会计英文文献077控制与财务管理.doc

外文翻译：控制与财务管理原文来源：利维/韦茨. Controlling and Financial Management 2007年，第165页。更多原创经管论文及英文文献与翻译请访问：http:/经管论文.com/ ,并提供定制服务译文正文：一 利润/营业额评估（一）盈利能力比率这一组指标旨在衡量零售业企业实现、维持和提高利润的能（Dragun 2004年a）。盈利可以由不同的指标来衡量。一个重要的关系是利润和销售之间的关系（毛利率），另一个涉及资本盈利能力方面的利润（净利润率）。这些所谓的回报率将在下面的财政绩效评价范围内被讨论。“高水平” 盈利指标（Dragun2004年）:毛利率；净利润率%。毛利率，也称为毛利，公式为: 毛利=净销售额 - 产品销售成本这是一个零售业的重要指标，因为它表明，零售商的利润有多少是销售商品而取得的（利维/韦茨2007年，第166页）。像其他性能指标一样，这个指标也可以表示为一个净销售额的百分比：毛利率=毛利/净销售额100净销售额一词表示已支付的款项总额净销售额一词表达了货币总量（如欧元，美元或英镑），减去已支付的所有销售税后的金额（利维/韦茨2007年）。净销售额=销售总额 - 负荷消费的回报 - 客户津贴净利率(%)=纯利/净销售额100这个“底线”对于评价整个公司的盈利能力是比较有用的（二）利润路径不同的利润模型或公式，可以从企业的盈利路径中看出来。（见图15.1）利润路毛利率总开支税前总利润税税后总利润净销售额销售净利润净销售额产品销售成本事业费利息支出营业费用支出的费用对零售企业来说是正常的支出。主要包括有三种（利维/韦茨2004年，第192页）：n 销售费用n 一般费用n 行政开支销售费用包括销售人员的薪金，佣金和福利。一般费用包括房租和水电费。行政开支包括所有行政员工工资，以及通过购买办公室和其他行政业务费用支出。（三）零售连锁经营效益分析作为零售连锁企业经营的简化的利润分析，表15.1提供了一个计算利润总额和经营水平的零售商店和商店的聚集从该公司的水平。1. 营业利润：部门，商店和公司层面步骤位置存储A存储B公司0销售产品销售成本XXXX1毛利率工资租金2营业利润/其他存储成本水平 3营业利润(存储级别)/ 总部的费用4营业利润(公司层面)（四）财务绩效评价为了评估零售商的财务业绩，财务比率可以被应用。在零售公司，四组的财务比率经常会被用到（Dragun 2004年a）：n 内部流动性比率n 回报率n 财务杠杆比率n 收益覆盖比率在这一章中，对内部流动性比率和回报率进行了讨论。比率分析的局限性，导致衍生出一项新的价值指标。 “度量概念背后的价值是简单而有力的：价值的仅仅只产生于该公司的回报超过了资本、资本成本时。”（Dragun 2004年a，第161页）。这种相对较新的方法简要地讨论和研究，说明了下面的情况。（五）回报率及回传通道这些指标涉及到资本利润，而盈利的比率是涉及到销售的利润。 “最高水平”指标衡量资产利用的效：资产回报（ROA）。这一指标通常是在息税前利润计算的基础上（收益前（b）利息和税金）：（9）ROA(b)=EBIT/平均总资产在计算税费和利息后 (a), 第二个度量资产收益的指标可以计算：（10）ROA(a) =纯利润/平均总资产另一个回报率指标是投资资本回报率(ROIC)和净资产收益率(ROE) (Dragun 2004年a； Dragun 2004年b).净边际利润模型（图15.1），可结合资产周转率模型, 其中资产收益率公式为总资产周转除以净销售额。因此，可以得出ROA的路径（见图15.2）ROA 路径净销售额产品销售成本事业费应收账款存货毛利率总开支流动资产总额固定资产税前净利润税净销售额税后净利润净销售额销售净利率资产周转率资产回报率利息支出其他流动资产现金总资产来源：利维/韦茨2004年，第201页。（五）流动资金比率这一组指标是“衡量企业的能力通过评价企业能够支付现在及未来的债务的能力。 内部流动性比率通常经过比较短期资产例如：现金及有价证券与短期的偿付义务，如应收账款” (Dragun 2004a, p. 149)。流动比率是最有名的流动性指标之一（11）流动比率=流动资产/流动负债这一组的其他指标 (Dragun 2004年a):（12）速动比率=速动资产（现金+现金及等价物+应收账款）/流动负债（13）现金比率=现金及现金等价物/流动负债（14）运营现金比率=运营现金流/流动负债速动比率和先进比率是较为保守的比率, 因为存货及其他资产包括了一些流动性较慢的资产 (Dragun 2004年a). 公式14是从现金流的角度考虑的指标。（六）价值指标这些指标衡量的经济价值，增加公司的财务业绩产生或能力。经济价值增值的措施包括市场价值的增加(MVA), 这是一个纯粹的股市为基础的措施, 和经济增加值(EVA). 经济增加值公式为(15) (Dragun 2004年a, 162页):(15) EVA=净利润营业额 (税后)-加权平均资本成本-资本加权平均资本成本（WACC）计算的是股本加权平均成本的债务和费用。债务的利息费用开支需要服务。 “对于股市，成本率，股东预期回报”（Dragun 2004年a，第161页）。这些费用更难以计算的，因为他们“关于股市风险的不确定因素，如风险投资者的回报率”（Dragun 2004年a，第161页）。表15.2显示了EVA的计算方案。EVA的计算项目计算1税前利润2所得税费用3NOPAT (税后净营业利润)项目1-项目24资本a = interest-bearing debtb = 股本C = a + b5债务对股本比率a/b6债务成本(%)7股权成本(%)8WACCa/c b/c9资本费用项目4 x 项目8 10EVA项目3-项目9来源: 改编自 Dragun 2004年a,163页。Controlling and Financial Management Profit/Turnover Evaluation1. Profitability RatiosMetrics from this group are designed to measure the ability of a retail company to achieve, sustain and increase profits (Dragun 2004a). Profitability can be measured by different indicators. One important relationship is between profits and sales (margin ratios); another dimension of profitability relates profits to capital. These so called return ratios are discussed below within the context of financial performance evaluation.“Top level” indicators of profitability are (Dragun 2004a):n gross margin in %n net profit margin in %The gross margin, also called gross profit, is defined as:(5) Gross margin=net sales - costs ofgoods sold“It is an important measure in retailing because it indicates how much profit the retailer is making on merchandise sales without considering the expenses associated with operating the store” (Levy/Weitz 2007, p. 166). Like other performance measures, this indicator can be expressed as a percentage of net sales:(6) gross margin in %= gross margin/ net sales100The termnet sales expresses the total volume of money (e.g. EUR, USD or GBP) after all refunds have been paid (Levy/Weitz 2007) (and after sales tax):(7) Net sales=gross amount of sales - costumer returns - customer allowancesThe net profit margin in % relates net profits to sales:(8) Net profit margin in %=net profit/ net sales100This “bottom line” profitability is useful for comparisons across companies. 2. Profit PathThe different profit margin models or formulas can be illustrated by a firms profit path (see Figure 15.1). Profit PathGross marginTotal expensesNet profit before taxesTaxesNet profit aftertaxesNet salesNet profit margin(in%)Net SalesCost of goods soldOperating experienceInterest expensesSource: Adapted from Levy/Weitz 2007, p. 165.Expenses are the costs incurred by a retail company in the normal course of business. There are three types ofretail operating expenses (Levy/Weitz 2004, p. 192):n selling expensesn general expensesn administrative expensesSelling expenses comprise sales staff salaries, commission and benefits. General expense includes rent and utilities. Administrative expenses comprehend salaries of all employees other than sales personnel, operational costs incurred by buying offices and other administrative expenses.3. Operating Profit Analysis in Retail ChainsAs a simplified example of an operating profit analysis in retail chains, Table 15.1 provides a calculation of gross margin and operating profit for a retail store and the aggregation from the store level to the company level.Operating Profit: Department, Store and Company LevelStepPositionStore AStore BCompany0net sales./. costs ofgoods soldXXXX1gross margin./. salaries./. rent2operating profit(department level)./. other storelevel costs 3operating profit(store level)./. costs ofheadquarter4operating profit(company level)4. Financial Performance EvaluationTo evaluate the financial performance of retailers,financial ratios can be applied. In retail companies, four groups of financial ratios are utilised (Dragun 2004a):n internal liquidity ratiosn return ratiosn financial leverage ratiosn earnings coverage ratios.In this Chapter, internal liquidity ratios and return ratios are discussed. The limitations of ratio analysis have led to the development of a new class of measures called value metrics. “The idea behind a value metric is simple and powerful: value is only created if the company generates return on capital exceeding the cost of that capital” (Dragun 2004a, p. 161). This relatively new approach will be discussed briefly and illustrated in the following case study.5. Return Ratios and Return PathThese metrics relate profits to capital, in contrast to profitability ratios which relate profits to sales. A “top level” indicator measures the efficiency of a company in utilising assets for profit generation: return on assets (ROA). This indicator is usually calculated on an EBIT basis (earnings before (b) interest and taxes):(9)ROA (b) =EBIT/ average total assetsOn an after tax and after interested basis (a), a second metric return on assets can be computed:(10) ROA (a) =net profit/ average total assetsOther return metrics are return on invested capital (ROIC) and return on equity (ROE) (Dragun 2004a; Dragun 2004b).The net profit margin model (Figure 15.1) can be combined with theasset turnover model, which yields asset turnover through dividing net sales by total assets. As a result, the ROA path can be derived (see Figure 15.2)Net SalesCost of goods soldOperating experienceAccountExpensesMerchandise inventoryGross marginTotal expensesTotal current assetFixed assetsNet profit before taxesTaxesNet salesNet profit after taxesNet salesNet profit marginAsset turnoverReturn on assetsInterest expensesOther accurateAssetCashTotal assetsSource: Levy/Weitz 2004, p. 201. 5. Liquidity RatiosMetrics from this group “measure the ability of the firm to sustain current and meet future obligations. Internal liquidity ratios usually compare the short term asset such as cash and marketable securities with the near term financial obligations such as accounts payable” (Dragun 2004a, p. 149).The current ratio is one of the best known liquidity metrics:(11) Current ratio= current assets/ current liabilitiesOther metrics from this group are (Dragun 2004a):(12) Quick ratio= cash and equivalentsaccounts receivable/ current liabilities(13) Cash ratio= cash and equivalents/ current liabilities(14) Cash flow from operations ratio= cash flow from operations/ current liabilitiesQuick ratio and cash ratio are more conservative ratios, because inventories and some other assets included in current assets are not liquid enough (Dragun 2004a). Formula 14 integrates a cash flow perspective.6. Value MetricsThese metrics measure the financial performance of firms by the ability to generate or to add economic value. Measures of economic value include market value added (MVA), which is a purely stock market based measure, and economic value added (EVA). Economic value added is computed according to formula (15) (Dragun 2004a, p. 162):(15) EVA net operating profit (aft