【正文】 ear amount, figure 2A4, page 7 百分比式財務(wù)報表 CommonSize Statements 7 現(xiàn)金流量表 Statement of Cash Flows 現(xiàn)金流量表的構(gòu)成和分類 ?經(jīng)營活動 – 調(diào)整到凈利中的非現(xiàn)金費用和收入事項包括：折舊費用和無形資產(chǎn)的攤銷；抵延成本的攤銷；抵延所得稅的變化；應(yīng)付債券溢價和折價的攤銷；來自使用權(quán)益法核算的被投資方的收益 Component and Classifications ?Operating activities – noncash expense and revenue items added back to ine: depreciation and amortization of assets, amortization of deferred cost, changes in deferred ine taxes, amortization of a premium or discount on bonds payable, ine from an equity method investee 8 現(xiàn)金流量表的構(gòu)成和分類 ?投資活動 – 長期資產(chǎn)賬戶的變化有關(guān)，投資現(xiàn)金流入的事項有出售 PPE的現(xiàn)金流入，出售對其他實體的債券或股權(quán)的投資；收回對其他實體的貸款本金（利息屬于營運現(xiàn)金流）。D activities, trading in financial derivatives ?Leases – operating lease, capital lease ?Joint ventures – hold less than 50% of outstanding share (offbalance sheet financing) 25 營運活動分析 Operating Activity Analysis ?經(jīng)營周期 = 應(yīng)收賬款周轉(zhuǎn)天數(shù) + 存貨周轉(zhuǎn)天數(shù) ?應(yīng)收賬款周轉(zhuǎn)率 = 賒銷額 /平均總應(yīng)收帳款 ?應(yīng)收帳款周轉(zhuǎn)天數(shù) = 365/應(yīng)收賬款周轉(zhuǎn)率 ?存貨周轉(zhuǎn)率 = 銷貨成本 /平均存貨 ?Operating Cycle = Day’s Sales in Accounts Receivable + Day’s Sales in Inventory ?Account Receivable Turnover Ratio = Credit Sales/Average Gross Accounts Receivables ?Days Sales in Receivable = 365/Accounts Receivable Turnover ?Inventory Turnover Ratio = Cost of Goods Sold/Average Inventory 26 營運活動分析 Operating Activity Analysis ?存貨周轉(zhuǎn)天數(shù) = 365/存貨周轉(zhuǎn)率 ?其他周轉(zhuǎn)率 ?總資產(chǎn)周轉(zhuǎn)率 = 銷售額 /平均總資產(chǎn) ?固定資產(chǎn)周轉(zhuǎn)率 = 銷售額 /平均凈 PPamp。E 27 第三節(jié)：獲利能力分析 Topic 3: Profitability Analysis 28 每股收益 Earning per Share ?每股收益 = （凈收益 – 優(yōu)先股股利） /發(fā)行在外的加權(quán)平均普通股數(shù)量，案例， 608頁 稀釋后每股收益 ?稀釋后每股收益 = （凈收益 –優(yōu)先股） /稀釋后發(fā)行在外的加權(quán)平均普通股數(shù)量，案例， 609頁 ?Earning per Common Share = ( ine – Perferred Dividends)/Weighted Average Number of Common Shares Outstanding, for example, page 33 Diluted Earning per Share ?Diluted Earning per Share = (Net ine – Preferred dividends)/Diluted weighted average number of mon shares outstanding, for example, page 34 29 每股收益 Earning per Share 股利支付率 ?股利支付率 = 普通股股利 /可供普通股股東分配的盈余 股利收益 ?股利收益率 = 每股年股利 /每股現(xiàn)行市價 Dividend Payout Ratio ?Dividend payout ratio = mon dividends/Earning available to mon shareholders Dividend Yield ?Dividend yield = annual dividends per share/Market price per share 30 可持續(xù)增長率 Sustainable Equity Growth ?可持續(xù)的增長率 = ROE（ 1股利支付率） ?Sustainable Growth Rate = ROE (1 Dividend Payout Ratio) 31 資本投資回報率 Return on Capital Investment 資本投資回報率的組成要素 ?ROI – 與公司所動用的資本有關(guān)的利潤率 ?ROA – 指標上涉及的要素基本上與 ROI相似 ?ROE – 與權(quán)益相關(guān)的利潤率 ?投資資本的定義 – 非生產(chǎn)性資產(chǎn)，應(yīng)折舊資產(chǎn)，優(yōu)先股股東的賬面價值 Components of Return on Capital Investment ?ROI – essentially the degree of profit in relation to the capital deployed ?ROA – same set of factor as ROI ?ROE – degree of the profit in relation to equity ?Definition of Invested Capital – unproductive assets, depreciable assets, preferred shareholders’ book value 32 資本投資的回報率 Return on Capital Investment 獲利能力分析 ?毛利率 = （銷售 – 銷貨成本） / 銷售 ?營運利潤率 = 營業(yè)收益 /銷售 ?凈利潤率 = 凈收益 /銷售 Profitability Analysis ?Gross profit margin percentage = (Sales – Cost of Sales)/Sales ?Operating Profit Margin Percentage = Operating Ine/Sales ?Net Profit Margin Percentage = Net Ine/Sales 33 資本投資的回報率 Return on Capital Investment 費用分析 ?主要費用 = 銷售，管理費用，折舊費用，攤銷費用