Part.D Ratio analysis

ACCA中的FR（Financial Reporting，财务报告）科目中的Ratio analysis（比率分析）是一种核心的财务分析工具。它通过使用各种财务比率来评估和比较公司的财务表现，帮助投资者、管理人员和其他利益相关者了解公司的财务状况和业绩。

Part.D Ratio analysis

• calculations+analysis
  • 比较
    • What-比较维度
      • 切忌直接背诵模板用“分—总”模式参考背景材料，分析趋势变化原因
      • Performance
        • 公式*4
          • ROCE(一级指标)
            • Profit margin
              • gross profit margin
              • operating profit margin
            • asset turnover/capital employed turnover
          • Return on equity(一般用在客观题)
            • =(profit after tax - preference dividends)/Equity
      • Position
        • Gearing(Stability)—长期偿债能力
          • Gearing ratio
            • 1.Debt/Equity
            • 2.Debt/Debt+Equity
          • Interest cover
            • =PBIT/Interest expense
        • Liquidity—短期偿债能力
          • Ratio
            • Current ratio(最好在1.5~2:1)
              • =Current asset/Current liability
            • Quick ratio/Acid test(最好在1:1)
              • =（Current asset-Inventory）/Current liability
          • Collection period
            • Recivable
              • =(TR/Credit sales)*365天
                • too short: a.Reasons: 1.better credit control 2.short payment terms b.Risks: 1.poor relationships with customers 2.make company incompetitive(大家不愿意来买我们的东西)
                • too long: a.Reasons: 1.long payment terms for customers 2.strong bargaining power of customers b.Advantages: 1.easy to maintain the relationships with customers c.Disadvantages: 1.high bad debts risks 2.a sign of cash shortage d.Possible steps to reduce the ratio: 1.Credit checks（信用评级） on customers 2.Improve credit control 3.Factoring(寻求保理商的支持)
            • Inventory
              • =(Inventory/COS)*365天
                • too short: Disadvantages: 1.Stock out(缺货)risks 2.A sign of overtrading
                • too long: a.Reasons: 1.lack of the demand 2.poor inventory control b.Disadvantages: 1.damaged or obsolete inventory 2.high holding costs c.Possible steps to reduce the ratio 1.removing any slow moving or unpopular items 2.insurance
            • Payable
              • =(TP/Credit purchase or COS)*365天
                • too short: a.Disadvantages: lose free-interst finance b.Advantages: good relationship with suppliers
                • too long: a.Reasons: Cash shortage b.Disadvantages: 1.poor reputation as a slow payer 2.bad relationship with suppliers 3.unable to find new cooperator c.Advantages: Enjoy free-interest finance
    • Who-和谁去比较？
      • 单体报表分析
        • vs previous years
        • vs industry average
        • vs target company
      • 合并报表分析
        • vs previous years
          • acquisition of subsidiary
          • disposal of subsidiary
• 影响因素
  • Ages
  • Sources
  • Accounting policy
• 影响因素
  • Sales price
  • Cost
  • Overheads