利率 公 式 net profitnet sales ?

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利率) Net profit/Net sales 义:数值低→公司的盈利能力低 ROA 总资产回 报率) : EBIT/ average asset or NI/Average Asset 义:数值低→公司通过 总资产 来盈利的能力低 ROE 净资产回 报率) EBIT/ Average equity or NI/ Average equity 义:数值低→公司通过 净资产 来盈利的能力低 总结 :如 一家公司的 ROA 大, ROE 小, 说明该公司的 gearing leverage 多(借债多) 7.4Leverage ratio 杠杆 比率)→ to much debt already →capacity to repay loan is poor These indicate the level of debt the firm has and its ability to meet the obligations on firm cash flow created by that debt Capacity Capital Collateral D/E ratio (Net gearing) D/E Indicates the degree to which the firm’s assets are owned by the shareholders. 义:数值大→外债多 or syndicate loan Interest coverage ratio (利息保 障倍 数) Measure the ability of a firm to pay its interest bill on an
ongoing basis. 义:越大越好,如 数值低→ loan 多→ EBIT 无法 cover 利息 7.5 Ratios Net asset capital 义:数值低→ capital 低→ security Net Gearing of equity 义: 成公司 资产 的部分, Debt 还是 capital 的比重大 大小:数值大, 代表 debt capital Net working asset to sales 义: 1$ working asset 可以 生多少的 sales Retained profits to sales 义: sales 中有多少 转化 公司的 存收益( capital 7.6Detecting window dressing, frauds and errors (财务造假) Valuation of receivables inventory, property, marketable securities and other assets (对应收类,存 类, 资产 ,有价证 资产 的估值造假) Liabilities including off-balance sheet items 外融 业务造假) Changes to accounting methods (变更 计方法) 7.7Combining financial statement and nonfinancial statement information Changes in market share 市场份 变) Market perceptions via share price 价的 市场敏感 度) Changes in key management 管理 发生 变) Impact of macroeconomic changes 观经济 生的 影响 7.8Using ratios 使 Ratio 注意 的问题) It is important to note that a single ratio is isolation is nearly valueless. ratio 义) A time series is needed as well as comparison with the average industry practices 合时 间序列 和行业 平) Some ratios are best used in combination with others to create a fuller picture.
The rule of GIGO should also be kept in mind, the ratios are only as good as the reports they are drawn from. 8. Overtrading 定 义 : In the context of bank lending overtrading refers to the situation where the firm is experiencing rapid growth and is finding it difficult to generate the necessary financial resources to meet its objectives. (金融 不上 快速 的目 现: High revenue growth but profit margins declining. Increased overdraft / reduced liquidity. Increased collection and payment periods. Reduced inventory turnover. 9. Under trading 定 义 : the reverse of overtrading and results in idle funds, excessive liquidity and the under-employment of assets. Under trading is typically sourced in falling sales and slow growth. 现: High current ratios and low stock turnover. Falling sales Remember, slow growth can also generate liquidity problems 10.ARM & FRM 10.1Fixed Rate Mortgage (FRM), where the rate of interest charged remains constant throughout the term 定)→ More common in the US 10.2Adjusted rate Mortgage (ARM), where the rate of interest and hence the mortgage payment is variable due to the link with an index.→common in Australia and Newsland 10.3Spread ( 息 is the amount above the index that is added to

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