Finance and accounting (A Level)
A-Level Business Topic 10 9:35 English narration · English + 中文 subtitles burned in
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Transcript
Two shops on the same street.
同一条街上的两家店。
Both sold five hundred thousand pounds of goods last year, and they look identical.
去年两家都卖出了五十万英镑的商品，看上去一模一样。
But one is about to open three new branches, and the other closes before Christmas.
但一家即将开三家新分店，另一家会在圣诞节前关门。
The difference is hidden in their accounts.
差别就藏在它们的账目里。
Today we learn to read them.
今天我们来学会读懂它们。
Every company publishes two financial statements each year.
每家公司每年都要公布两份财务报表。
The income statement is like a film of the whole year: everything sold, everything spent, and the profit left at the end.
利润表像一部记录整整一年的电影： 卖出了什么、花掉了什么，最后剩下多少利润。
The statement of financial position is a photograph of one single day: what the firm owns, and what it owes.
财务状况表则像某一天拍下的一张照片：企业拥有什么，又欠着什么。
The income statement steps down, and different stakeholders read it for different reasons — owners for profit, lenders for safety, staff for security.
利润表是一级一级往下走的。
At the top is revenue: one hundred thousand pounds of sales.
最上面是营业收入：十万英镑的销售额。
Take away the cost of sales and sixty thousand is left — gross profit.
减去销售成本，还剩六万，这就是毛利润。
Take away rent, wages and the other expenses, and thirty five thousand is left — operating profit.
再减去租金、工资和其他费用， 还剩三万五千，这就是营业利润。
Interest and tax leave twenty thousand — net profit.
利息和税之后，还剩两万，这就是净利润。
Always say which profit you mean.
一定要说清你指的是哪一个利润。
Now the photograph.
现在看那张照片。
Two bars of exactly the same height.
两根柱子，高度完全相同。
One bar is what the firm owns: non-current assets like buildings, and current assets like inventory and cash.
一根是企业拥有的东西： 非流动资产，比如厂房；流动资产，比如存货和现金。
The other shows how that was paid for: the owners' equity, plus what the firm owes.
另一根说明这些资产是怎么来的：所有者权益，加上企业欠别人的钱。
The two must always match.
两根必须永远一样高。
Next, the word that confuses students most: depreciation.
接下来是最让学生困惑的一个词：折旧。
A machine costs ten thousand pounds and lasts five years.
一台机器价值一万英镑，可以用五年。
The cost is spread: two thousand a year, falling in a straight line to zero.
这笔成本被分摊开：每年两千英镑，沿一条直线降到零。
The same charge lowers the asset's value on the balance sheet, and counts as an expense on the income statement.
同一笔折旧，既让资产在资产负债表上的价值下降，又在利润表上算作一项费用。
So profit is never made to look too good.
这样，利润就不会被做得太好看。
Who reads all this?
谁会去读这些呢？
Owners look at the profit and the return on their money.
所有者关心利润，以及自己投入资金的回报。
Lenders ask one thing: can this firm repay the loan?
贷款方只问一件事：这家企业还得起贷款吗？
Managers plan and set budgets.
管理者用它们做计划、编预算。
The government checks the tax.
政府核查税款。
Suppliers check they will be paid.
供应商确认自己能收到钱。
One set of accounts, five different questions.
同一套账目，五个不同的问题。
A single number tells you almost nothing.
单独一个数字几乎说明不了什么。
Is a profit of eighty thousand pounds good?
八万英镑的利润算好吗？
You cannot say until you compare it.
不作比较就无法判断。
Ratio analysis links two figures from the statements, so you can compare one year with another, or one firm with a rival.
比率分析把报表里的两个数字联系起来，让你能比较不同年份，或者比较不同企业。
Here is the toolbox: profitability on one card, liquidity on the other.
这就是工具箱：一张卡片是盈利能力，另一张是流动性。
Start with profitability.
先看盈利能力。
Gross profit margin is gross profit over revenue, times one hundred.
毛利率等于毛利润除以营业收入，再乘一百。
Operating profit margin uses operating profit, after the running costs.
营业利润率用的是营业利润，也就是扣掉经营费用之后的利润。
Return on capital employed compares operating profit with the money invested.
资本回报率把营业利润与投入的资金作比较。
In the example: two hundred over five hundred is forty percent; eighty over five hundred is sixteen; eighty over four hundred is twenty.
看这个例子：二十万比五十万是百分之四十；八万比五十万是十六；八万比四十万是二十。
But twenty percent on its own is still just a number.
但百分之二十本身仍然只是一个数字。
Every ratio needs a benchmark.
每一个比率都需要一个参照。
Compare it with last year: sixteen then, twenty now, so the firm is improving.
和去年比：去年十六，今年二十，说明企业在进步。
Compare it with a rival on twenty five percent, and it is behind.
和一个赚百分之二十五的竞争对手比，它就落后了。
Compare it with a bank paying five percent, and the money is working hard.
和只给百分之五的银行比，这笔钱就用得很卖力。
Calculate, compare, conclude — every time.
先算，再比，最后下结论——每一次都要这样。
Now liquidity: can this firm pay its bills over the next year?
现在看流动性：这家企业付得起未来一年的账单吗？
The current ratio is current assets over current liabilities: sixty thousand against thirty thousand is two point zero, and one point five to two is comfortable.
流动比率等于流动资产除以流动负债：六万对三万，是二点零， 而一点五到二之间比较稳妥。
The acid test removes the inventory, because stock sells slowly, giving one point two.
速动比率把存货去掉，因为存货卖得慢，结果是一点二。
Gearing asks how much of the long-term money was borrowed.
杠杆比率问的是：长期资金里有多少是借来的。
And efficiency ratios ask how well the firm uses what it has — inventory turnover counts how many times a year it sells and replaces its stock, and faster turnover ties up less cash.
效率比率问的则是企业用得好不好——存货周转率数的是它一年把存货卖掉并补进多少次， 周转越快，占用的现金越少。
Gearing deserves its own number, because it is the ratio that tells you how risky the funding is.
杠杆比率值得单独算一个数，因为正是它告诉你这家公司的资金结构有多冒险。
Look at the whole long-term pot — the capital employed.
看整个长期资金池——所用资本。
Part of it was borrowed rather than put in by the owners, and gearing measures that part.
其中有一部分是借来的，而不是所有者投进来的，杠杆比率衡量的就是这一部分。
So the formula is non-current liabilities, divided by capital employed, times one hundred.
所以公式是：非流动负债，除以所用资本，再乘以一百。
Take a firm with a hundred and fifty thousand pounds of long-term loans and five hundred thousand of capital employed.
设一家公司有十五万英镑的长期贷款，所用资本是五十万。
A hundred and fifty over five hundred, times a hundred, is thirty percent.
十五万除以五十万，再乘以一百，等于百分之三十。
Now judge it, because a bare number earns little.
现在要对它下判断，因为光给一个数字得分很少。
Below fifty percent counts as low-geared: most of the money came from the owners, so the firm is not carrying much interest.
低于百分之五十算低杠杆：大部分钱来自所有者，公司背的利息不多。
Above fifty is high-geared, and that cuts both ways — in a good year borrowed money magnifies the return to the owners, but the interest must be paid whatever happens, so a rise in interest rates or a fall in sales hurts a highly geared firm first.
高于百分之五十就是高杠杆，而这是把双刃剑—— 在好年头，借来的钱会放大所有者的回报， 但无论发生什么，利息都必须照付， 所以利率上升或销售下滑时，高杠杆的公司最先受伤。
That is the link back to external influences: the same rate rise that a low-geared firm shrugs off can be the one that finishes a high-geared one.
这就和外部影响那一章接上了： 同样一次加息，低杠杆的公司耸耸肩就过去了， 却可能正好把一家高杠杆的公司压垮。
Before you trust a ratio, know the limitations of ratios — what they cannot do.
在你相信一个比率之前，先弄清它做不到什么。
They use last year's figures, and the past does not have to repeat.
它们用的是去年的数字， 而过去不一定会重演。
They ignore everything that is not money: staff morale, brand strength, a new competitor.
它们忽略一切与钱无关的东西：员工士气、品牌实力、新的竞争对手。
And the comparison must be fair — similar size, same industry.
而且比较必须公平——规模相近，同一行业。
So in an evaluation question do all three: calculate, say what it shows, then say what it misses.
所以在评价题里，这三步都要做到：先算出来，说明它显示了什么，再说出它遗漏了什么。
Now the other half of this topic: investment appraisal.
现在进入这个专题的另一半：投资评估。
A firm is thinking about a big purchase — a machine, a factory.
一家企业正在考虑一笔大额支出——一台机器，或者一座厂房。
Three methods judge it — payback, A R R and N P V.
有三种方法来判断。
Payback asks how long until the money comes back: that is risk.
回收期问的是：多久才能把钱收回来——这是风险。
The accounting rate of return asks what average percentage it earns: that is profit.
会计回报率问的是：平均每年赚百分之多少——这是盈利。
Net present value, N P V, asks what future cash is worth today by discounting it; a positive N P V means accept.
净现值问的是：未来的现金今天值多少。
Payback is easiest to see as a picture.
回收期最容易通过图来理解。
At the start the money has been spent, so the cumulative cash flow sits below zero.
一开始钱已经花出去了，所以累计现金流在零线以下。
Each year the project brings cash in, and the line climbs.
之后每一年项目都带来现金流入，这条线就往上爬。
The moment it touches zero, the firm has its money back.
当它碰到零的那一刻，企业就把本钱收回来了。
Here that is about two and three quarter years.
在这张图里大约是两年零九个月。
Shorter is safer.
回收期越短越安全。
The classic exam question.
考试里的经典题。
A machine costs one hundred thousand pounds and brings in forty, fifty, sixty and fifty thousand over four years.
一台机器成本十万英镑，四年里分别带来四万、五万、六万和五万。
Pause the video and find the payback period.
先暂停视频，自己求出回收期。
Ready?
好了吗？
First, add a cumulative row.
第一步，加一行累计现金流。
After year one the firm is sixty thousand down; after year two, ten thousand.
第一年结束时企业还差六万，第二年结束时还差一万。
Inside year three the line crosses zero.
在第三年的某个时点，这条线穿过零。
Ten thousand is needed and sixty arrives, so ten over sixty times twelve months gives two months.
还差一万，而这一年会进来六万， 所以一万除以六万，再乘十二个月，等于两个月。
So payback is two years and two months.
因此回收期是两年零两个月。
You must write the months, or the second mark is gone.
一定要写出月份，否则第二分就没了。
Now the rate of return for the same machine.
现在算同一台机器的回报率。
Cash in adds up to two hundred thousand against a cost of one hundred thousand, so the total profit is one hundred thousand.
流入的现金一共二十万英镑，成本十万， 所以总利润是十万英镑。
Over four years, the average annual profit is twenty five thousand.
分摊到四年，平均每年利润是两万五千英镑。
Divide by the money invested: twenty five percent.
除以投入的资金：百分之二十五。
Now judge it — that beats a bank paying five percent, but a good number is not a decision.
现在来判断——这高于银行给的百分之五，但好数字并不等于结论。
Payback and the rate of return both ignore time.
回收期和会计回报率都忽略了时间。
But money you must wait for is worth less.
但需要等待的钱，价值更低。
Each future cash flow is multiplied by a discount factor that shrinks it to today's value: a hundred pounds in one year is worth about ninety one; in two years, only eighty three.
每一笔未来现金流都要乘上一个折现系数，把它折回今天的价值： 一年后的一百英镑今天约值九十一，两年后只值八十三。
Add the shrunken inflows, take away the cost.
把折现后的流入相加，再减去成本。
Positive, accept. Negative, reject.
为正就接受，为负就否决。
Finally, why this matters at the top.
最后，说说这一切在企业最高层为什么重要。
Before a big decision, managers put the financial evidence together: the budgets, the ratios, the appraisal.
在做重大决策之前， 管理者会把财务证据放在一起：预算、比率、投资评估。
Then they ask what it does to profit, to cash flow and to gearing.
然后他们会问：这对利润、现金流和杠杆有什么影响。
But the numbers never decide alone — they are only estimates.
但数字从来不会单独做决定——它们只是估计值。
Finance turns a guess into a reasoned choice, not a certainty.
财务把一次猜测变成有理有据的选择，而不是确定的答案。
Three marks students throw away.
三个学生常丢的分。
First, units are marks: payback needs years and months, a ratio needs the percent sign.
第一，单位就是分数：回收期要写出年和月，比率要写百分号。
The five to know cold are the gross and net profit margin, the current ratio, gearing and R O C E. Second, never leave a number bare — forty percent means nothing until you set it against last year or a rival.
第二，绝不要只丢一个数字——百分之四十本身没有意义， 要把它和去年或者竞争对手放在一起比。
Third, always write the formula you used: that line can earn a mark by itself.
第三，一定要写出你用的公式：这一行本身就能得分。
That is the finance and accounting strategy in one line: measure, compare, then judge.
四个快速自测。 营业收入减去销售成本，得到什么？
Four quick checks.
毛利润。
Revenue minus cost of sales gives what?
资产等于负债加上什么？
Gross profit. Assets equal liabilities plus what? Equity, the owners' money.
所有者权益，也就是所有者投入的钱。
The acid test drops which current asset? Inventory.
速动比率要去掉哪一项流动资产？
And a positive net present value means what?
存货。 净现值为正，说明什么？
The project adds value.
这个项目能创造价值。