财务会计专业论文——浅谈企业财务分析及评价外文文献

河南理工大学2010届本科生毕业论文

FINANCIAL MANAGEMENT AND ANALYSIS OF

FINANCIAL STATEMENTS

Author(s): C. O. Hardy and S. P. Meech

Financial Management and Analysis is an introduction to the concepts,tools,

and applications of finance. The purpo of this textbook is to communicate the

fundamentals of financial management and financial textbook is

written in a way that will enable students who are just beginning their study of

finance to understand financial decision-making and its role in the decision-making

process of the entire firm.

Throughout the textbook, you’ll e how we view e financial

decision-making as an integral part of the firm’s decision-making, not as a parate

function. Financial decision-making involves coordination among personnel

specializing in accounting,marketing, and production aspects of the firm.

The principles and tools of finance are applicable to all forms and sizes of

business enterpris, not only to large corporations. Just as there are special problems

and opportunities for small family-owned business(such as where to obtain

financing), there are special problems and opportunities for large corporations (such

as agency problems that ari when management of the firm is parated from the

firm’s owners). But only fundamentals of financial management are the same

regardless of the size or form of the business. For example, a dollar today is worth

more than a dollar one year from today, whether you are making decisions for a sole

proprietorship or a large corporation.

We view the principles and tools of finance as applicable to firms around the

globe, not just to U.S. business enterpris. While customs and laws may differ

among nations, the principles, theories, and tools of financial management do not.

For example, in evaluating whether to buy a particular piece of equipment, you must

evaluate what happens to the firm’s future cash flows (How much will they be?

When willthey occur? How uncertain are they?)

whether the firm is located in the United States, Great Britain, or elwhere. In

addition, we believe that a strong foundation in finance principles and the related

mathematical tools are necessary for you to understand how investing and financing

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河南理工大学2010届本科生毕业论文

decisions are made. But building that foundation need not be strenuous. One way that

we try to help you build that foundation is to prent the principles and theories of

finance using intuition, instead of with proofs and theorems. For example, we walk

you through the intuition of capital structure theory with numerical and real world

examples, not equations and proofs. Another we try to assist you is to approach the

tools of finance using careful, step-by-step examples and numerous graphs.

Financial Management and Analysis is prented in ven parts. The first two

parts (Parts One and Two) cover the basics, including the objective of financial

management, valuation principles, and the relation between risk and return. Financial

decision-making is covered in Parts Three, Four, and Five where we prent

long-term investment management (commonly referred to as capital budgeting), the

management of long-term sources of funds, and working capital management. Part

Six covers financial statement analysis which includes financial ratio analysis,

earnings analysis, and cash flow analysis. The last part (Part Seven) covers veral

specialized topics: international financial management, borrowing via structured

financial transactions (i.e., ast curitization), project financing, equipment leasing,

and financial planning and strategy.

Logical structure,The text begins with the basic principles and tools, followed

by long-term investment and financing decisions. The first two parts lay out the

basics; Part Three then focus on the “left side” of the balance sheet (the asts) and

the Part Four is the “right side” of the balance sheet (the liabilities and equity).

Working capital decisions, which are made to support the day-to-day operations of

the firm, are discusd in Part Five. Part Six provides the tools for analyzing a firm’s

financial statements. In the last chapter of the book, you are brought back full-circle

to the objective of financial management: the maximization of owners’ wealth.

Graphical illustrations, Graphs and illustrations have been carefully and

deliberately developed to depict and provide visual reinforcement of mathematical

concepts. For example, we show the growth of a bank balance through compound

interest veral ways: mathematically, in a time-line,and with a bar graph.

Applications,As much as possible, we develop concepts and mathematics using

examples of actual practice. For example, we first prent financial analysis using a

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河南理工大学2010届本科生毕业论文

simplified t of financial statements for a fictitious company. After you’ve learned

the basics using the fictitious company, we demonstrate financial analysis tools using

data from Wal-Mart Stores, Inc. Actual examples help you better grasp and retain

major concepts and tools. We integrate over 100 actual company examples

throughout the text, so you’re not apt to miss them. Considering both the examples

throughout the text and the rearch questions and problems, you are expod to

hundreds of actual companies.

Extensive coverage of financial statement analysis. While most textbooks

provide some coverage of financial statement analysis, we have provided you with

much more detail in Part Six of the textbook. Chapter 6 and the three chapters in Part

Six allow an instructor to focus on financial statement analysis.

Extensive coverage of alternative debt instruments. Becau of the innovations

in the debt market, alternative forms debt instruments can be issued by a corporation.

In Chapter 15, you are introduced to the instruments. We then devote one chapter

to the most popular alternative to corporate bond issuance, the creation and issuance

of ast-backed curities.

Coverage of leasing and project financing. We provide in-depth coverage of

leasing in Chapter 27, demystifying the claims about the advantages and

disadvantages of leasing you too often read about in some textbooks and professional

articles. Project financing has grown in importance for not only corporations but for

countries eking to develop infrastructure facilities. Chapter 28 provides the basic

principles for understanding project financing.

Early introduction to derivative instruments. Derivative instruments (futures,

swaps, and options) play an important role in finance. You are introduced to the

instruments in Chapter 4. While derivative instruments are viewed as complex

instruments, you are provided with an introduction that makes clear their basic

investment characteristics. By the early introduction of derivative instruments, you

will be able to appreciate the difficulties of evaluating curities that have embedded

options (Chapter 9), how there are real options embedded in capital budgeting

decisions ( Chapter14), and how derivative instruments can be ud to reduce or to

hedge the cost of borrowing (Chapter 15). Stand-alone nature of the chapters. Each

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河南理工大学2010届本科生毕业论文

chapter is written so that chapters may easily be rearranged to fit different cour

structures. Concepts, terminology, and notation are prented in each chapter so that

no chapter is dependent upon another. This means that instructors can tailor the u

of this book to fit their particular time frame for the cour and their

students’preparation (for example, if students enter the cour with sufficient

background in accounting and taxation, Chapters 5 and 6 can be skipped). We

believe that our approach to the subject matter of financial management and analysis

will help you understand the key issues and provide the foundation for developing a

skill t necessary to deal with real world financial problems.

Introduction to Financial Management and Analysis

Finance is the application of economic principles and concepts to business

decision-making and problem solving. The field of finance can be considered to

compri three broad categories: financial management,investments, and financial

institutions:

Financial management. Sometimes called corporate finance or business

finance, this area of finance is concerned primarily with financial decision-making

within a business entity. Financial management decisions include maintaining cash

balances, extending credit, acquiring other firms, borrowing from banks, and issuing

stocks and bonds.

Investments, This area of finance focus on the behavior of financial markets

and the pricing of curities. An investment manager’s tasks, for example, may

include valuing common stocks, lecting curities for a pension fund, or measuring

a portfolio’s performance.

Financial institutions, This area of finance deals with banks and other firms that

specialize in bringing the suppliers of funds together with the urs of funds. For

example, a manager of a bank may make decisions regarding granting loans,

managing cash balances, tting interest rates on loans, and dealing with government

regulations. No matter the particular category of finance, business situations that call

for the application of the theories and tools of finance generally involve either

investing (using funds) or financing (raising funds).

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河南理工大学2010届本科生毕业论文

Managers who work in any of the three areas rely on the same basic

knowledge of finance. In this book, we introduce you to this common body of

knowledge and show how it is ud in financial decision- making. Though the

emphasis of this book is financial management, the basic principles and tools also

apply to the areas of investments and financial institutions. In this introductory

chapter, we’ll consider the types of decisions financial managers make, the role of

financial analysis, the forms of business ownership, and the objective of managers’

decisions. Finally, we will describe the relationship between owners and managers.

FINANCIAL MANAGEMENT

Financial management encompass many different types of decisions. We can

classify the decisions into three groups: investment decisions, financing decisions,

and decisions that involve both investing and financing. Investment decisions are

concerned with the u of funds— the buying, holding, or lling of all types of

asts: Should we buy a new die stamping machine? Should we introduce a new

product line? Sell the old production facility? Buy an existing company? Build a

warehou? Keep our cash in the bank?

Financing decisions are concerned with the acquisition of funds to be ud for

investing and financing day-to-day operations. Should managers u the money

raid through the firms’ revenues? Should they ek money from outside of the

business? A company’s operations and investment can be financed from outside

the business by incurring debts, such as though bank loans and the sale of bonds, or

by lling ownership interests. Becau each method of financing obligates the

business in different ways, financing decisions are very important.

Many business decisions simultaneously involve both investing and financing.

For example, a company may wish to acquire another firm— an investment decision.

However, the success of the acquisition may depend on how it is financed: by

borrowing cash to meet the purcha price, by lling additional shares of stock, or

by exchanging existing shares of stock. If managers decide to borrow money, the

borrowed funds must be repaid within a specified period of time. Creditors (tho

lending the money) generally do not share in the control of profits of the borrowing

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河南理工大学2010届本科生毕业论文

firm. If, on the other hand, managers decide to rai funds by lling ownership

interests, the funds never have to be paid back. However, such a sale dilutes the

control of (and profits accruing to) the current owners.

Whether a financial decision involves investing, financing, or both, it also will

be concerned with two specific factors: expected return and risk. And throughout

your study of finance, you will be concerned with the factors. Expected return is

the difference between potential benefits and potential costs. Risk is the degree of

uncertainty associated with the expected returns.

Financial Analysis

Financial analysis is a tool of financial management. It consists of the

evaluation of the financial condition and operating performance of a business firm,

an industry, or even the economy, and the forecasting of its future condition and

performance. It is, in other words, a means for examining risk and expected return.

Data for financial analysis may come from other areas within the firm, such as

marketing and production departments, from the firm’s own accounting data, or from

financial information vendors such as Bloomberg Financial Markets, Moody’s

Investors Service, Standard & Poor’s Corporation, Fitch Ratings, and Value Line, as

well as from government publications, such as the Federal Rerve Bulletin.

Financial publications such as Business Week, Forbes, Fortune, and the Wall

Street Journal also publish financial data (concerning individual firms) and economic

data (concerning industries, markets, and economies), much of which is now also

available on the Internet. Within the firm, financial analysis may be ud not only to

evaluate the performance of the firm, but also its divisions or departments and its

product lines. Analys may be performed both periodically and as needed, not only

to ensure informed investing and financing decisions, but also as an aid in

implementing personnel policies and rewards systems.

Outside the firm, financial analysis may be ud to determine the

creditworthiness of a new customer, to evaluate the ability of a supplier to hold to the

conditions of a long-term contract, and to evaluate the market performance of

competitors.

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河南理工大学2010届本科生毕业论文

Firms and investors that do not have the experti, the time, or the resources to

perform financial analysis on their own may purcha analys from companies that

specialize in providing this rvice. Such companies can provide reports ranging

from detailed written analys to simple creditworthiness ratings for business. As

an example, Dun & Bradstreet, a financial rvices firm, evaluates the

creditworthiness of many firms, from small local business to major corporations.

As another example, three companies—Moody’s Investors Service, Standard &

Poor’s, and Fitch—evaluate the credit quality of debt obligations issued by

corporations and express the views in the form of a rating that is published in the

reports available from the three organizations.

A. The Financial Ratios

We need to u financial ratios in analyzing financial statements.—The analysis

of comparative financial statements cannot be made really effective unless it takes

the form of a study of relationships between items in the statements. It is of little

value, for example, to know that, on a given date, the Smith Company has a cash

balance of $1oooo. But suppo we know that this balance is only -IV per cent of all

current liabilities whereas a year ago cash was 25 per cent of all current liabilities.

Since the bankers for the company usually require a cash balance against bank lines,

ud or unud, of 20 per cent, we can e at once that the firm's cash condition is

exhibiting a questionable tendency.

We may make comparisons between items in the comparative financial

statements as follows:

1. Between items in the comparative balance sheet

a) Between items in the balance sheet for one date, e.g., cash may be compared

with current liabilities

b) Between an item in the balance sheet for one date and the same item in the

balance sheet for another date, e.g., cash today may be compared with cash a year

ago

c) Of ratios, or mathematical proportions, between two items in the balance

sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio

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河南理工大学2010届本科生毕业论文

of cash to current liabilities today may be compared with a like ratio a year ago and

the trend of cash condition noted

2. Between items in the comparative statement of income and expen

a) Between items in the statement for a given period

b) Between one item in this period's statement and the same item in last period's

statement

c) Of ratios between items in this period's statement and similar ratios in last

period's statement

3. Between items in the comparative balance sheet and items in the comparative

statement of income and expen

a) Between items in the statements for a given period, e.g., net profit for this

year may be calculated as a percentage of net worth for this year

b) Of ratios between items in the two statements for a period of years, e.g., the

ratio of net profit to net worth this year may-be compared with like ratios for last

year, and for the years preceding that

Our comparative analysis will gain in significance if we take the foregoing

comparisons or ratios and; in turn, compare them with:

data as are abnt from the comparative statements but are of importance

in judging a concern's financial history and condition, for example, the stage of the

business cycle.

r ratios derived from analysis of the comparative statements of

competing concerns or of concerns in similar lines of business What financial ratios

are ud in analyzing financial statements.- Comparative analysis of comparative

financial statements may be expresd by mathematical ratios between the items

compared, for example, a concern's cash position may be tested by dividing the item

of cash by the total of current liability items and using the quotient to express the

result of the test. Each ratio may be expresd in two ways, for example, the ratio of

sales to fixed asts may be expresd as the ratio of fixed asts to sales. We shall

express each ratio in such a way that increas from period to period will be

favorable and decreas unfavorable to financial condition.

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河南理工大学2010届本科生毕业论文

We shall u the following financial ratios in analyzing comparative financial

statements:

I. Working-capital ratios

1. The ratio of current asts to current liabilities

2. The ratio of cash to total current liabilities

3. The ratio of cash, salable curities, notes and accounts receivable to total

current liabilities

4. The ratio of sales to receivables, i.e., the turnover of receivables

5. The ratio of cost of goods sold to merchandi inventory, i.e., the turn over

of inventory

6. The ratio of accounts receivable to notes receivable

7. The ratio of receivables to inventory

8. The ratio of net working capital to inventory

9. The ratio of notes payable to accounts payable

IO. The ratio of inventory to accounts payable

II. Fixed and intangible capital ratios

1. The ratio of sales to fixed asts, i.e., the turnover of fixed capital

2. The ratio of sales to intangible asts, i.e., the turnover of intangibles

3. The ratio of annual depreciation and obsolescence charges to the asts

against which depreciation is written off

4. The ratio of net worth to fixed asts

III. Capitalization ratios

1. The ratio of net worth to debt.

2. The ratio of capital stock to total capitalization .

3. The ratio of fixed asts to funded debt

IV. Income and expen ratios

1. The ratio of net operating profit to sales

2. The ratio of net operating profit to total capital

3. The ratio of sales to operating costs and expens

4. The ratio of net profit to sales

5. The ratio of net profit to net worth

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河南理工大学2010届本科生毕业论文

6. The ratio of sales to financial expens

7. The ratio of borrowed capital to capital costs

8. The ratio of income on investments to investments

9. The ratio of non-operating income to net operating profit

10. The ratio of net operating profit to non-operating expen

11. The ratio of net profit to capital stock

12. The ratio of net profit reinvested to total net profit available for dividends on

common stock

13. The ratio of profit available for interest to interest expens

This classification of financial ratios is permanent not exhaustive. -Other ratios

may be ud for purpos later indicated. Furthermore, some of the ratios reflect the

efficiency with which a business has ud its capital while others reflect efficiency in

financing capital needs. The ratios of sales to receivables, inventory, fixed and

intangible capital; the ratios of net operating profit to total capital and to sales; and

the ratios of sales to operating costs and expens reflect efficiency in the u of

capital.' Most of the other ratios reflect financial efficiency.

B. Technique of Financial Statement Analysis

Are the statements adequate in general?-Before attempting comparative analysis

of given financial statements we wish to be sure that the statements are reasonably

adequate for the purpo. They should, of cour, be as complete as possible. They

should also be of recent date. If not, their u must be limited to the period which

they cover. Conclusions concerning 1923 conditions cannot safely be bad upon

1921 statements.

Does the comparative balance sheet reflect a asonable situation? If so, it is

important to know financial conditions at both the high and low points of the ason.

We must avoid unduly favorable judgment of the business at the low point when

asts are very liquid and debt is low, and unduly unfavorable judgment at the high

point when asts are less liquid and debt likely to be relatively high.

Does the balance sheet for any date reflect the estimated financial condition

after the sale of a propod new issue of curities? If so, in order to ascertain the

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河南理工大学2010届本科生毕业论文

actual financial condition at that date it is necessary to subtract the amount of the

curity issue from net worth, if the. issue is of stock, or from liabilities, if bonds are

to be sold. A like amount must also be subtracted from asts or liabilities depending

upon how the estimated proceeds of the issue are reflected in the statement.

Are the statements audited or unaudited? It is often said that audited statements,

that is, complete audits rather than statements "rubber stamped" by certified public

accountants, are desirable when they can be obtained. This is true, but the statement

analyst should be certain that the given auditing film's reputation is beyond reproach.

Is working-capital situation favorable?-If the comparative statements to be

analyzed are reasonably adequate for the purpo, the next step is to analyze the

concern's working-capital trend and position. We may begin by ascertaining the ratio

of current asts to current liabilities. This ratio affords-a test of the concern's

probable ability to pay current obligations without impairing its net working capital.

It is, in part, a measure of ability to borrow additional working capital or to renew

short-term loans without difficulty. The larger the excess of current asts over

current liabilities the smaller the risk of loss to short-term creditors and the better the

credit of the business, other things being equal. A ratio of two dollars of current

asts to one dollar of current liabilities is the "rule-of-thumb" ratio generally

considered satisfactory, assuming all current asts are conrvatively valued and all

current liabilities revealed.

The rule-of-thumb current ratio is not a satisfactory test of working-capital

position and trend. A current ratio of less than two dollars for one dollar may be

adequate, or a current ratio of more than two dollars for one dollar may be

inadequate. It depends, for one thing, upon the liquidity of the current asts.

The liquidity of current asts varies with cash position.-The larger the

proportion of current asts in the form of cash the more liquid are the current asts

as a whole. Generally speaking, cash should equal at least 20 per cent of total current

liabilities (divide cash by total current liabilities). Bankers typically require a concern

to maintain bank balances equal to 20 per cent of credit lines whether ud or unud.

Open-credit lines are not shown on the balance sheet, hence the total of current

liabilities (instead of notes payable to banks) is ud in testing cash position. Like the

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河南理工大学2010届本科生毕业论文

two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb

standard.

The cash balance that will be satisfactory depends upon terms of sale, terms of

purcha, and upon inventory turnover. A firm lling goods for cash will find cash

inflow more nearly meeting cash outflow than will a firm lling goods on credit. A

business which pays cash for all purchas will need more ready money than one

which buys on long terms of credit. The more rapidly the inventory is sold the more

nearly will cash inflow equal cash outflow, other things equal.

Needs for cash balances will be affected by the stage of the business cycle.

Heavy cash balances help to sustain bank credit and pay expens when a period of

liquidation and depression depletes working capital and brings a slump in sales. The

greater the effects of changes in the cycle upon a given concern the more thought the

financial executive will need to give to the size of his cash balances.

Differences in financial policies between different concerns will affect the size

of cash balances carried. One concern may deem it good policy to carry as many

open-bank lines as it can get, while another may carry only enough lines to meet

reasonably certain needs for loans. The cash balance of the first firm is likely to be

much larger than that of the cond firm.

The liquidity of current asts varies with ability to meet "acid test."- Liquidity

of current asts varies with the ratio of cash, salable curities, notes and accounts

receivable (less adequate rerves for bad debts), to total current liabilities (divide the

total of the first four items by total current liabilities). This is the so-called "acid test"

of the liquidity of current condition. A ratio of I:I is considered satisfactory since

current liabilities can readily be paid and creditors risk nothing on the uncertain

values of merchandi inventory. A less than 1:1 ratio may be adequate if receivables

are quickly collected and if inventory is readily and quickly sold, that is, if its

turnover is rapid and if the risks of changes in price are small.

The liquidity of current asts varies with liquidity of receivables. This may be

ascertained by dividing annual sales by average receivables or by receivables at the

clo of the year unless at that date receivables do not reprent the normal amount

of credit extended to customers. Terms of sale must be considered in judging the

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河南理工大学2010届本科生毕业论文

turnover of receivables. For example, if sales for the year are $1,200,000 and

average receivables amount to $100,000, the turn over of receivables is

$1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we

can e that receivables are paid promptly. Consideration should also be given

market conditions and the stage of the business cycle. Terms of credit are usually

longer in farming ctions than in industrial centers. Collections are good in

prosperous times but slow in periods of crisis and liquidation.

Trends in the liquidity of receivables will also be reflected in the ratio of

accounts receivable to notes receivable, in cas where goods are typically sold on

open account. A decline in this ratio may indicate a lowering of credit standards

since notes receivable are usually given to clo overdue open accounts. If possible, a

schedule of receivables should be obtained showing tho not due, due, and past due

thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency

of credits and collections and in explaining the trend in turnover of receivables. The

more rapid the turnover of receivables the smaller the risk of loss from bad debts; the

greater the savings of interest on the capital invested in receivables, and the higher

the profit on total capital, other things being equal.

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河南理工大学2010届本科生毕业论文

财务管理与财务报表分析

作者: C. O. Hardy and S. P. Meech

财务管理和财务分析是财务学科中的应用工具。本书的写作目的在于交流

基本的财务管理和财务分析知识。本书用于那些有能力的财务初学者，帮助他

们了解财务决策和企业如何做出财务决策。

通过对本书的学习，你将了解我们是如何理解财务的。我们所说的财务决

策作为公司所做决策的一部分，不是一个被分离出来的功能。财务决策的做出

协调了企业会计部、市场部和生产部等各部门。

无论企业的形式和规模如何，财务原理和财务工具均适用。就像对小规模

的私营企业而言存在如何筹资的问题，大企业面临所有权和经营权分离时出现

的代理问题。不管公司的规模和形式是如何的，公司财务管理的基本原理是一

样的。例如，无论是独资企业做出的决策还是大企业做出的决策，今天一美元

的价值都高于未来一美元的价值。

我们所说的财务原理和财务工具适用于全球的企业，不仅限于美国的企业。

虽然国家习惯和法律可能与国家的原则理论存在着不同，但财务管理用到的工

具是一样的。例如，在评估是否要买一个特殊设备的价值时，你需要评估企业

未来现金流的发生（设备成本和支出的时间和设备的不确定性），这个企业位

于美国、英国还是在其他的地方?

此外，我们相信拥有强大的财务原理和数学相关工具的依据对于你了解如

河南理工大学2010届本科生毕业论文

（第七部分）涉及到一些专业论题：国际财务管理，金融结构性金融交易（例

如资产证券化），项目融资，设备租赁贷款和财务规划策略。

逻辑结构，本文从基本原理和工具开始，接着提出长期投资和财务决策。

前两个部分摆出基本原理；第三部分接着关注于资产负债表的左侧（资产部分）

和第四部分在资产负债表的右侧（负债和所有者权益部分）。营运资本决策要

支持日常的公司经营，在第五部分讨论。第六部分提供了企业财务报表的分析

工具。在本书的最后一个部分，你又被带回到财务管理的目标：股东权益最大

化。

图例，数学概念利用表格和插图在视觉上被仔细谨慎动态的描述。例如我

们指出银行的资产负债增长率通过复利的方式，在数学上表示为次数和柱状图。

实用性，我们尽可能地要通过实务例子提出的概念和数学公式。例如，我

们首先提出财务分析要通过假设一个公司的简化财务报表。最后，你会学到基

础的使用假设的公司数据，我们通过沃尔玛超市的数据来证明分析工具，真实

的案例帮助我们更好的理解和记住主要的概念和工具。我们对本书中100个真

实的公司的案例求积，你不会希望错过它们。考虑到本书案例和研究问题和难

题，你将看到无数的真实公司数据覆盖大量的财务报表分析的内容。而大部分

的文章只提供一些财务报表分析的内容，我们在本书的第六部分提供给你更多

的描述。在第六部分的第六章和第三章主要讲解财务报表分析。

覆盖大量的可供选择的债券工具。由于债券市场的改革，出现了由企业发

行的可供选择形式的债券工具。在第15章中，向你介绍了三种工具。我们然后

致力于第一章提出的由企业负债发行的最具流动性的可供选择企业债券，企业

首次发行的资产有价证券。 覆盖项目租赁和项目资金融资。我们提供深度的项

目租赁的内容在本书的第27章，阐明项目租赁的利弊，你在本书中会频繁的看

到和专业的项目资金融资。项目融资的增长十分重要不仅对企业而言，对为了

追求发展基础设施的国家也十分的重要。在第28章，本书提供了便于理解项目

融资的基本原理。

早期介绍衍生工具。衍生工具（期货、交换物、期权）在理财中发挥着重

要作用。在第4章向你介绍这些工具。而衍生工具被看作是复杂的工具，通过

介绍将让你明确它们的基础投资工具特征。在早期介绍的衍生工具时，你可以

接受那些评估隐含期权带来的困难（第9章）那些在资本预算中隐含的期权（第

14章），以及如何运用隐含期权来减少成本及负债（第15章）。 独立的章节。

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按章来编写，按章节可以容易重新整理以设和不同的课程结构。概念和符号存

在于每一章，以便每一章不依赖于上一章。这意味着指导者可以裁减使用本书

以适合它们特殊的课程时间范围和学生的预习准备（例如，学生在课前有充足

的会计学和税收学基础，在第5章和第6章就可以跳过）。我们坚信我们提供

的财务管理与分析的主题将会帮助你了解关键点和为发展技术组合的必要性提

供了基础用于处理真实的财务问题。

财务管理与分析的介绍

财务是经济学原理的应用的概念，用于商业决策和问题的解决。财务被认

为有三部分组成：财务管理，投资和金融机构：

财务管理有时被称为公司理财或者企业理财。财务的范围就企业单位的财

务决策的重要性划分的。财务管理决策包括保持现金流平衡，延长信用，获得

其他公司借款，银行的借款和发行股票和基金。

投资，投资的范围被集中于金融市场的性质，有价证券的定价。投资经理

的任务，例如可能包括评价普通股，为退休基金选择有价证券，或者衡量证券

投资组合的绩效。

金融机构，金融领域处理银行和其他公司，其他公司专门研究带来供应商

基金和使用者基金。例如，银行的管理者可能决定关于批准贷款，管理现金流

平衡，设定贷款利率和处理政府法规。

无论是财务的特殊分类还是商业状况都要求财务理论和工具的应用通常包

括投资（使用基金）或者财务（筹集资金）。无论工作于哪个领域的管理者够

依靠相同财务基础知识。在本书中，我们想你介绍了维护一个关于信息安全的

河南理工大学2010届本科生毕业论文

生产线？卖掉旧的生产设备？买进现有企业？建立仓库？继续持有我们银行里

的现金?

财务决策涉及获得被用作投资和财务日常经营的基金。管理者是否应当使

用通过公司盈利赚的的资金？他们是否应该寻找来自于商业以外的资金？一个

公司的经营和投资所需要的资金能够从商业以外的地方被筹集，通过借贷，如

通过银行贷款和出售基金，或者出售所有者权益。由于每一种理财方式都使企

业在一种程度上负有义务，财务决策时十分重要的。

许多商业决策,同时包括投资和融资。例如，一个公司可能希望收购另一家

公司——一个投资决策。然而,成功的可能取决于它的财政支持：通过借款现金

满足购买价格，通过出售附加的股票，或者通过交换现有股票。如果经理决定

借钱,必须在指定的时间内进行偿还借来的资金。这些贷款的债主(钱),一般不

分享借款公司的利润。另一方面,如果筹集资金管理者决定出售所有者权益，这

些基金从来没有被偿还。然而,这样的销售冲淡了控制(利润)当前所有者的利

润。

无论一个财务决策包括投资、融资或两者结合,它也会涉及两个特定的因

素。预期收益和风险。通过你对财务的研究,你将会关注这些因素。期望回报率

之间的差别是潜在的利益和潜在的成本。风险是确定的程度与这些预期收益。

财务分析

财务分析是一种财务管理的工具。它由评价的财务状况和经营业绩的商业

公司，在工业生产中,甚至在经济方面,并预测其未来的条件和性能所组成。换

句话说,指的是用于检查风险和期望回报率。数据分析可能来自其他经济领域内

的公司，如销售、生产部门在公司的财务数据或者从财务信息,如供应商如布隆

伯格的金融市场,穆迪投资者的服务，标准的公司、惠誉,价值线,同样来自政府

出版的书籍，如联邦储备委员会公报。金融刊物,如《商业周刊》、《福布斯》、

《财富》杂志以及《华尔街日报》也出版公司的财务数据(关于个人资料(关于)、

经济、市场和行业的经济)，其中大部分是也可以在线上网。

在这家公司，财务分析不仅可用于评估公司的业绩，而且可以反映它的部

门及其生产线。分析可能呈现根据需要和定期需要的，不仅要确保告知投资和

融资决策，还要在执行政策和奖励制度作为一种援救。

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河南理工大学2010届本科生毕业论文

在公司外部，财务分析也被用来确定新客户的信用度，评估供应商的能力

与持有一份长期的合约的条件,并评估竞争者的市场绩效。公司和投资者没有必

要的专业知识、时间或自己进行财务分析的资源可以购买专营提供这项服务的

公司。这样的公司就可以提供从前的详细分析报告完成简单的资信评级。下面

作为例子,Dun & Bradstreet、一个金融服务公司, 评价许多公司的信用度,从

当地的小公司到大公司。另外一个例子是不稳定的,三个companies-Moody的投

资者服务、标准和Poor Fitch-evaluate由上市公司发行的债务的信贷质量被

企业所关注,依据评级表达了这些观点,被发表在这三个机构的报告中。

A.财务比率

我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真

正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的

形式。例如，只是知道史密斯公司在一个特定的日期中拥有10000美元的现金

余额，对我们是没有多大价值的。但是，假如我们知道，这种余额在这种平衡

中有4%的流动负债，而一年前的现金余额有25%的流动负债。由于银行家对公

司通常要求现金余额保持在银行信用度的20%，不管使用或不使用，如果公司的

财务状况出现问题，我们可以立即发现。

我们可以对比比较财务报表中的项目，作出如下结论：

1. 项目之间的资产负债表比较：

a）在资产负债表中的一个日期之间的比较，例如项目，现金与流动负债相

比；

b）同一项目在资产负债表中一个日期与另一个日期之间的比较，例如，现

在的现金与一年前比较；

c）比较两个项目之间在资产负债表中一个日期和一个相似比率在资产负债

表中的另一个日期的比率，例如，现在现金流动负债的比率与另一个项目一年

前的相似比率和已经标记的现金状况趋势的比较。

2．项目报表中收入和支出的比较：

a）一定时期中的报表项目的比较；

b）同一项目在报表中现阶段与上个阶段的比较；

c）报表中项目之间的比率与去年相似比率的比较；

3．资产负债表中的项目与报表中收入和支出项目的比较：

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河南理工大学2010届本科生毕业论文

a）在这些报表项目之间的一个给定的时间内，例如，今年净利润可能以百

分比计算今年净值；

b）两个报表中项目之间的比率在这几年时间的比较，例如，净利润的比率

占今年净值的百分比与去年或者前年的相似比率的比较

如果我们采用上述比较或比率，然后依次比较它们，我们的比较分析结果

将获得重要意义：

1. 这样的数据比较是报表缺少的，但这种数据对于金融史和条件判断是十

分重要的，例如，商业周期的阶段性；

2. 使用财务财务比率分析财务报表，从竞争角度，人民比较关注类似业务

的比较。 财务报表的比较可能被表示成项目之间的比较，例如，现金状况除以

流动负债项目总产品的现金使所得出的商来表示总现金的项目测试。每个比可

以用两种方式表示，例如，销售固定资产的比率可被表示为销售固定资产的比

率。我们将以这样的方式表达每一个比例，增加不同期间，将有利于降低财务

状况中的不利的金融条件。

我们应使用下列财务比率来分析比较财务报表：

一. 流动资金比率：

1. 流动资产与流动负债的比率；

2. 现金流动负债总额的比率

3. 现金、可售证券、票据和应收账款与流动负债总额的比率；

4. 销售应收款项的比例，也就是说，应收账款周转率；

5. 商品库存，即存货周，商品成本率；

6. 应收票据与应收账款的比率；

7. 应收账款与存货的比率；

8. 库存与营运资金净额的比率；

9. 应付票据与应付账款的比率；

10.库存与应付帐款的比率。

二. 固定资产及无形资产的资本比率：

河南理工大学2010届本科生毕业论文

三. 资本比率：

1. 债务净值的比率；

2. 资本存量与总市值的比率；

3. 固定资产与长期债务的比率。

四. 收入和支出的比率：

1. 销售净营业利润的比率；

2. 净营业利润与总资本的比率；

3. 销售额与经营成本及开支的比率；

4. 销售净利润的比例；

5. 净利润与净值的比率；

6. 销售与财务费用的比率；

7. 借入资本与资本成本的比率，；

8. 投资与投资收入的比率；

9. 非经营性收入与经营溢利净额的比率；

10.净营业利润与营业外支出的比率；

11.净利润与资本存量的比率；

12.净利润与再投资净利润总额比率，即普通股股息率；

13.利润利息与利息开支的比率。

财务比率是永久性的这种分类并非详尽无遗，其他比率可用于购买指示。

此外，一些比率反映了资金使用的效率，，而其他反映资金融资的效率。销售

应收款项、存货，固定资产和无形资本、净营业利润、资本总额和销售的比率

以及销售经营成本及开支的比率反映了在资金使用的效率。大多数其他比率反

映了金融效率。

B.财务报表分析技术

报表和数据是否充足？在我们比较分析给出的财务报表之前，我们希望确

保财务报表是合理和足够充分的。当然，它们应该尽可能完整。他们也应该是

近期的数据。如果不是这样，其使用必须限制在其所涵盖的期间。例如2008年

河南理工大学2010届本科生毕业论文

必须避免过分造成在低点时的商务判断；当流动性较差的资产和债务可能是比

较高的时候，我们应避免过分否定在最高点时的判决。

建议发行新证券，要根据任何日期的资产负债表反映的财务状况估计？如

果是这样的话，为了确定于该日期的实际财务状况，减少证券发行数量是很有

必要的。如果债券被出售，也必须有类似的金额减去根据估计所得款项的问题

是如何在声明中反映的资产或负债。

报表是审核的还是未经审核的？这就是常说的经审计的报表，也就是完整

的审计，而不是未被注册会计师审核即批准的报表。这是真实的，但是报表分

析师应该确定给出的审计公司是否超出职责范围。

正在运行的资本状况是否良好？如果要分析报表的目的是合理且足够充分

的，下一步是分析关注的营运资本的趋势和位置。我们可以开始确定的流动资

产对流动负债的比率。这个比率关注可能的能力，而不损害其净营运资本偿付

义务。这是一种借用额外的营运资金或续借没有困难的短期贷款的措施。其他

的事情都是相等的条件下，流动负债超过流动资产越大，短期债券人的风险越

小，信贷业务越好。假设保守的估值和全部流动资产和流动负债均计算在内，

流动资产两美元的利率对于一美元的流动负债是“经验法则”的比例通常被认

为是令人满意的。

河南理工大学2010届本科生毕业论文

现金余额的需求会受商业周期的阶段的影响。当结算的时候，不景气的运

营资本可能带来销售暴跌，而充足的现金结余额有助于维持银行信贷和支付费

用清算。

金融政策的差异会影响现金结余的大小。一个公司认为具备尽可能多的银

行开行的利好政策，而另一个公司可能只要具备一些标准，就可以满足贷款的

合理特定要求。第一公司的现金余额可能会远远多于第二家公司。

流动资产的流通性随着“严峻的考验”的程度而变化。流动资产的流动性

随现、可售证券、票据和应收账款（扣除坏账准备充足的储备）的比率、流动

负债总额（划分总的前四个项目的总流动负债）的变化而变化。这就是所谓的

“严峻考验”当前条件下的流动性。1:1的比率是令人满意的，因为流动负债可

以很容易地支付，债权人在库存商品的不确定价值上没有任何风险，小于1:1

的比率可能就足够了，如果应收账款的快速收集和库存很容易，很快销售一空，

也就是说，其营业额变动的风险很小。

流动资产的流通性随着应收款项的偿还能力而变化。这可以根据年销售额

的平均应收账款或者年应收账款来确定，除非应收票据不能代表证正常金额的

信贷客户。销售条件必须考虑在应收款项的营业额中。例如，如果年销售额是

1,200,000美元，平均应收款项总计100,000美元，那么应收款项的营业额为

1,200,000/100,000=12.现在，如果对顾客来说，信贷条款的期限是三十天，我

们就可以看到应收款项可以很快还清。报酬也应该考虑到市场条件和商业周期

的阶段性。对于农业方面的贷款条件比工业更加多，在经济繁荣时期是有好处