存貨

Average stock held

Stock turnover period=_________________________×365

Cost of sales

Trade debtors

Average settlement period for debtor=_________________×365

Credit sales

Sales

Sales to capital employed ratio=____________________________

Long-term capital employed

速動比率

Current assets(excluding stock)

Acid test radio=________________________________________

Current liabilities(creditors due within one year

利息保障

Profit before interest and taxation

Interest cover radio=_________________________________

Interest payable

股利支付率

Dividends announced for the year

Dividend payout ratio=______________________________________×100

Earnings for the year available for dividends

杠桿

Long-term liabilities

Gearing ratio=_________________________________________×100

Share capital+Reserves+Long-term liabilities

普通股利率

Net profit after taxation and preference dividend(if any)

ROSF=____________________________________________________×100

Ordinary share capital plus reserves

Net profit before interest and taxation

ROCE=_________________________________________×100

Share capital+Reserves+Long-term loans

Net profit interest and taxation

Net profit margin=______________________________×100

Sales

Gross profit

Gross profit margin=_______________

Sales

資本周轉

Sales

Sales to capital employed ratio=________________________

Long-term capital employed

人均銷售

Sales

Sales par employee=____________________

Number of employees

盈利能力

Net profit before interest and taxation

ROCE=_____________________________________

Long-term capital employed

Profit

Profitability refers to the ability of corporate profits.

Liquidity:refers to the assets,the ability to achieve a smooth and reasonable price,it is an investment(how long sales)and price scale time scale(with the fair market value of the discount)and the stock between more mobile than the real estate relationship.

Liquidity has three mobile usage or meanings;one refers to the macro-economic mobility,the economic system that put the amount of money.

Validity refers to the completion of planned activities and achieves the planned level of result

Capital Structure

1.Capital structure refers to the value of enterprises of various composition and proportion of capital.Broad corporate capital structure is the composition of its total capital value of the proportional relationship.Capital structure is the narrow sense refers to a variety of long-term capital value of the ratio between the compositions and,in particular,refers to the long-term equity capital and debt capital and the ratio between the compositions.To the general sense,the capital structure refers to the equity capital and the ratio between the capital debt,which reflects the market economy the financial relationship between enterprises,i.e.,capital and credit as a link,through the investment and borrowing consisting of shareholders,creditors and the constraints between the operators of interest.

2.Capital structure short-term refers the company and long-term debt to equity ratio.,the capital structure is the structure of property ownership arrangements.

3.Capital structure means company’s the ratio between debt and equity is usually the ratio of debt to total assets or liabilities of the ratio between said.Western financial experts on the capital structure of many theoretical and empirical researches,but until now there are still many differences.

4.Capital structure refers to the liabilities of company.Capital structure is reasonable or not directly affect the financial position of the debt ratio should not exceed 50%of the long-term debt and short-term debt ratio should be appropriate.

5.Capital structure means company the various sources of long-term funds raised,and between portfolio composition and proportions.Capital structure theory of the main purpose is to analyze the cost of capital structure and corporate finance firm value and corporate governance structure of mutual relations.

6.Capital structure refers to all sources of funding equity capital and debt capital in the proportional relationship between.

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