19-1
第 19章财务报表分析
Financial Statement Analysis
19-2
财务报表分析
Financial Statement Analysis
19.1 主要 财务报表
19.2 会计收益与经济效益
19.3 权益收益率
19.4 比例分析
19.5 经济增加值
19.6 关于财务报表分析的说明
19.7 可比性问题
19.8 价值投资
19-3
财务报表
Financial Statements
资产负债表 Balance Sheet
– 垂直分析表 Common Sized
– 趋势分析和指数分析 Trend or Indexed
损益表 Income Statement
– 垂直分析表 Common Sized
– 趋势分析和指数分析 Trend or Indexed
现金流量表 Statement of Cash Flows
19-4
资产负债表
Balance Sheet
19-5
资产负债表
Balance Sheet
19-6
损益表
Income Statement
19-7
损益表
Income Statement
19-8
现金流量表
Statement of Cash Flows
19-9
现金流量表
Statement of Cash Flows
19-10
比例分析
Ratio Analysis
比例分析的目的 Purpose of Ratio Analysis
作用 Uses
– 趋势分析 Trend analysis
– 比较分析 Comparative analysis
– 综合分析 Combination
外部分析的作用 Use by External Analysts
– 外部投资者需要的重要信息 Important information for
investment community
– 信用市场需要的重要信息 Important for credit markets
19-11
财务比率的类型
Type of Financial Ratios
流动性比率 Liquidity Ratios
作业比率 Activity Ratios
扛杆系数 Leverage Ratios
获利能力比率 Profitability Ratios
市场价格比率 Market Price Ratios
19-12
流动性比率 Liquidity Ratios
流动比率 Current Ratio
流动资产 Current Assets
流动负债 Current Liabilities
速动比率 Quick Ratio
流动资产 -存货 Current Assets - Inventory
流动负债 Current Liabilities
19-13
作业比率
Activity Ratios
存货周转率 Inventory Turnover
产品销售成本 Sales or Cost of Goods Sold
平均存货 Inventory
总资产周转率 Total Asset Turnover
销售额 Sales
总资产 Total Assets
19-14
作业比率
Activity Ratios
平均收帐期 Average Collection Period
应收帐款 Accounts Receivable
每天销售额 Sales Per Day
存货可供销售天数 Days to Sell Inventory
存货 Inventory
每天销售额 Sales Per Day
19-15
扛杆系数
Leverage Ratios
利息获得倍数 Times Interest Earned
利税前利润 Earnings Before Int,& Taxes
利息费用 Interest Expense
固定支出保障比率 Fixed Charge Coverage Ratios
租赁付款 Lease Payments
除利息外需要偿还的贷款部分 Principal Repayments
优先股利 Preferred Dividends
19-16
扛杆系数
Leverage Ratios
负债对资产比率 Debt to Assets
长期负债 Long Term Debt
资产 Assets
负债对权益比率 Debt to Equity
长期负债 Long Term Debt
所有权权益 Shareholders Equity
19-17
获利能力比率
Profitability Ratios
净利润率 Net Profit Margin %
净收入 Net Income
销售收入 Sales
资产收益率 Return on Assets
净收入 Net Income
总资产 Total Assets
19-18
获利能力比率
Profitability Ratios
权益报酬率 Return on Equity
净利润 Net Income
权益 Common Equity
计提折旧后营业利润率 Operating Margin After Depreciation
营业利润 Operating Profit
销售额 Sales
19-19
市场价格比率
Market Price Ratios
市盈率 Price to Earnings
股票价格 Market Price of Stock
每股利润 Earnings
市价与帐面值比率 Market-to-Book-Value
股票市场价格 Market Price of Stock
每股帐面价格 Book Value Per Share
19-20
权益收益率的 分解
Decomposition of ROE
ROE = Net Profit
Pretax Profit
x
Pretax Profit
EBIT
x EBITSales SalesAssetsx x AssetsEquity
(1) x (2) x (3) x (4) x (5)
x Margin x Turnover x LeverageTaxBurden InterestBurden
EBIT,利税前利润 TAX BURDEN,税负 MARGIN,毛利
TURNOVER,周转次数 LEVERAGE,扛杆
19-21
经济增加值
Economic Value Added
会计获利能力与资本成本比较额
Approach to compare accounting
profitability with the cost of capital
定义 Definition
– ROA-K (公司资本投资 Capital Invested in the
firm)
– K = 资本的机会成本 opportunity cost for capital
由投资者连接会计到收益 Ties accounting
to return by investors
19-22
可比较性问题
Comparability Problems
会计计量的区别 Accounting Differences
– 存货价值 Inventory Valuation
– 折旧 Depreciation
通货膨胀 Inflation
国际会计公约 International Accounting
Conventions
19-23
收益质量：会计选择的区间
Quality of Earnings:
Areas of Accounting Choices
备抵坏帐 Allowance for bad debts
储备管理 Reserves management
股票期权 Stock options
收入确认 Revenue recognition
资产负债表外的资产和负债 Off-balance
sheet assets and liabilities
19-24
小结
Summary
证券分析家主要关注的应是公司的实际经济收益而非报告收益。财务报表中的 会计收益是对实际经济收益的估算，这个估算可能会有误差，尽管实证研究表明报表 中的收益显示了有关公司前景的大量信息。
The primary focus of the security analyst
should be the firm’s real economic earnings
rather than its reported earnings,Accounting
earnings as reported in financial statements can be
a biased estimate of real economic earnings,
although empirical studies reveal that reported
earnings convey considerable information
concerning a firm’s prospects.
19-25
小结
Summary
一家公司的股本收益率 (ROE)是其收益增长率的决定因素，公司财务杠杆作用 的程度对股本收益率产生着巨大影响。只有贷款利率低于公司的资产收益率 (ROA)时,公司负债与股权比率的增长才会提高公司的股本收益率，并因此提高公司的增长率。
A firm’s ROE is a key determinant of the growth
rate of its earnings,ROE is affected profoundly by
the firm’s degree of financial leverage,An increase
in a firm’s debt-to- equity ratio will raise its ROE
and hence its growth rate only if the interest rate
on the debt is less than the firm’s return on assets.
19-26
小结
Summary
与公司盈利能力同（或）风险程度有关的其他会计比率是固定资产周转率、存 货周转率、
回收天数、流动比率、速动比率与获利额对利息的倍数。
Other accounting ratios that have a bearing
on a firm’s profitability and/or risk are fixed
asset turnover,inventory turnover,days
receivables,and the current,quick,and
interest coverage ratios.
19-27
小结
Summary
把公司股本收益率 (ROE)比率分解为几个会计比率，并分别分析各会计比率在 不同时间段的作用，再与同一行业中其他公司的相应会计比率相比较，这种分析对我 们非常有益。一个常用的分解公式是：
股本收益率＝ (净利润 /税前利润 )× (税前利润 /税前收益 )
× (税前收益 /销售收入 )× (销售收入 /资产 )× (资产 /
股权 )
It is often helpful to the analyst to decompose a firm’s ROE
ratio into the product of several accounting ratios and to
analyze their separate behavior over time and across
companies within an industry,A useful breakdown is:
19-28
小结
Summary
除了公司的财务报表之外，另外两个利用公司普通股市价的比率是：市价与账面价值比率与市盈率比率。分析家们有时把它们的低比率值作为安全边际或股票成交条件的标志。
Two ratios that make use of the market
price of the firm’s common stock in addition
to its financial statements are the ratios of
market to book value and price to earnings,
Analysts sometimes take low values for
these ratios as a margin of safety or a sign
that the stock is a bargain.
19-29
小结
Summary
将投资于高股本收益率 (ROE)值的股票策略与投资于低股本收益率值的股票策略相比，
前者为投资者带来的回报率较低，这意味着高股本收益率值的股票定价过高。
A strategy of investing in stocks with high
reported ROE seems to have produced a
lower rate of return to the investor than
investing in low ROE stocks,This implies
that high reported ROE stocks were
overpriced compared with low ROE stocks.
19-30
Summary
使用从公司财务报表中得来的资料的主要问题是可比性，
公司在究竟用什么方法计算各种收入与费用项目时，有很大的选择空间。因此，证券分析家有必要在比较不同公司的财务指标之前，按照统一标准调整会计收益与财务比率。
A major problem in the use of data obtained from a
firm’s financial statements is comparability,Firms have
a great deal of latitude in how they choose to compute
various items of revenue and expense,It is,therefore,
necessary for the security analyst to ad- just
accounting earnings and financial ratios to a uniform
standard before attempting to compare financial
results across firms.
19-31
Summary
在通货膨胀时期，可比性问题会十分突出。通货膨胀会在存货、折旧与利息费用的计算上，造成扭曲。
Comparability problems can be acute in a
period of inflation,Inflation can create
distortions in accounting for inventories,
depreciation,and interest expense.
第 19章财务报表分析
Financial Statement Analysis
19-2
财务报表分析
Financial Statement Analysis
19.1 主要 财务报表
19.2 会计收益与经济效益
19.3 权益收益率
19.4 比例分析
19.5 经济增加值
19.6 关于财务报表分析的说明
19.7 可比性问题
19.8 价值投资
19-3
财务报表
Financial Statements
资产负债表 Balance Sheet
– 垂直分析表 Common Sized
– 趋势分析和指数分析 Trend or Indexed
损益表 Income Statement
– 垂直分析表 Common Sized
– 趋势分析和指数分析 Trend or Indexed
现金流量表 Statement of Cash Flows
19-4
资产负债表
Balance Sheet
19-5
资产负债表
Balance Sheet
19-6
损益表
Income Statement
19-7
损益表
Income Statement
19-8
现金流量表
Statement of Cash Flows
19-9
现金流量表
Statement of Cash Flows
19-10
比例分析
Ratio Analysis
比例分析的目的 Purpose of Ratio Analysis
作用 Uses
– 趋势分析 Trend analysis
– 比较分析 Comparative analysis
– 综合分析 Combination
外部分析的作用 Use by External Analysts
– 外部投资者需要的重要信息 Important information for
investment community
– 信用市场需要的重要信息 Important for credit markets
19-11
财务比率的类型
Type of Financial Ratios
流动性比率 Liquidity Ratios
作业比率 Activity Ratios
扛杆系数 Leverage Ratios
获利能力比率 Profitability Ratios
市场价格比率 Market Price Ratios
19-12
流动性比率 Liquidity Ratios
流动比率 Current Ratio
流动资产 Current Assets
流动负债 Current Liabilities
速动比率 Quick Ratio
流动资产 -存货 Current Assets - Inventory
流动负债 Current Liabilities
19-13
作业比率
Activity Ratios
存货周转率 Inventory Turnover
产品销售成本 Sales or Cost of Goods Sold
平均存货 Inventory
总资产周转率 Total Asset Turnover
销售额 Sales
总资产 Total Assets
19-14
作业比率
Activity Ratios
平均收帐期 Average Collection Period
应收帐款 Accounts Receivable
每天销售额 Sales Per Day
存货可供销售天数 Days to Sell Inventory
存货 Inventory
每天销售额 Sales Per Day
19-15
扛杆系数
Leverage Ratios
利息获得倍数 Times Interest Earned
利税前利润 Earnings Before Int,& Taxes
利息费用 Interest Expense
固定支出保障比率 Fixed Charge Coverage Ratios
租赁付款 Lease Payments
除利息外需要偿还的贷款部分 Principal Repayments
优先股利 Preferred Dividends
19-16
扛杆系数
Leverage Ratios
负债对资产比率 Debt to Assets
长期负债 Long Term Debt
资产 Assets
负债对权益比率 Debt to Equity
长期负债 Long Term Debt
所有权权益 Shareholders Equity
19-17
获利能力比率
Profitability Ratios
净利润率 Net Profit Margin %
净收入 Net Income
销售收入 Sales
资产收益率 Return on Assets
净收入 Net Income
总资产 Total Assets
19-18
获利能力比率
Profitability Ratios
权益报酬率 Return on Equity
净利润 Net Income
权益 Common Equity
计提折旧后营业利润率 Operating Margin After Depreciation
营业利润 Operating Profit
销售额 Sales
19-19
市场价格比率
Market Price Ratios
市盈率 Price to Earnings
股票价格 Market Price of Stock
每股利润 Earnings
市价与帐面值比率 Market-to-Book-Value
股票市场价格 Market Price of Stock
每股帐面价格 Book Value Per Share
19-20
权益收益率的 分解
Decomposition of ROE
ROE = Net Profit
Pretax Profit
x
Pretax Profit
EBIT
x EBITSales SalesAssetsx x AssetsEquity
(1) x (2) x (3) x (4) x (5)
x Margin x Turnover x LeverageTaxBurden InterestBurden
EBIT,利税前利润 TAX BURDEN,税负 MARGIN,毛利
TURNOVER,周转次数 LEVERAGE,扛杆
19-21
经济增加值
Economic Value Added
会计获利能力与资本成本比较额
Approach to compare accounting
profitability with the cost of capital
定义 Definition
– ROA-K (公司资本投资 Capital Invested in the
firm)
– K = 资本的机会成本 opportunity cost for capital
由投资者连接会计到收益 Ties accounting
to return by investors
19-22
可比较性问题
Comparability Problems
会计计量的区别 Accounting Differences
– 存货价值 Inventory Valuation
– 折旧 Depreciation
通货膨胀 Inflation
国际会计公约 International Accounting
Conventions
19-23
收益质量：会计选择的区间
Quality of Earnings:
Areas of Accounting Choices
备抵坏帐 Allowance for bad debts
储备管理 Reserves management
股票期权 Stock options
收入确认 Revenue recognition
资产负债表外的资产和负债 Off-balance
sheet assets and liabilities
19-24
小结
Summary
证券分析家主要关注的应是公司的实际经济收益而非报告收益。财务报表中的 会计收益是对实际经济收益的估算，这个估算可能会有误差，尽管实证研究表明报表 中的收益显示了有关公司前景的大量信息。
The primary focus of the security analyst
should be the firm’s real economic earnings
rather than its reported earnings,Accounting
earnings as reported in financial statements can be
a biased estimate of real economic earnings,
although empirical studies reveal that reported
earnings convey considerable information
concerning a firm’s prospects.
19-25
小结
Summary
一家公司的股本收益率 (ROE)是其收益增长率的决定因素，公司财务杠杆作用 的程度对股本收益率产生着巨大影响。只有贷款利率低于公司的资产收益率 (ROA)时,公司负债与股权比率的增长才会提高公司的股本收益率，并因此提高公司的增长率。
A firm’s ROE is a key determinant of the growth
rate of its earnings,ROE is affected profoundly by
the firm’s degree of financial leverage,An increase
in a firm’s debt-to- equity ratio will raise its ROE
and hence its growth rate only if the interest rate
on the debt is less than the firm’s return on assets.
19-26
小结
Summary
与公司盈利能力同（或）风险程度有关的其他会计比率是固定资产周转率、存 货周转率、
回收天数、流动比率、速动比率与获利额对利息的倍数。
Other accounting ratios that have a bearing
on a firm’s profitability and/or risk are fixed
asset turnover,inventory turnover,days
receivables,and the current,quick,and
interest coverage ratios.
19-27
小结
Summary
把公司股本收益率 (ROE)比率分解为几个会计比率，并分别分析各会计比率在 不同时间段的作用，再与同一行业中其他公司的相应会计比率相比较，这种分析对我 们非常有益。一个常用的分解公式是：
股本收益率＝ (净利润 /税前利润 )× (税前利润 /税前收益 )
× (税前收益 /销售收入 )× (销售收入 /资产 )× (资产 /
股权 )
It is often helpful to the analyst to decompose a firm’s ROE
ratio into the product of several accounting ratios and to
analyze their separate behavior over time and across
companies within an industry,A useful breakdown is:
19-28
小结
Summary
除了公司的财务报表之外，另外两个利用公司普通股市价的比率是：市价与账面价值比率与市盈率比率。分析家们有时把它们的低比率值作为安全边际或股票成交条件的标志。
Two ratios that make use of the market
price of the firm’s common stock in addition
to its financial statements are the ratios of
market to book value and price to earnings,
Analysts sometimes take low values for
these ratios as a margin of safety or a sign
that the stock is a bargain.
19-29
小结
Summary
将投资于高股本收益率 (ROE)值的股票策略与投资于低股本收益率值的股票策略相比，
前者为投资者带来的回报率较低，这意味着高股本收益率值的股票定价过高。
A strategy of investing in stocks with high
reported ROE seems to have produced a
lower rate of return to the investor than
investing in low ROE stocks,This implies
that high reported ROE stocks were
overpriced compared with low ROE stocks.
19-30
Summary
使用从公司财务报表中得来的资料的主要问题是可比性，
公司在究竟用什么方法计算各种收入与费用项目时，有很大的选择空间。因此，证券分析家有必要在比较不同公司的财务指标之前，按照统一标准调整会计收益与财务比率。
A major problem in the use of data obtained from a
firm’s financial statements is comparability,Firms have
a great deal of latitude in how they choose to compute
various items of revenue and expense,It is,therefore,
necessary for the security analyst to ad- just
accounting earnings and financial ratios to a uniform
standard before attempting to compare financial
results across firms.
19-31
Summary
在通货膨胀时期，可比性问题会十分突出。通货膨胀会在存货、折旧与利息费用的计算上，造成扭曲。
Comparability problems can be acute in a
period of inflation,Inflation can create
distortions in accounting for inventories,
depreciation,and interest expense.
