11 Essential 财务分析 面试问题 *

Working capital is the sum of a company’s current assets minus its current liabilities.

Working capital measures the health and efficiency of a company’s liquidity. 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, debt due within one year and other short-term accounts. 如果净营运资本为正，则表明公司能够迅速偿还债务.

商誉是一种资产项目，用于解释购买时支付的价格与其公允价值之间的差额.

一般来说，商誉是正的，这种差异代表了所收购资产的无形价值, 比如品牌名称, exclusive sales contracts or patents/IP. 然而，如果资产是在不良情况下购买的，它也可能是一个负项目.

速动比率对流动资产的影响小于流动比率(它不包括存货和预付费用). As such, it is a sterner test of a company’s liquidity

Also commonly referred to as the acid test ratio, 速动比率是对公司将其资产转化为现金以偿还债务的速度的一种测试. The weakness of this ratio is that it includes 应收账款s. 这些账户不可能这么快就被可靠地收回，也不确定是否能全部还清. 为那, 计算速动比率的一种更谨慎的方法是排除较新的(和更远的)应收账款和可能有疑问的账户.

而不是流动负债, 长期负债是一种到期期限超过一年的义务.

例如, 如果一家公司发行了5年期债券, for its first 4 years it will be classed as a long-term liability. 在最后一年, 随着还款的临近, it will then move to the current portion of liabilities.

The majority of long term liabilities come in the form of debt instruments, 比如债券或抵押贷款. However capital leases and pension liabilities are also common items.

Below are three acceptable answers to this question:

1. Debt provides a tax shield from the deduction of interest payments.
2. As a capital instrument that sits higher than equity in the creditor hierarchy, it is generally also a cheaper form of financing. This works to reduce a company’s cost of capital (WACC).
3. Raising debt does not dilute the ownership stake of current investors.

Debt and equity have a symbiotic relationship, as shown via a company’s optimal capital structure calculations. 因为它比股权便宜, a common question is: why not just fund the entire company with debt? The answer is that debt is good in moderation, 如果贷款太多，支付利息/本金和履行履约的压力就会太大. 股权也是公司的一个重要组成部分，因为它在心理上使股东与公司的长期增长保持一致.

58天.

现金转换周期=未完成销售的天数+未完成库存的天数-未完成应付账款的天数

未偿还应付账款天数(DPO)显示了一家公司需要多长时间(以天为单位)来偿还其对自己债权人的发票. 公式为:

Ending Accounts Payable / ( Cost of Sales / 365 )

For 库存 reliant companies a more appropriate formula is:

Average Accounts Payable / ( Purchases / 365 )

现金转换周期是衡量每一笔净投入美元在生产和销售过程中被占用的时间，然后通过销售完成转化为现金. 在这个公式中减去DPO, 因为它本质上是公司自己的供应商提供给公司的一种融资形式.

收到的股息分为经营活动产生的现金流量，支付的股息分为融资产生的现金流量.

支付的股息是对股东的奖励，可以被视为“股权成本”。, for that they are classified under the financing operations of the business. 收到的股息属于经营活动，因为它们反映了收入.

根据国际财务报告准则，有更多的排列. 分类由会计师自行决定，只要它保持一致的政策:

Dividends paid: may be classified as operating or financing cash flows

Dividends received: may be classified as operating or investing cash flows

( Net income - preferred dividends ) / weighted average # shares outstanding

每股收益是指可以分配给公司一股股票的收益. 优先股股息被剔除，因为该公式衡量的是普通股股东的收入. Preferred stockholders received a guaranteed dividend before any other distributions.

摊薄每股收益是公式的延伸，它计算了所有可以转换为股权的证券. 例如: convertible notes, warrants or employee stock options. Because this would increase the amount of common stock in the company, it is lower in comparison to basic EPS.

在通货膨胀的情况下, 后进先出将导致更高的销货成本，并低估资产负债表上的库存价值.

后进先出. 这是一种存货核算方法，当销售发生时，生产一件存货的最新价格被记录在损益表上. 当价格在通货膨胀的环境中上涨时，这将导致最昂贵的生产成本被计入损益表. 相反, 在资产负债表上，持有的存货不会反映出它在市场上的更高价值.

For FIFO (‘first in, first out’) accounting the opposite will occur. Whereby COGS are understated and the balance sheet will be inflated.

股本回报率.

The DuPont Model breaks down ROE into three components: Net profit margin, operating leverage and financial leverage.

ROE = net profit margin * asset turnover * equity multiplier

(净利润/权益)=(净利润/销售额)*(销售额/平均总资产)*(平均总资产/平均权益)

这个公式使分析师能够确定公司内部相对盈利能力的来源，并证明哪个领域正在推动回报.

FX gains losses and actuarial gains/losses.

其他综合收益是指在损益表中未计入净收入的项目.

Items appear in other comprehensive income when they have not yet been realized. Items become realized when their underlying transaction has been completed, 例如, 当一项投资被出售时. 一旦交易完成, the gains/losses can be crystallized and shown as a line item in the main P&L.