企業(yè)財(cái)務(wù)營(yíng)運(yùn)能力比率分析中英文對(duì)照外文翻譯文獻(xiàn)

外文翻譯中英文對(duì)照外文翻譯文獻(xiàn)(文檔含英文原文和中文翻譯)營(yíng)運(yùn)能力比率分析1.財(cái)務(wù)比率分析通過財(cái)務(wù)分析，可以使不同的信息使用者得到有關(guān)企業(yè)營(yíng)運(yùn)狀況和財(cái)務(wù)狀況的信息。這些信息都是很有價(jià)值的，它可以幫助企業(yè)經(jīng)營(yíng)者全面了解企業(yè)的營(yíng)運(yùn)狀況，可以幫助企業(yè)投資者預(yù)測(cè)投資風(fēng)險(xiǎn)和投資報(bào)酬，做出投資、繼續(xù)投資或轉(zhuǎn)移投資的決策。2.經(jīng)營(yíng)比率經(jīng)營(yíng)比率即周轉(zhuǎn)比率，它在很大程度上可以用來評(píng)估特定資產(chǎn)產(chǎn)生的利益，諸如存貨、應(yīng)收賬款可以用來評(píng)價(jià)公司全部資產(chǎn)產(chǎn)生的利潤(rùn)。3.存貨的管理存貨周轉(zhuǎn)率表明公司已銷售貨物和服務(wù)的使用效率。存貨周轉(zhuǎn)率是企業(yè)營(yíng)業(yè)成本與存貨間的比率：存貨周轉(zhuǎn)率＝營(yíng)業(yè)成本／平均存貨4.應(yīng)收賬款的管理就像評(píng)估存貨周轉(zhuǎn)一樣，我們可以用應(yīng)收賬款和信用政策評(píng)估一個(gè)公司的經(jīng)營(yíng)管理水平。應(yīng)收賬款周轉(zhuǎn)率是評(píng)價(jià)企業(yè)運(yùn)用信用政策效率的一種方法。提供信用期限是為了刺激銷售。信用政策的使用，是為了防止客戶出現(xiàn)不履行承諾的可能性。延長(zhǎng)信用期限的好處就同凈賒銷－銷售應(yīng)該收到的現(xiàn)金少于實(shí)際到賬的。應(yīng)收賬款周轉(zhuǎn)率＝營(yíng)業(yè)收入凈額／應(yīng)收賬款平均余額5.全部資產(chǎn)的管理存貨周轉(zhuǎn)率和應(yīng)收賬款周轉(zhuǎn)率反映的是特定資產(chǎn)使用的效率。為了更加全面的反映一個(gè)公司的生產(chǎn)經(jīng)營(yíng)能力，我們可以將一定時(shí)期的營(yíng)業(yè)收入和資產(chǎn)總額進(jìn)行比較。一種方法就是使用總資產(chǎn)周轉(zhuǎn)率，這個(gè)指標(biāo)告訴我們年度內(nèi)一個(gè)公司在銷售環(huán)節(jié)總資產(chǎn)的周轉(zhuǎn)次數(shù)。總資產(chǎn)周轉(zhuǎn)率＝銷售收入凈額／平均資產(chǎn)總額另一種方法是只注重固定資產(chǎn)，公司的長(zhǎng)期、有形資產(chǎn)。固定資產(chǎn)周轉(zhuǎn)率是固定資產(chǎn)和固定資產(chǎn)平均凈值的比值。固定資產(chǎn)周轉(zhuǎn)率＝銷售收入凈額／固定資產(chǎn)平均凈值6.應(yīng)收賬款的管理當(dāng)一個(gè)公司允許其客戶在以后的日子里支付商品或服務(wù)的款項(xiàng)時(shí)，就產(chǎn)生了應(yīng)收賬款。允許客戶在收到商品或服務(wù)后付款，這就給了客戶信用，也就是所謂的商業(yè)信用。商業(yè)信用又稱商品信用或者貿(mào)易信用，是一種非正式的信用，它不像其它形式的信用，商業(yè)信用通常不需要以票據(jù)為根據(jù)，而是自發(fā)產(chǎn)生的：當(dāng)客戶購買商品或服務(wù)，隨之產(chǎn)生了商業(yè)信用。應(yīng)收賬款的監(jiān)控：通過財(cái)務(wù)比率和賬齡分析表，可以監(jiān)督應(yīng)收賬款的管理。依靠財(cái)務(wù)比率，我們可以更加全面了解應(yīng)收賬款的回收速度。賬齡分析表表明應(yīng)收賬款的拖欠時(shí)間，有助于找到一個(gè)更加詳細(xì)的收款策略。通過信用天數(shù)的計(jì)算，可以找到快速收回應(yīng)收賬款的方法。信用天數(shù)就是在某個(gè)時(shí)間點(diǎn)（或者說，在最后一年）應(yīng)收賬款余額和日賒金額（平均每天的信用銷售額）的比值，即信用天數(shù)=應(yīng)收賬款／日賒銷額。信用天數(shù)，也稱平均收款期和賒銷期，衡量的是應(yīng)收賬款的平均收帳時(shí)間。7.存貨的管理存貨是最終銷售商品的庫存。存貨包括原材料、在產(chǎn)品和可供出售的產(chǎn)成品。存貨的多少取決于很多因素。正如應(yīng)收賬款，投資存貨的成本和存貨不足的成本之間要有所權(quán)衡。有時(shí)候存貨成本過多和有時(shí)候存貨成本太少。持有存貨的理由：持有存貨的理由有好幾個(gè)。其中最明顯的理由是，如果你銷售一種產(chǎn)品，你不能沒有存貨就做交易。還有一個(gè)重要原因是，存貨的制造是需要一定的時(shí)間的，不能很快就完工。你可能會(huì)有一些不同階段生產(chǎn)的庫存。這就是所說的生產(chǎn)過程。為了防止銷售額遠(yuǎn)遠(yuǎn)超出預(yù)期，你也會(huì)想要更多的庫存產(chǎn)品在身邊。為了應(yīng)對(duì)一些突發(fā)事件，比如說生產(chǎn)的改變，原材料成本的改變，你也更多的會(huì)想要儲(chǔ)備投機(jī)庫存。此外，一些企業(yè)會(huì)利用足夠的存貨來滿足合同協(xié)議。例如，一個(gè)零售店，區(qū)域內(nèi)唯一的經(jīng)銷商或產(chǎn)品的代表地區(qū)，可能需要儲(chǔ)備一些以供出售的庫存商品。涉及存貨投資的決定，比如說存貨最小收益（例如滿足交易和預(yù)防的需要）等于邊際成本（例如運(yùn)輸成本）。邊際收益等于邊際成本，表明財(cái)富最大化。存貨管理模型：存貨管理模型有很多，但是基本思想都是相同的，那就是存貨成本最小化。經(jīng)濟(jì)訂貨批量模型：經(jīng)濟(jì)訂貨量（EOQ）模型可以幫助我們決定一個(gè)合適的庫存量，使得在整個(gè)過程中總庫存的成本是最低的。經(jīng)濟(jì)訂貨模型有記下幾個(gè)假設(shè)：①存貨是第一時(shí)間收到的。②庫存是在一段時(shí)間內(nèi)統(tǒng)一使用的③庫存短缺是不可取的?；谶@些假設(shè)，每一次在管理存貨的時(shí)候，通過訂購特定數(shù)量的存貨－也就是所謂的經(jīng)濟(jì)訂貨量，能夠使企業(yè)存貨成本最小化－即運(yùn)費(fèi)和訂貨成本之和最小。存貨管理的監(jiān)控：與監(jiān)控應(yīng)收賬款一樣，我們可以通過分析財(cái)務(wù)比率來監(jiān)控存貨。存貨持有天數(shù)就是某個(gè)時(shí)點(diǎn)存貨的美元價(jià)值與平均日銷貨成本的比值，即存貨持有天數(shù)=存貨/平均日銷成本，這一比率用來估計(jì)銷售存貨的天數(shù)。此比率可以用來評(píng)估日銷貨價(jià)值。與所需貨物評(píng)估相結(jié)合，可以幫助你制定生產(chǎn)與購貨計(jì)劃。另一種監(jiān)控存貨的方法是存貨周轉(zhuǎn)率—表示一定時(shí)期內(nèi)銷售的（銷貨成本）與該期期末（存貨）的比值，即存貨周轉(zhuǎn)率=產(chǎn)品銷售成本/存貨。存貨周轉(zhuǎn)率表明在一段時(shí)間內(nèi)，公司存貨（從原材料到銷售商品）的平均周轉(zhuǎn)次數(shù)。假設(shè)企業(yè)存貨周轉(zhuǎn)率為五次，那就意味著一年內(nèi)該企業(yè)存貨投資和存貨銷售一共完成了五次周轉(zhuǎn)。如果周轉(zhuǎn)低于正常情況，可能暗示著生產(chǎn)緩慢或者銷售緩慢，這也許就需要增加銷售獎(jiǎng)勵(lì)或者提供價(jià)格折扣來扭轉(zhuǎn)這一情況。然而，存貨周轉(zhuǎn)率的分析也不是單一的。高存貨周轉(zhuǎn)率是好是壞？這不能一概而論。存貨周轉(zhuǎn)率越高公司存貨使用效率高，但同時(shí)也意味著該公司可能會(huì)出現(xiàn)存貨短缺的現(xiàn)象。沒有足夠的存貨會(huì)引起銷售減少和客戶友好程度的下降。將存貨周轉(zhuǎn)率分析與盈利能力分析相結(jié)合，可以進(jìn)一步幫助你了解存貨是否適量。流動(dòng)資產(chǎn)的管理，需要將過多與資產(chǎn)相關(guān)的成本和擁有足夠資產(chǎn)所帶來的益處相平衡。雖然各產(chǎn)業(yè)間商業(yè)慣例和風(fēng)俗不同，但應(yīng)收賬款管理的共同理念是一樣的，就是在考慮基金成本和壞帳產(chǎn)生的可能性時(shí)，要通過擴(kuò)大信用來鼓勵(lì)商品銷售并保持競(jìng)爭(zhēng)力。管理存貨時(shí)，由于銷售商品的性質(zhì)在很大程度上決定了庫存的類型，所以各企業(yè)對(duì)于存貨管理的投資都是不一樣的。經(jīng)濟(jì)訂貨批量模型和準(zhǔn)時(shí)制管理技術(shù)可以幫助財(cái)務(wù)經(jīng)理管理庫存投資。關(guān)于應(yīng)收賬款和存貨的決定，他們的共同目的都是為了減少短期資產(chǎn)的投資。但如果沒有足夠的資產(chǎn)，你將會(huì)發(fā)生成本，所以你必須做一些資產(chǎn)方面的投資。在銷售方面，如果你缺乏足夠的存貨或者你未能提供具有競(jìng)爭(zhēng)力的信用證條款，你可能就會(huì)敗給你的競(jìng)爭(zhēng)對(duì)手。應(yīng)收賬款的管理，涉及到銷售增長(zhǎng)帶來的利潤(rùn)和信貸成本之間的權(quán)衡。（比如說，資金的機(jī)會(huì)成本和信用客戶的默認(rèn)值。）信用政策和搜集政策的制定，必須要考慮銷售增長(zhǎng)所帶來的利潤(rùn)和延長(zhǎng)信貸期限所帶來的成本。存貨的管理，涉及了擁有足夠存貨滿足需求所帶來的益處和存貨成本之間的權(quán)衡。（例如，資金的機(jī)會(huì)成本，存儲(chǔ)，折舊）。存貨管理模型，比如說經(jīng)濟(jì)訂貨量模型、切合時(shí)宜技術(shù)，都可以作為存貨分析的一種方法，通過分析降低存貨成本。UsingfinancialratioanalysisFinancialanalysisprovidesinformationconcerningafirm’soperatingperformanceandfinancialcondition.Thisinformationisusefultoanalysisinevaluatingafirm’soperationandtoaninvestorinevaluatingtheriskandpotentialreturnstoinvestinginafirm’ssecurities.ActivityratiosActivityratios—forthemostpart,turnoverratios—canbeusedtoevaluatethebenefitsproducedbyspecificassets,suchasinventoryoraccountsreceivableortoevaluatethebenefitsproducedbythetotalityofthefirm’sassets.Inventorymanagement.Theinventoryturnoverratioindicateshowquicklyafirmhasusedinventorytogeneratethegoodsandservicesthataresold.Theinventoryturnoveristheratioofthecostofgoodssoldtoinventory:Inventoryturnoverratio=Costofgoodssold/InventoryAccountsreceivablemanagementInmuchthesamewayweevaluatedinventoryturnover,wecanevaluateafirm’smanagementofitsaccountsreceivableanditscreditpolicy.Theaccountsreceivableturnoverratioisameasureofhoweffectivelyafirmisusingcreditextendedtocustomers.Thereasonforextendingcreditistoincreasesales.Thedownsidetoextendingcreditisthepossibilityofdefault—customersnotpayingwhenpromised.Thebenefitobtainedfromextendingcreditisreferredtoasnetcreditsales—salesoncreditlessreturnsandrefunds.Accountsreceivableturnover=Netcreditsales/AccountsreceivableOverallassetmanagementTheinventoryandaccountsreceivableturnoverratiosreflectthebenefitsobtainedfromtheuseofspecificassets(inventoryandaccountsreceivable.)Foramoregeneralpictureoftheproductivityofthefirm,wecancomparethesalesduringaperiodwiththetotalassetsthatgeneratedthesesales.Onewayiswiththetotalassetturnoverratiowhichtellsushowmanytimesduringtheyearthevalueofafirm’stotalassetsisgeneratedinsales:Totalassetsturnover=Sales/TotalassetsAnalternativeistofocusonlyonfixedassets,thelong-term,tangibleassetsofthefirm.Thefixedassetturnoveristheratioofsalestofixedassets:Fixedassetturnoverratio=Sales/FixedassetsReceivablesManagementWhenafirmallowscustomerstopayforgoodsandservicesatalaterdate,itcreatesaccountsreceivable.Byallowingcustomerstopaysometimeaftertheyreceivethegoodsorservices,youaregrantingcredit,whichwerefertoastradecredit.Tradecredit,alsoreferredtoasmerchandisecreditordealercredit,isaninformalcreditarrangement.Unlikeotherformsofcredit,tradecreditisnotusuallyevidencedbynotes,butratherisgeneratedspontaneously:Tradecreditisgrantedwhenacustomerbuysgoodsorservices.MonitoringAccountsReceivable:Youcanmonitorhowwellaccountsreceivablearemanagedusingfinancialratiosandagingschedules.Financialratioscanbeusedtogetanoverallpictureofhowfastwecollectonaccountsreceivable.Agingschedules,whicharebreakdownsoftheaccountsreceivablebyhowlongtheyhavebeenaround,helpyougetamoredetailedpictureofyourcollectionefforts.YoucangetanideaofhowquicklywecollectouraccountsreceivablebycalculatingtheNumberofDaysofCredit,whichistheratioofthebalanceinaccountsreceivableatapointintime(say,attheendofayear)tothecreditsalesperday(onaverage,thedollaramountofcreditsalesduringaday):Numberofdaysofcredit=Accountsreceivable/CreditsalesperdayThenumberofdayscreditratio,alsoreferredtoastheaveragecollectionperiodanddayssalesoutstanding(DSO),measureshowlong,onaverage,ittakesustocollectonouraccountsreceivable.InventoryManagementInventoryisthestockofphysicalgoodsforeventualsale.Inventoryconsistsofrawmaterial,work-in-process,andfinishedgoodsavailableforsale.Therearemanyfactorsinadecisionofhowmuchinventorytohaveonhand.Aswithaccountsreceivable,thereisatradeoffbetweenthecostsofinvestingininventoryandthecostsofinsufficientinventory.There’sacosttotoomuchinventoryandthere’sacostoftoolittleinventory.ReasonsforHoldingInventory:Thereareseveralreasonstoholdinventory.Themostobviousisthatifyousellaproduct,youcan’ttransactbusinesswithoutinventory.Anotherobviousreasonisthatgoodscannotbemanufacturedinstantaneously.Ifyoumanufacturegoods,youwilllikelyhavesomeinventoryinvariousstagesofproduction.Thisisreferredtoaswork-in-process.Youalsomaywanttohavesomeinventoryoffinishedgoodsincasesalesaregreaterthanexpected.Oryoumaywanttoholdsomespeculativeinventoryfordealingwitheventssuchasachangeintheproductorachangeinthecostoftherawmaterials.Further,somefirmsholdinventorytosatisfycontractualagreements.Forexample,aretailoutletthatisthesoledistributororrepresentativeofaproductinaregion,mayberequiredtocarryaspecifiedinventoryofgoodsforsale.Thedecisiontoinvestininventoryinvolves,ultimately,determiningthelevelofinventorysuchthatthemarginalbenefit(suchasprovidingfortransactionsandprecautionaryneeds)equalthemarginalcost(suchascarryingcosts).Thelevelofinventoryatwhichthemarginalbenefitsequalthemarginalcostistheowners’wealthmaximizinglevel.ModelsofInventoryManagement:Therearealternativemodelsforinventorymanagement,butthebasicideaforallofthemisthesame:Minimizeinventorycosts.TheEconomicOrderQuantityModel:TheEconomicOrderQuantity(EOQ)modelhelpsusdeterminewhatquantityofinventorytoordereachtimeweordersothattotalinventorycoststhroughouttheperiodareminimized.Theeconomicorderquantitymodelassumesthat:1.Inventoryisreceivedinstantaneously.2.Inventoryisuseduniformlyovertheperiod.3.Inventoryshortagesarenotdesirable.Withtheseassumptions,firmscanminimizethecostofinventory—thesumofthecarryingcostsandtheorderingcosts—byorderingaspecificamountofinventory,referredtoastheeconomicorderquantity,eachtimetheyrunoutofinventory.MonitoringInventoryManagement:Wecanmonitorinventorybylookingatfinancialratiosinmuchthesamewaywecanmonitorreceivables.Thenumberofdaysofinventoryistheratioofthedollarvalueofinventoryatapointintimetothecostofgoodssoldperday:Numberofdaysofinventory=Inventory/Averageday’scostofgoodssold,Thisratioisanestimateofthenumberofdays’worthofsalesyouhaveonhand.Combinedwithanestimateofthedemandforyourgoods,thisratiohelpsyouinplanningyourproductionandpurchasingofgoods.Anotherwaytomonitorinventoryistheinventoryturnoverratio—theratioofwhatyouselloveraperiod(thecostofgoodssold)towhatyouhaveonhandattheendofthatperiod(inventory):Inventoryturnover=Costofgoodssold/Inventory,Theinventoryturnoverratiotellsyou,onaverage,howmanytimesinventoryflowsthroughthefirm—fromrawmaterialstogoodssold—duringtheperiod.Ifthetypicalinventoryturnoverforafirmis,say,fivetimes,thatmeansthatthefirmcompletesthecyclesofinvestingininventoryandsellinginfivetimesintheyear.Iftheturnoverislessthanusual,thismaysuggesteitherproductionisslower(resultinginrelativelymorework-in-process)orthatsalesaresluggishandperhapsneedaboostfromprovidingsalesincentivesordiscountingprices.Also,interpretationofaninventoryturnoverratioisnotstraightforward.Isahigherturnovergoodorbad?Itcouldbeeither.Ahighturnovermaymeanthatthefirmisusingitsinvestmentininventoryefficiently.Butitmightmeanthatthefirmisriskingashortageofinventory.Notkeepingenoughonhand(relativetowhatissold)incursachanceoflostsalesandcustomergoodwill.Usinginventoryturnoverratiosalongwithmeasuresofprofitabilitycangiveyouabetterideaofwhetheryouaregettinganadequatereturnonyourinvestmentininventory.Themanagementofcurrentassetsrequiresbalancingthecostofhavingtoomuchtiedupintheassetagainstthebenefitsofhavingasufficientamountoftheassetsonhand.Thoughbusinesspracticesandcustomsdifferamongindustries,thegeneralideainthemanagementofreceivablesistograntcredittoencouragesalesandstaycompetitive,whileconsideringthecostoftyingupfundsandofpossibleincurringbaddebts.Inthemanagementofinventory,theinvestmentininventorydiffersamongindustriessincethenatureofthegoodsforsales