The ability to analyse financial statements using ratios and percentages to assess the performance of organisations is a skill that will be tested in many of ACCA’s exam papers. It will also be regularly used by successful candidates in their future careers.
通過使用比率和百分比評估組織績效來分析財(cái)務(wù)報(bào)表的能力將會在ACCA考試中被測試到。這在成功的考試者的職業(yè)生涯中也經(jīng)常被用到。
The Paper F2/FMA syllabus introduces candidates to performance measurement and requires candidates to be able to 'Discuss and calculate measures of financial performance (profitability, liquidity, activity and gearing) and non-financial measures'. This article will focus on measures of financial performance and will detail the skills and knowledge expected from candidates in the Paper F2/FMA exam.
F2/FMA的教學(xué)大綱給候選者引進(jìn)了績效管理，并且要求他們能夠“探討、測評財(cái)務(wù)績效（盈利性、流動(dòng)性、營運(yùn)效率和 杠桿率 ）和非財(cái)務(wù)績效”。這篇文章關(guān)注于財(cái)務(wù)績效，并會詳細(xì)介紹將在F2/FMA考試中所用到的技能。
Paper F2/FMA candidates are expected to be able to calculate key accounting ratios, to know what they measure, and to explain what particular values mean. The syllabus categorises ratios into four headings: profitability, liquidity, activity and gearing.
F2/FMA要求考試者能計(jì)算主要的會計(jì)比率，了解其計(jì)算對象，解釋其意味著的特殊價(jià)值。教學(xué)大綱將這些比率分成四種：盈利性、流動(dòng)性、營運(yùn)效率和 杠桿
Profitability  盈利性
Profitability ratios, as their name suggests, measure the organisation’s ability to deliver profits. Profit is necessary to give investors the return they require, and to provide funds for reinvestment in the business. Three ratios are commonly used.
盈利比率，顧名思義，是衡量該組織能否產(chǎn)生利潤的能力。利潤對于給投資者所要求的回報(bào)來說是必要的，以提供在企業(yè)的再投資資金。其中有三個(gè)比率常用到
1. Return on capital employed (ROCE):  operating profit ÷ (non current liabilities +total equity) %
盈利能力（資本回報(bào)率）=營業(yè)利潤/（非流動(dòng)負(fù)債+所有者權(quán)益）
2. Return on sales (ROS): operating profit÷ revenue %
銷售回報(bào)率=營業(yè)利潤/銷售額
3. Gross margin: gross profit÷ revenue %
毛利率=（營業(yè)收入-營業(yè)成本）/營業(yè)收入=毛利潤/營業(yè)收入
Return on capital employed  資本回報(bào)率
Return on capital employed (sometimes known as return on investment or ROI) measures the return that is being earned on the capital invested in the business. Candidates are sometimes confused about which profit and capital figures to use. What is important is to compare like with like. Operating profit (profit before interest) represents the profit available to pay interest to debt investors and dividends to shareholders. It is therefore compared with the long-term debt and equity capital invested in the business (non current liabilities + total equity). By similar logic, if we wished to calculate return on ordinary shareholders funds (the return to equity holders), we would use profit after interest and tax divided by total equity).
資本回報(bào)率（有時(shí)也被稱為投資回報(bào)額或投資回報(bào)率），是衡量資本投資于企業(yè)的收益的措施?？荚囌哂袝r(shí)會對使用哪些利潤和資本數(shù)字感到困惑。重要是如何區(qū)分相近的比例計(jì)算公式。營業(yè)利潤（息前利潤）代表的是可支付利息給債權(quán)人和支付股息給股東的利潤。因此，要比較投資于公司的長期負(fù)債和股權(quán)資本（非流動(dòng)負(fù)債+所有者權(quán)益）相比。通過類似的邏輯，如果我們希望計(jì)算普通股股東的收益（即股本回報(bào)率），我們將利用息稅后利潤除以所有者權(quán)益。
A return on capital is necessary to reward investors for the risks they are taking by investing in the company. Generally, the higher the ROCE figure, the better it is for investors. It should be compared with returns on offer to investors on alternative investments of a similar risk.
資本回報(bào)對于回報(bào)投資者因投資公司所承擔(dān)的風(fēng)險(xiǎn)是非常必要的。一般來說，投資回報(bào)率的數(shù)值越高，對投資者越好。它應(yīng)該與其他風(fēng)險(xiǎn)相當(dāng)?shù)耐顿Y方案的投資回報(bào)率比較。
Return on sales 銷售回報(bào)率
Return on sales (sometimes known as operating margin) looks at operating profit earned as a percentage of revenue. Again, in simple terms, the higher the better. Poor performance is often explained by prices being too low or costs being too high.
銷售回報(bào)率（有時(shí)稱為營業(yè)利潤率）關(guān)注的是經(jīng)營利潤占營業(yè)額的百分比。同的，簡單來說，這個(gè)數(shù)值也是越高越好。數(shù)值結(jié)果不佳往往是因?yàn)閮r(jià)格太低或成本太高。
The ROCE and ROS ratios are often considered in conjunction with the asset turnover ratio. (The asset turnover ratio is discussed later). They are considered at the same time because:
資本回報(bào)率和銷售回報(bào)率比常常與資產(chǎn)周轉(zhuǎn)率一起考慮。（資產(chǎn)周轉(zhuǎn)率稍后討論）。這是因?yàn)椋?/div>
ROCE                               = ROS                              x                 asset turnover
資本回報(bào)率=銷售回報(bào)率   x      資產(chǎn)周轉(zhuǎn)天數(shù)
operating profit                 = operating profit              x                 revenue
capital employed                 revenue                                            capital  employed
This relationship can be useful in exam calculations. For example, if you are told that a business has a return on sales of 5% and an asset turnover of 2, then its ROCE will be 10% (5% x 2). This is more than a mathematical trick. It means that any change in ROCE can be explained by either a change in ROS, or a change in asset turnover, or both.
這個(gè)關(guān)系在考試中非常有用。例如，假如你被告知一個(gè)公司的銷售回報(bào)率為5%，資產(chǎn)周轉(zhuǎn)天數(shù)為2，那么它的資本回報(bào)率將是10%（5%×2）。這不僅僅是一個(gè)數(shù)學(xué)技巧。這意味著，在資本回報(bào)率的任何變化可以通過改變銷售回報(bào)率，或改變資產(chǎn)周轉(zhuǎn)率，或兩者同時(shí)改變來解釋。
Gross margin 毛利率
Return on sales looks at profits after charging non-production overheads. Gross margin on the other hand focuses on the organisation’s trading activities. Once again, in simple terms, the higher the better, with poor performance often being explained by prices being too low or costs being too high.
銷售回報(bào)率關(guān)注的是去掉非生產(chǎn)費(fèi)用后的利潤。毛利率關(guān)注的是該企業(yè)的交易活動(dòng)。同樣的，該數(shù)值越高越好，但如果績效不好，則可能是價(jià)格太低成本太高。
Liquidity 流動(dòng)性
This measures the ability of the organisation to meet its short-term financial obligations.
流動(dòng)性衡量了企業(yè)償還其短期負(fù)債的能力
Two ratios are commonly used:
有兩種比率常被用到
4. Current ratio  current assets ÷ current liabilities
流動(dòng)比率=流動(dòng)資產(chǎn)/流動(dòng)負(fù)債
5. Acid test (current assets – inventory) ÷ current liabilities
速動(dòng)比率=（流動(dòng)資產(chǎn)-存貨）/流動(dòng)負(fù)債
Current ratio 流動(dòng)比率
The current ratio compares liabilities that fall due within the year with cash balances, and assets that should turn into cash within the year. It assesses the company’s ability to meet its short-term liabilities. Traditionally textbooks tell us that this ratio should exceed 2.0:1 for a company to be able to safely meet its liabilities. However, acceptable current ratios vary between industrial sectors, and many companies operate safely at below the 2:1 level.
流動(dòng)比率比較的是一年內(nèi)到期的負(fù)債的余額和一年內(nèi)可以轉(zhuǎn)換為現(xiàn)金的資產(chǎn)。它評估公司滿足其短期負(fù)債的能力。傳統(tǒng)的教科書告訴我們，這個(gè)比例應(yīng)該超過2.0:1，可以說一個(gè)公司能夠安全地償還其負(fù)債。但是，可接受的流動(dòng)比率在不同行業(yè)之間是不同的，并且許多企業(yè)的安全運(yùn)行在低于2:1的水平。
A very high current ratio is not necessarily good. It could indicate that a company is too liquid. Cash is often described as an ’idle asset‘ because it earns no return, and carrying too much cash is considered wasteful. A high ratio could also indicate that the company is not making sufficient use of cheap short-term finance.
一個(gè)非常高的流動(dòng)比率比不一定是好的。它可以表明，一個(gè)公司流動(dòng)性太強(qiáng)（閑置資產(chǎn)沒有得到充分利用）?，F(xiàn)金通常被稱為“閑置資產(chǎn)”，因?yàn)樗鼪]有回報(bào)，所以持有過多的現(xiàn)金被認(rèn)為是一種浪費(fèi)。一個(gè)過高的比例可能也表明，該公司沒有充分利用短期融資
Acid test 速動(dòng)比率
The acid test (or quick ratio) recognises that inventory often takes a long time to convert into cash. It therefore excludes inventory values from liquid assets. Traditionally textbooks tell us that this ratio should exceed 1:1 but once again many successful companies operate below this level.
速動(dòng)比率承認(rèn)庫存通常需要很長的時(shí)間來轉(zhuǎn)換成現(xiàn)金。因此，其流動(dòng)資產(chǎn)不包括存貨價(jià)值。傳統(tǒng)的教科書告訴我們，這個(gè)比例應(yīng)該超過1:1，但許多成功的公司低于這個(gè)水平。
In practice a company’s current ratio and acid test should be considered alongside the company’s operating cashflow. A healthy cashflow will often compensate for weak liquidity ratios.
In practice a company’s current ratio and acid test should be considered alongside the company’s operating cashflow. A healthy cashflow will often compensate for weak liquidity ratios.
在實(shí)踐中，公司的流動(dòng)比率和速動(dòng)比率應(yīng)與經(jīng)營現(xiàn)金流相結(jié)合一起考慮。一個(gè)健康的現(xiàn)金流經(jīng)常會彌補(bǔ)萎靡的流動(dòng)性比率。
Activity ratios 營運(yùn)效率比例
6. Asset turnover: revenue ÷ (non current liabilities + total equity) ×365 days
資產(chǎn)周轉(zhuǎn)率=營業(yè)收入/（非流動(dòng)負(fù)債+所有者權(quán)益）x365天
7. Receivables days: receivables ÷ credit sales × 365 days
應(yīng)收賬款周轉(zhuǎn)天數(shù)=應(yīng)收賬款/賒銷×365天
8. Inventory days: inventory ÷ cost of sales × 365 days
存貨周轉(zhuǎn)天數(shù)=存貨/銷售成本×365天
9. Payable days: payables ÷ purchases (or cost of sales) × 365 days
應(yīng)付賬款周轉(zhuǎn)天數(shù)=應(yīng)付賬款/銷售成本×365天
Activity ratios measure an organisation’s ability to convert balance sheet items into cash or sales. They measure the efficiency of the business in managing its assets.
營運(yùn)效率比例衡量了一個(gè)企業(yè)將資產(chǎn)負(fù)債表項(xiàng)目轉(zhuǎn)換為現(xiàn)金或銷售出去的能力。他們衡量企業(yè)資產(chǎn)管理的效率。
Asset turnover
This measures the ability of the organisation to generate sales from its capital employed. A possible variant is non-current asset turnover (revenue ÷ non-current assets). Generally the higher the better, but in later studies you will consider the problems caused by overtrading (operating a business at a level not sustainable by its capital employed). Commonly a high asset turnover is accompanied with a low return on sales and vice versa. Retailers generally have high asset turnovers accompanied by low margins: Jack Cohen, the founder of Tesco, famously used the motto ’Pile it high and sell it cheap’!
他衡量了一個(gè)企業(yè)從可動(dòng)用資本中產(chǎn)生銷售的能力。另一個(gè)變體是非流動(dòng)資產(chǎn)周轉(zhuǎn)天數(shù)（收入÷非流動(dòng)資產(chǎn)）。一般來說，這個(gè)數(shù)值越高越好，但在后來的研究中你會考慮超額運(yùn)營（過度交易）所造成的問題（在一個(gè)可動(dòng)用資本不可持續(xù)的水平上經(jīng)營經(jīng)營）。通常一個(gè)高的資產(chǎn)周轉(zhuǎn)天數(shù)是伴隨著低的銷售回報(bào)率，反之亦然。零售商通常有較高的資產(chǎn)周轉(zhuǎn)天數(shù)，并伴隨著較低的利潤：杰克科恩，樂購的創(chuàng)始人，有一個(gè)著名的格言“物多而賤賣！”
Receivable days
This is also known as debtor days. If a company has average accounts receivable of $20,000 on annual credit sales of $40,000 then on average 50% of its annual credit sales are uncollected. If credit sales are spread evenly over the year, then this represents 50% of a year’s sales, equivalent to 183 days, to collect cash from customers. ($20,000/$40,000 ÷ 365 days = 183 days). For liquidity purposes the faster money is collected the better. Also, generally, the longer customers are given to pay, the higher the level of bad debts. However, too much pressure on customers to pay quickly may damage a company’s ability to generate sales.
這也被稱為應(yīng)收賬款天數(shù)。如果一個(gè)公司在每年40000美元的信賒銷中有平均20000美元的應(yīng)收賬款，那么在其年度賒銷中有平均50%的賬收不回來。如果賒銷在一年內(nèi)平均分布，那么這代表了50%的年銷售額，相當(dāng)于183天，用來收集來自客戶的現(xiàn)金。（20000美元/ 40000美元÷365天= 183天）。根據(jù)流動(dòng)性的含義，我們知道錢被收集得越快越好。此外，一般而言，給客戶越長的支付時(shí)間，這筆錢越有可能變成壞賬。然而，給客戶在快速支付上造成太多的壓力很可能影響到企業(yè)的銷售數(shù)額。
Inventory days
Also known as stock days. This is calculated in a very similar way to receivable days. It measures how long a company carries inventory before it is sold. Again for liquidity purposes the shorter this period the better, as less cash is tied up in inventory. Also long inventory holding periods can result in obsolete inventory. On the other hand, too little inventory can result in production stoppages and dissatisfied customers.
這也被稱為存貨周轉(zhuǎn)天數(shù)。它在計(jì)算上與應(yīng)收賬款周轉(zhuǎn)天數(shù)非常相似。它計(jì)算從存貨到銷售出去的時(shí)間長度。同樣根據(jù)流動(dòng)性的意義，這一時(shí)期越短越好，因?yàn)檫@表示越少的現(xiàn)金被占用在庫存商品。同樣較長的庫存商品持有期可能導(dǎo)致過時(shí)的庫存商品。另一方面，庫存太少會導(dǎo)致生產(chǎn)中斷和不滿意的客戶無法滿足客戶需求。
Payable days
Also known as creditor days. Once again this is calculated in a similar way to receivable days. Because the purchases figure is often not available to analysts external to the business, the cost of sales figure is often used to approximate purchases. Payable days measures the average amount of time taken to pay suppliers. Long payment periods are good for the customer’s liquidity, but can damage relationships with suppliers.
這也被稱為應(yīng)付賬款天數(shù)。同樣 它在計(jì)算上與應(yīng)收賬款周轉(zhuǎn)天數(shù)非常相似。由于采購的數(shù)據(jù)對于外部分析師來說不是很容易獲得，所以銷售成本的數(shù)額通常被用來近似于采購數(shù)據(jù)。應(yīng)付賬款周轉(zhuǎn)天數(shù)用來衡量支付給供應(yīng)商的平均時(shí)間。較長的付款期對客戶的流動(dòng)性很好，但會損害與供應(yīng)商的關(guān)系。
Gearing
This relates to an organisation’s ability to meet its long-term debts. Two ratios are commonly used.
杠桿比率與企業(yè)償還其長期負(fù)債的能力有關(guān)，有兩個(gè)比率常被用到
10. Capital gearing: non-current liabilities ÷ ordinary shareholders funds % (this is sometimes described as the debt to equity ratio)
Or non-current liabilities ÷ (ordinary shareholders funds + non current liabilities % (sometimes described as debt to equity + debt)
資金借貸比率=非流動(dòng)負(fù)債/.普通股股東資本回報(bào)，常被稱為債務(wù)股本比或者是 非流動(dòng)負(fù)債/.（普通股股東資本回報(bào)+非流動(dòng)負(fù)債），有時(shí)也寫作債務(wù)比上所有者權(quán)益加上債務(wù)
11. Interest cover: operating profit ÷ finance costs
利息償付比率=營業(yè)利潤/財(cái)務(wù)費(fèi)用
Capital gearing
Also known as leverage. Capital gearing looks at the proportions of owner’s capital and borrowed capital used to finance the business. Many different definitions exist; the two most commonly used ones are given above. When necessary in the exam, you will be told which definition to use.
也被稱為杠桿。資金借貸比例關(guān)注的是所有者的資本和借貸資本用來營運(yùn)企業(yè)的比例。它存在許多不同的定義，最常用的是上述。在考試中，你會被告知使用的定義。
A large proportion of borrowed capital is risky as interest and capital repayments are legal obligations and must be met if the company is to avoid insolvency. The payment of an annual equity dividend on the other hand is not a legal obligation.  Despite its risks, borrowed capital is attractive to companies as lenders accept a lower rate of return than equity investors due to their secured positions. Also interest payments, unlike equity dividends, are corporation tax deductible.
大比例的借入資本是危險(xiǎn)的，因?yàn)槔⒑唾Y本償還是法律義務(wù)，并且公司為了避免破產(chǎn)這項(xiàng)義務(wù)必須滿足。而另一方面，每年的股權(quán)分紅并不是一種法律義務(wù)。盡管存在風(fēng)險(xiǎn)，但借貸資金對公司來說是有吸引力的，因?yàn)閭鶛?quán)人由于其擔(dān)保地位要接受一個(gè)比股權(quán)人要低的收益率。另外利息支付，不同于股票股利，是可扣除企業(yè)所得稅的
Levels of capital gearing vary enormously between industries. Companies requiring high investment in tangible assets are commonly highly geared. Consequently, it is difficult to generalise about when capital gearing is too high. However, most accountants would agree that gearing is too high when the proportion of debt exceeds the proportion of equity.
杠桿比率水平差異很大。公司要求有形資產(chǎn)是高投資。因此，很難一概而論什么時(shí)候杠桿比率太高。然而，大多數(shù)會計(jì)人員同意，當(dāng)負(fù)債比例大于權(quán)益的比例時(shí)，杠桿比率過高。
Interest cover
This is sometimes known as income gearing. It looks at how many times a company’s operating profits exceed its interest payable. The higher the figure, the more likely a company is to be able to meet its interest payments. Anything in excess of four is usually considered to be safe.
這有時(shí)被稱為收入負(fù)債。它關(guān)注于一個(gè)公司的經(jīng)營利潤超過應(yīng)付利息多少倍。這個(gè)數(shù)字越高，公司越有可能滿足其支付利息。.一般超過4是安全的，能夠償付利息。
Typical question
You are unlikely to be asked a question of the nature of ’Current assets are $3,000 and current liabilities are $1,000, what is the current ratio?’
流動(dòng)資產(chǎn)為3000，流動(dòng)負(fù)債為1000，那么流動(dòng)比率是多少？
This is considered too low level for Paper F2/FMA. The question (see 'Related link'), from the December 2011 examiner’s comments, demonstrates the standard of understanding of ratios that is required.
在F2/FMA考試中這被認(rèn)為是非常簡單的題。這個(gè)問題在2011年12月考試綱要中被認(rèn)定是達(dá)到比率的理解要求的。
Written by a member of the Paper F2/FMA examining team
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