Pre-U CAIE Business: Quick Reference Formula & Theorem Handbook | Pre-U CAIE 商务：公式定理速查手册

📚 Pre-U CAIE Business: Quick Reference Formula & Theorem Handbook | Pre-U CAIE 商务：公式定理速查手册

This comprehensive handbook compiles essential formulae and theorems for the Pre-U CAIE Business syllabus. It serves as a quick revision tool, linking concepts to real-world business decision-making. Each section pairs English explanations with Chinese equivalents, ensuring clarity for bilingual learners.

本手册汇集了 Pre-U CAIE 商务课程核心公式与定理，是快速复习的工具，将概念与实际商业决策紧密结合。每个部分均以中英双语对照解释，便于双语学习者准确掌握。

1. Profitability Ratios | 盈利能力比率

Gross Profit Margin measures the percentage of revenue remaining after subtracting the cost of goods sold. It reflects how efficiently a business produces its goods or manages direct costs.

Gross Profit Margin = (Gross Profit / Revenue) × 100%

毛利率衡量收入中扣除销售成本后剩余的百分比，反映企业生产商品或管理直接成本的效率。

Net Profit Margin indicates overall profitability after accounting for all expenses, including operating costs, interest and tax. It shows how much of each unit of revenue is retained as net profit.

Net Profit Margin = (Net Profit / Revenue) × 100%

净利润率体现扣除所有费用（包括营运成本、利息和税项）后的总体盈利能力，表示每单位收入中有多少保留为净利润。

Return on Capital Employed (ROCE) assesses how effectively a company uses its long-term capital to generate operating profit. It is a key measure of management efficiency and return on investment.

ROCE = (Operating Profit / Capital Employed) × 100%

资本回报率（ROCE）评估企业利用长期资本产生营业利润的效率，是衡量管理效率和投资回报的关键指标。

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2. Liquidity Ratios | 流动性比率

Current Ratio measures a firm’s ability to meet its short-term obligations with its current assets. A higher ratio suggests greater liquidity, though excessively high figures may indicate inefficient asset use.

Current Ratio = Current Assets / Current Liabilities

流动比率衡量企业用流动资产偿还短期债务的能力。比率越高，流动性越强，但过高可能表明资产使用效率不佳。

Acid Test (Quick) Ratio offers a stricter assessment by excluding inventories, which are less liquid. It focuses on cash, marketable securities and receivables.

Quick Ratio = (Current Assets – Inventories) / Current Liabilities

速动比率（酸性测试）排除流动性较差的存货，提供更严格的评估，聚焦于现金、有价证券和应收账款。

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3. Efficiency Ratios | 效率比率

Inventory Turnover (in days) shows how many days, on average, inventory is held before being sold. A lower number of days generally indicates efficient stock management.

Inventory Days = (Average Inventory / Cost of Sales) × 365

存货周转天数显示存货在被售出前平均持有的天数。天数越低，通常表示库存管理越高效。

Trade Receivable Days measures the average time taken by customers to pay for credit sales. A shorter collection period improves cash flow.

Receivable Days = (Trade Receivables / Credit Sales) × 365

应收账款天数衡量客户支付赊销款项的平均时间。收款期越短，现金流状况越好。

Trade Payable Days indicates how long a business takes to pay its suppliers. Extending this period can ease cash flow but may damage supplier relationships.

Payable Days = (Trade Payables / Credit Purchases) × 365

应付账款天数表示企业支付供应商款项的平均时间。延长付款期可缓解现金流，但可能损害供应商关系。

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4. Gearing Ratios | 杠杆比率

Gearing (Debt/Equity) ratio shows the proportion of a company’s financing that comes from non-current liabilities relative to shareholders’ equity. High gearing implies greater financial risk but may enhance returns when profits are strong.

Gearing = (Non-current Liabilities / Total Equity) × 100%

杠杆比率（负债/权益）显示非流动负债相对于股东权益的融资比例。高杠杆意味着更大的财务风险，但在利润强劲时可能提高回报。

Interest Cover evaluates how easily a business can pay interest on its outstanding debt. It is calculated by dividing operating profit by the interest expense.

Interest Cover = Operating Profit / Interest Charges

利息保障倍数评估企业支付未偿债务利息的容易程度，由营业利润除以利息费用得出。

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5. Investor Ratios | 投资者比率

Earnings per Share (EPS) indicates the profit available to each ordinary share. It is widely used by investors to gauge profitability and to compare performance across companies.

EPS = (Net Profit – Preference Dividends) / Number of Ordinary Shares

每股收益（EPS）显示每普通股可获得的利润，被投资者广泛用于评估盈利能力及跨公司比较。

Price/Earnings (P/E) Ratio relates a company’s share price to its earnings per share. A high P/E suggests that investors expect higher earnings growth in the future.

P/E Ratio = Market Price per Share / EPS

市盈率（P/E）将公司股价与其每股收益关联起来。高市盈率表明投资者预期未来盈利增长较快。

Dividend Yield measures the return on investment from dividends alone, expressed as a percentage of the current market price.

Dividend Yield = (Dividend per Share / Market Price per Share) × 100%

股息率衡量仅来自股息的回报，以当前市场价格的百分比表示。

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6. Investment Appraisal | 投资评估

Payback Period is the time required for an investment to generate cash flows equal to its initial cost. It is simple and focuses on liquidity and risk.

Payback Period = Years before full recovery + (Unrecovered Cost / Cash Flow of Next Year)

投资回收期是指投资产生的现金流等于初始成本所需的时间，简单且侧重于流动性与风险。

Average Rate of Return (ARR) expresses the average annual profit as a percentage of the initial investment. It allows easy comparison of project profitability.

ARR = (Average Annual Profit / Initial Investment) × 100%

平均回报率（ARR）将平均年利润表示为初始投资的百分比，便于比较项目盈利性。

Net Present Value (NPV) discounts all expected future cash flows to their present value and subtracts the initial investment. A positive NPV indicates the project should be accepted.

NPV = ∑ (CFₜ / (1 + r)ᵗ) – I₀

净现值（NPV）将预期未来现金流折现至当前价值并减去初始投资。净现值为正表明项目可接受。

Internal Rate of Return (IRR) is the discount rate that makes the NPV equal to zero. It can be estimated by linear interpolation between two discount rates.

IRR = L + [NPVₗ / (NPVₗ – NPVₕ)] × (H – L)

内部收益率（IRR）是使净现值为零的贴现率，可通过两个贴现率之间的线性插值来估算。

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7. Break-even Analysis | 盈亏平衡分析

Contribution per unit is the amount each unit sold contributes towards covering fixed costs, calculated by subtracting variable cost per unit from selling price.

Published by TutorHao | Pre-U 商务 Revision Series | aleveler.com

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