【文章內容簡介】 nterest Expense 23 資本機構和風險 Capital Structure and Risk 資本結構與風險 ?資本結構與風險相關，高風險轉換為更高的利率或資本成本 Capital Structure and Risk ?Capital structure is related to the risk, high risk translate into higher interest rates or cost of capital 24 表外融資 OffBalance Sheet Financing ?應收賬款讓售 – 使用應收賬款作抵押進行貸款，避免相應的應付或負債記錄 ?特殊目的實體 – 便于租賃活動、貸款證券化、研發(fā)活動或者金融衍生交易 ?租賃 – 營運租賃，資本租賃 ?合資企業(yè) ?Factoring of accounts receivables – borrowing using accounts receivable as collateral, avoid recording a payable or liability ?Special Purpose Entities – facilitate leasing activities, loan securitization, Ramp。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 = 應收賬款周轉天數(shù) + 存貨周轉天數(shù) ?應收賬款周轉率 = 賒銷額 /平均總應收帳款 ?應收帳款周轉天數(shù) = 365/應收賬款周轉率 ?存貨周轉率 = 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 ?存貨周轉天數(shù) = 365/存貨周轉率 ?其他周轉率 ?總資產周轉率 = 銷售額 /平均總資產 ?固定資產周轉率 = 銷售額 /平均凈 PPamp。E ?Days Sales in Inventory = 365/Inventroy Turnover Ratio ?Other Turnover Ratios ?Total Asset Turnover Ratio = Sales/Average Total Assets ?Fixed Asset Turnover Ratio = Sales/Average 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的利潤率 ?ROA – 指標上涉及的要素基本上與 ROI相似 ?ROE – 與權益相關的利潤率 ?投資資本的定義 – 非生產性資產，應折舊資產，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 Perce