Gibson10e_ch05[知識課件]

1、Basics of Analysis COPYRIGHT 2007 Thomson South-Western, a part of the Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license. Chapter 5 Chapter 5, Slide #1 優(yōu)質(zhì)薈萃 Ratio Analysis Liquidity Measures a firms ability to meet its current obligations Leverag

2、e (borrowing capacity) Measures the degree of protector for long-term creditors Profitability Measures the earning ability of a firm Investor-focused Cash flow Indicate liquidity, borrowing capacity, and profitability Chapter 5, Slide #2 優(yōu)質(zhì)薈萃 Ratio Analysis Interpreted in comparison with Prior ratio

3、s Competitor ratios Industry ratios Predetermined standards Chapter 5, Slide #3 優(yōu)質(zhì)薈萃 Complexities and Context Use of average data from balance sheet accounts Necessary when comparing against income statement data Does not Eliminate cyclical or seasonal variations Capture changes that occur unevenly

4、throughout the year Analysis must be performed and understood within the context of Native accounting principles Native business practices and culture Chapter 5, Slide #4 優(yōu)質(zhì)薈萃 Common-Size Analysis The use of percentages is usually preferable to the use of absolute amounts Vertical analysis All amoun

5、ts of a year expressed as a percentage of a base amount (e.g., net sales revenue, total assets) Horizontal analysis Amounts for comparative years are expressed as a percentage of the base year amount Chapter 5, Slide #5 優(yōu)質(zhì)薈萃 Vertical Analysis Each financial statement element is presented as a percen

6、tage of a designated base. Chapter 5, Slide #6 優(yōu)質(zhì)薈萃 Horizontal Analysis Each financial statement element is presented as a percentage of a base amount from a selected year. Chapter 5, Slide #7 優(yōu)質(zhì)薈萃 Year-to-Year Change Analysis Use both absolute and percentages Guidelines: When an item has value in t

7、he base year and none in the next period, the decrease is 100% A meaningful percent change cannot be computed when one number is positive and the other number is negative A percent change is incomputable when there is no figure for the base year. Chapter 5, Slide #8 優(yōu)質(zhì)薈萃 Industry Variations Financia

8、l components vary by type of industry Merchandising Inventory is a principal asset Sales may be primarily for cash or on credit Service Inventory is low or nonexistent Manufacturing Large inventory holdings Substantial investment in plant assets Chapter 5, Slide #9 優(yōu)質(zhì)薈萃 Descriptive Information Narra

9、tive data Annual report Trade periodicals Industry reviews Further explains the financial position of a firm Chapter 5, Slide #10 優(yōu)質(zhì)薈萃 Comparisons Provides context for analysis of ratios and financial data Common types Trend analysis SIC: Standard Industrial Classification NAICS: North American Indu

10、stry Classification System Industry averages; competitor comparisons Chapter 5, Slide #11 優(yōu)質(zhì)薈萃 Comparisons: Trend Analysis A study of the financial history of a firm Longitudinal ratio comparison Falling Rising Relatively constant Highlight Effective management Evidence of problems Chapter 5, Slide

11、#12 優(yōu)質(zhì)薈萃 Comparisons: SIC Classifies business by industry Defines industries in accordance with the composition and structure of the economy Coding structure Division Major group Industry group Industry Reported in SEC registrant filings Chapter 5, Slide #13 優(yōu)質(zhì)薈萃 Comparisons: NAICS Joint creation of

12、 NAFTA partners: Canada, U.S., and Mexico Industry is defined by similar production processes Coding structure Sector Sub-sector Industry group NAICS industry National industry Chapter 5, Slide #14 優(yōu)質(zhì)薈萃 Comparisons: Industry Industry comparison complicated by highly diversified companies Financial s

13、ervices Base their analysis on industry placement Provide composite industry data Chapter 5, Slide #15 優(yōu)質(zhì)薈萃 Financial Services Publications PublicationServiceCoverageDataClassification The Department of Commerce Financial Report Economic Surveys Division, Bureau of the Census Manufacturing, mining,

14、and trade corporations Income statement and balance sheet data and ratios NAICS Annual Statement Studies Risk Management Association Manufacturing, wholesaling, retailing, service, agriculture, and construction Common-size financial statements and ratios NAICS and SIC Standard 5 segments Condensed f

15、inancial statements; ratios SIC variousValue Line Investment Service 98 industriesLongitudinal financial information Chapter 5, Slide #17 優(yōu)質(zhì)薈萃 Comparisons: Caution Ratios are subject to variance from: Differing data Inconsistent formula construction Optional (elective) accounting treatment Different

16、 fiscal year-ends Varying financial policies Inconsistent basis (before or after tax) Chapter 5, Slide #18 優(yōu)質(zhì)薈萃 Relative Size of Firm Comparison of disparate size firms Capital market access Economy of scale (purchasing) Wider customer base Information Absolute: amplifies comparison difficulty Commo

17、n-size: eliminates some of the difficulty Percent of market helps to define relative size Chapter 5, Slide #19 優(yōu)質(zhì)薈萃 Other Resources: Wards Business Directory Domestic and public companies 8-volume set V1, 2, 3 Alphabetical listing V4State and ZIP code V5SIC code V6-7State then SIC code V8NAICS code

18、then revenue Chapter 5, Slide #20 優(yōu)質(zhì)薈萃 Other Resources: Standard & Poors Stock Reports Companies listed on various stock exchanges Alphabetical by exchange NYSE American Stock Exchange NASDAQ stock market Regional exchanges Chapter 5, Slide #21 優(yōu)質(zhì)薈萃 Other Resources: Standard & Poors Register Of Corp

19、orations, Directors, And Executives 3-volumes V1Alphabetical by firm name V21Alphabetical listing of key individuals V22Industries in 7 subsections Chapter 5, Slide #22 優(yōu)質(zhì)薈萃 Other Resources: Standard & Poors Analysts Handbook Selected income statement and balance sheet items Related ratios Applicabl

20、e to Standard & Poors industry group stock price indexes Chapter 5, Slide #23 優(yōu)質(zhì)薈萃 Other Resources: Standard & Poors Corporation Records U.S. corporations Background information Detailed financial statistics Chapter 5, Slide #24 優(yōu)質(zhì)薈萃 Other Resources: Americas Corporate Families: The Billion Dollar D

21、irectory Corporate family listings Alphabetical Geographical SIC Cross-reference divisions, subsidiaries, and ultimate parent companies Chapter 5, Slide #25 優(yōu)質(zhì)薈萃 Other Resources: D&B Million Dollar Directory Company listings Alphabetical Geographically SIC Chapter 5, Slide #26 優(yōu)質(zhì)薈萃 Other Resources:

22、Directory Of Corporate Affiliates Corporate information Divisions Subsidiaries Affiliates Indexes Alphabetical Geographical SIC Chapter 5, Slide #27 優(yōu)質(zhì)薈萃 Other Resources: Thomas Register Of American Manufacturers Comprehensive reference Products Services Company profiles Catalog file Chapter 5, Slid

23、e #28 優(yōu)質(zhì)薈萃 Other Resources: Mergent Industrial Manual New York and American Stock Exchanges History Business Properties Subsidiaries Financial statements SIC codes Chapter 5, Slide #29 優(yōu)質(zhì)薈萃 Other Resources: Security Owners Stock Guide Published by Standard & Poors Survey of 5,300 stocks Trading acti

24、vity Price range Dividends etc. Chapter 5, Slide #30 優(yōu)質(zhì)薈萃 Other Resources: Standard & Poors Statistical Service Industry statistics Agriculture Metals Building Transportation etc. Chapter 5, Slide #31 優(yōu)質(zhì)薈萃 Other Resources: Dividend Records Mergent Dividend Record Standard & Poors Annual Dividend Record Provide dividend records of virtually publicly owned American and some foreign companies Chapter 5, Slide #32 優(yōu)質(zhì)薈萃 Other Resources: D&B Reference Book of Corporate Managements Principle corporate officers Year of birth Education Military service Present business posit