*9大題是考財(cái)務(wù)指標(biāo)ratio的,列了2個(gè)公司的BS,IS。
1.定義horizontal analysis, vertical analysis,ratio analysis, 并說明怎樣應(yīng)用這三種來決定a1的投資公司
2.定義下current ratio 和 debt to equity ratio,并計(jì)算,并說明代表的含義,以及對(duì)比應(yīng)用
3.用杜邦分析法計(jì)算下ROE。(杜邦分析法定義、完整的計(jì)算過程、特點(diǎn),其中有杜邦中的net profit margin ratio和 gross profit margin ratio計(jì)算)并比較兩個(gè)公司的那個(gè)公司運(yùn)營(yíng)好,杜邦中怎樣體現(xiàn)公司的financial leverage
ROE=(net income/net sales)*(net sales/average total assets)*(average total assets/average common equity)
4.定義operating leverage and??financial leverage,并計(jì)算。
operating leverage:at a certain amount of fixed cost,the effect of changes in sales quantity on change in EBIT
?financial leverage:at a certain amount of interest expenses,the effect of change in EBIT on change in net income
5.在同一產(chǎn)業(yè)里2家公司的可比性受什么因素影響
會(huì)計(jì)制度選擇的不同,報(bào)表的美化等等
6.如果站在short Term lender 和 equity investor 兩個(gè)角度 選擇ration 來評(píng)價(jià)公司 以及為什么
Lender:solvency & liquidity It measures the firm’s ability to repay the debt
equity:profitability ratio&market ratio It reflects how much the investor can earn through investing the company
7.公司的成本結(jié)構(gòu)如何影響the stability of profit
If the FC occupies a high proportion of cost structure ,i.e. The leverage is high, the changes in sales will bring a greater changes in profits