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Treasury系列之-“Canadian Treasury Management”宝典精华总结篇(C)

本文发表在 rolia.net 枫下论坛Financial Statement Analysis
- 记得以前有网友问过关于FS Analysis的问题,今天刚好看到这个章节,总结一下和大家分享。

Financial statement analysis is a study of historical information gleaned from FS in order to take action in the future. Financial Statement analysis
examines mathematical relationships within the financial statements to assess the business.

Types of Financial Statement Analysis
1) Horizontal analysis: examines percentage changes in comparative financial statements. It highlights changes in an item over time (e.g. comparing
current year's net income vs prior year). To be most useful, the percentage changes in most FS items should be calculated for a number of periods to
assess the direction a company's operation are taking.

2) Vertical analysis: reveals the relationship of various components to the total in one particular time period (e.g. all income statement items
as % of total sales). Two of the most frequently used results of vertical analysis are the gross profit margin and the profit margin. Although vertical
analysis focuses on one time period, these calculations often are performed for comparative periods. For example, the cost of goods sold as % of sales
in current year can be compared to the same % last year to assess whether production costs are increasing relative to sale price.

3) Ratio analysis: expresses the relationship of one number to another. The ratios should be compared against appropriate benchmarks to determine
their meaning. Most commonly used ratios can be classified into the following categories:
- measuring ability to pay current debts (short-run liquidity)
- measuring the ability to pay long-term liabilities (long-term solvency, efficacy of debt management)
- measuring the quality of asset management
- measuring the profitability
- analyzing the company's investment quality (value ratios)

大部分的ratio 计算方式在financial accounting textbooks里都可以找的到,这里就不一一列出来了。Treasury常用的ratios 有以下几种:
1) debt covenants calculation / reporting: a) leverage ratio, b) interest coverage ratio
2) benchmarking analysis: a) gross profit margin, b) EPS, c) P/E, d) dividend yield, e) financial leverage, etc.

Financial Statement Analysis Comparison
In order to evaluate the horizontal, vertical and ratio analysis, one must compare the results to some appropriate benchmark(s). Appropriate benchmarks include the following:
- past results of the company
- the company's planned goals & objectives (i.e. budgets, forecasts, projections)
- individual company results (i.e. how one company compares to its competitors)
- industry results (see "Sources of External Information" below)

Sources of External Information
The best and most timely sources of additional information are through the Internet. Here are some of the most useful sites for general and statistical information:

- Statistic Canada: www.statcan.ca. Contains a huge variety of statistical information on the economy, sectors and industries. Most of the in-depth
information is available for sale for relatively small fees.

- The Bank of Canada: www.bankofcanada.ca. Contains extensive information on Canada's economic indicators.

- For Canadian public companies, www.sedar.com contains all regulatory filings including proxy statements, earnings announcements and annual reports.
Sites such as www.stockhouse.ca and www.globeinvestor.com provides links to extensive additional information such as analysis reports and press releases.

- For United States public companies, the Edgar site at www.sec.gov/edgar.shtml provides regulatory filings including 10-Ks. Sites such as www.hoovers.com
and www.bloomberg.com provide links to extensive additional information such as analyst's reports and press releases.更多精彩文章及讨论,请光临枫下论坛 rolia.net
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Replies, comments and Discussions:

  • Treasury系列之-“Canadian Treasury Management”宝典精华总结篇(C)
    • 看加拿大队打破鸭蛋记录的同时,还没有忘记宝典总结,敬业精神令人羡慕。:-)
    • 好孩子,深夜还苦读!
    • Good summary. Can I borrow your book after you are done with the exam?
      • 这本书名是“Canadian Treasury Management”?偶考的CTP是米国的,用的是米国的Treasury教材, 不是这本。// 看完了可以借你几天 :)
        • 你是不是要出借“Canadian Treasury Management”? 我能否空中拦截?我离你更近些吗? :-)
          • 那么抢手,偶还是高价卖给你们吧! :)
            • 到底是干这一行的,这么财迷哎。// buickregal快跑出来吧,Joyce让bid呢。咱是否要合作一下?:-)
              • You go ahead borrow the book from Joyce first, since I don't see myself having the time to read it soon...