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所在平台: Coursera |
课程主页: https://www.coursera.org/learn/financial-ratios
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课程名称：初创企业的财务分析 课程概述：在前两门课程中，您学习了如何使用折现现金流法和倍数法对初创企业进行估值。然而，您还没有了解如何估算初创企业的现金流或收益。在本课程中，您将学习财务比率的概念和应用。通过使用诸如盈利能力、流动性、杠杆、效率和增长等财务比率，您可以评估初创企业的财务健康状况。盈利能力比率通过分析ROS、ROA和ROE来衡量公司的盈利水平。流动性比率反映公司将资产转化为现金以偿还短期债务的速度，包括流动比率、速动比率和现金比率。杠杆比率衡量公司的长期债务相对于其资产或股本的比例。效率比率则考察公司资产利用的效率。您可以通过财务比率了解初创企业的财务状态。此外，您还可以利用财务比率制定预计财务报表，借此推测初创企业的未来财务状况和现金流。结合预计报表和估值方法，您也可以对初创企业进行估值。 课程大纲： 第一部分：财务比率分析 描述：财务报表包含大量信息，因此财务比率被广泛用于将这些信息浓缩成便于理解的形式。在本模块中，您将学习几种在公司估值中广泛使用的关键财务比率，同时了解财务比率分析的局限性。 第二部分：长期财务规划 描述：本周，您将学习如何进行财务规划，即通过制定长期财务计划来考察公司能够实现的目标。此外，您将了解支持预计销售增长所需的融资金额，这种方法称为销售比例法。 第三部分：预计财务报表 描述：本周，您将使用三星电子的历史财务报表构建预计财务报表、财务比率和自由现金流。您将通过实际案例生成预计财务报表和财务比率。此外，您还可以通过延世公司的案例估算所需的外部融资。 第四部分：Ysom Inc.的增长规划 描述：本周将分为两部分。第一部分是短视频或材料的总结。第二部分是同伴评审。您将再次接触Ysom Inc.，并设计预计财务报表（资产负债表、损益表、现金流量表）并计算财务比率以及外部融资需求（EFN）。
Part: 1
Title:Financial Ratio Analysis
Description:Financial statements contains a huge amount of information. Thus, financial ratios are used broadly to condense them into a convenient form. In this module, you will learn several key financial ratios that are widely used in company valuation. You can also understand the limitations of financial ratio analysis.
Part: 2
Title:Long-term Financial Planning
Description:In this week, you will learn how to make financial planning. In other words, you will examine what the firm can accomplish by developing a long-term financial plan. Moreover, you are going to learn how much financing the firm will need to support the predicted sales growth, which called the percentage of sales approach.
Part: 3
Title:Pro Forma Statements
Description:In this week, you will construct pro-forma statements, financial ratios and free cash flow using Samsung Electronics historical financial statements. You will use real case for generating pro-forma statements and financial ratios. In addition, you will can estimate external financing needed using Yonsei Corporation case.
Part: 4
Title:Planning for Growth at Ysom Inc.
Description:This week will have two parts. First part will be spent on a short wrap up video or materials. Second part will be peer reviews. You will see Ysom Inc. again. You will design pro forma financial statements (Balance sheet, Income statement, Cash flow statement) and calculate financial ratios, EFN.
In the previous two courses, you have learned how to value startups using the discounted cash flow method and multiple methods. However, you have not learned how to estimate cash flows or earnings of startups. In this course, you are going to learn the concepts and usage of financial ratios. Using financial ratios such as profitability, liquidity, leverage, efficiency, and growth, you can tell financial health of a startup. Profitability ratios measure how profitable a firm is by looking at ROS, ROA, and ROE. Liquidity ratios measure how quickly a firm turns assets into cash to pay-off short-term liability and they include Current Ratio, Quick Ratio, and Cash Ratio. Leverage ratios measure how much long-term debt a firm has relative to its assets or equity. Efficiency ratios measure how efficiently a firm utilizes its assets. It is like a physical exam for humans and you can tell the fiscal status of a startup using financial ratios. You can also develop pro forma financial statement using financial ratios. Using pro forma financial statement, you can tell future financial status of a startup as well as cash flows. In addition, using information from pro forma statement and valuation methods, you can do the valuation of a startup.
