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【正文】 eterioration in financial condition.335An example:The effects of improving ratiosA/R 878 Debt 1,545 Other CA 1,802 Equity 1,952Net FA 817 _____TA 3,497 Total Lamp。E 3,497Sales / day = $7,035,600 / 365 = $19,How would reducing the firm’s DSO to 32 days affect the pany?336Reducing accounts receivable and the days sales outstandingn Reducing A/R will have no effect on salesOld A/R = $19, x = $878,000New A/R = $19, x = $616,820 Cash freed up: $261,180Initially shows up as addition to cash.337Effect of reducing receivables on balance sheet and stock priceAdded cash $261 Debt 1,545A/R 617 Equity 1,952Other CA 1,802 Net FA 817 _____Total Assets 3,497 Total Lamp。E 3,497What could be done with the new cash?How might stock price and risk be affected?338Potential uses of freed up cashn Repurchase stockn Expand businessn Reduce debtn All these actions would likely improve the stock price.339Potential problems and limitations of financial ratio analysisn Comparison with industry averages is difficult for a conglomerate firm that operates in many different divisions.n “Average” performance is not necessarily good, perhaps the firm should aim higher.n Seasonal factors can distort ratios.n “Window dressing” techniques can make statements and ratios look better.340More issues regarding ratiosn Different operating and accounting practices can distort parisons.n Sometimes it is hard to tell if a ratio is “good” or “bad”.n Difficult to tell whether a pany is, on balance, in strong or weak position.341Qualitative factors to be considered when evaluating a pany’s future financial performancen Are the firm’s revenues tied to 1 key customer, product, or supplier?n What percentage of the firm’s business is generated overseas?n Competitionn Future prospectsn Legal and regulatory environme
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