Transcript Ch.4

公司的績效
公司的績效
求算 :
財務比率
基礎資料 :
公司財務和市場價值
公司績效的衡量
市場附
加價值
公司的
績效
經濟附
加價值
帳面
報酬率
市場附加價值
這是什麼？
為什麼有用？
定義 :
市場附加價值  [股價  流通在外股數]  權益帳面價值
市場附加價值MVA : 討論
市場附加價值  [股價  流通在外股數] - 權益帳面價值
思考 AT&T公司和 Home Depot公司
相似的 MVA，不同的市價對帳面價值比率
為什麼？
經濟附加價值
這是什麼？
為什麼重要？
為什麼稱為 residual income?
定義 :
經濟附加價值  營業淨利*  [資金成本  資本總額]
* 營業淨利 = 稅後淨利 + 稅後利息 ; ROC = 資本報酬率
經濟附加價值EVA : 討論
經濟附加價值  營業淨利*  [資金成本  資本總額]
思考 Coca-Cola公司和 Google公司
相似的EVA，不同的資本報酬率
為什麼？
帳面報酬率*
衡量的是什麼？
資本報酬率 Return on Capital, ROC
資產報酬率 Return on Assets, ROA
權益報酬率 Return on Equity, ROE
*帳面報酬率也稱為會計報酬率
求算資本報酬率 ROC
Lowe’s 公司的資本報酬率
稅後營業淨利  稅後淨利  稅後利息
 1, 783  181  1,964
平均資本總額  平均長期負債  股東權益
  23,579  23,094  2  23,336.5
稅後營業淨利
1,964
ROC 

 8.4%
平均資本總額 23,336.5
Lowe's Income Statement
Net sales
Cost of sales
Gross margin
Expenses:
Selling, general and administrative
Store opening costs
Depreciation
Interest - net
Total expenses
Pre-tax earnings
Income tax provision
Net earnings
2009
47,220
30,757
16,463
11,688
49
1,614
287
13,638
2,825
1,042
1,783
Lowe’s 公司的資產負債表 ($百萬)
Assets
Current assets:
Cash and cash equivalents
Short-term investments
Merchandise inventory - net
Deferred income taxes - net
Other current assets
Total current assets
Property less acc. depreciation
Long-term investments
Other assets
Total assets
2009
$
$
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings
Current maturities of long-term debt
Accounts payable
Accrued comp./employee benefits
Deferred revenue
Other current liabilities
632
425
8,249
208
218
9,732
245
416
8,209
105
215
9,190
22,499
277
497
33,005
22,722
253
460
32,625
2009
$
2008
2008
552
4,287
577
683
1,256
987
34
4,109
434
674
1,322
Total current liabilities
7,355
7,560
Long-term debt, excl. current maturities
Deferred income taxes - net
Other liabilities
4,528
598
1,455
5,039
599
1,372
13,936
14,570
729
6
18,307
27
735
277
17,049
(6)
19,069
18,055
33,005
32,625
Total liabilities
Shareholders' equity:
Common stock - $.50 par value
Capital in excess of par value
Retained earnings
Acc. other comprehensive income
Total shareholders' equity
Total liabilities and shareholders' equity
$
求算資產報酬率 ROA
Lowe’s 公司的資產報酬率
稅後營業淨利  稅後淨利  稅後利息
 1, 783  181  1,964
平均資產總額   33,005  32,625 2  32,815
稅後營業淨利 1, 964
ROA 

 6.0%
平均資產總額 32,815
稅後營業淨利 1, 964
或 ROA 

 6.0%
資產總額
32, 625
Lowe's Income Statement
Net sales
Cost of sales
Gross margin
Expenses:
Selling, general and administrative
Store opening costs
Depreciation
Interest - net
Total expenses
Pre-tax earnings
Income tax provision
Net earnings
2009
47,220
30,757
16,463
11,688
49
1,614
287
13,638
2,825
1,042
1,783
Lowe’s 公司的資產負債表 ($百萬)
Assets
Current assets:
Cash and cash equivalents
Short-term investments
Merchandise inventory - net
Deferred income taxes - net
Other current assets
Total current assets
Property less acc. depreciation
Long-term investments
Other assets
Total assets
2009
$
$
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings
Current maturities of long-term debt
Accounts payable
Accrued comp./employee benefits
Deferred revenue
Other current liabilities
632
425
8,249
208
218
9,732
245
416
8,209
105
215
9,190
22,499
277
497
33,005
22,722
253
460
32,625
2009
$
2008
2008
552
4,287
577
683
1,256
987
34
4,109
434
674
1,322
Total current liabilities
7,355
7,560
Long-term debt, excl. current maturities
Deferred income taxes - net
Other liabilities
4,528
598
1,455
5,039
599
1,372
13,936
14,570
729
6
18,307
27
735
277
17,049
(6)
19,069
18,055
33,005
32,625
Total liabilities
Shareholders' equity:
Common stock - $.50 par value
Capital in excess of par value
Retained earnings
Acc. other comprehensive income
Total shareholders' equity
Total liabilities and shareholders' equity
$
求算權益報酬率 ROE
Lowe’s 公司的權益報酬率
平均股東權益總額  19,069  18,055 2  18,562
ROE 
稅後淨利
1, 783

 9.6%
平均股東權益總額 18,562
Lowe’s 公司的資產負債表 ($百萬)
Assets
Current assets:
Cash and cash equivalents
Short-term investments
Merchandise inventory - net
Deferred income taxes - net
Other current assets
Total current assets
Property less acc. depreciation
Long-term investments
Other assets
Total assets
2009
$
$
Liabilities and Shareholders' Equity
或 ROE 
稅後淨利
1, 783

 9.9%
股東權益年初 18, 055
Lowe's Income Statement
Net sales
Cost of sales
Gross margin
Expenses:
Selling, general and administrative
Store opening costs
Depreciation
Interest - net
Total expenses
Pre-tax earnings
Income tax provision
Net earnings
2009
47,220
30,757
16,463
11,688
49
1,614
287
13,638
2,825
1,042
1,783
Current liabilities:
Short-term borrowings
Current maturities of long-term debt
Accounts payable
Accrued comp./employee benefits
Deferred revenue
Other current liabilities
632
425
8,249
208
218
9,732
245
416
8,209
105
215
9,190
22,499
277
497
33,005
22,722
253
460
32,625
2009
$
2008
2008
552
4,287
577
683
1,256
987
34
4,109
434
674
1,322
Total current liabilities
7,355
7,560
Long-term debt, excl. current maturities
Deferred income taxes - net
Other liabilities
4,528
598
1,455
5,039
599
1,372
13,936
14,570
729
6
18,307
27
735
277
17,049
(6)
19,069
18,055
33,005
32,625
Total liabilities
Shareholders' equity:
Common stock - $.50 par value
Capital in excess of par value
Retained earnings
Acc. other comprehensive income
Total shareholders' equity
Total liabilities and shareholders' equity
$
財務比率和股東的價值
股東的價值
投資決策
效率性比率
獲利性比率
融資決策
槓桿比率
股東的價值有賴良好的投資決策和融資決策
財務比率協助衡量這些決策的成功和適宜
流動性比率
效率性比率
資產週轉率 
銷貨收入
資產總額年初
或*
此一比率如何衡量效率性？
應收帳款週轉率 
銷貨收入
應收帳款年初
此一比率如何衡量效率性？
* 兩個公式都是求算資產週轉率的合法方式

銷貨收入
平均資產總額
效率性比率
存貨週轉率 
銷貨成本
存貨年初
此一比率如何衡量效率性？
平均存貨天數 
存貨年初
 銷貨成本
365 
此一比率如何衡量效率性？
平均收帳期間 
應收帳款年初
 銷貨收入 / 365
此一比率如何衡量效率性？
求算效率性比率
Lowe’s 公司的資產負債表 ($百萬)
Assets
Lowe’s 公司的資產週轉率
平均資產總額  (33,005  32,625) / 2  32,815
Current assets:
Cash and cash equivalents
Short-term investments
Merchandise inventory - net
Deferred income taxes - net
Other current assets
Total current assets
Property less acc. depreciation
Long-term investments
Other assets
Total assets
2009
$
$
Liabilities and Shareholders' Equity
銷貨收入
44, 270
資產週轉率 

 1.4
平均資產總額 32,815
Lowe's Income Statement
Net sales
Cost of sales
Gross margin
Expenses:
Selling, general and administrative
Store opening costs
Depreciation
Interest - net
Total expenses
Pre-tax earnings
Income tax provision
Net earnings
2009
47,220
30,757
16,463
11,688
49
1,614
287
13,638
2,825
1,042
1,783
Current liabilities:
Short-term borrowings
Current maturities of long-term debt
Accounts payable
Accrued comp./employee benefits
Deferred revenue
Other current liabilities
632
425
8,249
208
218
9,732
245
416
8,209
105
215
9,190
22,499
277
497
33,005
22,722
253
460
32,625
2009
$
2008
2008
552
4,287
577
683
1,256
987
34
4,109
434
674
1,322
Total current liabilities
7,355
7,560
Long-term debt, excl. current maturities
Deferred income taxes - net
Other liabilities
4,528
598
1,455
5,039
599
1,372
13,936
14,570
729
6
18,307
27
735
277
17,049
(6)
19,069
18,055
33,005
32,625
Total liabilities
Shareholders' equity:
Common stock - $.50 par value
Capital in excess of par value
Retained earnings
Acc. other comprehensive income
Total shareholders' equity
Total liabilities and shareholders' equity
$
獲利性比率
稅後淨利
利潤邊際 
銷貨收入
此一比率如何衡量公司的獲利性？
稅後淨利  稅後利息
營業利潤邊際 
銷貨收入
此一比率何時比只使用利潤邊際更加有用？
說明 : ROC, ROA、ROE 和 EVA 通常也都視為獲利性比率
求算獲利性比率
Lowe’s 公司的資產負債表 ($百萬)
Assets
Lowe’s 公司的營業利潤邊際
稅後淨利+稅後利息
營業利潤邊際 
銷貨收入
1, 783  181

 4.2%
47, 220
Lowe's Income Statement
Net sales
Cost of sales
Gross margin
Expenses:
Selling, general and administrative
Store opening costs
Depreciation
Interest - net
Total expenses
Pre-tax earnings
Income tax provision
Net earnings
2009
47,220
30,757
16,463
11,688
49
1,614
287
13,638
2,825
1,042
1,783
Current assets:
Cash and cash equivalents
Short-term investments
Merchandise inventory - net
Deferred income taxes - net
Other current assets
Total current assets
Property less acc. depreciation
Long-term investments
Other assets
Total assets
2009
$
$
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings
Current maturities of long-term debt
Accounts payable
Accrued comp./employee benefits
Deferred revenue
Other current liabilities
632
425
8,249
208
218
9,732
245
416
8,209
105
215
9,190
22,499
277
497
33,005
22,722
253
460
32,625
2009
$
2008
2008
552
4,287
577
683
1,256
987
34
4,109
434
674
1,322
Total current liabilities
7,355
7,560
Long-term debt, excl. current maturities
Deferred income taxes - net
Other liabilities
4,528
598
1,455
5,039
599
1,372
13,936
14,570
729
6
18,307
27
735
277
17,049
(6)
19,069
18,055
33,005
32,625
Total liabilities
Shareholders' equity:
Common stock - $.50 par value
Capital in excess of par value
Retained earnings
Acc. other comprehensive income
Total shareholders' equity
Total liabilities and shareholders' equity
$
槓桿比率
長期負債
長期負債比率 
長期負債  股東權益
此一比率如何衡量槓桿？
長期負債
長期負債對權益比率 
股東權益
此一比率如何衡量槓桿？
衡量槓桿
負債總額
總負債比率 
資產總額
此一比率如何衡量槓桿？
EBIT
賺得利息倍數 
利息費用
此一比率如何衡量槓桿？
EBIT  折舊
現金涵蓋比率 
利息支付
此一比率如何衡量槓桿？
求算槓桿比率
Lowe’s 公司的資產負債表 ($百萬)
Lowe’s 公司的利息賺得倍數
EBIT  銷貨收入  銷貨成本  利息費用  折舊
 47, 220  30, 757  11, 737  1, 614  3,112
EBIT
3,112
賺得利息倍數 

 10.8
利息費用
287
Lowe's Income Statement
Net sales
Cost of sales
Gross margin
Expenses:
Selling, general and administrative
Store opening costs
Depreciation
Interest - net
Total expenses
Pre-tax earnings
Income tax provision
Net earnings
2009
47,220
30,757
16,463
11,688
49
1,614
287
13,638
2,825
1,042
1,783
Assets
Current assets:
Cash and cash equivalents
Short-term investments
Merchandise inventory - net
Deferred income taxes - net
Other current assets
Total current assets
Property less acc. depreciation
Long-term investments
Other assets
Total assets
2009
$
$
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings
Current maturities of long-term debt
Accounts payable
Accrued comp./employee benefits
Deferred revenue
Other current liabilities
632
425
8,249
208
218
9,732
245
416
8,209
105
215
9,190
22,499
277
497
33,005
22,722
253
460
32,625
2009
$
2008
2008
552
4,287
577
683
1,256
987
34
4,109
434
674
1,322
Total current liabilities
7,355
7,560
Long-term debt, excl. current maturities
Deferred income taxes - net
Other liabilities
4,528
598
1,455
5,039
599
1,372
13,936
14,570
729
6
18,307
27
735
277
17,049
(6)
19,069
18,055
33,005
32,625
Total liabilities
Shareholders' equity:
Common stock - $.50 par value
Capital in excess of par value
Retained earnings
Acc. other comprehensive income
Total shareholders' equity
Total liabilities and shareholders' equity
$
衡量流動性
淨營運資金
淨營運資金對資產總額比率 
資產總額
此一比率如何衡量流動性？
流動比率 
流動資產
流動負債
此一比率如何衡量流動性？
流動性比率
現金  有價證券  應收帳款
速動比率 
流動負債
此一比率如何不同於流動比率？為什麼財務經理人比較偏好他？
現金  有價證券
現金比率 
流動負債
此一比率如何不同於流動比率？為什麼財務經理人比較偏好他？
求算流動性比率
Lowe’s 公司的資產負債表 ($百萬)
Lowe’s 公司的淨營運資金對資產
總額比率
淨營運資金  9,732  7,355  2,377
淨營運資金
資產總額
2, 377

 7.2%
33, 005
淨營運資金對資產總額比率 
Lowe's Income Statement
Net sales
Cost of sales
Gross margin
Expenses:
Selling, general and administrative
Store opening costs
Depreciation
Interest - net
Total expenses
Pre-tax earnings
Income tax provision
Net earnings
2009
47,220
30,757
16,463
Assets
Current assets:
Cash and cash equivalents
Short-term investments
Merchandise inventory - net
Deferred income taxes - net
Other current assets
Total current assets
Property less acc. depreciation
Long-term investments
Other assets
Total assets
2009
$
$
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings
Current maturities of long-term debt
Accounts payable
Accrued comp./employee benefits
Deferred revenue
Other current liabilities
245
416
8,209
105
215
9,190
22,499
277
497
33,005
22,722
253
460
32,625
2008
552
4,287
577
683
1,256
987
34
4,109
434
674
1,322
Total current liabilities
7,355
7,560
Long-term debt, excl. current maturities
Deferred income taxes - net
Other liabilities
4,528
598
1,455
5,039
599
1,372
13,936
14,570
729
6
18,307
27
735
277
17,049
(6)
19,069
18,055
33,005
32,625
Total liabilities
11,688
49
1,614
287
13,638
2,825
1,042
1,783
632
425
8,249
208
218
9,732
2009
$
2008
Shareholders' equity:
Common stock - $.50 par value
Capital in excess of par value
Retained earnings
Acc. other comprehensive income
Total shareholders' equity
Total liabilities and shareholders' equity
$
杜邦系統
這是什麼？有什麼作用？
杜邦系統 : ROA
稅後淨利  利息
資產報酬率 ROA 
資產
銷貨收入
稅後淨利  利息
ROA 

資產
銷貨收入
資產週轉率
營業利潤邊際
ROA 產業拆解
杜邦系統 : ROE
稅後淨利
權益報酬率 ROE 
股東權益
ROE 
資產
銷貨收入
稅後淨利  利息


股東權益
資產
銷貨收入
槓桿比率
營業利潤邊際
資產週轉率

稅後淨利
稅後淨利  利息
債務負荷
維持成長率
股利
股利支付率 
盈餘
盈餘  股利
再投入比率 
盈餘
再投入權益成長率  再投入比率  ROE
盈餘  股利
盈餘


盈餘
股東權益
盈餘  股利

股東權益
財務比率的角色
財務比率的角色
附錄 A : 平均比率 (產業分類)
附錄 B : 財務比率和違約風險