外文翻译

本科毕业论文外文翻译外文译文题目（中文）：营运能力比率分析学院: 文法与经济学院专业: 法学学号: ****************: ******: ***日期: 二○一一年十二月武汉科技大学本科毕业论文外文翻译Operating Capacity Ratio AnalysisAuthor: Frank J. Fabozzi .Pamela P. Peterson Material Source:《Financial Management and Analysis营运能力比率分析作者：弗兰克.J.法财务管理与分析博奇，帕梅拉.P.彼得1.财务比率分析通过财务分析，可以使不同的信息使用者得到有关企业营运状况和财务状况的信息。

这些信息都是很有价值的，它可以帮助企业经营者全面了解企业的营运状况，可以帮助企业投资者预测投资风险和投资报酬，做出投资、继续投资或转移投资的决策。

2.经营比率经营比率即周转比率，它在很大程度上可以用来评估特定资产产生的利益，诸如存货、应收账款可以用来评价公司全部资产产生的利润。

3.存货的管理存货周转率表明公司已销售货物和服务的使用效率。

存货周转率是企业营业成本与存货间的比率：存货周转率＝营业成本／平均存货4.应收账款的管理就像评估存货周转一样，我们可以用应收账款和信用政策评估一个公司的经营管理水平。

应收账款周转率是评价企业运用信用政策效率的一种方法。

提供信用期限是为了刺激销售。

信用政策的使用，是为了防止客户出现不履行承诺的可能性。

延长信用期限的好处就同净赊销－销售应该收到的现金少于实际到账的。

应收账款周转率＝营业收入净额／应收账款平均余额5.全部资产的管理存货周转率和应收账款周转率反映的是特定资产使用的效率。

为了更加全面的反映一个公司的生产经营能力，我们可以将一定时期的营业收入和资产总额进行比较。

一种方法就是使用总资产周转率，这个指标告诉我们年度内一个公司在销售环节总资产的周转次数。

总资产周转率＝销售收入净额／平均资产总额另一种方法是只注重固定资产，公司的长期、有形资产。

固定资产周转率是固定资产和固定资产平均净值的比值。

固定资产周转率＝销售收入净额／固定资产平均净值6.应收账款的管理当一个公司允许其客户在以后的日子里支付商品或服务的款项时，就产生了应收账款。

允许客户在收到商品或服务后付款，这就给了客户信用，也就是所谓的商业信用。

商业信用又称商品信用或者贸易信用，是一种非正式的信用，它不像其它形式的信用，商业信用通常不需要以票据为根据，而是自发产生的：当客户购买商品或服务，随之产生了商业信用。

应收账款的监控：通过财务比率和账龄分析表，可以监督应收账款的管理。

依靠财务比率，我们可以更加全面了解应收账款的回收速度。

账龄分析表表明应收账款的拖欠时间，有助于找到一个更加详细的收款策略。

通过信用天数的计算，可以找到快速收回应收账款的方法。

信用天数就是在某个时间点（或者说，在最后一年）应收账款余额和日赊金额（平均每天的信用销售额）的比值，即信用天数=应收账款／日赊销额。

信用天数，也称平均收款期和赊销期，衡量的是应收账款的平均收帐时间。

7.存货的管理存货是最终销售商品的库存。

存货包括原材料、在产品和可供出售的产成品。

存货的多少取决于很多因素。

正如应收账款，投资存货的成本和存货不足的成本之间要有所权衡。

有时候存货成本过多和有时候存货成本太少。

持有存货的理由：持有存货的理由有好几个。

其中最明显的理由是，如果你销售一种产品，你不能没有存货就做交易。

还有一个重要原因是，存货的制造是需要一定的时间的，不能很快就完工。

你可能会有一些不同阶段生产的库存。

这就是所说的生产过程。

为了防止销售额远远超出预期，你也会想要更多的库存产品在身边。

为了应对一些突发事件，比如说生产的改变，原材料成本的改变，你也更多的会想要储备投机库存。

此外，一些企业会利用足够的存货来满足合同协议。

例如，一个零售店，区域内唯一的经销商或产品的代表地区，可能需要储备一些以供出售的库存商品。

涉及存货投资的决定，比如说存货最小收益（例如满足交易和预防的需要）等于边际成本（例如运输成本）。

边际收益等于边际成本，表明财富最大化。

存货管理模型：存货管理模型有很多，但是基本思想都是相同的，那就是存货成本最小化。

经济订货批量模型：经济订货量（EOQ）模型可以帮助我们决定一个合适的库存量，使得在整个过程中总库存的成本是最低的。

经济订货模型有记下几个假设：①存货是第一时间收到的。

②库存是在一段时间内统一使用的③库存短缺是不可取的。

基于这些假设，每一次在管理存货的时候，通过订购特定数量的存货－也就是所谓的经济订货量，能够使企业存货成本最小化－即运费和订货成本之和最小。

存货管理的监控：与监控应收账款一样，我们可以通过分析财务比率来监控存货。

存货持有天数就是某个时点存货的美元价值与平均日销货成本的比值，即存货持有天数=存货/平均日销成本，这一比率用来估计销售存货的天数。

此比率可以用来评估日销货价值。

与所需货物评估相结合，可以帮助你制定生产与购货计划。

另一种监控存货的方法是存货周转率—表示一定时期内销售的（销货成本）与该期期末（存货）的比值，即存货周转率=产品销售成本/存货。

存货周转率表明在一段时间内，公司存货（从原材料到销售商品）的平均周转次数。

假设企业存货周转率为五次，那就意味着一年内该企业存货投资和存货销售一共完成了五次周转。

如果周转低于正常情况，可能暗示着生产缓慢或者销售缓慢，这也许就需要增加销售奖励或者提供价格折扣来扭转这一情况。

然而，存货周转率的分析也不是单一的。

高存货周转率是好是坏？这不能一概而论。

存货周转率越高公司存货使用效率高，但同时也意味着该公司可能会出现存货短缺的现象。

没有足够的存货会引起销售减少和客户友好程度的下降。

将存货周转率分析与盈利能力分析相结合，可以进一步帮助你了解存货是否适量。

流动资产的管理，需要将过多与资产相关的成本和拥有足够资产所带来的益处相平衡。

虽然各产业间商业惯例和风俗不同，但应收账款管理的共同理念是一样的，就是在考虑基金成本和坏帐产生的可能性时，要通过扩大信用来鼓励商品销售并保持竞争力。

管理存货时，由于销售商品的性质在很大程度上决定了库存的类型，所以各企业对于存货管理的投资都是不一样的。

经济订货批量模型和准时制管理技术可以帮助财务经理管理库存投资。

关于应收账款和存货的决定，他们的共同目的都是为了减少短期资产的投资。

但如果没有足够的资产，你将会发生成本，所以你必须做一些资产方面的投资。

在销售方面，如果你缺乏足够的存货或者你未能提供具有竞争力的信用证条款，你可能就会败给你的竞争对手。

应收账款的管理，涉及到销售增长带来的利润和信贷成本之间的权衡。

（比如说，资金的机会成本和信用客户的默认值。

）信用政策和搜集政策的制定，必须要考虑销售增长所带来的利润和延长信贷期限所带来的成本。

存货的管理，涉及了拥有足够存货满足需求所带来的益处和存货成本之间的权衡。

（例如，资金的机会成本，存储，折旧）。

存货管理模型，比如说经济订货量模型、切合时宜技术，都可以作为存货分析的一种方法，通过分析降低存货成本。

Using financial ratio analysisFinancial analysis provides information concerning a firm’s operating performa nce and financial condition. This information is useful to analysis in evaluating a firm’s operation and to an investor in evaluating the risk and potential returns to investing in a firm’s securities.Activity ratiosActivity ratios—for 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 the benefits produced by the totality of the firm’s assets.Inventory management .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/InventoryAccounts receivable managementIn much the 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. The downside to extending credit is the possibility of default—customers 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 receivableOverall asset managementThe 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 these sales.One way is with the total asset turnover ratio which tells us how many times during the year 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 asset 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 servicesat a later date, it creates accounts receivable. By allowing customers to pay some time after they receive 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 credit arrangement. Unlike other forms of credit, trade credit is not usually evidenced by notes, but rather is generated spontaneously: 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 receivable. 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 calculating the Number of Days of Credit ,which is the ratio 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 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 raw material, work-in-process, and finished goods available 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 invento ry.Reasons for Holding Inventory: There are several reasons to hold inventory. The most obvious is that if you sell a product, you can’t transact business without inventory. Another obvious reason is that goods cannot be manufactured instantaneously. If you manufacture goods, you will likely have some 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 in the cost of the raw materials.Further, some firms hold inventory to satisfy contractual agreements. For example, aretail 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 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 is the owners’ wealth maximizing level.Models of Inventory Management: There are alternative models for inventory management, 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 quantity 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:1. Inventory is received instantaneously.2. Inventory is used uniformly over the period.3. Inventory shortages are not desirable.With these assumptions, firms can minimize the cost of inventory—the sum of the carrying costs and the ordering costs—by 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 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 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 the inventory turnover ratio—the ratio of what you sell over a period (the cost of goods sold) 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 for 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 lessthan usual, this may suggest either production is slower (resulting in relatively more work-in-process) or that sales 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 efficiently. 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 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 goods for sales dictates in large part the type of inventory required. The economic order quantity model and the just-in-time management technique can aid the financial manager in managing the investment in inventory.The common purpose of decisions related to accounts receivable and inventory is to minimize investment in short-term assets. But in all cases, you must have some investment in the asset because you will incur costs if you do not have enough of the asset. If you lack sufficient inventory or you fail to offer competitive credit terms, you may lose sales to your competitors.Receivable management involves a tradeoff between the benefits of increased sales and the costs of credit (for example, the opportunity cost of funds and defaults by credit customers).Credit and collection policies must be formulated to consider the benefits arising from increasing sales and the costs associated with extending credit.Inventory management involves a tradeoff between the benefits of having sufficient inventory to meet demand and the costs of inventory (for example, the opportunity cost of funds, storage, and obsolescence).Models of inventory management, such as the economic order quantity model and the just-in-time technique, can be used to analyze and minimize the costs of inventory.。