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Financial Ratios: Unterschied zwischen den Versionen
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→Financial ratios as a managerial tool
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'''Ratios''' or '''indicators''' aim to provide concise information about a company or its business. They are used in different ways as a [[Controllinginstrumente|managerial tool]], in planning and control, or performance measurement, and in communication with different stakeholders (suppliers, banks, investors, among others). This results in a broad variety of indicators, financial and non-financial, raw (absolute) values or actual ratios (see the [[Kennzahlenarten|overview here]]). Given their availability, high standardization, and external auditing, ratios based on financial statements ('''financial ratios''') are very common. Compared to market-data based [[Wertpapierrendite|security returns]], they offer a different approach with additional information for investors. | '''Ratios''' or '''indicators''' aim to provide concise information about a company or its business. They are used in different ways as a [[Controllinginstrumente|managerial tool]], in planning and control, or performance measurement, and in communication with different stakeholders (suppliers, banks, investors, among others). This results in a broad variety of indicators, financial and non-financial, raw (absolute) values or actual ratios (see the [[Kennzahlenarten|overview here]]). Given their availability, high standardization, and external auditing, ratios based on financial statements ('''financial ratios''') are very common. Compared to market-data based [[Wertpapierrendite|security returns]], they offer a different approach with additional information for investors. | ||
Financial analysts often use rules of dumb („Golden rules“) for „good“ financial ratios. But since large differences between industries or strategies can be observed, usually the rules of dumb are not applied to all companies in the same way. Sometimes, extreme financial ratios are even the core of the competitive advantage of a company. However, a comparison of financial ratios to industry averages, other benchmarks, or a look at financial ratio time series can call attention to trends and outliers which require an in-depth analysis and explanation by management. | Financial analysts often use rules of dumb („Golden rules“) for „good“ financial ratios. But since large differences between industries or strategies can be observed, usually the rules of dumb are not applied to all companies in the same way. Sometimes, extreme financial ratios are even the core of the competitive advantage of a company. However, a comparison of financial ratios to industry averages '''(cross-sectional analysis)''', other benchmarks, or a look at financial ratio '''time series''' can call attention to trends and outliers which require an in-depth analysis and explanation by management. | ||
Two different approaches to build and use financial ratios are used: | |||
* A '''vertical analysis''' sets the balance sheet accounts in relation to the total assets and the income statement items in relation to net sales. Changes in these ratios mean that there are other trends which do not depend only on the growth or decrease of net sales and total assets. | |||
* A '''horizontal analysis''' comapares each balance sheet account or income statement item to a base year. It is possible to identify different growth rates and trends. | |||
The following overview shows important '''financial ratios:''' | The following overview shows important '''financial ratios:''' | ||