📚 Chapter 33 Worksheet: Ratio Analysis for Business Performance | 第33章练习：企业绩效的比率分析
This worksheet helps Cambridge A-Level Business students master ratio analysis for Chapter 33. It covers profitability, liquidity, efficiency, gearing, and investor ratios, with worked examples and exam-style questions. Work through each section in order, calculate the ratios, and then check your answers against the guidance at the end.
本练习表帮助剑桥 A-Level 商务学生掌握第33章的比率分析。内容涵盖盈利能力、流动性、效率、杠杆和投资者比率，并提供例题和考试风格题目。请按顺序完成每个部分，计算各项比率，最后对照末尾的答案指引进行检查。
1. What is Ratio Analysis? | 什么是比率分析？
Ratio analysis uses figures from the income statement and the statement of financial position to calculate ratios that measure business performance. It converts absolute monetary values into comparable percentages or multiples, allowing comparisons between firms of different sizes and across different years.
比率分析利用利润表和财务状况表中的数据计算衡量企业绩效的比率。它将绝对货币金额转化为可比较的百分比或倍数，从而能够比较不同规模的企业，也可以进行跨年度比较。
The main financial statements used in ratio analysis are the income statement and the statement of financial position. Without the accounting data from these statements, ratio analysis cannot be completed.
比率分析使用的主要财务报表是利润表和财务状况表。没有这些报表中的会计数据，就无法完成比率分析。
2. Why Ratios Matter for Decision-Making | 比率对决策为何重要
Managers use ratios to monitor internal performance, set targets, and identify areas needing improvement. Shareholders use ratios to decide whether to hold or sell their shares. Lenders use ratios, especially liquidity and gearing ratios, to assess credit risk before granting loans.
管理者利用比率监控内部绩效、设定目标并识别需要改进的领域。股东利用比率决定是否持有或出售股票。贷款人则使用比率，尤其是流动性和杠杆比率，在发放贷款前评估信用风险。
Ratios are only meaningful when compared over time and against industry benchmarks. A single ratio in isolation rarely tells a complete story.
比率只有通过时间纵向比较和行业基准比较才有意义。孤立的单个比率很少能说明完整问题。
3. Profitability Ratios | 盈利能力比率
Profitability ratios measure a company’s ability to generate profit from its revenue, assets, and capital. The most common profitability ratios for Chapter 33 are gross profit margin, net profit margin, and return on capital employed.
盈利能力比率衡量企业从收入、资产和资本中创造利润的能力。第33章最常见的盈利能力比率是毛利率、净利率和资本回报率。
Gross profit margin = (Gross profit ÷ Revenue) × 100
Gross profit margin shows the percentage of revenue that remains after deducting cost of sales. A higher margin means the firm controls direct costs well or enjoys strong pricing power.
毛利率显示扣除销售成本后剩余的收入百分比。毛利率越高，说明企业直接成本控制良好，或具备较强的定价能力。
Net profit margin = (Net profit ÷ Revenue) × 100
Net profit margin shows the percentage of revenue that remains after all expenses are deducted. A low net profit margin may result from high operating expenses, high interest costs, or both.
净利率显示扣除所有费用后剩余的收入百分比。净利率低可能是由于经营费用高、利息成本高，或两者兼有。
Return on capital employed (ROCE) = (Operating profit ÷ Capital employed) × 100
ROCE measures how efficiently a business uses its long-term capital to generate operating profit. Capital employed is usually calculated as total equity plus non-current liabilities or as total assets minus current liabilities.
资本回报率衡量企业使用长期资本创造经营利润的效率。资本占用通常按总权益加非流动负债，或总资产减流动负债计算。
4. Liquidity Ratios | 流动性比率
Liquidity ratios show a company’s ability to pay its short-term debts as they fall due. The two key measures are the current ratio and the acid test ratio.
流动性比率反映企业偿还到期短期债务的能力。两个关键指标是流动比率和速动比率。
Current ratio = Current assets ÷ Current liabilities
A current ratio below 1 indicates that current liabilities exceed current assets, which may signal cash flow problems. A ratio above 2 may mean that too much capital is tied up in idle assets.
流动比率低于 1 表示流动负债超过流动资产，可能预示现金流问题。比率高于 2 则可能意味着太多资本被闲置资产占用。
Acid test ratio = (Current assets − Inventory) ÷ Current liabilities
The acid test ratio is a stricter liquidity measure because it excludes inventory, which may be slow to convert into cash. A ratio of around 1 is often considered adequate.
速动比率是更严格的流动性指标，因为它剔除了存货，而存货转化为现金可能较慢。速动比率约为 1 通常被视为充足。
5. Efficiency Ratios | 效率比率
Efficiency ratios reveal how well a business manages its inventory, trade receivables, and trade payables. They are often expressed in times per year or in days.
效率比率反映企业管理存货、应收账款的效率，通常以每年次数或天数表示。
Inventory turnover = Cost of sales ÷ Average inventory
Inventory turnover shows how many times a business sells and replaces its inventory during a year. If opening and closing inventories are not available, closing inventory is often used as an approximation.
存货周转率显示企业一年内销售和补充存货的次数。如果没有期初和期末存货数据，通常用期末存货作为近似值。
Receivables collection period = (Trade receivables ÷ Credit sales) × 365
This ratio measures the average number of days it takes a business to collect money from credit customers. A longer collection period may indicate poor credit control or increased default risk.
该比率衡量企业从赊销客户收回款项的平均天数。收款期较长可能表明信用控制不力或坏账风险上升。
Payables payment period = (Trade payables ÷ Credit purchases) × 365
This ratio measures the average number of days a business takes to pay its suppliers. A longer payment period can improve cash flow but may damage supplier relationships.
该比率衡量企业向供应商付款的平均天数。付款期较长可改善现金流，但可能损害供应商关系。
6. Gearing and Investor Ratios | 杠杆与投资者比率
Gearing measures the proportion of a company’s capital that comes from long-term debt. High gearing increases financial risk because interest must be paid regardless of profit levels, but it can also magnify returns when profits are rising.
杠杆比率衡量企业资本中长期债务所占的比例。高杠杆会增加财务风险，因为无论利润水平如何都要支付利息，但在利润上升时也会放大回报。
Gearing ratio = (Non-current liabilities ÷ (Total equity + Non-current liabilities)) × 100
A gearing ratio above 50% is usually considered high, although acceptable levels vary by industry. Lenders and investors watch this ratio closely.
杠杆比率高于 50% 通常被认为较高，但可接受的水平因行业而异。贷款人和投资者都会密切关注这一比率。
Investor ratios include dividend per share, dividend yield, and earnings per share. These help shareholders assess the return on their investment.
投资者比率包括每股股息、股息收益率和每股收益。这些比率帮助股东评估其投资回报。
Dividend yield = (Dividend per share ÷ Market price per share) × 100
Dividend yield expresses the annual dividend as a percentage of the current market price of a share. It is useful for comparing income returns from different shares.
股息收益率将年度股息表示为股票当前市场价格的百分比。它有助于比较不同股票的收益回报。
Earnings per share = Profit after tax ÷ Number of ordinary shares issued
Earnings per share shows the profit available to ordinary shareholders for each share held. A rising trend in EPS is generally viewed positively.
每股收益显示普通股股东每股可获得的利润。每股收益呈上升趋势通常被视为积极信号。
7. Worked Example: Extract from Financial Statements | 例题：财务报表摘录
The following data relate to Alpha Traders Ltd for the year ended 31 December 2024. Use the data to calculate the ratios in Section 8.
以下数据为 Alpha Traders Ltd 截至2024年12月31日的财务资料。请使用这些数据计算第8部分的比率。
| Revenue | $500,000 |
| Cost of sales | $300,000 |
| Gross profit | $200,000 |
| Operating expenses | $120,000 |
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