CMA考试新考纲官方-parttwo11.ppt

文档介绍：CMA考试新考纲官方-parttwo11
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现金流量表的构成和分类
投资活动 – 长期资产账户的变化有关，投资现金流入的事项有出售PPE的现金流入，出售对其他实体的债券或股权的投资；收回对其他实体的贷款本金（利息属于营运现金流）。ny’s ability to meet its short term obligation
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营运资本分析 Working Capital
营运资本 – 公司短期内的偿付能力，短期内的财务健康状况；营运资本 = 流动资产 – 流动负债
流动资产 – 现金或其他短期投资
流动负债 – 一年之内偿付的债务，案例，592页
Working capital – company’s ability in the short run to pay its obligation, short-term financial health
Working capital = current assets – current liabilities
Current assets – cash or other liquid investments
Current liabilities – obligation paid within a year, examples, page 16
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营运资本分析 Working Capital
流动比率
流动比率 = 流动资产/流动负债，案例，593页
速动（酸性测试）比率
速动比率 = （流动资产 – 存货）/流动负债
Current ratio
Current Ratio = current assets/current liability , example, page 16
Quick (Acid-Test) Ratio
Quick Ratio = (Current Assets – inventory)/current liability
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营运资本分析 Working Capital
现金比率
现金比率 = （现金+有价证券）/流动负债，案例，594页
现金流比率
现金流比率 = 营业现金流/流动负债
Cash Ratio
Cash Ratio = (cash + marketable securities)/current liabilities
Cash Flow Ratio
Cash Flow Ratio = Operation Cash Flow/Current Liabilities
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流动性比率的敏感性分析
Sensitivity Analysis on the Liquidity Ratio
流动性比率的敏感性分析
比率中的具体组成元素发生变化时，比率本身对这种变化的敏感性，案例，595页
Sensitivity Analysis on the Liquidity Ratios
How sensitive these ratios are to changes in their components, for examples, page 19
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对偿付能力的度量 Measuring the Ability to Pay
应付账款周转天数
应付账款周转天数 = 365 ×平均应付账款/赊购额
Day’s Purchase in Accounts Payable
Days Purchase in Accounts Payable = 365 × average accounts payable /credit purchases
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资本结构分析 Capital Structure Analysis
资本结构 – 长期负债与权益的组合
财务杠杆 – 利用负债来提高对公司所有者（股东）的回报
债务杠杆
营运杠杆 – 固定营业成本的存在
Capital structure – mix of long-term debt and equity
Financial leverage – use of debt to increase return to owners
Debt as Leverage
Operating leverage – existence of fixed operating costs