Financial information and decisions
IGCSE Business Studies Topic 5 12:52 English narration · English + 中文 subtitles burned in
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Transcript
This business was doing well.
这家企业本来做得不错。
Every month it made a profit — the products sold, the customers were happy.
每个月都在盈利——产品卖得出去，顾客也满意。
But watch the money in the bank.
但是看看银行里的钱。
Suppliers wanted paying at once, while customers took two months to pay.
供应商要求马上付款，而顾客要两个月后才付钱。
Then the cash ran out.
后来现金用完了。
Wages could not be paid, and the doors closed.
工资发不出来，店门关了。
Profit is on paper. Cash pays the bills.
利润只是纸面上的，付账单靠的是现金。
Here is the plan.
这是本节的安排。
First, why a business needs finance.
首先，企业为什么需要资金。
Then where that money can come from.
然后，这些钱可以从哪里来。
Then cash flow, and why it is not the same as profit.
接着是现金流，以及它为什么不等于利润。
Then the income statement, then the balance sheet.
然后是损益表，再是资产负债表。
And last, the ratios that tell you whether a business is healthy.
最后是那些能告诉你企业是否健康的比率。
So why does a business need finance?
那么，企业为什么需要资金？
This diagram gives three reasons.
这张图给出三个原因。
To start up — the shop, the machines, the first stock, before a single customer arrives.
开办——店铺、机器、 第一批存货，那时还没有一位顾客上门。
That is start-up capital.
这就是启动资金。
To run day to day — wages, rent and suppliers, while the firm waits to be paid.
日常运转——工资、租金和货款，同时还要等着别人付钱给自己。
And to grow — money for expansion, new shops or new machines.
以及扩张。
A fourth reason is not on the diagram: to survive a cash shortage.
图上没有画出第四个原因：熬过现金短缺。
Where does the money come from?
钱从哪里来？
Every source splits in two.
所有来源都分成两类。
Internal means from inside: retained profit — profit kept, not paid out; assets it no longer needs; the owners' own savings.
内部是指来自企业内部：留存利润， 也就是不分掉而留下来的利润；不再需要的资产；还有所有者自己的储蓄。
External means from outside: share capital, a bank loan, an overdraft, leasing, trade credit, crowdfunding.
外部是指来自企业外部：股本、银行贷款、透支、租赁、贸易信贷、众筹。
Four more are missing here: debentures, hire purchase, microfinance and a government grant.
还有四种这里没有画：债券、分期付款、小额信贷，以及政府补助金。
Sources also split by time.
来源还可以按时间分。
Short-term finance is paid back within a year: an overdraft, trade credit, or a short bank loan.
短期资金要在一年内还清：透支、贸易信贷， 或者短期银行贷款。
Long-term finance lasts for years: a long bank loan, debentures, hire purchase, leasing, or share capital.
长期资金会用好几年：长期银行贷款、债券、 分期付款、租赁，或者股本。
Match the length of the money to the length of the need.
资金用多久，要和需要多久配对。
Day-to-day stock is short-term.
日常存货是短期的。
A new factory is long-term.
新工厂是长期的。
Two external sources matter most.
最重要的是两种外部来源。
A bank loan is a fixed sum, repaid over years with interest — right for a big machine or a building.
银行贷款是一笔固定的钱，要在几年里连本带息还清—— 适合买大型机器或买房产。
An overdraft covers a short cash gap for a few days, but it costs more.
透支用来应付几天的现金缺口，但费用更高。
Now the other picture.
再看另一张图。
A limited company can also sell shares to investors.
有限公司还可以向投资者出售股份。
That money is never repaid — but the new shareholders take a share of the control, and a share of the profit.
这笔钱永远不用偿还—— 但是新股东会分走一部分控制权，也分走一部分利润。
Four more external sources turn up in the exam.
考试里还会出现另外四种外部来源。
Debentures are long-term loans to a company that pay interest.
债券是给公司的长期贷款，要付利息。
Hire purchase means buy now and pay in monthly parts — you only own the asset when the last payment is made.
分期付款是现在先买，再按月付款——付清最后一期才真正拥有资产。
Leasing is renting equipment instead of buying it.
租赁是租设备而不是买。
Microfinance is small loans for tiny businesses.
小额信贷是给很小企业的小额贷款。
And a government grant is money that need not be repaid — but it often has strict rules attached.
政府补助金是不用偿还的钱——但通常附有严格条件。
Look at a stock exchange.
看一看证券交易所。
Public limited companies raise large sums by selling shares to the public.
股份有限公司通过向公众出售股份筹集大笔资金。
Private limited companies can sell shares too, but only to invited people.
私人有限公司也可以卖股份，但只能卖给受邀的人。
A sole trader and a partnership cannot issue shares at all.
独资企业和合伙企业根本不能发行股份。
Shares never have to be repaid, but every new share dilutes the original owners' control and their share of the profit.
股份永远不用偿还， 但每一份新股都会稀释原所有者的控制权，也稀释他们的利润份额。
Which source should you choose?
该选哪一种来源？
Match the finance to the purpose.
把资金和用途配对。
A short-term need — stock, or a cash gap — takes short-term finance: an overdraft, or trade credit.
短期需要——进货，或者一个现金缺口—— 就用短期资金：透支，或者贸易信贷。
A long-term asset — machinery, premises — takes long-term finance: a long loan, or shares.
长期资产——机器、厂房—— 就用长期资金：长期贷款，或者股份。
Never buy a ten-year machine with an overdraft.
不要用透支去买一台能用十年的机器。
Then weigh the cost and the legal type of the business.
然后再权衡成本，以及企业的法律形式。
Four questions settle the choice.
四个问题决定选择。
How much money is needed, and for how long?
需要多少钱，用多久？
What is the cost — interest and fees?
成本是什么——利息和手续费？
What is the legal type of the business — only a company can sell shares?
企业的法律形式是什么——只有公司才能出售股份？
And how much risk and control will the owners accept?
所有者愿意接受多少风险和控制权变化？
Borrowing keeps control but must be repaid with interest.
借钱能保住控制权， 但必须连本带息偿还。
Selling shares shares out control and never has to be repaid.
卖股份会分出控制权，而且永远不用还。
Now the idea that runs through this whole topic. Cash is not profit.
现在讲贯穿整个专题的那个概念：现金不等于利润。
Follow one sale, made on credit.
跟着一笔赊销来看。
In month one the sale is made, so the profit is recorded — on paper.
第一个月做成了这笔生意，于是利润被记下来——只是记在纸面上。
In month two the wages and the rent are due, and no cash has come in.
第二个月要付工资和租金，可是还没有现金进来。
In month three the customer finally pays.
第三个月顾客终于付款了。
Profitable on paper, but out of cash.
纸面上有利润，手里却没有现金。
A cash-flow forecast finds that danger early.
现金流预测能提早发现这个危险。
Watch the bars: each month's cash in, minus its cash out.
看这些柱子：每个月流进来的现金， 减去流出去的现金。
The running total on top is the closing balance — and each closing balance becomes next month's opening balance.
上面那条累计线就是期末余额—— 而每个月的期末余额，就是下个月的期初余额。
Here it drops below zero.
这里它掉到了零以下。
Spot that early and you can arrange an overdraft in time.
早点发现，你就来得及去安排一笔透支。
Let's do one.
我们来做一道。
Inflows are the money coming in, outflows the money going out.
流入是进来的钱，流出是出去的钱。
Start with the first rule: net cash flow equals inflows minus outflows.
先用第一条规则： 净现金流等于流入减去流出。
Twelve thousand minus nine thousand — the net cash flow is three thousand pounds.
一万二减去九千——净现金流是三千英镑。
Now the closing balance: opening balance plus net cash flow.
再算期末余额：期初余额加上净现金流。
Two thousand plus three thousand gives five thousand pounds.
两千加三千，得到五千英镑。
That is the closing balance the question asked for.
这就是题目要的期末余额。
Cash flow leads to working capital: the money for day-to-day running.
现金流引出营运资金：用于日常运转的钱。
Take the current assets — cash, inventory, and money customers still owe.
先看流动资产——现金、库存， 以及顾客还欠的钱。
Subtract the current liabilities — debts due within a year, like an overdraft and what you owe suppliers.
再减去流动负债——一年之内要还的债， 比如透支和欠供应商的货款。
What is left is working capital.
剩下的就是营运资金。
Too little, and next week's bills go unpaid.
如果太少，下周的账单就付不出来。
So the forecast warns you.
预测发出了警告。
What can you do?
那么能做什么？
Five moves — and every one of them has a cost.
有五种办法——而且每一种都有代价。
Arrange an overdraft: fast, but the bank charges interest.
安排透支：很快，但银行要收利息。
Ask customers to pay sooner: you may have to offer a discount.
请顾客早点付款：你可能得给一点折扣。
Delay paying suppliers: they may stop supplying you.
推迟付给供应商：他们可能不再供货。
Sell spare assets: you can only sell them once.
卖掉闲置资产：这种资产只能卖一次。
Or cut spending: cut too deep and you lose sales.
或者削减开支：砍得太狠就会丢掉销售。
An income statement shows the profit made over a year, and it steps down.
损益表显示一年里赚到的利润，它是一级一级往下减的。
Start with revenue — one hundred thousand pounds of sales.
先看收入——十万英镑的销售额。
Take away the cost of sales, forty thousand: the cost of making what was sold.
减去销售成本四万英镑， 也就是把卖出去的东西做出来的成本。
That leaves the gross profit, sixty thousand.
剩下的是毛利润，六万英镑。
Then take away the expenses — rent, wages, advertising — thirty thousand.
再减去费用——租金、工资、广告——三万英镑。
What is left is the profit for the year.
最后剩下的就是年度利润。
Stakeholders read it: owners check the profit, lenders check whether their loans are safe, and managers look for problems.
利益相关者都会看它：所有者看利润，贷款人看贷款是否安全，管理者从中找问题。
Let's work one through.
我们来算一道。
A business has revenue of two hundred thousand pounds, cost of sales of one hundred and twenty thousand, and expenses of fifty thousand.
一家企业收入二十万英镑，销售成本十二万，费用五万。
Start with gross profit: revenue minus cost of sales.
先算毛利润：收入减去销售成本。
Two hundred thousand minus one hundred and twenty thousand — gross profit is eighty thousand pounds.
二十万减去十二万——毛利润是八万英镑。
Now the profit for the year: gross profit minus expenses.
再算年度利润：毛利润减去费用。
Eighty thousand minus fifty thousand gives thirty thousand pounds.
八万减去五万，得到三万英镑。
Those two profits feed the ratios later.
这两个利润数字，后面算比率时还要用。
The statement of financial position — the balance sheet — shows one day, not a year.
财务状况表——也叫资产负债表——显示的是某一天，而不是一整年。
The left bar is what the firm owns: non-current assets like buildings and machines, and current assets like inventory and cash.
左边这根柱子是企业拥有的东西：非流动资产，比如房产和机器； 还有流动资产，比如库存和现金。
The right bar is how it is funded: the owners' equity, plus what it owes.
右边这根柱子是资金的来源： 所有者权益，加上企业欠的钱。
The two bars are always equal: assets equal liabilities plus equity.
两根柱子永远相等：资产等于负债加所有者权益。
Look closer at the funding side.
再仔细看资金来源这一侧。
Current liabilities are due within a year — overdrafts and money owed to suppliers.
流动负债一年内到期——透支和欠供应商的货款。
Non-current liabilities are due later — a long-term bank loan.
非流动负债更晚才到期——比如长期银行贷款。
Owners' equity is the money the owners put in, plus retained profit kept in the business.
所有者权益是所有者投入的钱， 加上留在企业里的留存利润。
Use this statement to check what the firm is worth, how much it owes, and whether it can pay its debts.
用这张表检查企业值多少、欠多少， 以及能不能还清债务。
Who reads these statements?
谁在看这些报表？
Owners and investors look at the profit and the return on their money.
所有者和投资者看利润，也看他们的钱带来的回报。
Lenders ask one question: can this firm repay its loans?
放贷的人只问一个问题：这家企业还得起贷款吗？
Managers make decisions and set budgets.
管理者用它来做决策、编预算。
The government works out the tax.
政府用它来算税。
Suppliers want to know they will be paid.
供应商想知道自己能不能收到钱。
Owners and managers are internal users; the rest are external.
所有者和管理者是内部使用者，其余的是外部使用者。
Ratios come from those two statements, in two families.
比率来自这两张报表，分成两大类。
Profitability asks how much profit the firm keeps: margins compare profit with revenue, and return on capital employed compares it with the money invested.
盈利能力问的是企业留下了多少利润： 利润率把利润和收入相比，资本回报率把利润和投入的钱相比。
Higher is better.
数值越高越好。
Liquidity asks whether the firm can pay short-term debts: the current ratio compares current assets with current liabilities — one and a half to two is safe.
流动性问的是企业能不能还清短期债务：流动比率把流动资产和流动负债相比—— 一点五到二比较安全。
The acid test leaves inventory out.
速动比率则把库存排除在外。
Profitability has three formulas.
盈利能力有三个公式。
Gross profit margin is gross profit over revenue, times one hundred.
毛利率是毛利润除以收入，再乘一百。
Profit margin is profit for the year over revenue, times one hundred.
利润率是年度利润除以收入，再乘一百。
Return on capital employed — R O C E — is profit over capital employed, times one hundred.
资本回报率是利润除以所用资本， 再乘一百。
Capital employed means the money invested in the firm.
所用资本是指投入企业的钱。
All three: a higher percentage is better.
这三个都是百分比越高越好。
Now put them to work.
现在来用一用。
First the gross profit margin: gross profit over revenue, times one hundred.
先算毛利率：毛利润除以收入，再乘一百。
Eighty thousand over two hundred thousand is forty percent.
八万除以二十万，是百分之四十。
Next the profit margin, using the profit for the year: thirty over two hundred — fifteen percent.
再算利润率，用的是年度利润： 三万除以二十万——百分之十五。
Last return on capital employed: thirty over one hundred and fifty gives twenty percent.
最后是资本回报率： 三万除以十五万，得到百分之二十。
Higher is better for all three.
这三个都是越高越好。
Liquidity asks a different question: can the firm pay its short-term debts?
流动性问的是另一个问题：企业能不能还清短期债务？
The current ratio is current assets over current liabilities.
流动比率是流动资产除以流动负债。
Around one and a half to two is healthy.
大约一点五到二比较健康。
Below one, current debts are larger than current assets — danger.
低于一，说明短期债务大于流动资产——危险。
The acid test is stricter.
速动比率更严格。
It is current assets minus inventory, all over current liabilities.
它是流动资产减去库存，再除以流动负债。
Inventory is left out because stock is not cash until it is sold.
去掉库存， 是因为存货卖出去之前还不是现金。
Work one through.
来算一道。
Current assets are forty thousand pounds, including ten thousand of inventory.
流动资产四万英镑，其中库存一万。
Current liabilities are twenty thousand.
流动负债两万。
First the current ratio: current assets over current liabilities.
先算流动比率：流动资产除以流动负债。
Forty thousand over twenty thousand — the current ratio is two point zero.
四万除以两万——流动比率是二点零。
Now the acid test: current assets minus inventory, over current liabilities.
再算速动比率：流动资产减去库存，再除以流动负债。
Forty thousand minus ten thousand is thirty thousand, over twenty thousand gives one point five.
四万减一万是三万，除以两万得到一点五。
Both sit in the healthy range.
两个都落在健康区间里。
Who uses these ratios?
谁在用这些比率？
Internal users — owners and managers — use them to control the business and to plan the next year.
内部使用者——所有者和管理者——用它们来管控企业， 并规划下一年。
External users use them to decide.
外部使用者用它们来做决定。
Banks decide whether to lend.
银行决定是否放贷。
Suppliers decide whether to offer trade credit.
供应商决定是否给贸易信贷。
Investors decide whether to buy shares.
投资者决定是否买股份。
The government uses the figures when it works out tax.
政府算税时也会用到这些数字。
Same numbers, different questions.
同样的数字，不同的问题。
A number alone earns almost nothing.
光写一个数字几乎得不了分。
Write what it means.
要写出它意味着什么。
A gross profit margin of forty percent means forty pence of gross profit on every pound of sales.
毛利率百分之四十， 表示每一英镑销售额里有四十便士毛利润。
A current ratio of two means current assets are twice current liabilities — short-term debts look safe.
流动比率二， 表示流动资产是流动负债的两倍——短期债务看起来安全。
Then compare: this year with last year, or this firm with a rival.
然后再比较：今年和去年比，或者这家企业和竞争对手比。
Higher is better for profitability.
盈利能力越高越好。
For liquidity, around one and a half to two is the safe band.
流动性则是一点五到二比较安全。
One more thing, worth real marks.
还有一件事，实实在在值分。
Most calculations carry two marks.
大多数计算题是两分。
Two if the answer is right, and one if only the method is right.
答案对得两分， 只有方法对得一分。
So always show your working — a wrong number with the right method still earns one mark.
所以一定要写出算式——数字算错了，但方法对， 仍然能得一分。
Write the final answer on its own: a number buried in a sentence can lose a mark.
把最后的答案单独写清楚：夹在句子里的数字可能会被扣分。
And show a negative balance as negative.
还有，负的余额要写成负数。
Formula, numbers, answer, every time.
公式、数字、答案，每次都这样。
Three marks students lose every year.
学生每年都会丢的三个分。
First, cash is not profit — a profitable firm can still run out of cash, so watch the closing balance.
第一，现金不等于利润——盈利的企业照样可能没钱， 所以要盯住期末余额。
Second, only companies can sell shares; a sole trader or a partnership cannot.
第二，只有公司才能出售股份，独资企业和合伙企业不行。
Third, say what the ratio means: a number on its own earns nothing.
第三，要说清楚这个比率意味着什么：光写一个数字得不到分。
Write whether it is good or bad, and why.
要写出它是好还是坏，以及为什么。