11个基本财务分析面试问题 *

营运资金是公司的流动资产减去其流动负债的总和.

营运资本衡量公司流动性的健康和效率. 它可以包括一系列行项目, 但最常见的是:现金, 库存, 应收账款, 应付账款, 一年内到期之债务及其他短期帐款. If net working capital is positive it indicates that a company can pay off its debts quickly.

Goodwill is an asset item that accounts for the difference between the price paid for it and its fair value at the time of acquisition.

Typically Goodwill is positive and this difference represents the intangible value of the acquired asset, 比如品牌名称, 独家销售合同或专利/知识产权. However, if the asset was purchased under a distressed scenario, it can also be a negative line item.

The quick ratio accounts for less current assets than the current ratio (it excludes 库存 and prepaid expenses). 因此，这是对公司流动性的更严格考验

也通常称为酸试比, the quick ratio is a test of how quickly a company can convert its assets into cash to pay off debts. 这个比率的缺点是它包括应收账款. These accounts cannot be reliably called in so quickly and are never certain to all be paid off in their entirety. 为那, a more prudent way of calculating the quick ratio would be to exclude newer (and farther out) receivables and accounts that could be doubtful.

而不是流动负债, a long term liability is an obligation that is due beyond the term of one year into the future.

例如, 如果一家公司发行了5年期债券, 在头4年，它将被归类为长期负债. 在最后一年, 随着还款的临近, 然后，它将转移到负债的流动部分.

大多数长期负债是以债务工具的形式出现的, 比如债券或抵押贷款. 然而，资本租赁和养老金负债也是常见的项目.

下面是这个问题的三个可接受的答案:

1. 债务为利息支付的扣除提供了税收保护.
2. 作为一种资本工具，在债权人等级中地位高于股权, 它通常也是一种更便宜的融资形式. 这有助于降低公司的资金成本(WACC)。.
3. 举债并不会稀释现有投资者的股权.

债务和股权具有共生关系, 通过对公司最优资本结构的计算可知. 因为它比股权便宜, 一个常见的问题是:为什么不直接用债务为整个公司融资呢? 答案是，适度负债是好事, too much of it and the pressure of meeting interest/principal payments and performance covenants would be too large. Equity is also an important component in a company because it psychologically aligns the holders towards achieving long-term growth with the business.

58天.

Cash Conversion Cycle = Days of Sales Outstanding + Days of Inventory Outstanding - Days of Payables Outstanding

Days of payables outstanding (DPO) shows how long it takes a company (in days) to pay off its invoices to its own creditors. 公式为:

期末应付账款/(销售成本/ 365)

对于依赖库存的公司，更合适的公式是:

平均应付账款/(采购/ 365)

The cash conversion cycle is a measure of the time each net input dollar is tied up in the production and sales process before being converted into cash through sales completion. 在这个公式中减去DPO, as it is essentially a form of financing provided to the company from its own suppliers.

Dividends received are classified as cash flows from operating activities and dividends paid as cash flows from financing.

Dividends paid out are a reward to shareholders and can be regarded as the ‘cost of equity’, 因此，它们被归类为企业的融资业务. Dividends received class under operating activities, because they reflect income earned.

根据国际财务报告准则，有更多的排列. Classification is at the discretion of the accountant, as long it maintains a consistent policy:

已支付股利:可分为经营性现金流量或融资性现金流量

收到的股息:可分为经营性现金流量或投资性现金流量

(净收入-优先股股息)/加权平均#流通股

Earnings per share shows the amount of income that can be allocated to one share in a company. Preferred dividends are stripped out because the formula is measuring income to common stockholders. 优先股股东在任何其他分配之前都获得了保证股息.

Diluted earnings per share is an extension of the formula where it accounts for all securities that could convert into equity. 例如:可转换票据、认股权证或员工股票期权. 因为这会增加公司普通股的数量, 它比基本每股收益低.

在通货膨胀的情况下, LIFO will result in higher COGS and understate the 库存 value on the balance sheet.

后进先出. This is a measure of 库存 accounting where the latest price of producing a piece of 库存 is recorded on the income statement when a sale occurs. When prices are rising in an inflationary environment this will result in the most expensive costs of production being accounted for in the income statement. 相反, in the balance sheet the 库存 being held will not reflect the higher value that it is worth in the market.

FIFO(“先进先出”)会计将发生相反的情况. 因此，成本成本被低估，资产负债表将被夸大.

股本回报率.

杜邦模型将净资产收益率分为三个部分:净利润率, 经营杠杆和财务杠杆.

ROE =净利润率*资产周转率*权益乘数

( Net Profit / Equity ) = ( Net profit / Sales ) * ( Sales / Average Total Assets ) * ( Average Total Assets / Average Equity )

This formula allows analysts to identify the source of relative profitability within a company and demonstrate which area is driving returns.

外汇损益和精算损益.

Other comprehensive income shows items that have been exluded from net income on the income statement.

尚未实现的项目计入其他综合收益. 当它们的基础事务完成时，项就实现了, 例如, 当一项投资被出售时. 一旦交易完成, 收益/损失可以具体化，并在主P中显示为一行项目&L.