企业的财务总结.ppt16

第十二章
总结
报表分析的基本步骤
业务与战略分析
会计分析
会计信息的质量
需要注意的会计问题
财务分析
前景分析
应用
风险评价
证券分析
兼并收购分析
企业的财务策略
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
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