金融学·课件梳理3-财务报表分析与比率分析1.pdf

金融学·课件梳理 3-财务报表 分析与比率分析1 2017-2018学年度第二学期期末考试复习材料 金融学·课件梳理 2017-2018 学年度第二学期期末考试复习材料 金融学·课件梳理 @群众演员 Lesson 3 Financial Statement Analysis & Ratio Analysis 1 第3 课 财务报表分析与比率分析1 Today’s Agenda The Balance Sheet The Income Statement Ratio Analysis The Balance Sheet 1、The Balance Sheet 资产负债表 The Balance sheet is a snapshot of the firm ’s assets and liabilities at a given point in time. Balance Sheet Identity Assets=Liabilities + Stockholders’ Equity 资产=负债+所有者权益 2 2017-2018学年度第二学期期末考试复习材料 金融学·课件梳理 2 、Net Working Capital 净营运资金 Current Assets- Current Liabilities 流动资产-流动负债 Positive when the cash that will be received over the next 12 months exceeds the cash that will be paid out Usually positive in a healthy firm 3 、Liquidity 流动性 Assets are listed in order of liquidity Speed and ease of converting an asset to cash 将资产转换成现金的速度和便利性 Liquid firms are less likely to experience financial distress 流动性公司不太可能经历财务危机。 But, liquid assets earn a lower return 流动资产赚取较低的回报。 Trade-off to find balance between liquid and illiquid assets 4 、Debt vs. Equity 债务与股权 Debt has precedence overequity to firm’s cash flows 债务优先于股权对公司现金 流 Stockholders’ Equity=Assets-Liabilities Shareholders are “residual” owners 股东是“剩余”所有者。 Debt is referred to as financial leverage (more debt, the greater is degree of financial leverage; like lever =>can magnify both gains and losses) 债务被称为财务杠杆（更多的债务，更大程度上是财务杠杆；就像杠杆可以放大收 益和亏损）。 5 、Market Value vs. Book Value 市场价值与账面价值 The balance sheet provides the book value of the assets, liabilities and equity. (historical cost) 资产负债表提供了资产的账面价值、负债和权益。（历史成本） Market value is the price at which the assets, liabilities or equity can actually be bought or sold 市场价值是资产价格，负债或权益实际上可以买或卖