📚 A-Level CIE Business Formula Handbook | A-Level CIE 商务：公式汇总手册
This comprehensive handbook brings together all the key formulas you need for the CIE A-Level Business (9609) syllabus. From profitability and liquidity to investment appraisal and operations, each formula is clearly stated and briefly explained so you can approach calculations with confidence. Use this as a quick reference when revising, solving past-paper questions, or checking your understanding of financial and non-financial performance measures.
这本综合手册汇集了 CIE A-Level 商务（9609）课程所需的所有关键公式。从盈利能力和流动性到投资评估和运营管理，每个公式都清晰列出并附有简要解释，以便你自信地应对计算题。在复习、解答历年试题或检查自己对财务与非财务绩效指标的理解时，可将本手册作为快速参考资料。
1. Profitability Ratios | 盈利能力比率
Gross Profit Margin measures the percentage of revenue left after covering direct costs. It reflects how efficiently a business converts raw materials and direct labour into profit.
毛利率衡量在支付直接成本后剩余的营业收入百分比，反映企业将原材料和直接人工转化为利润的效率。
Gross Profit Margin = (Gross Profit ÷ Revenue) × 100
Net Profit Margin shows the percentage of revenue that remains as net profit after all operating expenses and interest are deducted. A higher margin indicates better overall cost control.
净利率显示在扣除所有运营费用和利息后，营业收入中留存为净利润的百分比。净利率越高，说明整体成本控制越好。
Net Profit Margin = (Net Profit ÷ Revenue) × 100
Return on Capital Employed (ROCE) tells you how much profit is generated from the total capital invested in the business. It is a key measure of overall efficiency and return for long-term investors.
已动用资本回报率表示企业从投入的总资本中产生了多少利润。它是衡量整体效率及长期投资者回报的关键指标。
ROCE = (Operating Profit ÷ Capital Employed) × 100
2. Liquidity Ratios | 流动性比率
Current Ratio indicates whether a business can pay its short‑term debts from its current assets. A ratio of around 1.5–2 is often seen as healthy, though ideal levels vary by industry.
流动比率表明企业能否用流动资产偿还短期债务。一般来说，1.5–2 的比率被认为是健康的，但理想水平因行业而异。
Current Ratio = Current Assets ÷ Current Liabilities
Acid Test (Quick) Ratio is a stricter test of liquidity because it excludes inventories, which may not be easily converted to cash.
酸性测试（速动）比率是对流动性的更严格测试，因为它排除了存货，因为存货不一定能快速变现。
Acid Test Ratio = (Current Assets − Inventories) ÷ Current Liabilities
3. Efficiency Ratios | 效率比率
Rate of Inventory Turnover measures how many times a business sells and replaces its inventory over a period. A higher figure suggests efficient stock management or strong sales.
存货周转率衡量企业在一定时期内销售并补充存货的次数。数值较高表明库存管理高效或销售势头强劲。
Inventory Turnover = Cost of Sales ÷ Average Inventories
Trade Receivables Days (Debtor Days) shows the average number of days it takes for the business to collect money owed by credit customers.
应收账款周转天数（收账期）显示了企业平均需要多少天才能收回赊销客户的欠款。
Trade Receivables Days = (Trade Receivables ÷ Credit Sales) × 365
Trade Payables Days (Creditor Days) tells you how long, on average, the business takes to pay its suppliers.
应付账款周转天数（付款期）表示企业平均多长时间支付供应商货款。
Trade Payables Days = (Trade Payables ÷ Credit Purchases) × 365
4. Leverage (Gearing) Ratios | 杠杆（资本结构）比率
Gearing Ratio indicates the proportion of a company’s capital that comes from long‑term borrowing. A highly geared business carries more risk because interest must be paid regardless of profits.
杠杆比率表示企业资本中来自长期借款的比例。杠杆比率高的企业风险更大，因为无论盈利与否，都必须支付利息。
Gearing Ratio = [Non‑current Liabilities ÷ (Total Equity + Non‑current Liabilities)] × 100
Interest Cover shows how easily a business can pay its interest charges from operating profits. A low figure is a warning sign.
利息保障倍数反映了企业用营业利润支付利息费用的难易程度。数值过低是一个警示信号。
Interest Cover = Operating Profit ÷ Interest Expense
5. Shareholder (Investor) Ratios | 股东（投资者）比率
Earnings per Share (EPS) tells shareholders how much profit is attributable to each ordinary share. It is widely used to compare performance over time.
每股收益告诉股东每一普通股可分得多少利润，广泛用于比较不同时期的业绩。
EPS = (Net Profit − Preference Dividends) ÷ Number of Ordinary Shares
Dividend Yield expresses the annual dividend as a percentage of the current share price, helping investors assess the income return on their investment.
股息率以当前股价的百分比表示年股息，帮助投资者评估其投资的收益回报。
Dividend Yield = (Annual Dividend per Share ÷ Market Share Price) × 100
Price/Earnings (P/E) Ratio compares the market price of a share with its EPS, indicating how highly the market values the company’s earnings.
市盈率将股票市场价格与每股收益进行对比，反映出市场对公司盈利的估值高低。
P/E Ratio = Market Share Price ÷ Earnings per Share
6. Break‑even Analysis | 盈亏平衡分析
Break‑even Point tells you the number of units that must be sold to cover all costs exactly – where total revenue equals total costs.
盈亏平衡点告诉你需要销售多少件产品才能恰好覆盖全部成本，即总收入等于总成本时的销量。
Break‑even Output = Fixed Costs ÷ (Selling Price per Unit − Variable Cost per Unit)
Contribution per Unit is the amount each unit sold contributes towards covering fixed costs and generating profit.
单位贡献毛益是每件售出产品为覆盖固定成本及创造利润所作的贡献额。
Contribution per Unit = Selling Price per Unit − Variable Cost per Unit
Margin of Safety measures how far actual or forecast sales can fall before the business reaches its break‑even point.
安全边际衡量实际或预测销售额在达到盈亏平衡点之前还可以下降多少幅度。
Margin of Safety = (Current Output − Break‑even Output) or (Current Sales − Break‑even Sales)
7. Investment Appraisal | 投资评估
Payback Period calculates how long it takes for an investment to recover its initial cost from net cash inflows. Shorter payback is generally preferred.
回收期法计算一项投资需要多长时间才能从净现金流入中收回初始成本。回收期越短通常越受欢迎。
Payback Period = Year before full recovery + (Amount to recover in subsequent year ÷ Net cash flow in that year)
Average Rate of Return (ARR) shows the average annual profit as a percentage of the initial investment, allowing straightforward comparison with other projects.
平均回报率将平均年利润表示为初始投资的百分比，便于与其他项目进行直观比较。
ARR = (Average Annual Profit ÷ Initial Investment) × 100
Net Present Value (NPV) discounts all future cash flows to today’s value using a chosen discount rate. A positive NPV means the project should be accepted.
净现值法使用选定的贴现率将所有未来现金流折算为当前价值。净现值为正，说明项目可以接受。
NPV = Σ [Net Cash Flow in Year t ÷ (1 + Discount Rate)t] − Initial Investment
8. Market and Sales Metrics | 市场与销售指标
Market Share shows a firm’s sales as a percentage of total industry sales, indicating its competitive position.
市场份额表示一家企业的销售额占全行业总销售额的百分比，反映了其竞争地位。
Market Share = (Firm’s Sales Revenue ÷ Total Market Sales Revenue) × 100
Market Growth measures how much the total market size has increased (or decreased) over a year.
市场增长率衡量整个市场规模在一年内的增长（或下降）幅度。
Market Growth = [(Market Size This Year − Market Size Last Year) ÷ Market Size Last Year] × 100
Sales Volume measures the number of units sold, while Sales Value is volume multiplied by selling price.
销售量衡量已售出的产品数量，而销售额则是销量乘以售价的金额。
Sales Revenue = Selling Price per Unit × Quantity Sold
9. Human Resource Metrics | 人力资源指标
Labour Productivity records output per employee, which helps assess workforce efficiency and can be expressed in units or value.
劳动生产率记录每位员工的产出，用于评估劳动力效率，可以用数量或价值表示。
Labour Productivity = Total Output ÷ Number of Employees
Labour Turnover reveals the proportion of staff who leave over a period. High turnover may signal dissatisfaction or poor working conditions.
员工流失率显示在一段时期内离职员工的比例。流失率过高可能意味着员工不满或工作条件不佳。
Labour Turnover = (Number of Staff Leaving ÷ Average Number of Staff) × 100
Absenteeism Rate monitors the percentage of scheduled work time lost to unplanned absence.
缺勤率监控因计划外缺勤而损失的工作时间百分比。
Absenteeism = (Absent Days ÷ Total Working Days) × 100
10. Operational and Cost Metrics | 运营与成本指标
Capacity Utilisation shows the extent to which a business is using its productive potential. Low utilisation implies idle resources.
产能利用率表明企业对其生产潜力的利用程度。利用率低意味着存在闲置资源。
Capacity Utilisation = (Actual Output ÷ Maximum Possible Output) × 100
Unit Cost (Average Cost) is the total cost of producing a given output divided by the number of units. Keeping unit costs low is vital for competitiveness.
单位成本（平均成本）是生产既定产量的总成本除以产品数量。保持低单位成本对竞争力至关重要。
Unit Cost = Total Cost ÷ Output
11. Profit, Cost and Revenue Extras | 利润、成本与收入附加公式
Mark‑up calculates the profit added to cost to arrive at the selling price. It is usually expressed as a percentage of unit cost.
加成定价法计算在成本基础上增加多少利润以确定售价，通常以单位成本的百分比表示。
Mark‑up = [(Selling Price − Cost) ÷ Cost] × 100
Total Contribution (if quantity is known) shows the total amount put towards fixed costs and profit from all units sold.
总贡献毛益（已知销量时）显示所有售出产品为固定成本和利润作出的贡献总额。
Total Contribution = Contribution per Unit × Number of Units Sold
Profit can be simply computed as total revenue less total costs, but using contribution allows flexible profitability decisions.
利润可以简单地用总收入减总成本计算，但利用贡献毛益法可以做出更灵活的盈利决策。
Profit = Total Revenue − Total Costs
12. Quick Reference Table | 速查表
| Category | 类别 | Key Formula | 关键公式 | Unit | 单位 |
|---|---|---|
| Profitability | Gross Profit Margin = (Gross Profit ÷ Revenue) × 100 | % |
| Liquidity | Current Ratio = Current Assets ÷ Current Liabilities | ratio |
| Efficiency | Trade Receivables Days = (Trade Receivables ÷ Credit Sales) × 365 | days |
| Gearing | Gearing = [Non‑current Liabilities ÷ (Total Equity + N.C. Liabilities)] × 100 | % |
| Shareholders | EPS = (Net Profit − Preference Dividends) ÷ No. of Ordinary Shares | currency |
| Break‑even | Break‑even Output = Fixed Costs ÷ (Price − Variable Cost) | units |
| Investment | ARR = (Average Annual Profit ÷ Initial Investment) × 100 | % |
| Market | Market Share = (Firm Sales ÷ Total Market Sales) × 100 | % |
| HR | Labour Productivity = Total Output ÷ No. of Employees | units |
| Operations | Capacity Utilisation = (Actual Output ÷ Maximum Output) × 100 | % |
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