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Parrino Corp Fin 5e PPT Ch04 Ext
Parrino Corp Fin 5e PPT Ch04 Ext
Parrino Corp Fin 5e PPT Ch04 Ext
Fifth Edition
Robert Parrino, Ph.D.; David S. Kidwell, Ph.D.;
Thomas W. Bates, Ph.D.; Stuart Gillan, Ph.D.
Chapter 4
Equation 4.6 – Thời gian thu hồi các khoản phải thu
365 days
Days' sales outstanding =
Accounts receivable turnover
′ 365𝑑𝑎𝑦𝑠 365
𝐷𝑎𝑦 𝑠 𝑠𝑎𝑙𝑒𝑠 𝑖𝑛𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦= = =143.14
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 2.55
• “143.14” means that the firm takes about 143 days
to turn over its inventory
Net income
Equation 4.18 Return on assets = ROA =
Total assets
Net income
Equation 4.20 Earnings per share =
Shares outstanding
Equation 4.22
Market value of equity per share
Market - to - book ratio =
Book value of equity per share
Equation 4.24
Equation 4.25
ROE = Net profit margin × Total assets turnover × Equity multiplier
Equation 4.26
Net income Net sales Total assets
ROE = × ×
Net sales Total assets Total equity
• Selecting a Benchmark
• Trend Analysis
• Industry Analysis
• Peer Group Analysis