New Version – Part 2 Section A

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1 CMA EXAM CMA 考试 RATIO DEFINITIONS 比率定义 Abbreviations 缩写词 EBIT = Earnings before interest and taxes EBIT = 息税前利润 EBITDA = Earnings before interest, taxes, depreciation and amortization EBITDA = 息税折旧摊销前利润 EBT = Earnings before taxes EBT = 税前收益 EPS = Earnings per share EPS = 每股回报 ROA = Return on assets ROA = 资产回报率 ROE = Return on equity ROE = 权益回报率 Part 1 Financial Planning, Performance and Control 第一部分财务计划业绩和控制 Section B Performance Management 第 2 节业绩管理 Section B.3 Performance measures 第 2.3 节业绩考核 e *. ROI = Income of business unit / Assets of business unit 投资回报率 (ROI)= 经营单位利润 / 经营单位资产 g. Residual Income (RI) = Income of business unit (Assets of business unit x required rate of return) 剩余收益 (RI)= 经营单位利润 ( 经营单位资产 x 需要报酬率 ) Note: Income means operating income unless otherwise noted 注 : 除非另有说明, 利润 (income) 一词均指营业收益 Part 2 Financial Decision Making 第二部分财务决策 Section A Financial Statement Analysis 第 1 节财务报表分析 Section A.1 Basic Financial Statement Analysis 第 1.1 节基本财务报表分析 * Letter references refer to subtopics in Learning Outcome Statements 各字母指的都是与学习成果公告内容中相对应的小标题 Revised 10/06/10

2 a. Common size statement = line items on income statement and statement of cash flows presented as a percent of sales; line items on balance sheet presented as a percent of total assets 同比财务报表 = 同比利润表和同比现金流量表上的各项目, 都表示为对销售额的百分比 ; 同比资产负债表把各项目表示为对资产总额的百分比 b. Common base year statements = (new line item amount /base year line item amount) x 100 共同基年报表 =( 新的项目金额 / 项目的基年金额 )x100 c. Annual growth rate of line items = (new line item amount / old line item amount) 1 项目的年度增长率 =( 新的项目金额 / 老的项目金额 )- 1

3 Section A.2 Financial Performance Metrics Financial Ratios 第 A.2 节财务业绩指标财务比率 Unless otherwise indicated, end of year data is used for balance sheet items; full year data is used for income statement and statement of cash flow items. 除非另有说明, 年终的数字都用于资产负债表各项目 ; 全年的数字则用于利润表和现金流量表各项目 Liquidity 流动性 Leverage 杠杆 a. Net working capital = current assets current liabilities 营运资本净额 = 流动资产流动负债 b(1) Current ratio = current assets / current liabilities 流动比率 = 流动资产 / 流动负债 b(2) Quick ratio or acid test ratio = (cash + marketable securities + accounts receivable) / current liabilities 速动比率或酸性测试比率 =( 现金 + 有价证券 + 应收账款 )/ 流动负债 b(3) Cash ratio = (cash + marketable securities) / current liabilities 现金准备率 =( 现金 + 有价证券 )/ 流动负债 b(4) Cash flow ratio = operating cash flow / current liabilities 现金流量比率 = 营业现金流量 / 流动负债 b(5) Net working capital ratio = net working capital / total assets 营运资本净额比率 = 营运资本净额 / 资产总额 g(1) Degree of financial leverage = % change in net income / % change in EBIT, or = EBIT / EBT 财务杠杆系数 = 净利润的百分率变化 / 息税后利润的百分率变化 ; 或 = 息税前利润 (EBIT)/ 税前利润 (EBT) g(2) Degree of operating leverage = % change in EBIT / % change in sales, or = contribution margin / EBIT 经营杠杆系数 = 息税前利润 (EBIT) 的百分率变化 / 销售额的百分率变化 ; 或 = 边际贡献 / 息税前利润 (EBIT) i Financial leverage ratio = assets / equity 财务杠杆比率 = 资产 / 权益 j(1) Total debt to total capital ratio = (current liabilities + long term liabilities) / (total debt + total equity) 债务总额对资本总额比率 =( 流动负债 + 长期负债 )/( 债务总额 + 权益总额 ) j(2) Debt to equity ratio = total debt / equity 负债权益比率 = 债务总额 / 权益 j(3) Long-term debt to equity ratio = (total debt current liabilities) / equity 长期负债与权益比 =( 债务总额流动负债 )/ 权益 j(4) Debt to total assets ratio = total debt / total assets 债务对总资产比率 = 债务总额 / 资产总额 k(1) Fixed charge coverage = earnings before fixed charges and taxes / fixed charges fixed charges include interest, required principal repayment, and leases

4 Activity 活动性 Profitability 获利能力固定费用保障比率 = 固定费用和税金前的利润 / 固定费用固定费用包括利息预期本金还款以及租赁费用 k(2) Interest coverage (times interest earned) = EBIT / interest expense 利息保障比率 ( 利息保障倍数 )= 息税前利润 (EBIT)/ 利息费用 k(3) Cash flow to fixed charges = (cash from operations + fixed charges + tax payments) / fixed charges 现金流量对固定费用比率 =( 营业所得现金流量 + 固定费用 + 税款 )/ 固定费用 m(1) Accounts receivable turnover = credit sales / average gross accounts receivables 应收账款周转率 = 赊销额 / 应收账款平均总额 m(2) Inventory turnover = cost of goods sold / average inventory 存货周转率 = 销货成本 / 平均存货 m(3) Accounts payable turnover = credit purchases / average accounts payable 应付账款周转率 = 赊购额 / 应付账款平均额 n(1) Days sales in receivables = average accounts receivable / (credit sales / 365), or = 365 / accounts receivable turnover 应收账款回收天数 = 应收账款平均额 /( 赊销额 /365); 或 =365/ 应收账款周转次数 n(2) Days sales in inventory = average inventory / (cost of sales / 365), or = 365 / inventory turnover 存货销售天数 = 平均存货 /( 销售成本 /365); 或 =365/ 存货周转次数 n(3) Days purchases in payables = average payables / (purchase / 365), or = 365 / payables turnover 应付账款付款天数 = 应付账款平均额 /( 采购额 /365); 或 =365/ 应付账款周转率 o(1) Operating cycle = days sales in receivables + days sales in inventory 营业周期 = 应收账款回收天数 + 存货销售天数 o(2) Cash cycle = Operating cycle days purchases in payables 资金周转期 = 营业周期应付账款付款天数 p(1) Total asset turnover = sales / average total assets 资产总额周转率 = 销售额 / 平均资产总额 p(2) Fixed asset turnover = sales / average net plant, property and equipment 固定资产周转率 = 销售额 / 工厂房产和设备的平均净值 q(1) Gross profit margin percentage = gross profit / sales 毛利率 = 毛利额 / 销售额 q(2) Operating profit margin percentage = operating income / sales 营业利润率 = 营业收益 / 销售额 q(3) Net profit margin percentage = net income / sales 纯利润率 = 净利润 / 销售额 q(4) EBITDA margin = EBITDA / sales 息税折旧摊销前获利率 = 息税折旧摊销前利润 (EBITDA)/ 销售额 r(1) ROA = net income / average total assets

5 Market 市场资产回报率 (ROA)= 净收益 / 平均资产总额 r(2) ROE = net income / average equity 权益回报率 (ROE)= 净收益 / 平均权益额 s(1) Market-to-book ratio = current stock price / book value per share 市价对账面值比率 = 现时股票价格 / 每股账面价值 s(2) Price earnings ratio = market price per share / EPS 市盈率 = 每股市价 / 每股收益 (EPS) s(3) Price to EBITDA ratio = market price per share / EBITDA per share 市价对息税折旧摊销前利润比率 = 每股市价 / 每股息税折旧摊销前利润 t. Book value per share = (total stockholders equity preferred equity) / number of common shares outstanding 每股账面价值 =( 股东权益总额优先股权益 )/ 发行在外的普通股股份数 v(1) Basic EPS = (net income preferred dividends) / weighted average common shares outstanding 每股基本盈利 =( 净收益优先股股息 )/ 发行在外的普通股加权平均数 (Number of shares outstanding is weighted by the number of months shares are outstanding) ( 发行在外的股份数以发行在外的月份数加权 ) v(2) Diluted EPS = (net income preferred dividends) / diluted weighted average common shares outstanding 稀释后每股盈利 =( 净收益优先股股息 )/ 稀释后发行在外普通股加权平均股份数 (Diluted EPS adjusts common shares by adding shares that may be issued for convertible securities and options) ( 稀释后每股盈利, 是以可能因发行可转换证券和期权而增加的股份数进行调整而得的每股盈利额 ) w(1) Earnings yield = EPS / current market price per common share 收益率 = 每股收益 / 普通股每股当前市场价格 w(2) Dividend yield = annual dividends per share / market price per share 股利率 = 每股年度股利 / 每股市价 w(3) Dividend payout ratio = common dividend / earnings available to common shareholders 股利分发率 = 普通股股利 / 可供向普通股股东分发的利润 w(4) Shareholder return = (ending stock price beginning stock price + annual dividends per share) / beginning stock price 股东回报率 =( 期末股票价格期初股票价格 + 每股年度股利 )/ 期初股票价格 Section A.3 Profitability Analysis 第 A.3 节获利能力分析 b(1) ROA = Net profit margin x total asset turnover; (net income / sales) x (sales / average total assets) = net income / average total assets 资产回报率 (ROA)= 纯利润率 x 资产总额周转率 ;( 净收益 / 销售额 )x ( 销售额 / 资产平均总值 )= 净收益 / 资产平均总值 b(2) ROE = ROA x financial leverage; (net income / average total assets) x (average total assets / average equity )= net income / average equity

6 权益报酬率 (ROE)= 资产回报率 (ROA)x 财务杠杆 ;( 净收益 / 资产平均总值 )x ( 资产平均总值 / 平均权益额 )= 净收益 / 平均权益额 f. Net profit margin x total asset turnover x equity multiplier (DuPont model) = return on common equity; (net income / sales) x (sales / average total assets) x (average total assets) / average equity 纯利润率 x 资产总额周转率 x 权益乘数 ( 杜邦模式 )= 普通股权益回报率 ;( 净收益 / 销售额 )x( 销售额 / 资产平均总额 )x( 资产平均总额 / 平均权益额 ) k. Gross profit margin percentage = (sales cost of sales) / sales 毛利率 = ( 销售额销售成本 )/ 销售额 l(1) Operating profit margin percentage = operating income / sales 营业利润率 = 营业收益 / 销售额 l(2) Net profit margin percentage = net income / sales 纯利润率 = 净收益 / 销售额 n. Sustainable growth rate = (1- dividend payout ratio) x ROE 可持续增长率 =(1- 股利分发率 )x 权益报酬率 (ROE)

7 Section C Decision Analysis and Risk Management 第 C 节决策分析与风险管理 Section C.1 Cost/volume/profit analysis 第 C.1 节成本 / 数量 / 利润分析 g(1) Breakeven point in units = fixed costs / unit contribution margin 按单位数计算的保本点 = 固定成本 / 每单位的边际贡献 g(2) Breakeven point in dollars = fixed costs / (unit contribution margin / selling price) 按金额计算的保本点 = 固定成本 /( 每单位的边际贡献 / 销售价格 ) j(1) Margin of safety = planned sales breakeven sales 安全幅度 = 计划销售量 - 保本销售量 j(2) Margin of safety ratio = margin of safety / planned sales 安全幅度比率 = 安全幅度 / 计划销售量 Section C.3 Pricing 第 C.3 节定价 l Elasticity is calculated using the midpoint formula. For price elasticity of demand E = [change in quantity / (average of quantities)] / [change in price / (average of prices) ] 弹性是采用中点公式计算的就需求的价格弹性而言,E=[ 数量的变化 /( 平均数量 )]/ 价格的变化 /( 平均价格 )

914-151014c

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