ACCA考试F2考官技术文章

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.

通过使用比率和百分比评估组织绩效来分析财务报表的能力将会在ACCA考试中被测试到。这在成功的考试者的职业生涯中也经常被用到。

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的教学大纲给候选者引进了绩效管理，并且要求他们能够“探讨、测评财务绩效（盈利性、流动性、营运效率和 杠杆率 ）和非财务绩效”。这篇文章关注于财务绩效，并会详细介绍将在F2/FMA考试中所用到的技能。

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要求考试者能计算主要的会计比率，了解其计算对象，解释其意味着的特殊价值。教学大纲将这些比率分成四种：盈利性、流动性、营运效率和 杠杆

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，顾名思义，是衡量该组织能否产生利润的能力。利润对于给投资者所要求的回报来说是必要的，以提供在企业的再投资资金。其中有三个比率常用到

1. Return on capital employed (ROCE):  operating profit ÷ (non current liabilities +total equity) %

盈利能力（资本回报率）=营业利润/（非流动负债+所有者权益）

2. Return on sales (ROS): operating profit÷ revenue %

销售回报率=营业利润/销售额

3. Gross margin: gross profit÷ revenue %

毛利率=（营业收入-营业成本）/营业收入=毛利润/营业收入

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).

资本回报率（有时也被称为投资回报额或投资回报率），是衡量资本投资于企业的收益的措施。考试者有时会对使用哪些利润和资本数字感到困惑。重要是如何区分相近的比例计算公式。营业利润（息前利润）代表的是可支付利息给债权人和支付股息给股东的利润。因此，要比较投资于公司的长期负债和股权资本（非流动负债+所有者权益）相比。通过类似的逻辑，如果我们希望计算普通股股东的收益（即股本回报率），我们将利用息税后利润除以所有者权益。

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.

资本回报对于回报投资者因投资公司所承担的风险是非常必要的。一般来说，投资回报率的数值越高，对投资者越好。它应该与其他风险相当的投资方案的投资回报率比较。

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.

销售回报率（有时称为营业利润率）关注的是经营利润占营业额的百分比。同的，简单来说，这个数值也是越高越好。数值结果不佳往往是因为价格太低或成本太高。

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:

资本回报率和销售回报率比常常与资产周转率一起考虑。（资产周转率稍后讨论）。这是因为：

ROCE                               = ROS                              x                 asset turnover

资本回报率=销售回报率   x      资产周转天数

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.

这个关系在考试中非常有用。例如，假如你被告知一个公司的销售回报率为5%，资产周转天数为2，那么它的资本回报率将是10%（5%×2）。这不仅仅是一个数学技巧。这意味着，在资本回报率的任何变化可以通过改变销售回报率，或改变资产周转率，或两者同时改变来解释。

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.

销售回报率关注的是去掉非生产费用后的利润。毛利率关注的是该企业的交易活动。同样的，该数值越高越好，但如果绩效不好，则可能是价格太低成本太高。

This measures the ability of the organisation to meet its short-term financial obligations.

流动性衡量了企业偿还其短期负债的能力

Two ratios are commonly used:

有两种比率常被用到

4. Current ratio  current assets ÷ current liabilities

流动比率=流动资产/流动负债

5. Acid test (current assets – inventory) ÷ current liabilities

速动比率=（流动资产-存货）/流动负债

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.

流动比率比较的是一年内到期的负债的余额和一年内可以转换为现金的资产。它评估公司满足其短期负债的能力。传统的教科书告诉我们，这个比例应该超过2.0:1，可以说一个公司能够安全地偿还其负债。但是，可接受的流动比率在不同行业之间是不同的，并且许多企业的安全运行在低于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.

一个非常高的流动比率比不一定是好的。它可以表明，一个公司流动性太强（闲置资产没有得到充分利用）。现金通常被称为“闲置资产”，因为它没有回报，所以持有过多的现金被认为是一种浪费。一个过高的比例可能也表明，该公司没有充分利用短期融资

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.

速动比率承认库存通常需要很长的时间来转换成现金。因此，其流动资产不包括存货价值。传统的教科书告诉我们，这个比例应该超过1:1，但许多成功的公司低于这个水平。

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.

在实践中，公司的流动比率和速动比率应与经营现金流相结合一起考虑。一个健康的现金流经常会弥补萎靡的流动性比率。

6. Asset turnover: revenue ÷ (non current liabilities + total equity) ×365 days

资产周转率=营业收入/（非流动负债+所有者权益）x365天

7. Receivables days: receivables ÷ credit sales × 365 days

应收账款周转天数=应收账款/赊销×365天

8. Inventory days: inventory ÷ cost of sales × 365 days

存货周转天数=存货/销售成本×365天

9. Payable days: payables ÷ purchases (or cost of sales) × 365 days

应付账款周转天数=应付账款/销售成本×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.

营运效率比例衡量了一个企业将资产负债表项目转换为现金或销售出去的能力。他们衡量企业资产管理的效率。

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’!

他衡量了一个企业从可动用资本中产生销售的能力。另一个变体是非流动资产周转天数（收入÷非流动资产）。一般来说，这个数值越高越好，但在后来的研究中你会考虑超额运营（过度交易）所造成的问题（在一个可动用资本不可持续的水平上经营经营）。通常一个高的资产周转天数是伴随着低的销售回报率，反之亦然。零售商通常有较高的资产周转天数，并伴随着较低的利润：杰克科恩，乐购的创始人，有一个著名的格言“物多而贱卖！”

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.

这也被称为应收账款天数。如果一个公司在每年40000美元的信赊销中有平均20000美元的应收账款，那么在其年度赊销中有平均50%的账收不回来。如果赊销在一年内平均分布，那么这代表了50%的年销售额，相当于183天，用来收集来自客户的现金。（20000美元/ 40000美元÷365天= 183天）。根据流动性的含义，我们知道钱被收集得越快越好。此外，一般而言，给客户越长的支付时间，这笔钱越有可能变成坏账。然而，给客户在快速支付上造成太多的压力很可能影响到企业的销售数额。

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.

这也被称为存货周转天数。它在计算上与应收账款周转天数非常相似。它计算从存货到销售出去的时间长度。同样根据流动性的意义，这一时期越短越好，因为这表示越少的现金被占用在库存商品。同样较长的库存商品持有期可能导致过时的库存商品。另一方面，库存太少会导致生产中断和不满意的客户无法满足客户需求。

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.

这也被称为应付账款天数。同样 它在计算上与应收账款周转天数非常相似。由于采购的数据对于外部分析师来说不是很容易获得，所以销售成本的数额通常被用来近似于采购数据。应付账款周转天数用来衡量支付给供应商的平均时间。较长的付款期对客户的流动性很好，但会损害与供应商的关系。

This relates to an organisation’s ability to meet its long-term debts. Two ratios are commonly used.

杠杆比率与企业偿还其长期负债的能力有关，有两个比率常被用到

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)

资金借贷比率=非流动负债/.普通股股东资本回报，常被称为债务股本比或者是 非流动负债/.（普通股股东资本回报+非流动负债），有时也写作债务比上所有者权益加上债务

11. Interest cover: operating profit ÷ finance costs

利息偿付比率=营业利润/财务费用

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.

也被称为杠杆。资金借贷比例关注的是所有者的资本和借贷资本用来营运企业的比例。它存在许多不同的定义，最常用的是上述。在考试中，你会被告知使用的定义。

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.

大比例的借入资本是危险的，因为利息和资本偿还是法律义务，并且公司为了避免破产这项义务必须满足。而另一方面，每年的股权分红并不是一种法律义务。尽管存在风险，但借贷资金对公司来说是有吸引力的，因为债权人由于其担保地位要接受一个比股权人要低的收益率。另外利息支付，不同于股票股利，是可扣除企业所得税的

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.

杠杆比率水平差异很大。公司要求有形资产是高投资。因此，很难一概而论什么时候杠杆比率太高。然而，大多数会计人员同意，当负债比例大于权益的比例时，杠杆比率过高。

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.

这有时被称为收入负债。它关注于一个公司的经营利润超过应付利息多少倍。这个数字越高，公司越有可能满足其支付利息。.一般超过4是安全的，能够偿付利息。

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?’

流动资产为3000，流动负债为1000，那么流动比率是多少？

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考试中这被认为是非常简单的题。这个问题在2011年12月考试纲要中被认定是达到比率的理解要求的。

Written by a member of the Paper F2/FMA examining team

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