財務報表分析要素

畢業(yè)設計/論文外文文獻翻譯系別經濟管理學院專業(yè)班級姓名評分指導教師2011年3月EssentialsforFinancialStatementsAnalysisStatementAnalysisVol.12No.2,2009OverviewoffinancialstatementsanalysisTheanalysisoffinancialdataemploysvarioustechniquestoemphasizethecomparativeandrelativeimportanceofthedatapresentedandtoevaluatethepositionofthefirm.Thesetechniquesincluderatioanalysis,commonsizeanalysis,reviewofdescriptivematerial,andcomparisonsofresultswithothertypesofdata.Theinformationderivedfromthesetypesofanalysesshouldbeblendedtodeterminetheoverallfinancialposition.Noonetypeofanalysissupportsoverallfindingsorservesalltypesofusers.Youhavetoselecttwolistedcompaniesexistinginthesameindustry(e.g.UnileverandProctorandGambleinthefoodandpersonalcareproducts,etc)GettheirfinancialstatementsforthemostrecentthreeyearsandPerformtheafore-mentionedanalysis.FinancialAnalysistechniquessuchasratioanalysisandcommonsizefinancialstatementscanprovidevaluableinsightintoacompany’soperations,riskcharacteristics,andvaluationbeyondwhatisreadilyapparentbyexaminingrawdata.Whendataispresentedanalytically,differencesacrosstimeperiods,interrelationshipsoffinancialstatementaccountsandcomparisonsamongcompanies,aremoreeasilyunderstood.Aneffectiveanalysisencompassesbothcomputationsandinterpretations.Awellreasonedanalysisdiffersfromamerecomplicationofvariouspiecesofinformation,computations,tables,andgraphsbyintegratingthedatacollectedintoacohesivewhole.Analysisofthepastperformance,forexample,shouldaddressnotonlywhathappenedbutalsowhyithappenedandwhetheritadvancedcompany’sstrategy.Someofthekeyquestionstoaddressinclude:Whataspectsofperformancearecriticalforthiscompanytosuccessfullycompeteintheindustry?Howwelldidthecompany’sperformancemeetthesecriticalaspects?(Thisisestablishedthroughcomputationsandcomparisonwithappropriatebenchmarks,suchasthecompany’sownhistoricalperformanceorcompetitors’performance.)Whatarethekeycausesofthisperformance,andhowwouldthisperformanceaffectthecompanyinthefuture?Whatisthelikelyimpactoftrendsinthecompany,industry,andeconomyonthefuturecashflows?Whatareyourrecommendationsasananalyst?FinancialAnalysisTechniquesThefollowingtechniquescanhelpyouinachievingtheoverallobjectiveoffinancialstatementanalysisofthecompanies.1.RatioAnalysisRatioanalysisisthecalculationandcomparisonofratioswhicharederivedfromtheinformationinacompany'sfinancialstatements.Financialratiosareusuallyexpressedasapercentorastimesperperiod.a)LiquidityRatiosLiquidityratiosmeasureafirm’sabilitytomeetitscurrentobligations.TheseincludeCurrentRatio,AcidTestRatio,SalestoWorkingCapital,Workingcapital.b)LeverageRatiosLeverageratiosmeasurethedegreeofprotectionofsuppliersoflongtermfunds.TheseincludeTimeInterestEarned,FixedChargeCoverage,DebtRatio,Debt/EquityRatio,DebttoTangibleNetworthRatio,CurrentWorth/NetworthRatio,TotalCapitalizationRatio,FixedAssetRatio/EquityRatio,LongtermAssetsversusLongtermDebt.c)ProfitabilityRatiosProfitabilityratiosmeasuretheearningabilityofafirm.TheseincludeNetProfitMargin,ReturnonAssets,DuPontReturnonAssets,OperatingIncomeMargin,OperatingAssetsTurnover,ReturnonOperatingAssets,SalestoFixedAssets,ReturnonInvestment(ROI),ReturnonTotalEquity,GrossProfitMargin.d)ActivityRatiosActivityratiosmeasureafirm'sabilitytoconvertdifferentaccountswithintheirbalancesheetsintocashorsales.TheseincludeAccountsReceivableTurnover,AverageCollectionPeriod,AccountsPayableTurnover,AveragePaymentPeriod,InventoryTurnover,AverageAgeofInventory,OperatingCycle,TotalAssetsTurnover,FixedAssetsTurnover.e)MarketRatiosMarketratiosarecommonlyusedbytheinvestorstoassesstheperformanceofabusinessasaninvestmentandalsothecostofissuingstock.TheseincludeDividendpershare,EarningperShare,Price/earningRatio,PercentageofEarningsRetained,DividendPayout,DividendYield,BookValueperShare.f)StatementsofCashFlowCashflowratiosindicateliquidity,borrowingcapacityandprofitability.TheseincludeOperatingCashFlow/CurrentMaturitiesofLongTermDebtandCurrentNotesPayable,OperatingCashFlow/TotalDebt,OperatingCashFlowperShare,OperatingCashFlow/CashDividends.2.HorizontalAnalysisHorizontalanalysisisdonebycomputingtheincreaseordecreaseinpercentagetermsofeachitemfromtheprioryear.Ithighlightsitemsthathavechangedunexpectedlyorhaveunexpectedlyremainedunchanged.Itusesoneyear'sworthofentriesasabaselinewhileeveryotheryearrepresentsdifferencesintermsofchangestothatbaseline.3.VerticalAnalysisItisatechniqueforidentifyingrelationshipbetweenitemsinthesamefinancialstatementbyexpressingallamountsasthepercentageofthetotalamounttakenas100.4.ReviewofDescriptiveInformationThedescriptiveinformationfoundinanannualreport,intradeperiodicals,andinindustryreviewshelpsinunderstandingthefinancialpositionofafirm.Descriptivematerialmightdiscusstheroleofresearchanddevelopmentinproducingfuturesales,presentdataoncapitalexpansionandthegoalrelatedsuchasminorityhiringorunionnegotiations,orhelpexplainthedividendpolicyofthefirm.5.ComparisonsAbsolutefiguresorratiosappearmeaninglessunlesscomparedtootherfiguresorratios.Severaltypesofcomparisonsofferinsight,e.g.a)TrendAnalysisTrendanalysisstudiesthefinancialhistoryofafirmforcomparison.Itisthecomparativeanalysisofacompany'sfin