Efficiency, gearing and limitations · 效率、杠杆率和局限性
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| efficiency/ɪˈfɪʃənsi/ | 效率 | xiào lǜ |
| inventory turnover/ˈɪnvəntri ˈtɜːnəʊvə/ | 存货周转率 | cún huò zhōu zhuǎn lǜ |
| gearing/ˈɡɪərɪŋ/ | 杠杆比率 | gàng gǎn bǐ lǜ |
| capital employed/ˈkæpɪtl emˈplɔɪd/ | 所用资本 | suǒ yòng zī běn |
| qualitative/ˈkwɒlɪteɪtɪv/ | 定性 | dìng xìng |
How hard are the assets working?
- Beyond profit and cash, owners want to know: is the firm using its resources efficiently, and is it over-borrowed?
- A second set of ratios answers these — but every ratio has limits.
资产工作得多努力?
- 在利润和现金之外,所有者想知道:企业是否在高效地使用它的资源,以及它是否过度借款?
- 第二组比率回答这些——但每个比率都有局限。
Business case lab · 商业案例实验室
Classify real decisions so the main business concept becomes concrete. · 对真实决策进行分类，使主要商业概念具体化。
Cost of sales is 240 and average inventory is 40. What is the inventory turnover (times)? · 销售成本为240，平均存货为40。存货周转率是多少（次数）？
240 ÷ 40 = 6 times a year. · 240 ÷ 40 = 每年6次。
Efficiency 效率 ratios
- Inventory turnover 存货周转率 = cost of sales ÷ average inventory — how many times stock is sold and replaced.
- A higher turnover usually means stock isn't sitting idle.
Worked example. Cost of sales 120, average inventory 30 → inventory turnover = 120 ÷ 30 = 4 times a year. The firm sells and replaces its stock four times annually.
Efficiency ratios measure how hard a firm's assets are working, read from the balance sheet
效率比率
- 存货周转率(inventory turnover)= 销售成本 ÷ 平均存货——库存被卖出和补充多少次。
- 一个更高的周转率通常意味着库存没有闲置。
例题。 销售成本 120,平均存货 30 → 存货周转率 = 120 ÷ 30 = 一年 4 次。企业每年卖出和补充它的库存四次。
效率比率衡量一家公司的资产工作得多努力,从资产负债表中读出
Long-term liabilities are 80 and capital employed is 200. What is the gearing (%)? · 长期负债为80，投入资本为200。杠杆率是多少(%)？
80 ÷ 200 × 100 = 40%.
A highly geared business is most at risk when: · 高杠杆企业最面临风险的时机是：
High gearing means large interest payments — dangerous if rates rise. · 高杠杆意味着大额利息支付——若利率上升则危险。
A business that relies heavily on borrowing is said to be highly . · 严重依赖借贷的企业被称为高度。
High gearing = heavy debt relative to capital employed. · 高杠杆 = 相对于投入资本的债务沉重。
Gearing 杠杆比率
- Gearing = non-current (long-term) liabilities ÷ capital employed 所用资本 × 100.
- High gearing (over ~50%) means heavy reliance on borrowing — risky if interest rates rise.
资本负债率
- 资本负债率(gearing)= 非流动(长期)负债 ÷ 所用资本 × 100。
- 高资本负债率(超过约 50%)意味着对借款的沉重依赖——如果利率上升则冒险。
Which are limitations of ratio analysis? (Select all that apply.) · 比率分析有哪些局限性？（选择所有适用项。）
Ratios are backward-looking and need context; they do not predict perfectly. · 比率是向后看的，需要背景；它们不能完美预测。
Limitations of ratios
- Ratios use past data and ignore the future.
- They miss qualitative 定性 factors (staff morale, brand, market trends).
- They are only useful compared — to past years, rivals, or targets.
A ratio means nothing on its own. A current ratio of 1.5 is only "good" compared with something — last year, a competitor, or the industry norm. Always interpret ratios in context.
比率的局限
- 比率使用过去的数据并忽视未来。
- 它们错过定性因素(员工士气、品牌、市场趋势)。
- 它们只在被比较时才有用——与过去的年份、对手或目标比。
一个比率本身什么都不意味着。 一个 1.5 的流动比率只在与某物比较时才"好"——去年、一个竞争对手,或行业标准。总是在背景中解释比率。
You've got it
- inventory turnover = cost of sales ÷ average inventory (higher = stock moving)
- gearing = long-term liabilities ÷ capital employed × 100 (high = borrowing-reliant, risky)
- ratios use past data, miss qualitative factors, and need comparison to mean anything
你掌握了
- 存货周转率 = 销售成本 ÷ 平均存货(更高 = 库存在流动)
- 资本负债率 = 长期负债 ÷ 所用资本 × 100(高 = 依赖借款,冒险)
- 比率使用过去的数据、错过定性因素,并需要比较才有意义