mba財(cái)政會(huì)計(jì)實(shí)務(wù)英文版(ppt37)(編輯修改稿)
2025-03-23 00:49 本頁面
【文章內(nèi)容簡介】 Revenue growth Disaggregate PM PM = (sales – COGS – SGA – depreciation ….)/Sales COGStoSales ratio Selling, General and administrative (SGA) expensetosales ratio Etc. By observing the time series and crosssection of each expensetosales ration, one can identify abnormal ratios and investigate the reasons, in order to control costs and expenses to increase PM Disaggregate ATO ATO = Sales/average total assets Average total assets = (average account receivables + average inventory + average fixed assets + average other assets) Accounts receivable turnover ? Measures how quickly a firm collects cash. ? If . turn over twice a year, then they average one half of a year in collection. ? Less time is preferred to more. ? A high turnover is preferred to a low one. ? The days of outstanding for account receivables: 365 days/accounts receivable turnover Inventory turnover ? Indicates how fast firms sell merchandise. ? If inventory turn over twice a year, then they average one half of a year in inventory. ? Holding inventory is costly because the funds invested in inventory could be used elsewhere. ? A high turnover is preferred to a low one. ? Day of inventory in warehouse: 365/Inventory turnover Fixed asset turnover ? Measures the relation between investment in longterm or fixed assets (such as property, plant, equipment) and sales. ? Efficient use of fixed assets would be associated with high sales. ? If fixed assets turn over every four years, then each dollar invested in fixed assets is generating a quarter of a dollar in sales per year. ? A high turnover is preferred to a low one. Return on Common Equity (ROCE) ? The numerator measures return as ine reduced by any payments to
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