常用財務分析公式 and 英文對照
套用公式計算其實不難，真正的精隨在於如何判讀與解讀這些數字背後所呈現的意義
就像解讀達文西密碼一般..待續...
(1)財務結構Financial structure:
負債占資產比率＝負債總額／資產總額。
Debt of long fund to bank property and equipment=total liabilities/total assets
長期資金佔固定資產比率＝(股東權益淨額＋長期負債)／固定資產淨額。
Ratio of liabilities to assets=(net shareholder's equity+long-term liabilities)/net fixed assets
(2)償債能力Solvency
流動比率＝流動資產／流動負債。
Current ratio=current assets/current liabilities
速動比率＝(流動資產－存貨－預付費用)／流動負債。
Quick ratio=(current assets-inventory-prepaid expense)/current liabilities
利息保障倍數＝所得稅及利息費用前純益／本期利息支出。
Times interest earned ratio=net income before tax and interest expense/interest expense
(3)經營能力Operating ability
應收款項(包括應收帳款及因營業而產生之應收票據)週轉率＝銷貨淨額／各期平均應收款項(包
括應收帳款與因營業而產生之應收票據)餘額。
Account receivable turnover (including accounts receivable and notes receivable resulted from business
operation)=net sales/average balance of account receivable (including accounts receivable and notes
receivable resulted from business operation)
平均收現金日數＝３６５／應收款項週轉率。
Days sales in account receivable=365/account receivable turnover
存貨週轉率＝銷貨成本／平均存貨額。
Inventory turnover=cost of goods sold/average inventory
應付款項(包括應付帳款及因營業而產生之應付票據)週轉率＝銷貨成本／各期平均應付款項(包
括應付帳款與因營業而產生之應付票據)餘額。
Account payable turnover (including accounts payable and notes payable resulted from business
operation)=operating costs/average balance of account payable (including accounts payable and notes
payable resulted from business operation)
平均售貨日數＝３６５／存貨週轉率。
Average days in sales=365/inventory turnover
固定資產週轉率＝銷貨淨額／平均固定資產淨額。
Fixed property and equipment turnover=net sales/net fixed assets
總資產週轉率＝銷貨淨額／平均資產總額。
Total assets turnover=net sales/average total assets
(4)獲利能力Profitability
資產報酬率＝［稅後損益＋利息費用×(１－稅率)］／平均資產總額。
Ratio or return on total assets=[net income+interest expense*(1-tax rate)]/average total assets
股東權益報酬率＝稅後損益／平均股東權益淨額。
Ratio or return on shareholder's equity=net income/average net shareholder's equity
純益率＝稅後損益／銷貨淨額。
Profit ratio=net income/net sales
每股盈餘＝(稅後淨利－特別股股利)／加權平均已發行股數。
Earnings per share=(net income-preferred stock dividend)/weighted average stock shares issued
(5)現金流量Cash flow
現金流量比率＝營業活動淨現金流量／流動負債。
Cash flow ratio=net cash flow from operating activity/current liabilities
淨現金流量允當比率＝最近五年度營業活動淨現金流量／最近五年度(資本支出＋存貨增加額＋
現金股利)。
Cash flow adequacy ratio=(net cash flow from operating activities within five year/(capital
expenditure+inventory increase +cash dividend) within five year
現金再投資比率＝(營業活動淨現金流量－現金股利)／(固定資產毛額＋長期投資＋其他資產＋
營運資金)。
Cash re-investment ratio=(net cash flow from operating activity -cash dividend)/(total fixed assets+long-term investment+other assets+working capital)
(6)槓桿度Balance
營運槓桿度＝(營業收入淨額－變動營業成本及費用)／營業利益
Operation balance=(net operating income-operating variable cost and expense)/operating income
財務槓桿度＝營業利益／(營業利益－利息費用)
Financial balance= operating income/(operating income-interest expense)
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