Financial Statements
知識點
- Standardized Financial Statements
- Ratio Analysis
- The Dupont Identity
- Internal and Sustainable Growth
- Using Financial Statement Information
- Standardized Financial Statements
It’s difficult to directly compare two financial statement because of the different size. It is necessary to standardize financial statements before analysis.
1.1 Common-Size Balance Sheet 共同比資產負債表
We can construct common-size balance sheets by expressing each item as a percentage of total assets.
把全部的項目透過除以總資產轉換成百分比。
Example:
1.2 Common-Size Income Statement 共同比損益表
We can construct a common-size income statement by express every items as a percentage of total sales.
把項目除以總銷售轉換成百分比。
Example:
2.Ratio Analysis 財務比率分析(常用)
Financial ratios are used to compare and investigate the relationship between different pieces of financial information.
2.1 Short-Term Solvency, or Liquidity, Measures 短期償還能力(流動性)
Short-Term Solvency ratios are intended to provide the information about a firm’s liquidity. It’s the firm’s ability to pay its bill over the short run without undue stress.
2.1.1 Current Ratio 流動比率
Current ratio is to measure a firm’s short-term liquidity. To creditor, such as a supplier, the higher current ratio the better. To a firm, high current ratio means liquidity but it also may indicate inefficient use of cash and short-term assets. A health firm should have a current not less than one, which means it’s net working capital(CA-CL) is positive.
Current Ratio = Current Assets/Current Liabilities (times)
2.1.2 Quick Ratio(Acid-Test) 速動比率
Inventory is usually the least liquid current assets. Also, it’s the one for which the book values are the least reliable as measures of market value because the quality of the inventory isn’t considered. Relative large inventory is usually a sign of short-term trouble.
存貨高的產業通常會較重視速動比率，如營建業，這些產業的存貨高、資金風險相對也高，的流動比率和速動比率一般也都會偏低，因此更要重視速動比率。計算速動比率時，流動資產中扣除存貨，是因為存貨在流動資產中變現速度較慢，有些存貨可能滯銷，無法變現。
Quick Ratio = (Current Assets-Inventory)/Current Liabilities (times)
2.1.3 Cash Ratio 現金比率
A very short-term might have interest on cash ratio
Cash Ratio = Cash/Current Liabilities
2.2 Long-Term Solvency 長期償還能力
Long-term Solvency address the firm’s long-run ability to meet its obligation, or its financial leverage.
長期償還能力有時候也被稱作財務槓桿比率。是用來觀察企業長期履行義務的能力。
2.2.1 Total Debt Ratio 負債比率
Total Debt Ratio = (Total Assets-Total Equity)/Total Assets
= Total Liabilities/Total Assets (times)
超過0.5有點危險，負債佔資產的比重高，代表著股東的出資額少，卻掌控著企業。
Debt-Equity Ratio = Total Debt/Total Equity 負債權益比
Equity Multiplier = Total Asset/Total Equity
= (Total Equity + Total Liabilities)/ Total Equity = 1+ Debt-Equity Ratio權益乘數
2.2.2 Times Interest Earned 利息保障信數
檢視其是否有能力償還利息
Times Interest Earned = EBIT/Interest = 稅前息前盈餘/利息(times)
2.2.3 Cash Coverage 現金涵蓋比率
TIE is based on EBIT, but it do not really a measure of cash available.
計算折舊並沒有真的現金流出，所以要加回來
(EBIT + Depreciation)/Interest (times)
2.3 Asset Management, or Turnover, Measure 資產管理能力、週轉率
Asset Management describes how efficiently the firm uses its assets to generate sales. 企業使用資產獲利的效率。
2.3.1 Inventory Turnover 存貨週轉率
Inventory Turnover = COGS/Inventory (times) 越高越有效率
2.3.2 Days’ Sales in Inventory 存貨銷售期間
Days’ Sales in Inventory = 365/ Inventory Turnover (days)時間越短越有效率
2.3.3 Receivables Turnover 應收帳款週轉率
Sales / Account Receivables(times)
企業回收應收款項的能力，也就是應收款項一年中回收的「次數」。愈高代表收款成效良好，資金滯留在外愈久，成為呆帳的機會就愈大。
2.3.4 Days’ Sales in Receivables 應收帳款收款期間
Days’ Sales in Receivables= 365/ Receivables Turnover (days)
2.3.5 Payable Turnovers應付帳款週轉率
COGS/Accounts Payable(times)
2.3.6 Days’ Sales in Payable應付帳款收款期間
Days’ Sales in Receivables= 365/ Payable Turnover (days)
越低越好，代表廠商較有議價能力
2.3.7 Total Asset Turnover 資產週轉率
Total Asset Turnover = Sales/Total Assets (times)
2.3.8 Capital Intensity Ratio 資本密集度
Capital Intensity Ratio = 1/TAT($) 創造一元收入要花多少元資金
2.4 Profitability Measures 獲利能力
2.4.1 Profit Margin 淨利率(邊際獲利) – 一塊錢銷售創造多少稅後淨利
Profit Margin = Net Income/Sales (%)
2.4.2 Return on Assets 資產報酬率
Return on Assets = Net Income/Total Assets (%)
2.4.3 Return on Equity 股東權益報酬率
Return on Equity = Net Income/Total Equity (%)
2.5 Market Value Measure 市場價值比率
2.5.1 EPS 每股盈餘
EPS = Net Income/Shares Outstanding ($)
2.5.2 Price-Earning Ratio 本益比
PE Ratio = Price per Share/ EPS (times)
2.5.2 Price-Sales Ratio 股價營收比
Price-Sales Ratio = Price per Share/ Sales per Share (times)
2.5.3 Market-to-Book Ratio 市場對帳面價值比率（市價淨值比）
Market Value Per Share/Book Value Per Share (1.12 times)
2.5.4 Enterprise Value 企業價值
Total Market Value of the Stock + Book Value of all liabilities – Cash
2.5.5 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) 稅前息前折舊前盈餘
EBITDA Ratio = Enterprise Value/ EBITDA
- The Dupont Identity杜邦恆等式
ROE = ROA*Equity Multiplier = ROA*(1+Debt-Equity Ratio)
ROE = Profit Margin * Total Asset Turnover * Equity Multiplier
Profit Margin
is a measure of operating efficiency
Total Asset Turnover
is a measure of asset use efficiency
Equity Multiplier
is a measure of financial leverage
常用財務比率：
Dupont Analysis
- Internal and Sustainable Growth
4.1 Dividend Payout and Earning Retention
企業的淨利通常都會被分配到兩個地方，發放股利，或是保留盈餘。
A firm’s net income goes to two place, dividend paid to shareholders or retained earning.
股利支付率
Dividend Payout Ratio = Cash Dividends/Net Income
d = 1-b
盈餘保留率
Retention Ratio = Addition to Retained Earnings/Net Income
b = 1-d
4.2 ROA, ROE, and Growth
Internal Growth Rate 內部成長率
Internal Growth Rate is the maximum possible growth a firm can achieve without external financing.
公司僅以保留盈餘為唯一融資來源可以達到的成長速度。
Internal Growth Rate = ROA x b/ (1-ROA x b)
b = retention ratio
Sustainable Growth Rate 永續成長率
Sustainable Growth Rate is the maximum possible growth a firm can reach without external equity financing while maintaining a constant debt-equity ratio.
公司除了內部產生的資金之外，在持續負債比例下同時以發行新債取得資金可達的成長速度。
Sustainable Growth Rate = ROE x b/ (1-ROE x b)
b = retention ratio