CPA财务管理专业英语

1、财务管理专业英语专题一财务报表分析专题一财务报表分析1流动性liquidity2分析analysis3指标indicator4比率ratio5绝对数absolute value 6资产asset7负债liability/debt8计量measure9评估evaluate9估计estimate10准确的accurate11可靠的reliable12应收账款accounts receivable13可靠性Credibility/reliability14说明indicate15反之亦然vice versa16分期付款installment 17偿付能力solvency一、短期偿债能力分析一、短期偿

2、债能力分析存量比较存量比较:1.营运资本流动资产流动负债营运资本流动资产流动负债长期资本长期资产长期资本长期资产working capitalcurrent assetscurrent liabilitieslong-term capital long-term assets提示：提示：（1）营运资本是绝对数，不便于不同企业之间比较。）营运资本是绝对数，不便于不同企业之间比较。（1）Working capital is an absolute measure, which is difficult to be used for comparing different companies.（2）

3、营运资本的合理性主要通过短期债务的存量比）营运资本的合理性主要通过短期债务的存量比率评价。率评价。（2）The reasonableness of working capital is primarily evaluated through short-term debt ratio.2.流动比率流动资产流动比率流动资产/流动负债流动负债100%Current ratiocurrent assets/current liabilities100%提示：提示：（1）不存在统一的、标准的流动比率数值。）不存在统一的、标准的流动比率数值。（2）流动比率是短期偿债能力的粗略估计。）流动比率是短期偿债能

4、力的粗略估计。（1）There is no uniform or standard current ratio.（2）Current ratio is a rough estimate of liquidity.3.速动比率速动资产速动比率速动资产/流动负债流动负债100%Quick ratio（current assets inventory）/current liabilities提示：提示：（1）速动比率较之流动比率能够更加准确、可靠地评）速动比率较之流动比率能够更加准确、可靠地评价企业资产的流动性及其偿还短期负债的能力。价企业资产的流动性及其偿还短期负债的能力。（1）The quick

5、 ratio can be more accurate and reliable in measuring the ability of an enterprise to pay short-term debt and its liquidity than the current ratio.（2）影响速动比率可信性的重要因素是应收账款的变）影响速动比率可信性的重要因素是应收账款的变现能力。现能力。（2）The liquidity of accounts receivable is the important factor, which influences the credibility o

6、f the quick ratio.4.现金比率现金比率（货币资金交易性金融资产）（货币资金交易性金融资产）/流动负债流动负债100%Cash ratio（monetary fund trading financial assets）/current liabilities 100%提示：提示：不能说现金比率越大越好。因为现金比率过高不能说现金比率越大越好。因为现金比率过高表明企业闲置的现金多，会造成企业机会成本的增表明企业闲置的现金多，会造成企业机会成本的增加和获利能力的降低。加和获利能力的降低。A cash ratio that is too high may indicate a com

7、pany having too much spare cash, which would increase the opportunity cost and decrease the profitability.1.现金流量比率经营现金流量现金流量比率经营现金流量/年末流动负债年末流动负债100%Cash flow ratiooperating cash flow/current liabilities at year-end 100%现金流量比率可以从现金流量角度直观地反映出企业偿还流现金流量比率可以从现金流量角度直观地反映出企业偿还流动负债的实际能力。动负债的实际能力。Cash flow

8、ratio directly reflects the ability of the company to meet its short-term obligations based on cash generated in the normal course of business.综合分析：不能说流动比率提高（降低），短期偿债能力增综合分析：不能说流动比率提高（降低），短期偿债能力增强（降低），还应分析存货周转率、应收账款周转率、速动强（降低），还应分析存货周转率、应收账款周转率、速动比率、现金比率、现金流量比率。比率、现金比率、现金流量比率。The higher current rati

9、o may not mean the enhancement of the short-debt paying ability, and vice versa. However, several other ratios give analysis further information, among which are the inventory turnover ratio, accounts receivable turnover ratio, quick ratio, cash ratio, cash flow ratio, etc.表外分析：表外分析：（1）增强短期偿债能力的因素：可

10、动用的银行贷款指标；）增强短期偿债能力的因素：可动用的银行贷款指标；准备很快变现的非流动资产；偿债能力的声誉。准备很快变现的非流动资产；偿债能力的声誉。The factors which enhance the short-term debt paying ability: available bank loan, non-current assets which can be quickly converted to cash, reputation of debt paying ability.（2）降低短期偿债能力的因素：与担保有关的或有负债；）降低短期偿债能力的因素：与担保有关的或有负

11、债；经营租赁合同中承诺的付款，很可能是需要偿付的义务；经营租赁合同中承诺的付款，很可能是需要偿付的义务；建造合同、长期资产购置合同中分阶段付款，也是一种建造合同、长期资产购置合同中分阶段付款，也是一种承诺，应视同需要偿还的债务。承诺，应视同需要偿还的债务。The factors which reduce the short-term debt paying ability: the contingent liabilities related to debt guarantee ,agreed payment specified in the operating leasing contrac

12、t, installments of stage of construction contract and non-current assets purchasing contract, which is also a commitment and should be treated as a debt.二、长期偿债能力分析二、长期偿债能力分析（一）从资产负债表分析长期偿债能力（一）从资产负债表分析长期偿债能力资产负债率负债资产负债率负债/资产资产100%Asset to liability ratiototal liabilities/ total assets100%产权比率负债总额产权比

13、率负债总额/股东权益股东权益100%Debt to equity ratiototal liabilities/equity100%权益乘数总资产权益乘数总资产/股东权益股东权益100%1产权比率产权比率1/（1资产负债率）资产负债率）Equity multipliertotal assets/equity100%1debt to equity ratio1/（1asset to liability ratio）长期资本负债率非流动负债长期资本负债率非流动负债/长期资本长期资本100%非流非流动负债动负债/（非流动负债股东权益）（非流动负债股东权益） 100%Long-term debt to

14、 capital rationon-current liabilities /long-term capital 100% non-current liabilities / （non-current liabilities equity） 100%（二）从利润表分析长期偿债能力 利息保障倍数息税前利润/利息费用Interest coverage ratioprofits before interest and tax （PBIT）/ interest expense 息税前利润利润总额利息费用净利润所得税费用利息费用Profits before interest and taxtotal p

15、rofits interest expensesnet profits tax expenses interest expenses（三）从现金流量表分析长期偿债能力Analysis of solvency from the cash flow statement现金流量利息保障倍数经营现金流量/利息费用Interest coverage ratio based on cash flowcash flow from operating activities/ interest expenses现金流量债务比经营现金流量/债务总额100%Operating cash flow to total

16、debts ratio cash flow from operating activities/ total debts100%三、营运能力和盈利能力分析三、营运能力和盈利能力分析Operating capacity and asset profitability analysis核心指标：资产净利率 key indicator: Return on asset核心公式：资产净利率净利润/平均资产总额100%销售净利率总资产周转率Return on asset net profits/ average total assets100%net profit margin total assets

17、 turnover ratio销售净利率分析：应分析销售毛利率及期间费用率等。Net profit margin analysis: should analysis gross profit margin and the percentage of period expenses总资产周转率分析Total asset turnover ratio analysis 运营能力比率计算公式应收账款周转次数accounts receivable turnover ratio应收账款周转次数销售收入/应收账款Accounts receivable turnover sales revenue/ acc

18、ounts receivables存货周转次数inventory turnover ratio存货周转次数销售收入（或销售成本）/存货Inventory turnover sales revenue（ cost of sales）/ average inventory 运营能力比率计算公式流动资产周转次数Current assets turnover ratio流动资产周转次数销售收入/流动资产Current assets turnover sales revenue/ current assets营运资本周转次数Working capital turnover ratio营运资本周转次数销售

19、收入营运资本Working capital turnover sales revenue/ working capital 运营能力比率计算公式非流动资产周转次数Non-current assets turnover ratio非流动资产周转次数销售收入/非流动资产Non-current assets turnover sales revenue/non-current assets总资产周转次数Total assets turnover ratio总资产周转率销售收入/总资产Total assets turnover sales revenue/ total assets已知A公司今年有关资

20、料如下：资产负债表金额单位：万元资产年初年末负债及所有者权益 年初年末货币资金应收账款存货待摊费用流动资产合计固定资产50609223225475459014436315385流动负债合计长期负债合计负债合计所有者权益合计175245420280150200350350总计700700总计700700同时，该公司上年销售净利率为16%，资产周转率为0.5次（年末总资产），权益乘数为2.5（年末数），权益净利率为20%（年末股东权益）；今年营业收入为420万元，净利润为63万元，利息费用为10万元，各项所得适用的所得税税率均为33%。今年初发行在外的普通股股数为50万股，今年9月1日增发9万股普

21、通股，今年年末的股票市价为26元。A公司拥有5万股优先股，今年年末的清算价值为每股8元，拖欠股利为每股2元。 、计算今年年末的流动比率、速动比率、资产负债率、权益乘数。 、计算今年每股收益、每股净资产、每股销售收入、市盈率、市净率和市销率（时点指标用年末数）。 、计算今年资产周转率、销售净利率和权益净利率（涉及资产负债表数据使用年末数计算）。 、计算今年年末产权比率、长期资本负债率和今年利息保障倍数。、 【正确答案】 Current ratio 315/1502.1Quick ratio （4590）/1500.9Asset to liability ratio 350/700100%50%E

22、quity multiplier 1/（150%）2 【答案解析】 流动比率315/1502.1速动比率（4590）/1500.9资产负债率350/700100%50%权益乘数1/（150%）2【答案解析】 每股收益（净利润优先股股利）/流通在外的普通股加权平均数（6352）/（5094/12）1（元/股）每股净资产年末普通股股东权益/年末流通在外的普通股股数3505（82）/（509）5.08（元）每股销售收入销售收入/流通在外的普通股加权平均数420/537.92（元）市盈率每股市价/每股收益26/126市净率每股市价/每股净资产26/5.085.12市销率每股市价/每股销售收入26/7.923.28、 【正确答案】 Earning per share （net profitdividend for preference shares）/Weighted average number of circulation ordinary shares （6352）/（5094/12）1（Yuan/Share）Net asset value per shareShareholder equity of ordinary shares/ Weighted average number o