营运能力比率分析【外文翻译】

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1、外文翻译原文OperatingCapacityRatioAnalysisMaterialSource:《FinancialManagementandAnalysis》Author:FrankJ.Fabozzi.PamelaP.PetersonUsingfinancialratioanalysisFinancialanalysisprovidesinformationconcerningafirm’soperatingperformanceandfinancialcondition.Thisinformationisusefultoanalysisinevaluating

2、afirm’soperationandtoaninvestorinevaluatingtheriskandpotentialreturnstoinvestinginafirm’ssecurities.ActivityratiosActivityratios—forthemostpart,turnoverratios—canbeusedtoevaluatethebenefitsproducedbyspecificassets,suchasinventoryoraccountsreceivableortoevaluatethebenefitsproducedbythetot

3、alityofthefirm’sassets.InventorymanagementTheinventoryturnoverratioindicateshowquicklyafirmhasusedinventorytogeneratethegoodsandservicesthataresold.Theinventoryturnoveristheratioofthecostofgoodssoldtoinventory:Inventoryturnoverratio=Costofgoodssold/InventoryAccountsreceivablemanagementIn

4、muchthesamewayweevaluatedinventoryturnover,wecanevaluateafirm’smanagementofitsaccountsreceivableanditscreditpolicy.Theaccountsreceivableturnoverratioisameasureofhoweffectivelyafirmisusingcreditextendedtocustomers.Thereasonforextendingcreditistoincreasesales.Thedownsidetoextendingcreditis

5、thepossibilityofdefault—customersnotpayingwhenpromised.Thebenefitobtainedfromextendingcreditisreferredtoasnetcreditsales—salesoncreditlessreturnsandrefunds.Accountsreceivableturnover=Netcreditsales/AccountsreceivableOverallassetmanagementTheinventoryandaccountsreceivableturnoverratiosref

6、lectthebenefitsobtainedfromtheuseofspecificassets(inventoryandaccountsreceivable.)Fora9moregeneralpictureoftheproductivityofthefirm,wecancomparethesalesduringaperiodwiththetotalassetsthatgeneratedthesesales.Onewayiswiththetotalassetturnoverratiowhichtellsushowmanytimesduringtheyeartheval

7、ueofafirm’stotalassetsisgeneratedinsales:Totalassetsturnover=Sales/TotalassetsAnalternativeistofocusonlyonfixedassets,thelong-term,tangibleassetsofthefirm.Thefixedassetturnoveristheratioofsalestofixedassets:Fixedassetturnoverratio=Sales/FixedassetsReceivablesManagementWhe