การวิเคราะห์อัตราส่วนทางการเงิน (Financial Ratio Analysis)

1 119. 6. ( financial Ratio analysis ).. 1.. 2.. 3.. 4.. 5.. 6.. ( financial Ratio analysis ) . 4 .. 1.. 2.. 3.. 4.. 5.. 120. 6.. 7.. 8.. 121.. 6.. 1.. 2 .. 100.. 2.. 3.. 2 .. 3 .. 4 .. 5 . 4. (Current Ratio ) .. / .. - .. 5.. Current Ratio . Acid-test Ratio 122.. Account Receivable Turnover Ratio . Inventory Turnover Ratio 6. Current Ratio .. 7.. Debt Ratio . Equity Ratio . Acid-test Ratio . Total Asset to Owners' Equity 8.. 1 . 1 .. 9.. / .. / .. / .. / . 10. Du Pont .. Asset Turnover x Return on Sales . Return on Sales x Return on Owners' Equity . Return on Asset x Asset Turnover . Return on Sales x Return on Asset 123. 1. ( financial Ratio analysis ).. ( Ratio analysis ) . 2 .. - (Current Ratio ).. - . (Account receivable Turnover) .. 2.. 124.. (Window Dressing) .. Enron WorldCom .. (True Values) .. ( comparative ratios ). 125.. 1. (Intra company Comparisons) . 2 .. 2. (Standard Ratio ) . (Industrial Average ratios ).

2 3. (Intercompany Comparisons) .. 2.. 4 .. 1. (Liquidity ratios ). 2. (Leverage ratios or financial Ratio ). 3. (Profitability ratios ). 4. (Efficiency ratios ).. 2552 2551. 126.. 31 . : . 2552 2551 2550.. 245,000 183,000 146,000. ( ) 385,000 425,000 435,000. 445,000 407,000 325,000. 125,000 178,000 156,000. 1,200,000 1,193,000 1,062,000. ( ) 2,705,000 2,651,000 2,601,000. 105,000 112,000 117,000. 4,010,000 3,956,000 3,780,000.. 685,000 705,000 505,000. 605,000 629,000 615,000. 1,290,000 1,334,000 1,120,000. 505,000 437,000 733,000. 1,795,000 1,771,000 1,853,000. ( 10 ) 805,000 805,000 805,000. 1,410,000 1,380,000 1,122,000. 2,215,000 2,185,000 1,927,000. 4,010,000 3,956,000 3,780,000. 127.. 31 . : . 2552 2551 2550. 6,505,000 5,806,000 5,181,000. 2,945,000 2,833,000 2,681,000. 3,560,000 2,973,000 2,500,000. 2,065,000 1,993,000 1,685,000. 1,495,000 980,000 815,000. 55,000 55,000 45,000. 1,440,000 925,000 770,000.

3 585,000 379,000 317,000. 855,000 546,000 453,000. 3. (Liquidity Ratio ).. (Liquidity) .. 128. (Short-term Risk) .. 1. (Current Ratio ). 2. (Quick Ratio or Acid Test Ratio ). 3. (Account Receivable Turnover). 4. (Account Payable Turnover). 5. (Inventory Turnover). (Current Ratio ). (Current Ratio ) = .. (Current Ratio ) .. ( ) .. 1 .. 129.. 2552 2551 2552 2551. 1,200,000 1,193,000 (Current Ratio ) 1,290,000 1,334,000 .. 2552 . 1 . 2551 . 2552 2551. 2 .. (Quick Ratio or Acid Test Ratio ). (Acid Test Ratio ) .. ( ) . (Quick Assets) .. (Quick Ratio or Acid Test Ratio ) .. 130.. (Quick Ratio ) = .. = .. 2552 2551 2552 2551. 630,000 608,000 (Quick Ratio Acid test Ratio ) 1,290,000 1,334,000 .. 2552 1 . 131. 2551 . 2552 2551 . 1 . (Account Receivable Turnover). (Account Receivable Turnover) .. (Account Receivable Turnover) . ( ) .. 2 .. = .. = ( + ). 2. 132. (Average Collection Period).. 1 365 3 90 . = 365.

4 2552 2551 2552 2551. 425,000+385,000 435,000+425,000 405,000 430,000. 2 2. 6,505,000 5,806,000 (Account Receivable Turnover) 405,000 430,000 . 365 365 (Average Collection Period) . 133.. 2552 .. 2551 .. (Account Payable Turnover).. = .. = ( + ). 2. 134. = 365 .. 2552 2551 2552 2551. 705,000+685,000 505,000+705,000 695,000 605,000. 2 2. 2,983,000 2,915,000 (Account payable Turnover) 695,000 605,000 . 365 365 (Average Collection Period) .. 2552 .. 85 2551 .. (Inventory Turnover). (Inventory Turnover) .. 135.. ( ).. = .. = + . 2. ( ) (Day Supply in Inventory).. 365 . ( ) = 365.. ( ) ( ) . 136.. 2552 2551 2552 2551. 407,000+445,000 325,000+407,000 426,000 366,000. 2 2. 2,945,000 2,833,000 (Inventory Turnover) 426,000 366,000 . 365 365 (Day Supply in Inventory ) .. 2552 .. 2551 .. 4. (Leverage Ratio or financial Ratio ). 2 .. 137. (Debt Ratio ). (Debt to Equity Ratio ). (Long Term Debt to Assets).

5 (Times Interest Earned). (Debt Ratio ). (Debt Ratio ) .. = .. 1.. 138. 2.. 3.. 2552 2551 2552 2551. 1,795,000 1,771,000 (Debt Ratio ) 4,010,000 3,956,000 .. 2552 . 1 . = . 2551 2 .. (Debt to Equity Ratio ). (Debt to Equity Ratio ) .. 139. = .. 2552 2551 2552 2551. 1,795,000 1,771,000 (Debt to Equity Ratio ) 2,215,000 2,185,000 .. 2552 . 1 . = 2551 . (Long Term Debt to Assets).. 1 .. 140.. 2552 2551 2552 2551.. 505,000 447,000 (Long-Term Debt to Assets) 4,010,000 3,956,000 .. 2551 2552 .. (Times Interest Earned). (Times Interest Earned) .. = .. 141.. 2552 2551 2552 2551. 1,495,000 980,000 55,000 55,000 . (Times Interest Earned Ratio ).. 2552 . 2551 .. 5. (Profitability Ratio ).. (Gross Profit Margin). (Operating Profit Margin). (Net Profit Margin). (Return on Assets ROA). (Return on Equity or ROE). (Gross Profit Margin).. 142.. 100 .. 40% 100 40 . 60 . = ( ) x 100.. = x 100.. 2552 2551 2552 2551.

6 3,560,000 2,973,000 (Gross Profit Margin) 6,505,000 5,806,000.. 2551 . 100 (100 ). 2552 100 . (100 ). 2552 2551 .. (Operating Profit Margin). 143. (Operating Profit Margin) .. = x 100.. (Net Profit Margin).. 100.. = x 100.. 144.. 2552 2551 2552 2551. 855,000 546,000 (Net Profit Margin) 6,505,000 5,806,000.. 2551 . 100 2552. 100 2552 2551 .. 3 .. (Return on Assets ROA).. (Return on Investment: ROI) .. 145.. 100 . = x100.. 2552 2551 2552 2551. 855,000 546,000 (Return on Assets ROA) 4,010,000 3,956,000.. 2552 . 100 . 2551 . 2552 2551. (Return on Owners' Equity ROE).. 146.. 100 . = .. 2552 2551 2552 2551. 855,000 546,000 (Return on Owner's Equity or ROE) 2,215,000 2,185,000.. 2551 . 100 2552 100. 2552 2551 . 2552 2551. (Earnings per Share: EPS).. 147.. = - = .. / .. 1 .. (Earning per share) . 1.. 2.. 3.. 2552 2551 2552 2551. 855,000 546,000 (Earning Per Shares : EPS) 80,500 80,500 . 148.

7 2551 1 10 . 2552 .. 6. (Efficiency Ratio ).. (Account Receivable Turnover). (Inventory Turnover Ratio ). (Fixed Asset Turnover Ratio ). (Total Assets Turnover). (Account Receivable Turnover) .. = .. 149.. 2552 2551 2552 2551. 425,000+385,000 435,000+435,000 617,500 647,500. 2 2. 6,505,000 5,806,000 (Account Receivable Turnover) 617,500 647,500 . 365 365 (Average Collection Period) .. 2551 .. 2552 . 2551 . 2552 . (Inventory Turnover Ratio ) .. = .. 150.. 2552 2551 2552 2551. 407,000+445,000 325,000+407,000 629,500 528,500. 2 2. 2,945,000 2,833,000 (Inventory Turnover) 629,500 528,500 . 365 365 (Day Supply in Inventory ) .. 2552 2551 .. 2552 2551. (Fixed Asset Turnover Ratio ). = .. 1 .. 151.. ( = - ) .. 2552 2551 2552 2551. 2,651,000+2,705,000 2,601,000+2,651,000 2,678,000 2,626,000. 2 2.. (Fixed Assets Turnover) 6,505,000 5,806,000 2,678,000 2,626,000 .. 2552 2551 .. (Total Assets Turnover).

8 = .. 152.. 2552 2551 2552 2551. 3,956,000+4,010,000 3,780,000+3,956,000 3,998,000 3,868,000. 2 2.. 6,505,000 5,806,000 (Total Assets Turnover) 3,998,000 3,868,000 .. 2552 2551. 2552 2551 . 1 2551 2552. 7. (The DuPont System analysis ). (The DuPont System analysis ) The DuPont de Nemours and Company .. (Return on Equity : ROE) 3 . 1. (Profit margin) .. 153. 2. (Asset turnover) .. 3. ( financial Leverage) .. financial Leverage . 3 . (Return on Equity) . ROE = profit margin x Asset Turnover x financial Leverage . ROE = x x .. Profit Margin Asset Turnover .. 2552 2551. (Net Profit) 855,000 x100 546,000 x100. 6,505,000 5,806,000. 6,505,000 5,806,000. (Total Assets Turnover) 3,998,000 3,868,000. 3,998,000 3,868,000. ( financial Leverage) 2,200,000 2,056,000. 154. 2552. ROE = x x financial Leverage = x x = .. = 855,000 x 6,505,000 x 3,998,000 = 855,000 x100. 6,505,000 x 3,998,000 x 2,200,000 2,200,000.

9 = 2551. ROE = x x financial Leverage = 546,000 x 5,806,000 x 3,868,000 = 546,000 x100. 5,806,000 3,868,000 2,056,000 2,056,000. = 155.. 4 .. 156.. 6 .. financial Ratio analysis . Window Dressing . True Values . comparative ratios . Intra company Comparisons . Standard Ratio . Industrial Average ratios . Intercompany Comparisons . Liquidity ratios . Leverage ratios or financial Ratio . Profitability ratios . Efficiency ratios . Current Ratio . Quick Ratio or Acid Test Ratio . Account Receivable Turnover . Inventory Turnover . Debt Ratio . Debt to Equity Ratio . Long Term Debt to Assets . Times Interest Earned . Gross Profit Margin . Operating Profit Margin . Net Profit Margin . 157.. Return on Assets ROA . Return on Equity or ROE . Earnings per Share: EPS . Fixed Asset Turnover Ratio . Total Assets Turnover . The DuPont analysis . 158.. 1 . 1.. 2.. 3.. 4.. 5.. 6.. 7.. 8.. 9.. 10.. 159.

10 2..6-1 .. 31 25x4.. 100,000 110,000. 125,000 1 30,000. 250,000 12,000. 10,000 300,000. - 500,000 ( 5 ) 500,000. 215,000 248,000. 1,200,000 1,200,000.. 820,000 70% . 1 = 360 .. 1.. 2.. 3.. 4.. 5.. 6..6-2 ( ). 31 .. 25x1 31 .. 25x2. 65,000 54,800. 20,000 20,000. 28,000 35,000. 160. 35,000 38,000. 2,000 1,750. ( ) 90,000 99,000. 79,000 83,000. 5,000 6,000. 10,500 14,000. 42,000 42,000. 6,000 8,000. 60,000 86,000. 1.. 2..6-3 . = 5 . = . = . = 800,000 . 1 365.. 50,000 .. 40,000.. 220,000. 500,000 500,000. 161..6-4 .. 31 25x1 25x2. 25X1 25X2.. 60,000 55,000. 45,000 40,000. - 94,000 90,000. 130,000 125,000. 25,000 23,000. 354,000 333,000.. - 330,000 315,000. 684,000 648,000.. 45,000 42,000. 100,000 100,000. 40,000 40,000. 185,000 182,000.. 150,000 150,000. 335,000 332,000.. ( 10 ) 200,000 200,000. 149,000 116,000. 349,000 316,000. 162. 684,000 648,000.. 31 25x1 25x2. 25x1 25x2. 850,000 790,000.