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1、CHAPTER 15FINANCIAL STATEMENT ANALYSIS 财务报告分析1 Discuss the need for comparative analysis. 2 Identify the tools of financial statement analysis. 3 Explain and apply horizontal analysis. 4 Describe and apply vertical analysis.5 Identify and compute ratios and describe their purpose and use in analyzin
2、g a firms liquidity, profitability, and solvency. 6 Understand the concept of earning power and indicate how material items not typical of regular operations are presented. 7 Recognize the limitations of financial statement analysis. Analyzing financial statements involves Three characteristics of a
3、 company: (1) its liquidity流动性, (2) its profitability盈利性, (3 ) its solvency偿付能力. Every item reported in a financial statement has significance.BASICS OF FINANCIAL STATEMENT ANALYSIS 财务报表分析 In order to obtain information as to whether the amount 1 represents an increase over prior years or 2 is adequ
4、ate in relation to the companys need for cash, the amount of cash must be compared with other financial statement data. Comparisons can be made on several difference bases three are illustrated in this chapter: (1) intra-company basis, (2) industry averages, and (3) inter-company basis.Three commonl
5、y used tools are utilized to evaluate the significance of financial statement data.(1) Horizontal analysis 横向分析 (trend analysis) is a technique for evaluating a series of financial statement data over a period of time.TOOLS OF FINANCIAL STATEMENT ANALYSIS(2) Vertical analysis 纵向分析 is a technique for
6、 evaluating financial statement data that expresses each item in a financial statement in terms of a percent of a base amount.(3) Ratio analysis比率分析 expresses the relationship among selected items of financial statement data.TOOLS OF FINANCIAL STATEMENT ANALYSISThe purpose of horizontal analysis is
7、to determine the increase or decrease that has taken place, expressed as either an amount or a percentage. The recent net sales figures of Sears, Roebuck and Co. are shown above. Given that 1996 is the base year, we can measure all percentage increases or decreases from this base period amount as sh
8、own below.SEARS ROEBUCKS NET SALESChange since baseperiod=SEARS ROEBUCKS NET SALES1996199719981999200036,66239,83739,95339,48440,937100%108.7%109%107.7%111.7%RATIO ANALYSIS 比率分析 Ratio analysis expresses the relationship among selected items of financial statement data. A ratio expresses the mathemat
9、ical relationship between one quantity and another. A single ratio by itself is not very meaningful, in the upcoming illustrations we will use:RATIO ANALYSIS 比率分析(1) Intra-company comparisons 公司自身比较 covering two years for the Quality Department Store.(2 ) Industry average comparisons行业比较 based on me
10、dian ratios for department stores (3) Inter-company comparisons不同公司之间比 较 based on Sears, Roebuck and Co. as Quality Department Stores principal competitor.FINANCIAL RATIO CLASSIFICATIONLiquidity Ratios 流动性比率Measures of short-term ability of the enterprise to pay its maturing obligations and to meet
11、unexpected needs for cashProfitability Ratios 盈利比率Measures of the income or operating success of an enterprise for a given period of timeSolvency Ratios 偿付能力比率Measures of the ability of the enterprise to survive over a long period of timeCURRENT RATIO 流动比率The current ratio (working capital ratio) is
12、 a widely used measure for evaluating a companys liquidity and short-term debt-paying ability. It is calculated by dividing current assets by current liabilities and is a more dependable indicator of liquidity than working capital. The current ratios for Quality Department Store and comparative data
13、 are shown below.CURRENT ASSETS CURRENT RATIO = CURRENT LIABILITIES Quality Department Store 200019992.96 3.1 Industry average Sears, Roebuck and Co. 1.34 2.38 CURRENT ASSETS OF QUALITY DEPARTMENT STORE20001999 Current assetsCash$ 100,000$ 155,000Temporary invest.20,00070,000Receivables (net)230,000
14、180,000Inventory620,000500,000Prepaid expenses50,00040,000 Total current assets$ 1,020,000$ 945,000ACID-TEST RATIO 酸性比率The acid-test ratio (quick ratio) is a measure of a companys short-term liquidity and is calculated by dividing the sum of cash, marketable securities, and net receivables by current liabilities. The acid-test ratios for Quality Department Store and comparative data are shown below.CASH + MARKETABLE SECURITIES + RECEIVABLES (NET) ACID-TEST RATIO =
