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1、财务管理江萍2010年秋季Handout 1 联系方式：64493993 办公室:博学楼1203 参考教材:公司理财公司理财(原书第原书第8 8版版)：(美)罗斯、威斯特菲尔德、杰富 著，吴世农 等译，机械工业出版社 公司理财公司理财(第五版第五版)：双语教材，布雷利 等著，王化成 编审，朱丽 译校，中国人民大学出版社 财务管理分析(第8版)：(美)希金斯 著，沈艺峰 等译，北京大学出版社评分体系评分体系 平时成绩：30 期末：70 Full attendance is highly appreciated知识框架知识框架1.简介2.财务报表解析3.财务业绩评价1.Introduction t

2、o Corporate Finance公司理财简介公司理财简介要点I.什么是公司理财？什么是公司理财？II.企业组织形式企业组织形式III.代理问题和公司的控制代理问题和公司的控制IV.财务管理的目标财务管理的目标V.金融市场与企业金融市场与企业I.什么是公司理财？金融学研究的范畴金融学研究的范畴 Corporate finance 公司理财 Investments 投资学 Financial institutions 金融机构 International finance 国际金融金融学研究的范畴金融学研究的范畴-什么是公司理财？什么是公司理财？公司理财与以下问题有关:1.企业应进行什么样的长

3、期投资?2.企业如何为这些投资融资？3.企业应如何管理短期资产以及进行短期融资？资产负债表资产负债表流动资产流动资产固定资产固定资产1 有形资产有形资产 2 无形资产无形资产股东权益股东权益流动负债流动负债长期负债长期负债资本预算决策资本预算决策流动资产流动资产固定资产固定资产1 有形资产有形资产 2 无形资产无形资产股东权益股东权益流动负债流动负债长期负债长期负债企业应进行什么样的长期投资?资本结构决策资本结构决策流动资产流动资产固定资产固定资产1 有形资产有形资产 2 无形资产无形资产股东权益股东权益流动负债流动负债长期负债长期负债企业应该如何对所做投资进行融资？短期资产管理短期资产管理短

4、期资产应如何管理和融资？Net Working CapitalShareholders EquityCurrent LiabilitiesLong-Term DebtCurrent AssetsFixed Assets1 Tangible 2 Intangible资本结构企业的价值可以看做一张饼管理者的目标就是做大这张饼资本结构决策可以看做如何最好的切饼.If how you slice the pie affects the size of the pie,then the capital structure decision matters.如果切饼会影响饼的大小，那么选择合适的资本结构就

5、显得尤为重要。50%Debt50%Equity25%Debt75%Equity70%Debt30%Equity财务经理财务经理财务经理的目标是通过以下途径，提高公司价值:1.选择增加价值的项目2.做出理性的融资决策组织结构图组织结构图总经理总经理运营总监运营总监财务总监财务总监董事会董事会司库司库 总会计师总会计师Cash ManagerCapital ExpendituresCredit ManagerFinancial PlanningTax ManagerFinancial AccountingCost Accounting Data Processing 金融学研究的范畴金融学研究的范

6、畴-投资投资 Work with financial assets such as stocks and bonds 与股票债券等金融资产相关的工作 Value of financial assets,risk versus return,and asset allocation 金融资产的估值、风险和收益、资产配置 Job opportunities Stockbroker or financial advisor 股票经纪人、金融顾问Portfolio manager资产组合管理人Security analyst证券分析师Financial Institutes金融机构 Companies

7、 that specialize in financial matters 专门从事与金融有关事务的公司Banks commercial and investment 商业银行和投资银行Insurance companies 保险公司Brokerage firms 经纪公司金融学研究的范畴金融学研究的范畴-International Financial国际金融 This is an area of specialization within each of the areas discussed so far It may allow you to work in other countrie

8、s or at least travel on a regular basis金融学研究的范畴金融学研究的范畴-International Financial国际金融 Need to be familiar with exchange rates and political risk 需要熟悉汇率以及政治风险 Need to understand the customs of other countries 需要了解异国的风土人情和生活习惯Why Study Corporate finance?Marketing 营销Budgets,marketing research,marketing f

9、inancial products 预算，市场营销研究，金融产品营销 Accounting 会计Dual accounting and finance function in smaller business,preparation of financial statements 在中小企业，财务人员身兼会计和财务职能，准备财务报表Why Study Corporate finance?Management 管理Business strategy and financial strategy,understand how finance performance affects profitab

10、ility 经营和金融策略、理解投融资能力对公司盈利能力的影响 Personal finance 个人理财Budgeting,retirement planning,college planning,day-to-day cash flow issues 预算，退休金计划、大学教育计划，日常现金流问题II.Forms of Business OrganizationForms of Business Organization Three major formsSole proprietorship独资企业A business owned by one person.Partnership合伙制

11、企业A business formed by two or more individuals or entities.Corporation 公司制企业A corporation is a legal“person”separate and distinct from its owners.(公司是一个法人，区别于其所有者即股东)Sole proprietorship(独资企业)AdvantagesEasiest to startLeast regulatedSingle owner keeps all of the profitsTaxed once as personal income D

12、isadvantagesLimited to life of ownerEquity capital limited to owners personal wealthUnlimited liabilityDifficult to sell ownership interestSole proprietorship(独资企业)优点优点 发起容易监管负担轻 唯一的所有者享有公司所有的利润只缴纳个人所得税 缺点缺点所有者生命有限公司的权益资本受所有者个人财务的限制无限责任所有权利益流通性差Partnership(合伙制企业)AdvantagesTwo or more ownersMore capi

13、tal availableRelatively easy to startIncome taxed once as personal income DisadvantagesUnlimited liabilityGeneral partnershipLimited partnershipGeneral PartnerLimited PartnerPartnership dissolves when one partner dies or wishes to sellDifficult to transfer ownershipPartnership(合伙制企业)优点优点两个或两个以上的所有者公

14、司资本数量不受单个所有者财富的限制发起相对容易只交纳个人所得税 缺点缺点承担无限责任普通合伙制有限合伙制普通合伙人有限合伙人其中一个合伙人去世或者想要卖掉自己的股份时 合伙制企业宣布解散所有权利益流通性差Corporation(公司制企业)AdvantagesLimited liabilityUnlimited lifeSeparation of ownership and managementTransfer of ownership is easyEasier to raise capital DisadvantagesDouble taxationSeparation of owners

15、hip and management agency problem Corporation(公司制企业)优点优点承担有限责任公司的寿命无限所有权和经营权分离所有权可流通融资容易 缺点缺点双重课税（公司所得税和个人股息分红所得税）所有权和经营权分离会带来代理问题III.The Agency Problem and Control of the Corporation代理问题和公司治理The Agency Problem(代理问题)Separation of ownership and management can be both an advantage and a disadvantage A

16、dvantagesYou can benefit from ownership in several different businesses(diversification)You can take advantage of the expertise of others(comparative advantage)It is easier to transfer ownership DisadvantageAgency problems if management goals and owner goals are not alignedThe Agency Problem(代理问题)所有

17、权和经营权的分离有利有弊所有权和经营权的分离有利有弊 优点优点从多种业务经营中受益(多元化)可以充分利用专业化的优势(竞争优势)所有权容易转移 缺点缺点管理者和股东利益不一致的时候就会出现代理问题The Agency Problem Agency relationship代理关系代理关系Principal hires an agent to represent its interests 委托人雇佣代理人代表自己的利益去做一些事情Stockholders(principals)hire managers(agents)to run the company 公司内部即股东雇佣经理人运营公司 Ag

18、ency problem代理问题代理问题Conflict of interest between principal and agent 委托人和代理人之间发生利益冲突For example,stockholder vs.managers 例如，股东和管理者Corporate Governance公司治理 用以解决代理问题用以解决代理问题 方法：管理层激励、内部控制、外部的并购威方法：管理层激励、内部控制、外部的并购威胁、其他的利益相关人监督胁、其他的利益相关人监督 Managerial compensation管理层激励管理层激励Incentives can be used to align

19、 management and stockholder interests 激励可以使得管理层和股东的利益密切相关 Corporate Governance公司治理 The incentives need to be structured carefully to make sure that they achieve their goal 激励计划要谨慎执行才能确保达到原定目标激励计划要谨慎执行才能确保达到原定目标Tying bonuses to profits might encourage management to pursue short-run profits and forgo

20、projects that require a large initial outlay.将红利和利润挂钩可能会激励管理层追逐短期利润，而牺牲那些需要较高的期初投资的项目。Stock options may work,but there may be an optimal level of insider ownership.股票期权或许能起作用，但内部人持股比例也许并非越高越好。Corporate Governance Corporate control公司控制公司控制Why the threat of a takeover might make managers work toward t

21、he goals of stockholders?Corporate Governance Other stakeholders such as banksThey can provide a valuable monitoring tool,but they can also try to force the firm to do things that are not in the owners best interest.他们可以对公司的运营实施较好的监督，但是他们也可能逼迫管理层做一些与其他股东利益相悖的决策IV.财务管理的目标 What should be the goal of a

22、 corporation?Survive生存?Avoid financial distress and bankruptcy避免财务危机和破产？Beat the competition 击败竞争对手？Maximize profit 利润最大化？Minimize costs成本最小化？Maximize market share市场份额最大化？Maintain steady earnings growth保持稳定增长?IV.财务管理的目标刚才list的goals可分为2类：一种是与盈利性相关，包括sales，market share，cost control；另一类是与避免破产、安全、稳定、控制风

23、险有关但这两类目标一定程度上是互斥的：追求利润的同时需要承担风险，不可能同时最大化利润和安全度。我们需要的是一个可以同时考虑两者的目标Maximize the current value of the companys stock 最大化公司股票的当前价值Cash flowfrom firm(C)V.Financial MarketsTaxes(D)GovernmentRetained cash flows(F)Investsin assets(B)Dividends anddebt payments(E)Current assetsFixed assetsShort-term debtLon

24、g-term debtEquity sharesUltimately,the firm must be a cash generating activity.The cash flows from the firm must exceed the cash flows from the financial markets.Firm Firm issues securities(A)Financial market企业现金流(C)V.金融市场与企业税收(D)政府留存收益(F)Investsin assets(B)支付股利和债券本利(E)Current assetsFixed assetsShor

25、t-term debtLong-term debtEquity shares企业最终必须能产生现金流企业经营活动产生的现金流必须多于从金融市场获得的。企业企业发行证券(A)金融市场Financial MarketsFirmsInvestorsSecondary Market二级市场moneysecuritiesSueBobStocks and BondsMoneyPrimary Market一级市场金融市场金融市场企业投资者 二级市场(流通交易)货币证券SueBob股票和债券货币 一级市场(发行)金融市场 Primary Market一级市场Issuance of a security for

26、 the first time 证券首次发行的市场 Secondary Markets二级市场Buying and selling of previously issued securities 进行已发行证券买卖的市场Securities may be traded in either a dealer or auction market 证券通过经纪人或竞价交易Identification of cash flow Accounting profit vs.cash flows Example A company,sell gold,buy 90w,sell 100w Profit:sal

27、es(100w)-cost(90w)=profit(10w)Cash flow:Assume all sale are credit sale and all cost are paid in cash Cash inflow(0)-cash outflow(90w)=net cash flow(-90w)Timing of cash flows One of the most important principal in finance is people prefer to receive earlier cash flows rather than later.One dollar re

28、ceived today is worth more than one dollar received next year.Cash flow timing example Two products,both will provide additional cash flows over a 4-year period Initial cost:10,000 Year Product A Product B 1 0 4000 2 0 4000 3 0 4000 4 20000 4000 Which one is better?Risk of cash flows 某公司考虑拓展海外市场：欧洲或

29、者日本 悲观 最可能情况 乐观 欧洲 75000 100000 125000 日本 0 150000 200000 如果不考虑悲观情形，日本是最佳选择。但如果三种情形都可能发生，选择哪个国家？财务报表分析2.Interpreting Financial StatementsOutlineI.The Balance Sheet资产负债表II.The Income Statement利润表III.Cash Flow Statement现金流量表IV.Financial Statement and the Value Problem 财务报表和证券估值I.The Balance Sheet(资产负债

30、表)资产负债表是公司的财务快照，反映了企业在某一时点所拥有的全部资产和与之相对应的全部要求权 Assets are listed(上市)in order of increasing liquidity(流动性)Ease of conversion(转换)to cash without significant loss of value Balance Sheet Identity(恒等式)Assets=Liabilities+Stockholders EquityFigure 1Results of Mgrs Results of Mgrs Investment decisions(投资决策)

31、Financing decisions(融资决策)Financial Statements Balance SheetAssets12/31/0712/31/08changecash400500100marketable securities可交易证券100500400accounts receivable 应收账款 1,5001,200(300)Inventories存货1,5001,800300current assets流动资产3,5004,000500gross plant and equipment 厂房与机器设备原值9,00010,0001,000 accumulated depr

32、eciation累计折旧3,5004,000500Net plant and equipment 厂房与机器设备净值 5,5006,000500total assets9,00010,0001,000Financial Statements-Balance SheetLiabilities12/31/0712/31/08changeaccounts payable应付账款6001,000400notes payable at 10%应付票据2002000Accruals应计负债300800500current liabilities短期负债1,1002,000900deferred taxes

33、 递延税9001,000100long term debt at 10%长期负债2,4002,000(400)stockholders equity common stock普通股2,0002,0000 retained earnings留存收益2,6003,000400total stockholders equity4,6005,000400total liabilities and shareholders equity9,00010,0001,000Balance Sheet Analysis When analyzing a balance sheet,the Finance Man

34、ager should be aware of(注意)three concerns(三个问题):1.Liquidity(流动性)2.Debt versus equity(负债与权益)3.Value versus cost(价值与成本)Liquidity Refers to(指的是)the ease and quickness(难易程度和速度)with which assets can be converted to cashwithout a significant loss in value(以最小的损失)。Current assets are the most liquid.The mor

35、e liquid a firms assets,the less likely the firm is to experience problems meeting short-term obligations.企业资产流动性越强，则其短期负债违约的可能性就月底。Liquid assets frequently have lower rates of return(收益率)than fixed assets(固定资产).Debt versus Equity Creditors generally receive the first claim on the firms cash flow.债权

36、人对于公司的现金流有优先分配请求权。Shareholders equity is the residual difference between assets and liabilities.所有者权益是资产与负债之间的差额 (股东享有剩余财产分配权)Value versus Cost Under Generally Accepted Accounting Principles(GAAP公认会计准则),audited financial statements of firms in the U.S.carry assets at cost(资产按成本计价).Market value is th

37、e price at which the assets,liabilities,and equity could actually be bought or sold,which is a completely different concept from historical cost.市场价值是指资产、负债和权益在市场上买卖的价格，与历史成本完全不同。II.Income Statement(利润表)The income statement is more like a video of the firms operations for a specified period of time.

38、利润表是反映企业在一定会计期间经营成果的报表。You generally report revenues first and then deduct any expenses for the period.通常先报告总收益，然后从收益中扣除当期的成本费用。Net Sales-Cost of Goods Sold-Expenses-Taxes=Net Profit 销售收入-销售成本-各项费用-所得税=净利润Statement of income for the year ended 12/31/08The operations section of the income statement r

39、eports the firms revenues and expenses from principal operations(主营业务).revenues 销售收益12,000 cost of sales销售成本6,800gross income毛利润5,200 marketing expense营销费用3,000 Selling,general and administrative expense 管理费用等 600earnings before depreciation,interest and taxes1,600 depreciation 折旧500net operating in

40、come净经营利润1,100other income120earnings before interest and taxes(EBIT)息税前利润1,220 interest expense利息费用220earnings before taxes1,000 income taxes at 40%400net income600 dividends paid股利支付200addition to retained earnings留存收益增加400The non-operating section of the income statement includes all financing co

41、sts,such as interest expense.Statement of income for the year ended 12/31/08revenues 销售收益12,000 cost of sales销售成本6,800gross income毛利润5,200 marketing expense销售费用3,000 Selling,general and administrative expense 管理费用等 600earnings before depreciation,interest and taxes1,600 depreciation 折旧500net operati

42、ng income净经营利润1,100other income120earnings before interest and taxes(EBIT)息税前利润1,220 interest expense利息费用220earnings before taxes1,000 income taxes at 40%400net income600 dividends paid股利支付200addition to retained earnings留存收益增加400Usually a separate section reports the amount of taxes levied on incom

43、e.Statement of income for the year ended 12/31/08*Deferred tax:100Return to P39revenues 销售收益12,000 cost of sales销售成本6,800gross income毛利润5,200 marketing expense销售费用3,000 Selling,general and administrative expense 管理费用等 600earnings before depreciation,interest and taxes1,600 depreciation 折旧500net oper

44、ating income净经营利润1,100other income120earnings before interest and taxes(EBIT)息税前利润1,220 interest expense利息费用220earnings before taxes1,000 income taxes at 40%400net income600 dividends paid股利支付200addition to retained earnings留存收益增加400几个技术细节几个技术细节 权责发生制(accrual accounting)会计利润的计量两个步骤Step1：确认会计期间的收入收入不

45、等于收到的现金只要企业为获取收入而必须付出的工作已经实质上完成，并有理由相信款项能够得到偿付，就应该确认收入例如，赊销时，收入确认是在销售发生时，而不是客户实际付款时导致收入(sales)和收到现金(cash inflow)有明显时滞几个技术细节几个技术细节Step2：将相应的成本和收入进行配比配比原则：match expenses required to generate revenue to the period of recognition固定设备折旧导致支出(expenses)和现金流出(cash outflow)有明显时滞所以，所以，Net income 不等于不等于 cash fl

46、owCash flow is more important than positive net income!可能存在成长性破产(growing broke)几个技术细节几个技术细节 折旧计算(depreciation)Straight-line depreciation(直线折旧法)每年折旧额=(资产成本-残值)/使用年限 Accelerated Depreciation(加速折旧法)年数总和法工作量法双倍余额递减法早期多提折旧，后期少提折旧 问题：两种折旧方法对企业收益的影响？加速折旧法加速折旧法年数总和法年数总和法 年折旧率=(折旧年限-已使用年数)100%/折旧年限(折旧年限+1)/2

47、年折旧额=年折旧率原值(1-预计净残值率)工作量法工作量法 单位工作量折旧额=原值(1-预计净残值率)预期的总工作量 双倍余额递减法双倍余额递减法(注：不考虑预计净残值)年折旧额=(2/折旧年限)账面价值100%账面价值=原值-累计折旧III.The Cash Flow Statement Three sections:cash flows from operating activities 来自经营活动的现金流量 cash flows from investing activities 来自投资活动的现金流量 cash flows from financing activities 来自筹资

48、活动的现金流量cash flows from operating activities:cash received from customers（收自顾客的现金）12,300 cash paid to suppliers and employees(支付给供给商和雇员的现金)(9,800)other income（其他收入）120 interest paid（支付利息）(220)income taxes paid（支付税）(300)net cash provided by operating activities（经营活动产生的现金流）2,100cash flows from investin

49、g activities:capital expenditures(资本支出)(1,000)net cash provided by investing activities（投资活动产生的现金流）(1,000)Statement of cash flows for the year ended 12/31/08 cash flows from financing activities proceeds from issuance of long-term debt(发行长期债券所得)(400)dividends paid(股利支付)(200)net cash provided by fina

50、ncing activities（融资活动产生的现金流）(600)cash and cash equivalents at beginning of year500cash and cash equivalents at end of year1,000Statement of cash flows for the year ended 12/31/08 Statement of cash flows for the year ended 12/31/08cash received from customers:revenues 12,000 decrease in accounts rece

51、ivable300 Total12,300cash paid to suppliers and employees:cost of sales6,800 marketing expenses3,000 Selling,general admin expense600 increase in inventories300 increase in accounts payable(400)increases in accruals(500)Total9,800The Cash Flow Statement capital expenditure=change in gross plant and

52、equipment(balance sheet)proceeds from issuance of long-term debt=change in long term debt(balance sheet)dividends paid=net income(income sheet)addition to retained earnings(balance sheet)IV.Financial Statements and the Value Problem1.Market Value versus Book Value (市场价值vs 账面价值)(1)财务报表以交易为基础，为了客观计量，用

53、历史成本计入，对很多资产而言现行价值缺乏客观标准相关却主观的现行价值vs不相关但客观的历史成本会计师更喜欢精确的错误，而不是模糊的正确(2)股权投资者购买股票是为了得到期望的未来收益，而不是公司资产的价值 会计师计量的所有者权益，毫不理会未来收益会计数据是往后看的，基于历史成本，难以提供公司资产可能产生的未来收益的信息有许多会对未来收益产生影响的资产和负债没有被计入资产负债表中，比如忠诚的顾客，良好的管理，商誉，专利权等所以，账面价值与股东认为的价值(市场价值)可能相差甚远IV.Financial Statements and the Value ProblemThe Book Value o

54、f Equity is a Poor Surrogate for the Market Value of Equity December 31,2004 附录：附录：Aetna美国安泰保险金融集团Affymetric(美国一家生物科技发展有限公司)Coca-Cola可口可乐公司Dana Corp.德纳公司（建材行业）First Advantage(美国一家资信及背景调查公司)General Motors通用汽车公司Google谷歌公司Harley-Davision哈雷戴维森摩托车公司Hewlett-Packard惠普公司Home Depot美国家得宝公司(全球最大的家具建材零售商)IBM国际商

55、业机器公司Intel英特尔公司(全球最大的半导体芯片制造商)Kraft 卡夫食品有限公司(全球第二大的食品公司)Winn-DixieWINN(一家超市运营商)Yahoo!雅虎公司IV.Financial Statements and the Value Problem2.经济利润与会计利润 Peter年初资产50万，年底升值到60万，工资20万，则非会计人士可能认为Peter一年收入了30万 会计师：20万 会计师计量已实现利润而不是经济利润IV.Financial Statements and the Value Problem3.权益成本(cost of equity capital)损益

56、表的成本栏并不会计入权益成本，因为没有明文规定公司应该付给股东多少权益成本，所以会计师拒绝确认这样的权益资本成本 会计师宁可犯可靠的错误，也不愿做可能不准确的估计3.Evaluating Financial Performance 财务业绩评价财务业绩评价要点I.净资产收益率(ROE)II.ROE的三个决定因素(杜邦分析体系)III.ROE是一个值得信赖的财务指标吗？IV.比率分析(ratio analysis)I.股东权益收益率(ROE)股东权益收益率ROE=净利润/股东权益 以US corporation为例(数据见下表)ROE=Net Income/Owners Equity ROE对企

57、业管理者来说很重要，衡量一家公司对股东提供的资本的使用效率，反映了权益资本中每一元钱所产生的盈利U.S.Corporation Balance Sheet 资本公资本公积金积金留存收留存收益益U.S.Corporation Income Statement-Table2息税息税前利前利润润所得税所得税I.股东权益收益率(ROE)CSRC(证监会)对ROE很看重以及中国上市公司对ROE的操纵 配股条件：1993-1996 三年ROE平均在10%以上1997-1999 三年平均ROE不低于10%，每年不低于6%2000-2002三年ROE不低于6%10%(1994-1998)，6%现象(1999-

58、2001)II.ROE的三个决定因素(杜邦分析体系)净利润 净利润 销售收入 资产 股东权益 销售收入 资产 股东权益销售利润率资产周转率财务杠杆销售利润率：每一美元的销售收入所能赚取的利润概括了损益表业绩资产周转率：每一美元所用资产所产生的销售收入资产负债表的左边财务杠杆：为资产提供融资所用到的权益资产负债表的右边=ROE=以US Corporation 为例 销售利润率=净利润/销售收入 资产周转率=销售收入/资产 财务杠杆=资产/股东权益 ROE=净利润/股东权益 ROEs and Levers of Performance for 10 Diverse Companies,2004Re

59、turn on销销售售利利润润率率Profit资资产产周周转转率率Asset财财务务杠杠杆杆FinancialEquityMarginTurnoverLeverage(ROE)(P)(A)(T)(%)=(%)X(times)X(times)Bank of America 14.2 =21.6 X 0.06 X 11.17 ChevronTexaco 29.5 =9.3 X 1.53 X 2.06 eBay 11.6 =23.8 X 0.41 X 1.19 Florida Power and Light 11.8 =8.4 X 0.37 X 3.76 Genentech 11.6 =17.0 X

60、 0.49 X 1.39 Harley-Davidson 27.6 =16.7 X 0.97 X 1.70 Merck 33.6 =24.8 X 0.55 X 2.46 Metflix 13.8 =4.3 X 2.01 X 1.61 Morfolk Southern 11.6 =12.6 X 0.30 X 3.10 Whole Foods Market 13.9 =3.5 X 2.54 X 1.54 Totals do not add due to rounding.附录：附录：Chevron Texaco雪佛龙德士古公司(专门从事石油天然气勘探)Ebay易趣(网上交易平台)Florida P

61、ower and LightFPL电力公司(美国一家公用事业公司)Genentech美国基因公司Harley-Davision哈雷戴维森摩托车公司Merck美国默克集团(生产实验室及工业化工品)Metflix(美国一家电影出租公司)Norfolk Southern船运公司Whole Food Market 超市II.ROE的三个决定因素的三个决定因素1.销售利润率销售利润率 反映了公司的定价策略以及控制成本的能力 由于产品特性和公司竞争战略不同，不同行业的销售利润率存在巨大差异注意：(1)销售利润率销售利润率资产周转率资产周转率=ROA两者均高当然很好，但容易引来竞争，反之，两者均低，引来的恐

62、怕只能是破产清算律师(2)另一个衡量盈利能力的指标是毛利率毛利率=毛利毛利/销售收入，销售收入，毛利毛利=销售收入销售收入-销售成本销售成本 US Co.例子 II.ROE的三个决定因素的三个决定因素2.资产周转率资产周转率(Asset Turnover)资产越多越好？可衡量资本密集性，低资产周转率代表高资本密集度，反之亦然。产品特性和公司竞争战略必定对公司资产周转率有显著影响。II.ROE的三个决定因素的三个决定因素 其他的周转率衡量其他的周转率衡量(1)存货周转率存货周转率=销售成本销售成本/期末存货期末存货US Co.例子 反映了在产品售出前，资金有 月被占用在存货上(2)应收账款周转率

63、应收账款周转率=赊销额赊销额/应收账款应收账款应收账款回收期=365/应收账款周转率外人难以知道多少是赊销，可以假设全部销售额都是赊销US Co.例子：衡量公司销售和回款的时滞平均为 天II.ROE的三个决定因素的三个决定因素 其他的周转率衡量其他的周转率衡量(3)应付账款周转率应付账款周转率=赊购额赊购额/应付账款应付账款应付账款付款期=365/应付账款周转率外人难以知道多少是赊购，可以用最近似的销售成本代替，故日赊购额=销售成本/365US Co.例子 衡量公司购买和付款的时滞，平均为 天实际天数应该大于还是小于该天数？(4)固定资产周转率固定资产周转率=销售收入销售收入/固定资产净值固定

64、资产净值US Co.例子 反映了行业的资本密集程度II.ROE的三个决定因素的三个决定因素 其他的周转率衡量其他的周转率衡量(5)日销售现金比日销售现金比=现金与有价证券现金与有价证券/日销售额日销售额US Co.例子 反映了公司拥有相当于 天日销售额的现金II.ROE的三个决定因素的三个决定因素3.财务杠杆财务杠杆=资产资产/权益权益 又叫权益乘数 销售利润率和资产周转率总是越多越好，财务杠杆不然，尽管提高财务杠杆能够提高ROE 难题：在收益与融资成本之间进行平衡 行业属性和资产特性影响到财务杠杆的使用 一般而言，经营性现金流量比较稳定且易于预测的企业，较之市场高度不确定的公司，能更放心的运

65、用更高的杠杆II.ROE的三个决定因素的三个决定因素 偿债能力的其他衡量方式偿债能力的其他衡量方式(以以U.S.Co.为例为例)(1)资产负债表比率资产负债表比率负债资产比(负债比率)=负债/资产 负债权益比=负债/权益=负债权益比+1=？(2)偿债比率偿债比率利息倍数=EBIT(息税前利润)/利息费用 II.ROE的三个决定因素的三个决定因素 偿债能力的其他衡量方式偿债能力的其他衡量方式(3)市值杠杆比率市值杠杆比率负债/权益市值或者负债/资产市值，资产市值约等于负债+权益市值将预期未来收益的现值与未来财务负担的现值进行比较在衡量快速成长的新兴行业的财务杠杆时，市值比率特别有用即使其产债比率

66、及其糟糕，但只要放贷者们相信未来的现金流足以偿还债务，公司还是能够得到宽松的信贷II.ROE的三个决定因素的三个决定因素 偿债能力的其他衡量方式偿债能力的其他衡量方式(4)流动性比率流动性比率流动比率=流动资产/流动负债 酸性测试比率=(流动资产-存货)/流动负债(又称速动比率)III.ROE是一个值得信赖的财务尺度吗？是一个值得信赖的财务尺度吗？1.The timing problem时效问题时效问题 Successful managers must be forward looking(先前看的)and have a long-term perspective(视野,角度).ROE is precisely(完全，精确地)the opposite:backward looking(先后看的)and focused on a single year.ROE can be a skewed(不精确的)measure of performance sometimes.III.ROE是一个值得信赖的财务尺度吗？是一个值得信赖的财务尺度吗？2.The risk problem风险问题风险问题