企業的財務總結.ppt16

第十二章
總結
報表分析的基本步驟
業務與戰略分析
會計分析
會計信息的質量
需要注意的會計問題
財務分析
前景分析
應用
風險評價
證券分析
兼並收購分析
企業的財務策略
Beverage industry
Franchise or brand owners
Low levels of capacity intensity
High marketing expenses
Bottlers (Distribution companies)
High capital needs
Low marketing costs
Brewers
High capacity costs
High marketing requirements
Accounting analysis
Capacity cost
Bottlers and brewers
Changing consumer tastes & competitive pressure ? economic life shortened ? under-depreciation, but increasing spending
Maintenance capex & spending on growth
Estimate cash cost of capital
Historical portion attributable to growth
Future spending & revenue growth
2-5%, 5-9%, 6-8% of sales
..............................