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Chapter 1 *finance ：
Finance involves the interpretation of these accounting numbers for assessing performance and planning future actions.
*the balance sheet:
A balance sheet is a financial snapshot,taken at a point in time,of all the assets the company owns and all the claims against those assets.
*the income statement:
Is a report of company’s revenues ,related expense, and earnings over a period of time.
*the cash flow statement:
Is a financial statement that how changes in balance sheet account and income affect cash and cash equivalents.
Chapter 2
*return on equity(ROE):
It’s a measure of efficiency with which a company employs owners’capital.
*The profit margin:
Measures the fraction of each sales dollar that makes its way to profits.
*Asset turnover：
is the ratio of the value of a company’s sales or revenues generated relative to the value of its assets.
Chapter 3
pro forma statements:
Are predictions of what a company's financial statements will look like at the end of the forecast period.
percent-of-sales forecasting:
A method of predicting short term capital requirements based on the proportion of items in the balance sheet and sales revenue.
cash budgets:
Project the change in cash balance over the forecast period as the difference between anticipated cash receipts and disbursements.
Chapter 4
1.Sustainable growth rate(可持续增长率):
This is the maximum rate at which company sales can increase without depleting financial resources.
What to do when Actual Growth Exceeds Sustainable Growth? (实际增长率大于可持续增长率) 1.Sell new equity
2.Increase financial leverage 3.Reduce the dividend payout 4.Prune away marginal activities 5.Outsource some or all of production 6.Increase prices 7.Merge with "cash cow"
Chapter 6 Financial leverage:
Is a fundamental financial variable affecting return on equity and sustainable growth.
The Higgins 5-Factor Model
Identifies five ways in which company financing can affect operating income: -Tax benefits: due to the tax deductibility of interest
-Distress costs: imposed by various parties when concerns arise about a company's ability to honor its financial obligations
-Financial flexibility: the possibility that high debt levels will limit future financing options
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2023-03-21
