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1、confirmingpagesPART9CHAPTER"""""28FINANCIALPLANNINGANDWORKINGCAPITALMANAGEMENTFinancialAnalysis!Goodfinancialmanagersplanforthefuture.areas.Forexample,whenthefirmneedsaloanfromTheycheckthattheywillhaveenoughcashtopaythethebank,thefinancialmanagercanex
2、pectsomeupcomingtaxbillordividendpayment.Theythinkaboutsearchingquestionsaboutthefirm’sdebtratioandhowmuchinvestmentthefirmwillneedtomakeovertheproportionofprofitsthatisabsorbedbyinterest.thenextfewyearsandabouthowtheymightfinanceLikewise,ifadivisioni
3、searningalowreturnonitsthatinvestment.Theyreflectonwhethertheyarewellcapitaloritsprofitmarginsareunderpressure,youcanplacedtorideoutanunexpecteddownturnindemandbesurethatmanagementwilldemandanexplanation.oranincreaseinthecostofmaterials.Youhaveprobabl
4、yheardstoriesofwhizzeswhocanInChapter29wewilldescribehowthefinancialtakeacompany’saccountsapartinminutes,calculatemanagerdevelopsbothshort-andlong-termfinancialsomefinancialratios,anddivinethecompany’sfuture.plans.Butknowingwhereyoustandtodayisanecess
5、arySuchpeoplearelikeabominablesnowmen:oftenpreludetocontemplatingwhereyoumightbeinthespokenofbutnevertrulyseen.Financialratiosarenofuture.Therefore,inthischapterweshowhowthefirm’ssubstituteforacrystalball.Theyarejustaconvenientfinancialstatementshelpy
6、outounderstandthefirm’swaytosummarizelargequantitiesoffinancialdataandoverallperformanceandhowsomekeyfinancialratiostocomparefirms’performance.Theratioshelpyoutomayalertseniormanagementtopotentialproblemasktherightquestions;theyseldomanswerthem."""""2
7、8-1FinancialStatementsPubliccompanieshaveavarietyofstakeholders,suchasshareholders,bondholders,bank-ers,suppliers,employees,andmanagement.Allthesestakeholdersneedtomonitorthefirmandtoensurethattheirinterestsarebeingserved.Theyrelyonthecompany’sfinanci
8、alstatementstoprovidethenecessaryinformation.Publiccompaniesreporttotheirshare-holdersquarterlyandannually.TheannualfinancialstatementsarefiledwiththeSEConform10-Kandthequarterlystatementsarefiledonform10-Q.Thereforeyouoftenhearfinancialanalys
