Analysis of Accounts | 账户分析

📚 Analysis of Accounts | 账户分析

Financial statements alone show us what has happened in the past, but they do not reveal how well a business is performing relative to its size, its previous years, or its competitors. Analysis of accounts involves calculating financial ratios from the income statement and statement of financial position, and then interpreting those ratios to assess the profitability, liquidity, efficiency and risk of a business.

财务报表本身只能告诉我们企业过去的经营结果，却无法显示其相对于自身规模、以往年度或竞争对手的表现如何。账户分析是指根据损益表和财务状况表计算财务比率，并通过解释这些比率来评估企业的盈利能力、流动性、经营效率和风险水平。

1. Users of Financial Statements | 财务报表的使用者

Different groups of people use financial statements and ratio analysis to make economic decisions. Owners and potential investors use profitability ratios to judge the return on their capital. Managers use the ratios to identify weaknesses and improve operations. Banks and suppliers assess whether the business can repay its debts on time. Employees are concerned about job security and wage increases, while the government uses the statements to verify declared profits for tax purposes.

不同的利益相关者群体利用财务报表和比率分析来作出经济决策。所有者和潜在投资者利用盈利能力比率来判断其资本回报。管理层利用比率找出经营弱点并加以改进。银行和供应商评估企业能否按时偿还债务。员工关心工作保障和加薪前景，而政府部门则利用报表来核查申报利润以确定应纳税额。

2. Profitability Ratios — Gross Margin | 盈利能力比率——毛利率

The gross margin shows how much gross profit a business earns from every $100 of sales revenue. The formula is: Gross profit ÷ Sales revenue × 100. A high or rising gross margin tells us that the business has enough gross profit to cover its operating expenses and still leave a satisfactory net profit.

毛利率反映企业每取得 $100 销售收入能够赚取多少毛利润，计算公式为：毛利润 ÷ 销售收入 × 100。较高或持续上升的毛利率表明企业有足够的毛利润来弥补经营费用，并仍能留存满意的净利润。

Gross Margin = Gross Profit ÷ Sales Revenue × 100

毛利率 = 毛利润 ÷ 销售收入 × 100

The gross margin can improve when selling prices are raised, when cheaper suppliers are found, or when the sales mix moves towards products with higher profit margins. A falling gross margin may be caused by price competition, rising cost of materials or labour, or an increase in sales returns and allowances. A related measure is the markup, which expresses gross profit as a percentage of cost of sales rather than of selling price.

毛利率上升可能源于销售价格提高、找到更便宜的供应商，或销售组合转向毛利率更高的产品。毛利率下降则可能由价格竞争、原材料或人工成本上升，或销售退回与折让增加所导致。与之相关的指标是加成率，它是把毛利润表示为销售成本的百分比，而非售价的百分比。

3. Profitability Ratios — Net Margin and ROCE | 盈利能力比率——净利率与资本回报率

The net margin measures how much net profit is earned from every $100 of revenue after all expenses, including operating expenses and interest, have been deducted. Net margin = Net profit ÷ Sales revenue × 100. A rising net margin signals effective cost control; a falling net margin warns management that expenses are growing faster than revenue.

净利率衡量在扣除包括经营费用和利息在内的全部费用之后，企业每 $100 收入能获得多少净利润，净利率 = 净利润 ÷ 销售收入 × 100。净利率上升意味着成本控制有效；净利率下降则提醒管理层，费用的增长速度已快于收入。

Net Margin = Net Profit ÷ Sales Revenue × 100

净利率 = 净利润 ÷ 销售收入 × 100

Return on capital employed (ROCE) is the most important ratio for owners, because it measures the efficiency with which the business uses all the long-term capital entrusted to it. ROCE = Profit before interest and tax ÷ Capital employed × 100, where capital employed equals total equity plus non-current liabilities. In simple terms, if a business earns a ROCE of 20%, then for every $100 invested, the owners receive $20 of profit before interest and tax.

资本回报率（ROCE）对所有者而言是最重要的比率，因为它衡量企业运用所有长期投入资本的效率。资本回报率 = 息税前利润 ÷ 已动用资本 × 100，其中已动用资本等于总权益加非流动负债。简单来说，若企业的资本回报率为 20%，则意味着所有者每投入 $100，可获得 $20

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