prefer it?Cash + Marketable SecuritiesCash Ratio=Current LiabilitiesHow does this ratio differ f

16、rom the current ratio? Why might a financial manager prefer it?Calculating a Liquidity RatioLowes Balance Sheet (in $m)Lowes NWC to Total Assets RatioNet Working Capital = 9,732-7,3552,377NWC2,377NWC to Total Assets 7.2%Total Assets33,005The DuPont SystemWhat is it, and what is it used for?The DuPon

17、t System: ROASalesNet Income InterestROA=xAssetsSalesAssetTurnoverOperating ProfitMarginNet Income InterestROA=AssetsROA Decomposition by IndustryThe DuPont System: ROEAssetsSalesNet Income InterestNet IncomeROE=xxxEquityAssetsSalesNet Income InterestLeverageRatioAssetTurnoverOperatingProfitMarginDebtBurdenNet IncomeROE=EquitySustainable GrowthEarnings-DividendsPlowback Ratio=EarningsDividendsPayout Ratio=EarningsGrowth in equity from plowback = Plowb