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1、财务管理分析财务管理分析 判断正误判断正误 10*2 名解名解 5*3 问答问答 3*5 业务业务 4 题题 50 Chapter 1 The Balance Sheet: P6 名解名解 A balance sheet is a financial snapshot,taken at a point in time.of all the assets the company owns and all the claims against those assets. (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 名解名
2、解 EBIT is earnings before interest and taxes, a useful and widely used measure of a businesss income before it is divided among creditors,owners,and the taxman.(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 判断对错判断对错(以下是对的以下是对的) 3.A companys finances and its business operations
3、 are integrally related.We study a companys financial statements because they are a window on the firms operations.(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.Earnings are not cash flow.The wise manager watches both.（盈利不是现金流量，明智的管 理者需两者并重。 ）5.A balance sheet is a snapshot of a companys asset
4、s and liabilities at a point in time.An income statement records sales,related expenses,and earnings over a period of time.（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.A cash flow statements eliminates the effects of accrual accounting to present the firms cash receipts and disburseme
5、nts over the accounting period.（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 计算题计算题 课后第课后第 12 题题 12.Below are summary cash flow statements(现金流量表现金流量表) for three roughly equal-size companies （$ millions） ABC Net cash flows from operations 来自经营活动的净现金流来自经营活动的净现金流$(300)$(300)$300Net cash used in investi
6、ng activities 用于投资活动的净现金流用于投资活动的净现金流(900)(30)(90)Net cash flow from financing activities来自融资活动的净现金流来自融资活动的净现金流1,200210(240)Cash balance at beginning of year 年初现金余额年初现金余额150150150a.Calculate each companys cash balance at the end of the year.Cash balance at the end of the year:(公式：cash balance at the
7、end of the year= cash balance at the beginning of the year+ net cash flows from operations+ net cash used in investing activities+ net cash from financing activities) A: 150-300-900+1200=150($) B: 150-300-30+210=30($) C: 150+300-90-240=120($) b. Explain what might cause company Cs net cash from fina
8、ncing activities to be negative. The cash might be repaid for the debts(偿还债务) or used to repurchase the stocks（股票回购） .c. Looking at companies A and B, which company would you prefer to own? Why?I prefer to own company A. The reasons are the following. Compared with which at the beginning of the year
9、, the figure of company B at the end of the year is falling down. Furthermore, the net cash used in investing activities and from financing activities of company A is much higher than which of company B, so the liquidity(流动性) of company A is higher. All of above indicate company A is potential and w
10、orth our investing.d. Is company Cs cash flow statement（现金流量表）（现金流量表） cause for any concern on the part of Cs management or shareholders? Why or why not? There is no need to concern about the part of Cs management or shareholders. Take a glance of company Cs cash flow statement, we can figure out co
11、mpany Cs net cash flow from operations is positive, and they use the cash from operations to repay the financing activities in the past. Its a mature and experienced company.Chapter 2 P36 简答简答 Return in equity = Profit margin * Asset turnover * Financial leverage 股东权益收益率=销售利润率*资产周转率*财务杠杆 This says t
12、hat management has only three levers for controlling ROE: 这个表达式说明管理者只有是哪个杠杆来调控 ROE： (1)the earnings squeezed out of each dollar of sales, or the profit margin; 每一美元的销售收入所能赚取的利润，即销售利润率 (2)The sales generated from each dollar of assets employed,or the asset turnover; 每一美元的资产所能带来的销售收入，即资产周转率 (3)The amo
13、unt of equity used to finance the assets,or the financial leverage. 股东收入每一美元所能运用的资产，即财务杠杆P37 简答简答(P37-P382 两段话简化一下两段话简化一下) Why are ROEs similar across firms while profit margins, asset turnovers,and financial leverages differ dramatically?(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
14、异，而大的差异，而 ROE 却相差无几呢？却相差无几呢？) The answer in a word is competition. Attainment of an unusually high ROE by one company acts as a magnet to attract rivals anxious to emulate the superior performance. As rivals enter the market, the heightened competition drives the successful companys ROE back toward
15、the average. Conversely, unusually low ROEs repel potential new competitors and drive existing companies out of business so that over time, survivors ROEs rise toward the average. 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
16、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。The profit margin: P38 名解名解 The profit margin measures the fraction of each dollar of sales that trickles downs through the income statement to profits.（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。 ）Credit sales per day :P42 名解名解 Credit sales per day is defined as credit sales for the accounting period divided by the number of days in the accounting period, which for annual state
