【文章內(nèi)容簡(jiǎn)介】 nterest Expense 23 資本機(jī)構(gòu)和風(fēng)險(xiǎn) Capital Structure and Risk 資本結(jié)構(gòu)與風(fēng)險(xiǎn) ?資本結(jié)構(gòu)與風(fēng)險(xiǎn)相關(guān)，高風(fēng)險(xiǎn)轉(zhuǎn)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(yīng)收賬款讓售 – 使用應(yīng)收賬款作抵押進(jìn)行貸款，避免相應(yīng)的應(yīng)付或負(fù)債記錄 ?特殊目的實(shí)體 – 便于租賃活動(dòng)、貸款證券化、研發(fā)活動(dòng)或者金融衍生交易 ?租賃 – 營(yíng)運(yùn)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(yíng)運(yùn)活動(dòng)分析 Operating Activity Analysis ?經(jīng)營(yíng)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(yíng)運(yùn)活動(dòng)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 ?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(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(jià) 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(zhǎng)率 Sustainable Equity Growth ?可持續(xù)的增長(zhǎng)率 = ROE（ 1股利支付率） ?Sustainable Growth Rate = ROE (1 Dividend Payout Ratio) 31 資本投資回報(bào)率 Return on Capital Investment 資本投資回報(bào)率的組成要素 ?ROI – 與公司所動(dòng)用的資本有關(guān)的利潤(rùn)率 ?ROA – 指標(biāo)上涉及的要素基本上與 ROI相似 ?ROE – 與權(quán)益相關(guān)的利潤(rùn)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(jià)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(bào)率 Return on Capital Investment 獲利能力分析 ?毛利率 = （銷售 – 銷貨成本） / 銷售 ?營(yíng)運(yùn)利潤(rùn)率 = 營(yíng)業(yè)收益 /銷售 ?凈利潤(rùn)率 = 凈收益 /銷售 Profitability Analysis ?Gross profit margin percentage = (Sales – Cost of Sales)/Sales ?Operating Profit Margin Perce