📚 IGCSE Business Studies: Analysis of Accounts | IGCSE商科：财务报表分析
In IGCSE Business Studies, analysis of accounts (or ratio analysis) means using figures from financial statements to judge a business’s profitability, liquidity, efficiency and financial stability. It turns raw numbers into useful information for decision-making.
在 IGCSE 商科课程中，财务报表分析（也称比率分析）是指利用财务报表中的数字来判断企业的盈利能力、流动性、经营效率和财务稳定性。它将原始数据转化为对决策有参考价值的信息。
1. Why Analyse Accounts? | 为什么分析财务报表？
Financial statements alone only show what has happened in the past. Analysing them helps stakeholders understand how well a business is performing and whether it can survive in the future.
财务报表本身只反映过去发生的事情。通过分析，利益相关者可以了解企业表现如何，以及未来能否持续经营。
Profitability ratios answer the question: is the business making enough profit compared with its sales and investment?
盈利能力比率回答的问题是：企业相对于其销售收入和投资是否赚取了足够的利润？
Liquidity ratios check whether the business can pay its short-term debts as they fall due. Many profitable businesses fail because they run out of cash.
流动性比率检查企业能否在短期债务到期时偿还。许多盈利企业因为现金耗尽而倒闭。
Efficiency and gearing ratios show how well management uses assets and how much risk comes from borrowing. These are vital for investors and lenders.
效率和杠杆比率显示管理层利用资产的效率以及借款带来的风险，这对投资者和贷款人至关重要。
2. Key Financial Statements | 主要财务报表
The income statement (sometimes called the profit and loss account) records revenue, cost of sales, expenses and profits for a period such as a year.
损益表（有时称为利润表）记录某一期间（例如一年）的收入、销售成本、费用和利润。
The statement of financial position (balance sheet) records assets, liabilities and shareholders’ equity on a specific date. It shows what the business owns and owes.
资产负债表记录企业在某一日期的资产、负债和股东权益，显示企业拥有什么以及欠别人什么。
For CIE IGCSE, you must be able to use key figures from these statements, including revenue, gross profit, net profit, current assets, current liabilities and non-current liabilities.
CIE IGCSE 考试要求你能够使用这些报表中的关键数据，包括收入、毛利、净利润、流动资产、流动负债和非流动负债。
3. Gross Profit Margin | 毛利率
Gross Profit Margin = (Gross Profit ÷ Revenue) × 100%
The gross profit margin measures the percentage of each dollar of revenue that remains after paying the direct costs of making and selling products.
毛利率衡量每元收入在扣除产品制造和销售的直接成本后剩余的比例。
Example: if revenue is $200,000 and gross profit is $80,000, the gross profit margin is 40%.
例如：如果收入为 $200,000，毛利为 $80,000，则毛利率为 40%。
A rising gross profit margin may mean the business has increased selling prices, controlled direct costs, or improved production efficiency. A falling margin may indicate higher material costs, lower prices, or a worse product mix.
毛利率上升可能意味着企业提高了售价、控制了直接成本或改善了生产效率。毛利率下降则可能表明原材料成本上升、价格下调或产品组合变差。
4. Net Profit Margin | 净利率
Net Profit Before Tax Margin = (Net Profit Before Tax ÷ Revenue) × 100%
Net profit is what remains after all expenses, including overheads such as rent, wages, advertising and interest, have been deducted from gross profit.
净利润是指在毛利基础上扣除所有费用（包括租金、工资、广告和利息等间接费用）后的余额。
Example: if revenue is $200,000 and net profit before tax is $20,000, the net profit margin is 10%.
例如：如果收入为 $200,000，税前净利润为 $20,000，则净利率为 10%。
This ratio is often compared with the gross profit margin. If gross profit margin is high but net profit margin is low, the business may be suffering from high overheads or excessive interest payments.
该比率通常与毛利率进行比较。如果毛利率高但净利率低，企业可能面临间接费用过高或利息负担过重的问题。
5. Return on Capital Employed (ROCE) | 资本回报率
ROCE = (Net Profit Before Tax ÷ Capital Employed) × 100%
Capital employed is the total long-term money invested in the business. It equals non-current liabilities plus shareholders’ equity, or total assets minus current liabilities.
总资本（capital employed）是投入企业的长期资金总额，等于非流动负债加上股东权益，或者总资产减去流动负债。
ROCE shows how efficiently a business uses its capital to generate profit. It is the key ratio for comparing firms of different sizes.
资本回报率显示企业利用资本创造利润的效率，是比较不同规模企业的重要指标。
An ROCE of 15% means every $100 of capital invested generates $15 of profit before tax. ROCE should normally be higher than the interest rate on bank loans, otherwise shareholders may prefer to invest elsewhere.
资本回报率为 15% 意味着每投入 $100 资本可产生 $15 的税前利润。该比率通常应高于银行贷款利率，否则股东可能更愿意将资金投向别处。
6. Current Ratio | 流动比率
Current Ratio = Current Assets ÷ Current Liabilities
This liquidity ratio compares a business’s short-term assets with its short-term liabilities. A common target is around 2:1, meaning the business has twice as many current assets as current liabilities.
这一流动性比率将企业的流动资产与流动负债进行比较。通常目标为 2:1，即流动资产是流动负债的两倍。
Example: if current assets are $50,000 and current liabilities are $25,000, the current ratio is 2.0.
例如：如果流动资产为 $50,000，流动负债为 $25,000，则流动比率为 2.0。
A ratio that is too high may mean too much cash is idle or too many goods are left unsold. A ratio below 1 could signal serious cash flow problems.
比率过高可能意味着过多现金闲置或商品积压。比率低于 1 则可能预示严重的现金流问题。
7. Acid Test Ratio | 速动比率
Acid Test Ratio = (Current Assets − Inventory) ÷ Current Liabilities
The acid test ratio is a stricter test of liquidity because it removes inventory. Inventory may be slow to sell in an emergency, so this ratio shows whether current liabilities can be paid without selling stock.
速动比率是更严格的流动性测试，因为该比率剔除存货。存货在紧急情况下可能难以快速出售，因此这一比率反映企业能否在不卖出存货的情况下偿还流动负债。
A reasonable figure is around 1:1, although this varies by industry. A figure well below 1 may mean the business is too dependent on selling inventory to pay bills.
理想数值约为 1:1，但这会因行业而异。数值远低于 1 可能意味着企业过于依赖出售存货来支付账单。
8. Inventory Turnover | 存货周转率
Inventory Turnover = Cost of Goods Sold ÷ Average Inventory
This efficiency ratio shows how many times inventory is sold and replaced during the year. A higher figure usually means the business manages stock well and avoids tying up cash in unsold goods.
这一效率比率显示存货在一年内被销售和补货的次数。数值越高通常说明企业库存管理良好，没有把大量现金占用在未售出的商品上。
For example, if cost of goods sold is $100,000 and average inventory is $20,000, the inventory turnover is 5 times per year.
例如：如果销售成本为 $100,000，平均存货为 $20,000，则存货周转率为每年 5 次。
Some businesses prefer to calculate inventory days: Inventory Days = (Average Inventory ÷ Cost of Goods Sold) × 365. Fewer days is generally better for cash flow.
有些企业更倾向计算存货天数：存货天数 =（平均存货 ÷ 销售成本）× 365。通常天数越少对现金流越有利。
9. Trade Receivables and Payables Days | 应收账款与应付账款天数
Trade Receivables Days = (Trade Receivables ÷ Credit Sales) × 365
This shows the average number of days customers take to pay for goods sold on credit. A lower figure means the business collects money quickly and has better cash flow.
该指标显示客户赊购商品后的平均付款天数。数值越低意味着企业收回资金越快，现金流越好。
Trade Payables Days = (Trade Payables ÷ Credit Purchases) × 365
This shows the average number of days the business takes to pay its suppliers. Paying later can improve cash flow, but paying too late may damage supplier relationships and lead to stricter credit terms.
该指标显示企业支付供应商货款的平均天数。延迟付款可以改善现金流，但过度延迟可能会损害供应商关系，并导致供应商收紧信用条件。
10. Gearing Ratio | 杠杆比率
Gearing Ratio = (Non-current Liabilities ÷ (Non-current Liabilities + Shareholders’ Equity)) × 100%
Gearing measures the proportion of long-term capital that is borrowed rather than raised through shares. A high gearing ratio, for example above 50%, means the business uses a lot of debt finance.
杠杆比率衡量长期资本中借款而非股东权益所占的比例。杠杆率高于 50% 通常意味着企业大量使用债务融资。
High gearing can increase profits when the economy is good, but it also increases risk because interest must be paid even when profit is low. Low gearing means more safety but may mean the business is not taking advantage of cheap borrowing.
高杠杆在经济景气时可能提高利润，但也增加了风险，因为即使利润微薄也必须支付利息。低杠杆虽然更安全，但可能意味着企业没有利用低成本借款的机会。
11. Users and Limitations | 使用者与局限性
The main users of accounts include shareholders, managers, banks, suppliers, employees, customers and government tax authorities. Each group looks for different information.
财务报表的主要使用者包括股东、管理层、银行、供应商、员工、客户和政府税务机关。每个群体关注的侧重点不同。
Shareholders and investors focus on ROCE, net profit margin and gearing to decide whether to keep or buy shares. Banks and lenders look at liquidity and gearing before giving loans.
股东和投资者关注资本回报率、净利率和杠杆比率，以决定继续持有还是买入股票。银行和贷款人则在发放贷款前关注流动性和杠杆率。
Suppliers want to know if they will be paid, so they check the current and acid test ratios. Employees are concerned with job security and wage increases, which link to profitability.
供应商希望了解能否收回货款，因此会查看流动比率和速动比率。员工关注工作保障和工资增长，这与盈利能力密切相关。
However, ratio analysis has limitations. Ratios are based on historical costs, are affected by inflation, seasonal factors and different accounting methods, and they ignore non-financial information such as staff morale, brand reputation and market conditions.
然而，比率分析也有局限性。比率基于历史成本，受通货膨胀、季节性因素和不同会计方法的影响，并且忽略了员工士气、品牌声誉和市场状况等非财务信息。
12. Improving Financial Performance | 改善财务表现
A business can improve its gross profit margin by raising selling prices, but only if competitors do not force prices down. It can also negotiate lower material costs or reduce wastage.
企业可以通过提高售价来改善毛利率，但前提是竞争不会迫使价格下降。企业还可以与供应商谈判降低原材料成本或减少浪费。
Net profit margin can be improved by controlling overheads such as rent, advertising and administrative costs, and by reducing interest charges through lower borrowing.
净利率可以通过控制租金、广告和管理费用等间接费用以及减少借款来降低利息支出，从而得到改善。
Liquidity improves when the business collects receivables faster, reduces inventory levels, negotiates longer payment terms with suppliers, or raises cash by issuing shares instead of borrowing.
流动性可以通过加快应收账款的回收、降低存货水平、与供应商协商更长的付款期，或者以发行股票代替借款来筹集资金等方式得到改善。
Gearing can be reduced by repaying long-term loans using retained profits or a new share issue. There is a trade-off between risk and return in every financial decision.
企业可以利用留存利润或发行新股偿还长期贷款，从而降低杠杆比率。每一项财务决策都会在风险与回报之间做出权衡。
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