财务管理分析范围

财务管理分析判断正误10*2'名解5*3'问答3*5'业务4题50'Chapter1TheBalanceSheet:P6名解Abalancesheetisafinancialsnapshot,takenatapointintime.ofalltheassetsthecompanyownsandalltheclaimsagainstthoseassets.(资产负债表相当于一张财务快照，它反映了企业在某一时点上所拥有的全部资产和与之相对应的全部要求权。)EBIT:P15名解EBITisearningsbeforeinterestandtaxes,ausefulandwidelyusedmeasureofabusiness'sincomebeforeitisdividedamongcreditors,owners,andthetaxman.(息税前利润是一项十分有用且被广泛应用的利润度量指标，度量在向债权人支付利息、向所有者支付股利和向税务当局缴纳税款之前的利润。)P29判断对错(以下是对的)3.Acompany'sfinancesanditsbusinessoperationsareintegrallyrelated.Westudyacompany'sfinancialstatementsbecausetheyareawindowonthefirm'soperations.(公司的财务与经营内在相连，我们之所以要研究公司的财务报表，是因为报表是反映公司经营情况的窗口。)4.Earningsarenotcashflow.Thewisemanagerwatchesboth.（盈利不是现金流量，明智的管理者需两者并重。）5.Abalancesheetisasnapshotofacompany'sassetsandliabilitiesatapointintime.Anincomestatementrecordssales,relatedexpenses,andearningsoveraperiodoftime.（资产负债表是公司资产和负债（权益）在某一时点上的快照。利润表记录一定时期内的销售收入、相关的费用以及利润。）7.Acashflowstatementseliminatestheeffectsofaccrualaccountingtopresentthefirm'scashreceiptsanddisbursementsovertheaccountingperiod.（现金流量表剃除了权责发生制的影响，揭示了公司在会计期间的现金收入和现金支出。）P33计算题课后第12题12.Belowaresummarycashflowstatements(现金流量表)forthreeroughlyequal-sizecompanies（$millions）ABCNetcashflowsfromoperations来自经营活动的净现金流$(300)$(300)$300Netcashusedininvestingactivities用于投资活动的净现金流(900)(30)(90)Netcashflowfromfinancingactivities1,200210(240)来自融资活动的净现金流Cashbalanceatbeginningofyear年初现金余额150150150a.Calculateeachcompany’scashbalanceattheendoftheyear.Cashbalanceattheendoftheyear:(公式：cashbalanceattheendoftheyear=cashbalanceatthebeginningoftheyear+netcashflowsfromoperations+netcashusedininvestingactivities+netcashfromfinancingactivities)A:150-300-900+1200=150($)B:150-300-30+210=30($)C:150+300-90-240=120($)b.ExplainwhatmightcausecompanyC’snetcashfromfinancingactivitiestobenegative.Thecashmightberepaidforthedebts(偿还债务)orusedtorepurchasethestocks（股票回购）.c.LookingatcompaniesAandB,whichcompanywouldyouprefertoown?Why?IprefertoowncompanyA.Thereasonsarethefollowing.Comparedwithwhichatthebeginningoftheyear,thefigureofcompanyBattheendoftheyearisfallingdown.Furthermore,thenetcashusedininvestingactivitiesandfromfinancingactivitiesofcompanyAismuchhigherthanwhichofcompanyB,sotheliquidity(流动性)ofcompanyAishigher.AllofaboveindicatecompanyAispotentialandworthourinvesting.d.IscompanyC'scashflowstatement（现金流量表）causeforanyconcernonthepartofC'smanagementorshareholders?Whyorwhynot?ThereisnoneedtoconcernaboutthepartofC'smanagementorshareholders.TakeaglanceofcompanyC'scashflowstatement,wecanfigureoutcompanyC'snetcashflowfromoperationsispositive,andtheyusethecashfromoperationstorepaythefinancingactivitiesinthepast.It'samatureandexperiencedcompany.Chapter2P36简答Returninequity=Profitmargin*Assetturnover*Financialleverage股东权益收益率=销售利润率*资产周转率*财务杠杆ThissaysthatmanagementhasonlythreeleversforcontrollingROE:这个表达式说明管理者只有是哪个杠杆来调控ROE：(1)theearningssqueezedoutofeachdollarofsales,ortheprofitmargin;每一美元的销售收入所能赚取的利润，即销售利润率(2)Thesalesgeneratedfromeachdollarofassetsemployed,ortheassetturnover;每一美元的资产所能带来的销售收入，即资产周转率(3)Theamountofequityusedtofinancetheassets,orthefinancialleverage.股东收入每一美元所能运用的资产，即财务杠杆P37简答(P37-P382两段话简化一下)WhyareROEssimilaracrossfirmswhileprofitmargins,assetturnovers,andfinancialleveragesdifferdramatically?(为什么公司之间的销售利润率、资产周转率和财务杠杆有如此巨大的差异，而ROE却相差无几呢？)Theanswerinawordiscompetition.AttainmentofanunusuallyhighROEbyonecompanyactsasamagnettoattractrivalsanxioustoemulatethesuperiorperformance.Asrivalsenterthemarket,theheightenedcompetitiondrivesthesuccessfulcompany'sROEbacktowardtheaverage.Conversely,unusuallylowROEsrepelpotentialnewcompetitorsanddriveexistingcompaniesoutofbusinesssothatovertime,survivors'ROEsrisetowardtheaverage.一言以蔽之——竞争。要是一个公司获得了非同寻常的高ROE，就会像一块磁铁，吸引竞争者纷至沓来，追组超常业绩，一旦对手们进入该市场，竞争加剧，成功者的ROE便被迫讲到平均水平。反之，非同寻常的低ROE则会将潜在的新对手和现存的公司从该市场上驱赶出去，这样，经过一段时间之后，幸存者的ROE就会上升到平均水平。Theprofitmargin:P38名解Theprofitmarginmeasuresthefractionofeachdollarofsalesthattricklesdownsthroughtheincomestatementtoprofits.（销售利润率衡量的是每一美元销售额随着利润表的栏目从上往下移动而最终成为利润的那一部分。）Creditsalesperday:P42名解Creditsalesperdayisdefinedascreditsalesfortheaccountingperioddividedbythenumberofdaysintheaccountingperiod,whichforannualstatementsisobviously365days.（日赊销额的定义是会计期内的赊销总额除以会计期总天数，对于年度报表而言显然是365天。）P76判断对错(以下是对的)5.Morefinancialleverageisnotalwaysbetterthanless.Financialleveragecanbemeasuredbyusingbalancesheetratiosorcoverageratios.Coverageratioscomparetheannualburdenofthedebttotheoperatingcashflowavailabletoservicethedebt.Coverageratiosareusuallysuperiorformeasuringlong-termindebtedness.（财务杠杆并非越高越好，可以用资产负债表比率或偿债比率来衡量财务杠杆。偿债比率反映了年度债务负担与可用于偿还债务的经营性现金流量的对比，通常更适合度量长期负债水平。）6.Companiesdisplaywidelydifferingprofitmargins,assetturnovers,andfinancialleverage,dependingontheproductiontechnologiesandstrategiesemployed.Theproductofthesethreeratiosisreturnonequity.Competitionensuresthatthereislessvariationtnreturn-on-equityratiosthaninitsconstituents.（由于生产技术与经营战略不同，不同公司在销售利润率、资产周转率和财务杠杆三个方面相差很大。这三个比率的乘积就是权益收益率，竞争的存在使得不同公司在权益收益率上的差异小于它的三个构成要素的差异。）8.Ratioanalysisisthesystematicexaminationofanumberofcompanyratiosins