Finance and Accounting
A-Level Business Topic 5 15:50 English narration · English + 中文 subtitles burned in
Chapters
Transcript
A business can be profitable and still die. Here is how.
一家企业可以盈利，却仍然倒闭。
You sell a hundred thousand pounds of goods on credit in March.
过程是这样的。 三月，你赊销出去十万英镑的货物。
The profit looks excellent.
利润看起来非常漂亮。
But the customers pay in June — and the wages, the rent and the suppliers are all due in April.
但顾客要到六月才付款——而工资、租金和供应商的货款， 全都在四月到期。
The profit is real. The cash is not there.
利润是真实的，现金却不在手上。
More firms fail from running out of cash than from making a loss.
因现金枯竭而倒闭的企业，比因亏损而倒闭的还要多。
Today: why firms need finance.
今天我们来看：企业为什么需要资金。
Working capital.
营运资本。
Cash versus profit.
现金与利润的区别。
The sources of finance.
融资来源。
Cash-flow forecasts.
现金流量预测。
Costs and break-even.
成本与盈亏平衡。
And budgets and variances.
以及预算与差异。
Let's begin.
让我们开始吧。
A business needs finance at every stage: money to start, money to run day to day, and money to grow.
企业在每个阶段都需要资金：创办要钱，日常运转要钱，扩张也要钱。
Spending splits into two kinds, and the exam wants the difference.
支出分成两类，而考试考的正是二者的区别。
Capital expenditure buys fixed assets that last a long time — machines, vehicles, buildings.
资本性支出用于购买长期使用的固定资产——机器、车辆、厂房。
Revenue expenditure pays the running costs — wages, rent, raw materials.
收益性支出支付日常开销——工资、租金、原材料。
A long-lasting asset is capital; a day-to-day bill is revenue.
能长期使用的资产属于资本性支出；日常账单属于收益性支出。
Business finance is the money a firm needs to start, to run, and to grow.
企业资金是企业创办、运转和扩张所需要的钱。
A new firm needs money for premises and equipment before the first sale.
新企业在第一笔销售之前，就要为 经营场所和设备筹钱。
A growing firm needs money for new projects and extra capacity.
成长中的企业需要钱做新项目、扩产能。
Every firm needs money to pay day-to-day bills: wages, rent, power, and suppliers.
每家企业都需要钱 支付日常账单：工资、租金、电费和供应商货款。
Banks are a key external source — through loans for big assets and overdrafts for short gaps.
银行是关键的外部来源—— 贷款用于大资产，透支用于短期缺口。
Without enough finance at the right time, even a strong idea can stall.
没有在正确时间到位的资金，再好的想法也会卡住。
Look at the split.
看这个二分。
Capital expenditure buys long-lasting fixed assets — machines, vehicles, buildings — things that stay on the balance sheet.
资本性支出购买长期使用的固定资产——机器、车辆、厂房—— 这些会留在资产负债表上。
Revenue expenditure pays the running costs — wages, rent, and raw materials — that are used up in the period.
收益性支出支付当期用掉的运转成本——工资、租金、原材料。
The exam loves this pair: if the spend creates an asset that lasts, call it capital; if it keeps the firm running this month, call it revenue.
考试很爱这对概念：若这笔钱形成了能长期使用的资产，就叫资本性支出； 若只是维持本月运转，就叫收益性支出。
Mixing them up loses easy marks on definitions and examples.
搞混定义和例子，容易丢分。
Working capital is the money a firm has for its daily needs: current assets minus current liabilities.
营运资本是企业用于日常需要的钱：流动资产减去流动负债。
Current assets are things that turn into cash within a year — cash itself, inventory, and money customers owe you.
流动资产是一年之内能变成现金的东西——现金本身、存货，以及顾客欠你的钱。
Current liabilities are debts due within a year.
流动负债是一年内到期的债务。
Too little working capital is dangerous: the firm simply cannot pay its bills, however good the product is.
营运资本太少很危险： 无论产品多好，企业就是付不出账单。
Working capital is read from the balance sheet.
营运资本从资产负债表上读出。
Current assets are liquid: cash in the bank, stock waiting to be sold, and trade receivables — money customers still owe.
流动资产是流动性强的：银行里的现金、待售存货， 以及应收账款——顾客还欠的钱。
Current liabilities are the short-term bills: trade payables, a bank overdraft, tax due soon.
流动负债是短期账单：应付账款、银行透支、 即将到期的税款。
Subtract liabilities from assets and you get the cushion for day-to-day life.
资产减负债，就是日常运转的缓冲垫。
Too little cushion means bills bounce. Too much can mean cash sitting idle when it could fund growth — so the aim is enough, not endless.
缓冲太少，账单会跳票； 太多则可能让现金闲置，本可用于扩张——目标是够用，而不是无限囤钱。
Now the idea the whole topic turns on.
现在来看整个专题赖以成立的核心观念。
Profit is what is left when total costs are taken away from total revenue, over a period of time.
利润是在一段时间内， 总收入减去总成本之后剩下的部分。
Cash is the money the firm actually has, right now, to spend.
现金是企业此刻真正拥有、可以花出去的钱。
They are not the same thing.
两者并不是一回事。
Sell goods on credit and the profit appears immediately — but the cash arrives months later.
赊销出货，利润立刻出现——但现金要几个月后才到账。
Many firms fail not from low profit, but from running out of cash.
许多企业倒闭，不是因为利润低，而是因为现金用光了。
Two boxes for the same firm.
同一家企业的两个框。
On paper the profit is positive: sales have been booked and costs deducted.
纸上利润为正：销售额已入账，成本已扣减。
In the bank the cash is low, because customers have not paid yet.
银行里的现金却很低， 因为顾客还没付款。
That timing gap is why profit and cash diverge.
正是这个时间差，让利润和现金分道扬镳。
Credit sales, slow collections, and buying stock before cash comes in all widen the gap.
赊销、回款慢、 以及在现金到账前囤货，都会拉大差距。
A firm can look healthy in the profit and loss account and still fail when wages fall due.
企业可以在损益表上显得健康， 却在工资到期时撑不住。
Always ask: when does the cash actually arrive?
永远要问：现金到底什么时候真正到账？
So where does the money come from?
那么钱从哪里来？
Internal sources come from inside the business: retained profit — profit kept rather than paid out — and selling assets you no longer need.
内部来源来自企业内部：留存利润——留在企业里而不分掉的利润—— 以及出售不再需要的资产。
External sources come from outside the business.
外部来源则来自企业外部。
Short-term sources cover day-to-day gaps: an overdraft, trade credit from suppliers, and leasing instead of buying.
短期来源用来填补日常资金缺口：银行透支、供应商提供的商业信用， 以及租赁而不是购买。
Long-term sources fund the big assets: share capital, bank loans, debentures, hire purchase.
长期来源用于购置大型资产：股本、银行贷款、公司债券、分期付款。
And for young or unusual firms: venture capital, crowdfunding, and microfinance.
而对年轻或特殊的企业，还有风险资本、众筹和小额信贷。
The tree splits inside versus outside.
这棵树分成内部与外部。
Internal means retained profit kept in the business instead of paid out, and the sale of assets the firm no longer needs — sometimes the owners' own savings too.
内部是指留在企业里而不分掉的留存利润，以及出售不再需要 的资产——有时也包括所有者自己的积蓄。
External means money from outsiders: share capital, loans, overdrafts, leasing, trade credit, and crowdfunding.
外部是局外人的钱：股本、贷款、透支、 租赁、商业信用和众筹。
Short-term sources are paid back within a year; long-term sources fund assets that last longer.
短期来源一年内偿还；长期来源为更耐用的资产筹资。
Learn the labels, then always name the type and the term in the same answer.
先记准名称，答题时要同时写出类型和期限。
Drill the main sources.
把主要来源再抠一遍。
A loan is borrowed money repaid with interest over an agreed time.
贷款是在约定期限内连本带息偿还的借款。
A debenture is a long-term loan certificate sold by a company.
公司债券是公司出售 的长期借款凭证。
An overdraft lets the bank account go below zero for a short period.
透支允许账户在短期内低于零。
Leasing rents an asset instead of buying it.
租赁是租用资产而不是购买。
Hire purchase buys the asset by instalments.
分期付款是按期付款买下资产。
Trade credit means paying the supplier later — often after thirty days.
商业信用是晚些付给供应商——常见是三十天后。
Venture capital funds risky young firms; crowdfunding raises small sums from many people online; microfinance offers small loans where banks rarely go.
风险资本投入高风险的年轻企业；众筹从网上许多人那里募集小额资金； 小额信贷在银行很少涉足的地方提供小额贷款。
Share capital is money raised by selling shares.
股本是通过出售股份筹集的资金。
Public limited companies can sell shares on a stock exchange; private companies sell to invited buyers.
公开有限公司可以在证券交易所出售股份； 私人公司则卖给受邀买家。
Owners become shareholders and may take dividends from profit.
所有者成为股东，可能从利润中分红。
The firm does not repay share capital like a loan, so cash flow is less strained — but ownership and control can dilute.
企业不必像还贷那样 偿还股本，所以现金流压力较小——但所有权和控制权可能被稀释。
Only a company can issue shares; sole traders and partnerships cannot.
只有公司才能发行 股份；独资和合伙不行。
When the sum is large and long-term, equity is often the right match.
当金额大、期限长时，股本往往是更匹配的选择。
There is no single best source — five things decide it.
没有唯一最好的来源——由五件事来决定。
The amount needed: a large sum may require shares or a long loan.
所需金额：数额很大时， 可能需要发行股份或申请长期贷款。
The purpose matters most: match long-term finance to long-term assets, and short-term finance to short-term needs.
用途最为关键： 长期资金配长期资产，短期资金配短期需要。
Then the cost — interest and fees differ a lot between sources.
其次是成本—— 不同来源的利息和费用差别很大。
And the legal structure: only a company can sell shares.
再就是法律形式：只有公司才能出售股份。
Finally, how much the firm already owes, and whether it can offer collateral.
最后，还要看企业已经欠了多少债，以及能否提供抵押品。
Match the finance to the purpose.
把融资与用途匹配。
A short-term need such as stock or a cash gap uses short-term finance like an overdraft or trade credit.
短期需要——比如存货或现金缺口——用透支或商业信用这类短期融资。
A long-term asset such as machinery uses long-term finance like a bank loan or shares.
机器这类长期资产，用银行贷款或股份这类长期融资。
Collateral is an asset the lender can take if the loan is not repaid — property or equipment, for example.
抵押品是贷款未还时贷款人可拿走 的资产——比如房产或设备。
High existing debt makes new borrowing harder and more expensive.
已有负债高，会让新借款更难、更贵。
Examiners reward answers that name the purpose first, then the source that fits.
阅卷人更奖励先点明 用途、再选出匹配来源的答案。
A cash-flow forecast predicts the money coming in and going out, month by month.
现金流量预测按月预测进出的资金。
Cash inflows are money arriving, mostly from sales.
现金流入是进来的钱，主要来自销售。
Cash outflows are money leaving — wages, rent, suppliers.
现金流出是出去的钱——工资、租金、供应商货款。
Net cash flow is inflows minus outflows for that month.
净现金流是当月流入减去流出。
The opening balance is the cash you start with; add the net cash flow and you get the closing balance, which becomes next month's opening balance.
期初余额是月初手上的现金； 加上净现金流，就得到期末余额，而它又成为下个月的期初余额。
Watch the line dip below zero — that is the shortage, spotted early enough to fix.
注意看这条线跌到零以下——那就是资金短缺，而且发现得足够早，还来得及补救。
Read the chart.
读这张图。
Green bars are months when net cash flow is positive; orange bars show negative months.
绿色柱是净现金流为正的月份；橙色柱是为负的月份。
The line tracks the closing balance.
线追踪期末余额。
When that line dips below zero, the firm faces a cash shortage.
当线跌到零以下，企业就面临现金短缺。
Net cash flow equals cash inflows minus cash outflows for the period.
净现金流等于当期现金流入减去现金流出。
Closing balance equals opening balance plus net cash flow.
期末余额等于期初余额加净现金流。
The forecast's job is early warning — so managers can arrange an overdraft, chase customers, or delay purchases before the crisis.
预测的作用是预警——让管理者能在危机前安排 透支、催收货款，或推迟采购。
When does cash go wrong?
现金什么时候会出问题？
The usual causes: too many sales on credit, holding too much stock, and buying too many assets at once.
常见的原因是：赊销太多、存货压得太多、 一次性购置太多资产。
Watch for overtrading — growing so fast that the cash cannot keep up.
还要小心过度交易——扩张太快，现金跟不上。
There are four fixes.
有四种办法。
Bring cash in sooner: chase customers, or discount for quick payment.
让钱更早进来：催收货款，或对快速付款给折扣。
Delay cash going out: negotiate longer credit from suppliers.
让钱更晚出去：与供应商谈更长的赊账期。
Arrange an overdraft to bridge the gap.
安排银行透支来渡过缺口。
And hold less stock, to free the cash trapped inside it.
以及少囤存货，把压在里面的现金释放出来。
Good working capital management keeps enough cash to stay safe without holding so much that money sits idle.
良好的营运资本管理，既保证有足够现金保安全，又不过度囤钱闲置。
That means balancing receivables, stock, and payables.
这意味着在 应收、存货和应付之间取得平衡。
Collect from customers a little faster; pay suppliers on agreed terms, not earlier than needed; and keep stock lean enough to free cash.
向顾客稍快一点回款；按约定账期付给供应商， 不要提前支付；把存货压到能释放现金的水平。
A short-term loan or overdraft can cover a known gap, but it is a bridge, not a fix for a broken model.
短期贷款或透支可以覆盖已知缺口， 但那是过桥，不是修补错误模式的办法。
Link every fix back to inflows, outflows, or the opening balance.
每一种补救都要回到流入、流出或期初余额。
Before break-even, classify the costs.
在讲盈亏平衡之前，先把成本分类。
Fixed costs do not change with output — rent, for example.
固定成本不随产量变化——比如租金。
Variable costs rise and fall with output — raw materials.
可变成本随产量升降——比如原材料。
Direct costs are clearly linked to one product; indirect costs, or overheads, are not — a manager's salary.
直接成本能清楚地归到某一种产品上； 间接成本，也就是间接费用，则不能——比如经理的薪水。
And two more: marginal cost is the cost of making one more unit, and average cost is total cost divided by the number of units.
还有两个： 边际成本是多生产一个单位所增加的成本，平均成本是总成本除以产品数量。
The cost behaviour chart makes the sum clear.
成本习性图把加总关系说清楚。
Fixed cost stays flat as output rises.
产量上升时，固定成本保持水平。
Variable cost starts at zero and climbs with each extra unit.
可变成本从零开始， 随每一件额外产品上升。
Total cost runs parallel above variable cost, separated by the fixed-cost gap.
总成本在可变成本上方平行运行，中间隔着固定成本。
So total cost equals fixed cost plus variable cost.
所以总成本等于固定成本加可变成本。
Managers use this split to set prices, choose what to make, and control spending.
管理者用这个拆分来定价、选产、控支。
If output falls, variable costs fall with it — fixed costs do not.
产量下降时，可变成本跟着降——固定成本不会。
Now break-even.
现在来看盈亏平衡。
Contribution per unit is the selling price minus the variable cost per unit — what each sale contributes towards the fixed costs.
单位贡献是售价减去单位可变成本—— 也就是每卖出一件产品，对固定成本的贡献。
The break-even point is fixed costs divided by contribution per unit: the output where total revenue exactly equals total cost, so profit is zero.
盈亏平衡点等于固定成本除以单位贡献： 在这个产量上，总收入正好等于总成本，利润为零。
Watch the revenue line cross the total cost line.
看收入线与总成本线相交。
Left of that crossing is loss; right of it is profit.
交点左边是亏损，右边是盈利。
And the margin of safety is how far actual output sits above break-even.
而安全边际是实际产量高出盈亏平衡点多少。
On the break-even chart, the flat line is fixed cost.
在盈亏平衡图上，水平线是固定成本。
Total cost starts higher and rises with variable cost.
总成本起点更高，并随可变成本上升。
Total revenue starts at zero and climbs with sales.
总收入从零起，随销量爬升。
Where revenue crosses total cost is the break-even point.
收入与总成本相交处就是盈亏平衡点。
Left of that point the firm makes a loss; right of it, a profit.
交点左边是亏损， 右边是盈利。
Margin of safety is actual output minus break-even output.
安全边际等于实际产量减盈亏平衡产量。
Write the chain every time: contribution first, then break-even, then margin of safety.
每次都按链条写：先贡献， 再盈亏平衡，再安全边际。
A product sells for twenty pounds. The variable cost is twelve pounds a unit.
某产品售价二十英镑，单位可变成本十二英镑。
Fixed costs are forty thousand pounds, and the firm makes six thousand units.
固定成本为四万英镑， 企业生产六千件。
Find the contribution, the break-even output, and the margin of safety. Pause and try it.
求单位贡献、盈亏平衡产量和安全边际。
Twenty minus twelve gives a contribution of eight pounds per unit.
先暂停，自己算一算。 二十减十二，得到单位贡献八英镑。
Forty thousand divided by eight is five thousand units — that is break-even.
四万除以八，等于五千件——这就是盈亏平衡点。
And the margin of safety is six thousand minus five thousand: one thousand units.
而安全边际是六千减五千，等于一千件。
Break-even is quick, visual, and genuinely useful for a decision.
盈亏平衡分析快速、直观，对决策确实有用。
But it has limitations — it rests on assumptions that are rarely true.
但它建立在一些很少成立的假设上。
It assumes the selling price stays the same at every output.
它假设在任何产量下售价都不变。
It assumes costs stay the same too.
它也假设成本保持不变。
And it assumes everything made is actually sold.
而且它假设生产出来的全部都卖掉了。
A large margin of safety means sales can fall a long way before you make a loss — and that is the number to quote.
安全边际大，意味着销量下滑很多才会亏损—— 这正是你该引用的那个数字。
A budget is a financial plan for the future — a target for income or for spending.
预算是面向未来的财务计划——一个关于收入或支出的目标。
Budgets let a firm plan ahead, control its money, and measure performance.
预算让企业能提前规划、控制资金，并衡量业绩。
Two types matter.
有两种类型很重要。
An incremental budget takes last year's figure and changes it a little: quick, but it carries last year's waste forward.
增量预算拿去年的数字稍作调整：快，但把去年的浪费一并带了过来。
A zero-based budget starts from nothing, and every cost must be justified: slower, but far more rigorous.
零基预算从零开始，每一笔费用都必须说明理由：慢，但严格得多。
A variance is the difference between what you budgeted and what actually happened: actual minus budget.
差异是预算数与实际数之间的差别：实际减去预算。
A favourable variance is better for profit — costs lower than planned, or revenue higher.
有利差异对利润更好——成本低于计划，或收入高于计划。
An adverse variance is worse for profit — costs higher, or revenue lower.
不利差异对利润更差——成本高于计划，或收入低于计划。
Note the trap: a positive number on a cost is adverse, not favourable.
注意这个陷阱：成本上的正数是不利差异，而不是有利差异。
Studying variances shows managers exactly where the plan went wrong, early enough to act on it.
分析差异能让管理者准确看出计划在哪里出了问题，而且早到还来得及采取行动。
Variance equals actual figure minus budgeted figure.
差异等于实际数减预算数。
Here the firm budgeted thirty thousand pounds but spent thirty-four thousand, so the variance is plus four thousand.
这里企业预算三万英镑，实际花了三万四千，差异为正四千。
Because this is a cost overspend, profit is worse — so the variance is adverse, even though the number is positive.
因为这是成本超支，利润变差——所以差异是不利的，尽管数字是正的。
For revenue, a positive variance is favourable: you earned more than planned.
对收入而言， 正差异是有利的：你比计划多赚了。
Always calculate first, then label favourable or adverse by the effect on profit.
永远先算出数字，再按对利润的影响标成有利或不利。
The bar chart compares budget with actual on costs and revenue.
柱状图在成本和收入上对比预算与实际。
A cost overspend is adverse; a cost underspend is favourable.
成本超支是不利；成本节省是有利。
Revenue above budget is favourable; revenue below budget is adverse.
收入高于预算是有利；收入低于预算是不利。
Managers study each bar to see where the plan went wrong — materials, labour, sales price, or volume — and act while there is still time.
管理者逐根柱子看计划在哪里偏了—— 材料、人工、售价或销量——并趁还有时间采取行动。
Variance analysis is not blame for its own sake; it is control with numbers attached.
差异分析不是为了指责， 而是带着数字的控制。
A firm budgeted thirty thousand pounds for wages, but actually spent thirty-four thousand.
某企业的工资预算为三万英镑，实际支出为三万四千英镑。
Find the variance, and say whether it is favourable or adverse.
求差异，并说明它是有利差异还是不利差异。
Pause and try it.
先暂停，自己算一算。
Thirty-four thousand minus thirty thousand is a variance of four thousand pounds.
三万四千减三万，差异为四千英镑。
Now label it: costs came in higher than planned, so profit is worse.
现在给它定性： 成本高于计划，利润因此变差。
That makes it adverse.
所以这是不利差异。
Three marks students give away.
三个学生白白丢掉的分。
First, show that cash is not profit — a profitable firm can still fail from a cash shortage.
第一，说明现金不等于利润—— 一家盈利的企业仍可能因现金短缺而倒闭。
Second, for break-even, get the chain right: contribution is price minus variable cost, break-even is fixed costs divided by contribution, and margin of safety is actual minus break-even.
第二，盈亏平衡这条链要理顺： 单位贡献等于售价减单位可变成本，盈亏平衡点等于固定成本除以单位贡献， 安全边际等于实际产量减盈亏平衡产量。
Third, label every variance favourable or adverse, and say what it does to profit.
第三，给每一个差异标明有利还是不利，并说明它对利润的影响。
Get these right, and this topic is yours.
把这些做对，这个专题就是你的了。