Weel 4: chapter 12

A. Comparison of Financial Accounting Information

• Three Types of Comparisons
  • 公司之间
  • 一个公司一段时间
  • 公司和整个行业
• Perform vertical analysis
  • 方法：把报表中的每一个项目转换成相对于一个基数项目的百分比。
  • 在利润表里，通常以 销售收入 Revenue 为基数，其他项目（成本、费用、净利润等）都表示为销售收入的百分比。
  • 在资产负债表里，通常以 总资产 Total Assets 为基数，资产、负债、权益各项目都表示为总资产的百分比。
  • 用途：便于比较不同规模公司的财务结构，或者对同一公司不同年份的结构进行比较。
• Perform horizontal analysis
  • 方法：对比不同时期的财务数据，通常是逐年比较，看增长或减少的趋势。
  • 一般会计算变化额（current – base）和变化百分比（(current – base) / base × 100%）
  • 用途：分析公司财务状况和经营成果随时间的变化趋势。
  • 例子：去年收入 800，今年收入 1000。增长额 = 200，增长率 = 25

B. Using Ratios to Assess Risk & Profitability

• Use ratios to analyze a company’s risk.
  • 通过 财务比率分析（financial ratios） 来评估一家公司的 风险（risk） 和 盈利能力 profitability
  • Receivables Turnover Ratio
    • 衡量公司在一年内 应收账款平均被收回的次数，也就是客户付款的速度。
    • Measures how many times receivables are collected during the year
    • 周转率高 → 客户付款快，公司资金回笼快，坏账风险低。
    • 周转率低 → 回款慢，可能出现坏账风险，现金流紧张。
  • Average Collection Period
    • Measures the days it takes to convert receivables into cash
  • Inventory Turnover Ratio
    • Measures how many times average inventory is sold during the year
    • 衡量一家公司在一定时期（通常一年）里，存货被售出和补充的次数。它反映公司存货管理和销售效率。
  • Average Days in Inventory
  • Current Ratio
    • Compares current assets to current liabilities
  • Acid-Test Ratio
    • A more conservative measure of a company’s ability to pay current liabilities
    • (Cash + Current investments + Accounts receivable) / Current liabilities
  • Debt to Equity Ratio
    • Indicates the risk of bankruptcy (破产)
    • Total liabilities / Stockholders’ equity
  • Times Interest Earned Ratio
    • Compares interest payments with a company’s income available to pay those charges
    • (Net income + Interest expense + Income tax expense) / Interest expense
• Use ratios to analyze a company’s profitability
  • Gross Profit Ratio (毛利率)
    • Indicates the portion of each dollar of sales above its cost of goods sold
  • (Net) Profit Margin
    • Measures the income earned on each dollar of sales
  • Asset Turnover
    • Measures sales volume in relation to the investment in assets
    • Net sales / Avg total assets
  • Return on Assets
    • Measures the income the company earns on each dollar invested in assets
  • Components of Return on Assets
    • Return on assets = Profit margin x Asset turnover
  • Return on Equity
    • Measures the income earned for each dollar in SE
    • Net income / div avg SE
  • Price-Earnings Ratio
    • Stock Price / Earning per share

C. Earnings Persistence And Earnings Quality

• Distinguish persistent earnings from one-time items
  • Earnings Persistence and One-Time Income Items
    • 持续稳定的收入 & 一次性收益项目
  • Discontinued Operations
  • Presentation of a Discontinued Operation
  • Other Revenues and Expenses