《财务管理与分析》2004年版--营运能力比率分析-英文原文.docx
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《财务管理与分析》2004年版--营运能力比率分析-英文原文.docx
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OperatingCapacityRatioAnalysis
FrankJ.Fabozzi,PamelaP.Peterson
《FinancialManagementandAnalysis》[M],2004
Usingfinancialratioanalysis
Financialanalysisprovidesinformationconcerningafirm’soperatingperformanceandfinancialcondition.Thisinformationisusefultoanalysisinevaluatingafirmsoperationandtoaninvestorinevaluatingtheriskandpotentialreturnstoinvestinginafirmssecurities
Activityratios
Activityratios-forthemostpart,turnoverratioscanbeusedtoevaluatethebenefitsproducedbyspecificassets,suchasinventoryoraccountsreceivableortoevaluatethebenefitsproducedbythetotalityofthefirmsassets.
Inventorymanagement
Theinventoryturnoverratioindicateshowquicklyafirmhasusedinventorytogeneratethegoodsandservicesthataresold.Theinventoryturnoveristheratioofthecostofgoodssoldtoinventory:
Inventoryturnoverratio=Costofgoodssold/Inventory
Accountsreceivablemanagement
Inmuchthesamewayweevaluatedinventoryturnover,wecanevaluateafirmsmanagementofitsaccountsreceivableanditscreditpolicy.Theaccountreceivableturnoverratioisameasureofhoweffectivelyafirmisusingcreditextendedtocustomers.Thereasonforextendingcreditistoincreasesales.Thedownsidetoextendingcreditisthepossibilityofdefault-customersnotpayingwhenpromised.Thebenefitobtainedfromextendingcreditisreferredtoasnetcreditsales-salesoncreditlessreturnsandrefunds.
Accountsreceivableturnover=Netcreditsales/Accountsreceivable
Overallassetmanagement
Theinventoryandaccountsreceivableturnoverratiosreflectthebenefitsobtainedfromtheuseofspecificassets(inventoryandaccountsreceivable.)Foramoregeneralpictureoftheproductivityofthefirm,wecancomparethesalesduringaperiodwiththetotalassetsthatgeneratedthesesales.
Onewayiswiththetotalassetturnoverratiowhichtellsushowmanytimesduringtheyearthevalueofafirm'stotalassetsisgeneratedinsales:
Totalassetsturnover=Sales/Totalassets
Analternativeistofocusonlyonfixedassets,thelong-term,tangibleassetsofthefirm.Thefixedassetturnoveristheratioofsalestofixedassets:
Fixedassetturnoverratio=Sales/Fixedassets
ReceivablesManagement
Whenafirmallowscustomerstopayforgoodsandservicesatalaterdate,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/Creditsalesperday
Thenumberofdayscreditratio,alsoreferredtoastheaveragecollectionperiodanddayssalesoutstanding(DSO),measureshowlong,onaverage,ittakesustocollectonouraccountsreceivable.
InventoryManagement
Inventoryisthestockofphysicalgoodsforeventualsale.Inventoryconsistsofrawmaterial,work-in-process,andfinishedgoodsavailableforsale.Therearemanyfactorsinadecisionofhowmuchinventorytohaveonhand.Aswithaccountsreceivable,thereisatradeoffbetweenthecostsofinvestingininventoryandthecostsofinsufficientinventory.There’sacosttotoomuchinventoryandthere’sacostoftoolittleinventory.
ReasonsforHoldingInventory:
Thereareseveralreasonstoholdinventory.Themostobviousisthatifyousellaproduct,youcanttransactbusinesswithoutinventory.Anotherobviousreasonisthatgoodscannotbemanufacturedinstantaneously. If you manufacture goods, you will likely have some inventory invarious 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 aregreater than expected. Or you may want to hold some speculative inventory fordealing with events such as a change in the product or a change in the cost of theraw materials.
Further, some firms hold in
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