唯學(xué)網(wǎng)小編提醒：本文是關(guān)于CFA金融分析師考試的財務(wù)比率和每股收益試題，在CFA這樣強大的考試面前，很多考生敗下陣來，除了因為自身的外語水平在讀試題的時候出現(xiàn)了偏差，還有關(guān)于經(jīng)濟方面的知識內(nèi)容并不牢靠。希望考生多復(fù)習(xí)，多總結(jié)，爭取能用最短的時間通過CFA金融分析師考試。

八 Investment Tools: Financial Statement Analysis: Financial Ratios and Earnings per Share

1: Analysis of Financial Statements

a: Calculate, interpret, and discuss the uses of measures of a company's internal liquidity, operating performance, risk profile, growth potential, and external liquidity.

Measures of a company’s internal liquidity

These ratios are the:

Current ratio = current assets / current liabilities.

Quick ratio = [cash + marketable securities + receivable] / current liabilities.

Cash ratio = [cash + marketable securities] / current liabilities.

The current, quick, and cash ratios differ only in the liquidity of the current assets that the analyst projects will be used to pay off the current liabilities. Other ratios ask:

Does the company collect its receivables on a timely basis?

Receivables turnover = sales / average receivables

Average receivables collection period = 365 / receivables turnover

How fast does the company move its inventory through the system?

Inventory turnover = cost of goods sold / average inventory

Average inventory processing period = 365 / inventory turnover

Does the company pay its current bills?

Payables turnover = cost of goods sold / average accounts payable

Average payment period = 365 / payables turnover

The cash cycle is the time period that exists from when the firm pays out money for the purchase of raw materials to when it gets the money back from the purchasers of the firm’s finished goods.

Cash conversion cycle = collection period + inventory period - payment period.

Example: Receivables turnover = 9, days receivables out (collection period) = 41 days, inventory turnover = 6, days inventory in stock (inventory period) = 61 days, payables turnover = 11, and days payables out (payment period) = 33 days. Cash conversion cycle = 41 days + 61 days - 33 days = 69 days.

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