1、武漢科技大學本科畢業(yè)論文外文翻譯Operating Capacity Ratio AnalysisAuthor: Frank J. Fabozzi .Pamela P. PetersonMaterial Source: Financial Management and Analysis營運能力比率分析作者：弗蘭克 .J. 法財務(wù)管理與分析博奇，帕梅拉 .P. 彼得1武漢科技大學本科畢業(yè)論文外文翻譯1.財務(wù)比率分析通過財務(wù)分析，可以使不同的信息使用者得到有關(guān)企業(yè)營運狀況和財務(wù)狀況的信息。這些信息都是很有價值的，它可以幫助企業(yè)經(jīng)營者全面了解企業(yè)的營運狀況，可以幫助企業(yè)投資者預測投資風險和投資報酬，

2、 做出投資、 繼續(xù)投資或轉(zhuǎn)移投資的決策。2.經(jīng)營比率經(jīng)營比率即周轉(zhuǎn)比率， 它在很大程度上可以用來評估特定資產(chǎn)產(chǎn)生的利益， 諸如存貨、 應(yīng)收賬款可以用來評價公司全部資產(chǎn)產(chǎn)生的利潤。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)營業(yè)成本與存貨間的比率： 存貨周轉(zhuǎn)率營業(yè)成本 平均存貨4.應(yīng)收賬款的管理就像評估存貨周轉(zhuǎn)一樣，我們可以用應(yīng)收賬款和信用政策評估一個公司的經(jīng)營管理水平。 應(yīng)收賬款周轉(zhuǎn)率是評價企業(yè)運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

3、實際到賬的。應(yīng)收賬款周轉(zhuǎn)率營業(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公司的生產(chǎn)經(jīng)營能力， 我們可以將一定時期的營業(yè)收入和資產(chǎn)總額進行比較。2武漢科技大學本科畢業(yè)論文外文翻譯一種方法就是使用總資產(chǎn)周轉(zhuǎn)率， 這個指標告訴我們年度內(nèi)一個公司在銷售環(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)收賬款的管理當一個公司允許其客戶在以后的日子里支付商品或服

4、務(wù)的款項時， 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)收賬款的拖欠時間， 有助于找到一個更加詳細的收款策略。通過信用天數(shù)的計算， 可以找到快速收回應(yīng)收賬款的方法。 信用天數(shù)就是在某個時間點（或者說， 在最后一年） 應(yīng)收賬

5、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。 有時候存貨成本過多和有時候存貨成本太少。持有存貨的理由： 持有存貨的理由有好幾個。 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。 還有一個重要原因是， 存貨的制造是需要一定的時間的， 不能很快就完工。 你可能會有一些不同階段生產(chǎn)的庫存。

6、 這就是所說的生產(chǎn)過程。為了防止銷售額遠遠超出預期， 你也會想要更多的庫存產(chǎn)品在身邊。 為了應(yīng)對一些突發(fā)事件， 比如說生產(chǎn)的改變， 原材料成本的改變， 你也更多的會想要儲備投機庫存。3武漢科技大學本科畢業(yè)論文外文翻譯此外， 一些企業(yè)會利用足夠的存貨來滿足合同協(xié)議。例如， 一個零售店， 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 （例如滿足交易和預防的需要） 等于邊際成本（例如運輸成本） 。 邊際收益等于邊際成本，表明財富最大化。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)濟訂貨批量

7、模型：經(jīng)濟訂貨量（ EOQ） 模型可以幫助我們決定一個合適的庫存量， 使得在整個過程中總庫存的成本是最低的。經(jīng)濟訂貨模型有記下幾個假設(shè)： 存貨是第一時間收到的。 庫存是在一段時間內(nèi)統(tǒng)一使用的庫存短缺是不可取的?；谶@些假設(shè)， 每一次在管理存貨的時候，通過訂購特定數(shù)量的存貨也就是所謂的經(jīng)濟訂貨量， 能夠使企業(yè)存貨成本最小化即運費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務(wù)比率來監(jiān)控存貨。存貨持有天數(shù)就是某個時點存貨的美元價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， 這一比率用來估計銷售存貨的天數(shù)。此比率可以用來評估日銷貨價值。與所需貨物

8、評估相結(jié)合，可以幫助你制定生產(chǎn)與購貨計劃。 另一種監(jiān)控存貨的方法是存貨周轉(zhuǎn)率 表示一定時期內(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勵或者提供價格折扣來扭轉(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，但同時也意味著該公司可能會出現(xiàn)存貨

9、短缺的現(xiàn)象。沒有足夠的存貨會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， 可以進一步幫助你了解存貨是否適量。流動資產(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，要通過擴大信用來鼓勵商品銷售并保持競爭力。 管理存貨時， 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)對于存貨管理的投資都是不一樣的。經(jīng)濟訂貨批量模型和準時制管理技術(shù)可以幫助財務(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。

10、但如果沒有足夠的資產(chǎn)，你將會發(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爭力的信用證條款，你可能4武漢科技大學本科畢業(yè)論文外文翻譯就會敗給你的競爭對手。應(yīng)收賬款的管理， 涉及到銷售增長帶來的利潤和信貸成本之間的權(quán)衡。 （比如說，資金的機會成本和信用客戶的默認值。 ） 信用政策和搜集政策的制定， 必須要考慮銷售增長所帶來的利潤和延長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，資金的機會成本，存儲，折舊）。存貨管理模型， 比如說經(jīng)濟訂貨量模型、 切合時宜技術(shù)， 都可以作為存貨分析的一種

11、方法， 通過分析降低存貨成本。5武漢科技大學本科畢業(yè)論文外文翻譯Using financial ratio analysisFinancial analysis provides information concerning a firm s operating performance afinancial condition. This information is useful to analysis in evaluatinga firm s operationand to an investor in evaluating the risk and potential returns

12、to investing in a firm ssecurities.Activity ratiosActivity ratiosfor the most part, turnover ratios can be used to evaluate the benefits produced by specific assets, such as inventory or accounts receivable or to evaluate thebenefits produced by the totality of the firm s assets.Inventory management

13、 .The inventory turnover ratio indicates how quickly a firm has used inventory to generate the goods and services that are sold. The inventory turnover is the ratio of the cost of goods sold to inventory:Inventory turnover ratio=Cost of goods sold/Inventory Accounts receivable managementIn much the

14、same way we evaluated inventory turnover, we can evaluate a firm s management of its accounts receivable and its credit policy. The accounts receivable turnover ratio is a measure of how effectively a firm is using credit extended to customers. The reason for extending credit is to increase sales. T

15、he downside to extending credit is the possibility of defaultcustomers not paying when promised. The benefit obtained from extending credit is referred to as net credit sales sales on credit less returns and refunds.Accounts receivable turnover=Net credit sales/Accounts receivable Overall asset mana

16、gementThe inventory and accounts receivable turnover ratios reflect the benefits obtained from the use of specific assets (inventory and accounts receivable.)For a more general picture of the productivity of the firm, we can compare the sales during a period with the total assets that generated thes

17、e sales.One way is with the total asset turnover ratio which tells us how many times during theyear the value of a firm s total assets is generated in sales:Total assets turnover=Sales/Total assetsAn alternative is to focus only on fixed assets, the long-term, tangible assets of the firm.The fixed a

18、sset turnover is the ratio of sales to fixed assets:Fixed asset turnover ratio=Sales/Fixed assetsReceivables Management When a firm allows customers to pay for goods and services6武漢科技大學本科畢業(yè)論文外文翻譯at a later date, it creates accounts receivable. By allowing customers to pay some time after they receiv

19、e the goods or services, you are granting credit, which we refer to as trade credit. Trade credit, also referred to as merchandise credit or dealer credit, is an informal creditarrangement. Unlike other forms of credit, trade credit is not usually evidenced by notes, but rather is generated spontane

20、ously: Trade credit is granted when a customer buys goods or services.Monitoring Accounts Receivable: You can monitor how well accounts receivable are managed using financial ratios and aging schedules. Financial ratios can be used to get an overall picture of how fast we collect on accounts receiva

21、ble. Aging schedules, which are breakdowns of the accounts receivable by how long they have been around, help you get a more detailed picture of your collection efforts.You can get an idea of how quickly we collect our accounts receivable by calculatingthe Number of Days of Credit ,which is the rati

22、o of the balance in accounts receivable at a point in time (say, at the end of a year) to the credit sales per day (on average, the dollar amount of credit sales during a day):Number of days of credit = Accounts receivable/Credit sales per dayThe number of days credit ratio, also referred to as the

23、average collection period and days sales outstanding (DSO), measures how long , on average, it takes us to collect on our accounts receivable.Inventory ManagementInventory is the stock of physical goods for eventual sale. Inventory consists of rawmaterial, work-in-process, and finished goods availab

24、le for sale. There are many factors in a decision of how much inventory to have on hand. As with accounts receivable, there is a tradeoff between the costs of investing in inventory and the costs of insufficient inventory.There s a cost to too much inventory and there s a cost of too little inventor

25、y.Reasons for Holding Inventory: There are several reasons to hold inventory. The mostobvious is that if you sell a product, you can t transact business without inventory. Anotherobvious reason is that goods cannot be manufactured instantaneously. If you manufacture goods, you will likely have some

26、inventory in various stages of production. This is referred to as work-in-process.You also may want to have some inventory of finished goods in case sales are greater than expected. Or you may want to hold some speculative inventory for dealing with events such as a change in the product or a change

27、 in the cost of the raw materials.Further, some firms hold inventory to satisfy contractual agreements. For example, a7武漢科技大學本科畢業(yè)論文外文翻譯retail outlet that is the sole distributor or representative of a product in a region, may be required to carry a specified inventory of goods for sale.The decision

28、to invest in inventory involves, ultimately, determining the level of inventory such that the marginal benefit (such as providing for transactions and precautionary needs) equal the marginal cost (such as carrying costs). The level of inventory at which the marginal benefits equal the marginal cost

29、is the owners wealth maximizing level.Models ofInventoryManagement: There are alternative models forinventorymanagement, but the basic idea for all of them is the same: Minimize inventory costs.The Economic Order Quantity Model: The Economic Order Quantity (EOQ) model helps us determine what quantit

30、y of inventory to order each time we order so that total inventory costs throughout the period are minimized. The economic order quantity model assumes that:Inventory is received instantaneously.Inventory is used uniformly over the period.Inventory shortages are not desirable.With these assumptions,

31、 firms can minimize the cost of inventory the sum of the carrying costs and the ordering costsby ordering a specific amount of inventory, referred to as the economic order quantity, each time they run out of inventory.Monitoring Inventory Management: We can monitor inventory by looking at financial

32、ratios in much the same way we can monitor receivables. The number of days of inventory is the ratio of the dollar value of inventory at a point in time to the cost of goods sold per day:Number of days of inventory = Inventory/Average day s cost of goods sold,This ratio is an estimate of the number

33、of days worth of sales you have on hand. Combined with an estimate of the demand for your goods, this ratio helps you in planning your production and purchasing of goods. Another way to monitor inventory is theinventory turnover ratio the ratio of what you sell over a period (the cost of goods sold)

34、 to what you have on hand at the end of that period (inventory):Inventory turnover =Cost of goods sold/Inventory,The inventory turnover ratio tells you, on average, how many times inventory flows through the firm from raw materials to goods sold during the period. If the typical inventory turnover f

35、or a firm is, say, five times, that means that the firm completes the cycles of investing in inventory and selling in five times in the year. If the turnover is less8武漢科技大學本科畢業(yè)論文外文翻譯than usual, this may suggest either production is slower (resulting in relatively more work-in-process) or that sales

36、are sluggish and perhaps need a boost from providing sales incentives or discounting prices.Also, interpretation of an inventory turnover ratio is not straightforward. Is a higher turnover good or bad? It could be either. A high turnover may mean that the firm is using its investment in inventory ef

37、ficiently. But it might mean that the firm is risking a shortage of inventory. Not keeping enough on hand (relative to what is sold)incurs a chance of lost sales and customer goodwill. Using inventory turnover ratios along with measures of profitability can give you a better idea of whether you are

38、getting an adequate return on your investment in inventory.The management of current assets requires balancing the cost of having too much tied up in the asset against the benefits of having a sufficient amount of the assets on hand. Though business practices and customs differ among industries, the general idea in the management of receivables is to grant credit to encourage sales and stay competitive, while considering the cost of tying up funds and of possible incurring bad debts. In the management of inventory, the investment in inventory differs among industries since the nature of the g