財務と会計
国際バカロレア · IB Diploma · Business Management · HL トピック 3 7:56 英語ナレーション・英語＋中文字幕 burning-in
章
Transcript
In 2017 the bike-sharing company ofo had millions of yellow bikes in Chinese cities and had raised billions of dollars from investors.
2017 年，共享单车公司 ofo 在中国各城市投放了数百万辆小黄车，从投资者那里融到了数十亿美元。
By the end of 2018 it had spent most of that money, and more than ten million users were waiting in an online queue for their deposits.
到 2018 年底，钱基本花光了，超过一千万用户在网上排队等着退押金。
Customers liked the product. The company failed because cash ran out.
顾客喜欢这个产品，公司却因为现金耗尽而失败。
A business spends money in two ways.
企业花钱有两种方式。
Capital expenditure buys non-current assets that it keeps for more than a year, a workshop, a machine, a van.
资本支出用于购买使用一年以上的非流动资产，比如车间、机器、货车。
Revenue expenditure pays for day-to-day running, wages, parts and rent.
收益支出用于日常经营，比如工资、零件和租金。
Match the finance to the need. Paying for a new workshop with an overdraft is risky, because the bank can ask for it back at any time.
融资要和用途相匹配：用透支来建新车间很危险，因为银行随时可以收回透支。
Internal finance comes from inside, the owner's savings, retained profit, or selling assets.
内部融资来自企业内部：店主的积蓄、留存利润或出售资产。
External finance comes from outside, and each source has a trade-off.
外部融资来自外部，每种来源都有取舍。
Share capital is never repaid, but owners lose control.
股本不用偿还，但所有者会失去部分控制权。
Loans bring large sums, but interest is due every year.
贷款金额大，但每年都要付利息。
Overdrafts are flexible but expensive.
透支灵活但昂贵。
Trade credit is free, but paying late harms the relationship.
商业信用免费，但拖欠会伤害关系。
Managers weigh cost, amount, time, control and how much is already borrowed.
管理者要权衡成本、金额、期限、控制权和已有的借款。
The repair business built a second workshop for one hundred and twenty thousand. Half came from retained profit and half from a five-year bank loan, long-term finance for a long-term asset.
修车企业花十二万建了第二家车间：一半来自留存利润，一半来自五年期银行贷款，用长期融资买长期资产。
The monthly parts bill uses trade credit.
每月的零件款用商业信用。
And for eleven days in December, when wages were paid before customers paid, it used its overdraft.
十二月有十一天，工资先发、顾客的钱还没到，就用了透支。
Fixed costs, like rent, do not change with output. Variable costs, like car parts, do. A semi-variable cost has both parts.
固定成本，比如租金，不随产量变化；可变成本，比如零件，会随产量变化；半可变成本两者都有。
Direct costs belong to one product, and indirect costs, or overheads, are shared.
直接成本属于某一产品，间接成本也叫管理费用，是共同分摊的。
Total revenue is price times quantity. Two thousand repairs a month at twenty-five, over twelve months, is six hundred thousand a year.
总收入等于价格乘以数量：每月两千次修车、每次二十五，乘以十二个月，一年六十万。
The income statement shows profit over the year.
损益表显示一年的利润。
Sales revenue is six hundred thousand.
销售收入六十万。
Cost of sales, the direct cost of the repairs sold, is three hundred and sixty thousand, leaving gross profit of two hundred and forty thousand.
销售成本，也就是所售修车服务的直接成本，是三十六万，毛利二十四万。
Take away expenses, and profit before interest and tax is ninety thousand.
减去各项费用，息税前利润九万。
After interest and tax the profit is sixty thousand, and after dividends forty thousand is retained.
扣除利息和税后，利润六万；再派发股息，留存四万。
The statement of financial position is a picture on one day.
资产负债表是某一天的快照。
The business owns three hundred and twenty thousand of non-current assets and eighty thousand of current assets. It owes forty thousand within a year, so working capital is forty thousand.
企业拥有三十二万非流动资产和八万流动资产，一年内要还四万，所以营运资本是四万。
Take away the long-term loan of one hundred and sixty thousand, and net assets are two hundred thousand, exactly equal to equity.
再减去十六万的长期贷款，净资产二十万，正好等于所有者权益。
It always balances.
它永远是平衡的。
At HL, depreciation spreads an asset's cost over its life.
HL 要学折旧，它把资产成本分摊到使用年限里。
A diagnostic machine costs twenty-two thousand, lasts four years and is then sold for two thousand.
一台诊断机售价两万二，用四年后以两千卖掉。 直线法：两万除以四，每年五千。
Straight-line depreciation is twenty thousand divided by four, five thousand a year. By units of production, the machine does twenty thousand tests, so each test costs one. In a year with six thousand tests, depreciation is six thousand.
工作量法：机器一生能做两万次检测，每次一元；某年做了六千次，折旧就是六千。
Profitability ratios compare profit with sales or with the money invested.
盈利能力比率把利润与销售额或投入资本相比。
Gross profit margin is two hundred and forty thousand over six hundred thousand, forty per cent.
毛利率是二十四万除以六十万，百分之四十。
Profit margin is fifteen per cent.
利润率百分之十五。
Capital employed is three hundred and sixty thousand, so return on capital employed is twenty-five per cent, far above the six per cent interest on the loan.
运用资本三十六万，所以资本回报率是百分之二十五，远高于贷款百分之六的利率。
Liquidity ratios show whether the business can pay its short-term debts.
流动性比率显示企业能否偿还短期债务。
The current ratio is eighty thousand over forty thousand, two point zero, inside the safe range.
流动比率是八万除以四万，等于二点零，在安全范围内。
The acid test leaves out stock, which may be slow to sell, giving one point two five.
速动比率不算存货，因为存货可能不好卖，结果是一点二五。
Both are healthy.
两者都健康。
A ratio far above the safe range is not good either, because money is sitting idle.
但比率远高于安全范围也不好，说明钱闲置了。
At HL, efficiency ratios show how well stock and credit are managed.
HL 的效率比率显示存货和信用管理得怎么样。
Stock turnover is cost of sales over average stock, fifteen times a year, about every twenty-four days.
存货周转率等于销售成本除以平均存货，一年十五次，大约每二十四天一次。
Debtor days are twenty-seven point four, and creditor days twenty-five point three.
应收账款天数二十七点四，应付账款天数二十五点三。
Customers pay about two days more slowly than the business pays its suppliers, so it pays out before it is paid.
顾客付款比企业付给供应商慢大约两天，所以企业是先付钱、后收钱。
Gearing shows how much long-term finance is borrowed.
资本负债率显示长期资金中有多少是借来的。
One hundred and sixty thousand over three hundred and sixty thousand is forty-four point four per cent.
十六万除以三十六万，等于百分之四十四点四。
Above fifty per cent a business is highly geared, with interest due even when sales fall.
超过百分之五十就算高杠杆，即使销售下滑也得付利息。
The repair business is close to the line, so its next project should be paid for with share capital or retained profit, not another loan.
修车企业已经接近这条线，所以下一个项目应该用股本或留存利润，而不是再借钱。
Profit and cash flow are different.
利润和现金流不是一回事。
Profit is revenue minus costs for the year. Cash flow is the money that actually comes in and goes out, and when.
利润是一年的收入减去成本；现金流是实际流入和流出的钱，以及流动的时间。
The working capital cycle runs from cash, to parts and labour, to repairs, to customers who owe money, and back to cash.
营运资本周期从现金开始，变成零件和人工，变成修车服务，变成欠款的顾客，再回到现金。
The longer the cycle, the more cash the business needs.
周期越长，企业需要的现金越多。
A cash flow forecast shows expected cash in and out, month by month.
现金流量预测按月显示预计的现金流入和流出。
Net cash flow is cash in minus cash out, and the closing balance becomes next month's opening balance.
净现金流等于流入减流出，期末余额就是下个月的期初余额。
The repair business starts January with ten thousand.
修车企业一月初有一万。
In April the yearly insurance and a large parts order fall together, and the balance drops to minus five thousand.
四月，全年保险费和一大笔零件订单同时付款，余额跌到负五千。
Seen in January, that leaves three months to arrange an overdraft or move a payment.
一月就看到这个问题，就有三个月时间去安排透支或推迟付款。
There are three ways to fix a cash problem.
解决现金问题有三种办法。
Reduce cash outflows, by delaying equipment, leasing, or asking suppliers for longer credit.
减少现金流出：推迟买设备、改为租赁，或请供应商延长信用期。
Improve inflows, by asking customers to pay faster or selling old stock.
增加现金流入：请顾客早点付款，或卖掉旧存货。
Or find more finance, an overdraft, a short-term loan or the sale of an asset.
或者找更多资金：透支、短期贷款或出售资产。
Each has a drawback, and a forecast is only as good as its guesses.
每种办法都有缺点，而且预测的好坏取决于估计是否准确。
Investment appraisal checks whether a project is worth its cost.
投资评估检查一个项目是否值得投入。
A third workshop costs one hundred and twenty thousand and brings forty thousand a year for four years.
第三家车间投资十二万，四年里每年带来四万。
It pays back after three years.
三年回本。
The average rate of return is the average yearly profit, ten thousand, over the cost, eight point three per cent.
平均收益率是每年平均利润一万除以成本，等于百分之八点三。
Payback ignores what happens after, and ARR ignores timing.
回收期法忽略回本之后的情况，平均收益率法忽略时间。
At HL, net present value allows for timing.
HL 的净现值考虑了时间。
Money received later is worth less, because money today could earn interest.
以后收到的钱不如现在的钱值钱，因为现在的钱可以生息。
At six per cent, the four cash flows are worth one hundred and thirty-eight thousand six hundred today.
按百分之六折现，四年的现金流现值合计十三万八千六百。
Subtract the cost, and NPV is plus eighteen thousand six hundred.
减去成本，净现值是正一万八千六百。
Positive, so the project is worth doing, though the answer depends on the rate chosen.
为正，项目值得做，不过结果取决于所选的折现率。
At HL, a budget is a financial target for a future period.
HL 要学预算：预算是对未来一段时间的财务目标。
A variance is the gap between budget and actual.
差异是预算与实际之间的差距。
Workshop three cut its price to win more repairs, so revenue was four hundred and forty favourable.
三号车间降价争取更多修车，收入有利差异四百四十。
But the extra repairs needed more parts, which also cost more, six hundred adverse.
但多出的修车需要更多零件，零件还涨价了，不利差异六百。
Profit ends sixty below budget.
最后利润比预算少六十。
Find the cause of each variance before acting.
采取行动前，先找出每项差异的原因。
Check yourself without notes. Calculate two ratios and gearing, explain how profit and cash differ, and appraise the third workshop three ways.
不看笔记自测：计算两个比率和资本负债率；解释利润和现金的区别；再用三种方法评估第三家车间。