简介
Summary:
Publisher Summary 1
Have you ever worried about being expected to understand what finance people are saying when they quote 'gearing ratios' or 'equity yields' at you? Whether you are in a large organization or just starting out on your own you will want to avoid missing something important and know how you can achieve the financial targets that are critical to you and your business.
It is important for all those engaged in business to understand how financial ratios can be used to measure the performance of a business. This has never been more urgent and important, when corporate frauds and corporate governance are high on the public agenda. However it is also important to understand how they can be used positively to maximize value and success in a business.
This book covers the full scope of business. It uses a model, the Enterprise Stewardship Model which has received international acclaim, to illustrate the power 鈥?and the limitations 鈥?of financial ratios and explore the tangible and intangible aspects of creating value in a business. It shows how ratios can be used to describe, measure, and help to maximize, value and success. And it includes worked examples to illustrate how to generate and calculate key financial ratios.
The CD that is included with the book enables the reader to both understand and apply the subject for themselves through the use of interactive exercises. It also includes a short introductory video, a slide show and some structured questions to prompt a strategic business review using ratios.
Relationships are at the heart of this book. Ratios themselves are relationships 鈥?between different sets of numbers or measurements. It is important to understand them and be able to work with them. But is also important to understand and be able to work with people in a business and this book looks at different perspectives on a business and explores how financial ratios can be interpreted differently from different standpoints.
鈥淎 splendid job! You have made a complex subject highly accessible. It is very readable for anyone engaged in business whether in a small firm or a major corporation.鈥?- Peter Hutton, Managing Director of Brand Energy Research and formerly Group Development Director for MORI
鈥淕reat concept: nicely executed and well written. Financial Ratios has a logical structure and flows well 鈥?I really enjoyed reading it and couldn't put it down!鈥?- Dr David Hillson FRSA FAPM FIRM FCMI, Director of Risk Doctor and Partners.
* Financial ratios can add value to any business - understand how
* Do you your customers need to understand what the finance department is telling them and what they should do about it?
* Understand the strengths and shortcomings of financial ratios which will help you grow and manage your business
* Accompanying CD enables the reader to both understand and apply the subject for themselves through the use of interactive exercises
目录
Front Cover 1
Financial Ratios 2
Copyright Page 3
Table of Contents 4
List of Figures and Tables 6
Foreword 8
Acknowledgements 9
About the Author 10
Introduction: The place of financial ratios in business success 12
PART ONE The Role of Financial Ratios 22
Chapter 1 Creating value \u2013 a model of success 24
Introduction 26
Strategic management 26
Funding management 27
Asset management 29
Value add management 31
Tax management 32
Growth management 34
Chapter 2 Measuring value \u2013 the origin of financial ratios 38
Introduction 40
The value of strategy 42
The gearing ratio 42
The asset turnover ratio 44
The profit margin 45
The effective tax rate 45
The payout ratio 46
Composite ratios 47
The return on assets ratio 49
The return on equity ratio 50
The dividend yield 51
The composite test 51
PART TWO Understanding Financial Ratios 54
Chapter 3 Funding management \u2013 the gearing ratio 56
Key questions 58
How much is needed? 59
The matching principle 60
Where will the funds come from? 61
Forms of borrowing 62
Forms of ownership 62
How much will it cost? 64
Chapter 4 Asset management \u2013 the asset turnover ratio 66
Introduction 68
Disaggregating the asset turnover ratio 69
Tangible assets 69
Using the component ratios 71
Current asset turnover ratios 72
Fixed asset turnover ratios 75
Questions to ask: The time horizon 78
Chapter 5 Value add management \u2013 the profit margin 82
Introduction 84
The profit margin 85
Managing profit through adding value 86
Managing the cost margin 87
Managing the profit margin 89
Pricing for profit 91
The profit margin in the value chain 93
Managing value 94
Chapter 6 Tax management \u2013 the effective tax rate 98
Introduction 100
Management and administration 101
Two types of profit 101
Different rules 103
Common principles 104
Avoidance, evasion and making the best of it 105
Chapter 7 Growth management \u2013 the payout and retention ratios 108
Introduction 110
The distribution of profits \u2013 a simple decision? 110
The shareholder\u2019s perspective \u2013 a return on investment? 112
The components of shareholder value 112
The company\u2019s perspective \u2013 a vehicle for growth 113
The case for growth 113
Cash flows 114
Profit flows 115
Value flows 115
The options for growth 116
The sources of growth 117
PART THREE Using Financial Ratios 120
Chapter 8 The composite ratios 122
Introduction 124
Benchmarking \u2013 risks and opportunities 125
Summarising performance \u2013 the composite financial ratios 127
Conclusion 133
Chapter 9 The place of financial ratios in strategic management 136
Introduction 138
The foundations of strategic management 139
The place of financial ratios in strategy 142
The influence of strategy on financial ratios 143
Raising strategic questions 145
Making the strategic connection: creating value and success 148
Conclusion 150
Chapter 10 Perspectives on financial ratios 152
Introduction 154
The stakeholder groups 154
The customer-supplier perspective and the profit margin 156
The employee\u2019s perspective and the return on assets ratio 157
The community perspective and the after-tax return on assets ratio 159
The shareholder and entrepreneur perspectives and the yield ratios 160
The leadership perspective on roles and relationships 161
Appendices 164
Appendix 1 The purpose of ratios: The three Eff\u2019s 166
Appendix 2 The source and application of financial data for ratio analysis 170
Appendix 3 A benchmarking example 178
Appendix 4 Further reading 184
Index 188
Financial Ratios 2
Copyright Page 3
Table of Contents 4
List of Figures and Tables 6
Foreword 8
Acknowledgements 9
About the Author 10
Introduction: The place of financial ratios in business success 12
PART ONE The Role of Financial Ratios 22
Chapter 1 Creating value \u2013 a model of success 24
Introduction 26
Strategic management 26
Funding management 27
Asset management 29
Value add management 31
Tax management 32
Growth management 34
Chapter 2 Measuring value \u2013 the origin of financial ratios 38
Introduction 40
The value of strategy 42
The gearing ratio 42
The asset turnover ratio 44
The profit margin 45
The effective tax rate 45
The payout ratio 46
Composite ratios 47
The return on assets ratio 49
The return on equity ratio 50
The dividend yield 51
The composite test 51
PART TWO Understanding Financial Ratios 54
Chapter 3 Funding management \u2013 the gearing ratio 56
Key questions 58
How much is needed? 59
The matching principle 60
Where will the funds come from? 61
Forms of borrowing 62
Forms of ownership 62
How much will it cost? 64
Chapter 4 Asset management \u2013 the asset turnover ratio 66
Introduction 68
Disaggregating the asset turnover ratio 69
Tangible assets 69
Using the component ratios 71
Current asset turnover ratios 72
Fixed asset turnover ratios 75
Questions to ask: The time horizon 78
Chapter 5 Value add management \u2013 the profit margin 82
Introduction 84
The profit margin 85
Managing profit through adding value 86
Managing the cost margin 87
Managing the profit margin 89
Pricing for profit 91
The profit margin in the value chain 93
Managing value 94
Chapter 6 Tax management \u2013 the effective tax rate 98
Introduction 100
Management and administration 101
Two types of profit 101
Different rules 103
Common principles 104
Avoidance, evasion and making the best of it 105
Chapter 7 Growth management \u2013 the payout and retention ratios 108
Introduction 110
The distribution of profits \u2013 a simple decision? 110
The shareholder\u2019s perspective \u2013 a return on investment? 112
The components of shareholder value 112
The company\u2019s perspective \u2013 a vehicle for growth 113
The case for growth 113
Cash flows 114
Profit flows 115
Value flows 115
The options for growth 116
The sources of growth 117
PART THREE Using Financial Ratios 120
Chapter 8 The composite ratios 122
Introduction 124
Benchmarking \u2013 risks and opportunities 125
Summarising performance \u2013 the composite financial ratios 127
Conclusion 133
Chapter 9 The place of financial ratios in strategic management 136
Introduction 138
The foundations of strategic management 139
The place of financial ratios in strategy 142
The influence of strategy on financial ratios 143
Raising strategic questions 145
Making the strategic connection: creating value and success 148
Conclusion 150
Chapter 10 Perspectives on financial ratios 152
Introduction 154
The stakeholder groups 154
The customer-supplier perspective and the profit margin 156
The employee\u2019s perspective and the return on assets ratio 157
The community perspective and the after-tax return on assets ratio 159
The shareholder and entrepreneur perspectives and the yield ratios 160
The leadership perspective on roles and relationships 161
Appendices 164
Appendix 1 The purpose of ratios: The three Eff\u2019s 166
Appendix 2 The source and application of financial data for ratio analysis 170
Appendix 3 A benchmarking example 178
Appendix 4 Further reading 184
Index 188
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