Finance and accounting strategy · 财务与会计战略
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| strategic decisions/strəˈtiːdʒɪk dɪˈsɪʒnz/ | 战略决策 | zhàn lüè jué cè |
| qualitative/ˈkwɒlɪteɪtɪv/ | 定性 | dìng xìng |
| profitability/ˌprɒfɪtəˈbɪlɪti/ | 盈利能力 | yíng lì néng lì |
| liquidity/lɪˈkwɪdɪti/ | 流动性 | liú dòng xìng |
| ROCE/ˌɑː əʊ siː ˈiː/ | 已动用资本回报率 | yǐ dòng yòng zī běn huí bào lǜ |
| gearing/ˈɡɪərɪŋ/ | 杠杆比率 | gàng gǎn bǐ lǜ |
| window-dressed/ˈwɪndəʊ drest/ | 粉饰报表 | fěn shì bào biǎo |
Turning numbers into decisions
- Statements and ratios are only useful if they change what a business does.
- The final skill is using financial information to make better strategic decisions 战略决策.
把数字变成决策
- 报表和比率只有在它们改变一个企业做什么时才有用。
- 最后的技能是用财务信息做出更好的战略决策。
Sources of finance lab · 融资来源实验
Choose the best type of finance by time, risk and ownership. · 根据时间、风险和所有权选择最佳融资类型。
To interpret a ratio, it is most useful to compare it with: · 要解释一个比率，最有用的做法是与以下对象进行比较：
Ratios mean little without comparison. · 没有比较，比率几乎没有意义。
Using accounts and ratios
- Compare ratios over time (trends), against competitors, and against targets.
- Combine financial data with the qualitative 定性 picture — market, staff, brand.
Financial statements and ratios let stakeholders judge a firm's performance
使用账目和比率
- 随时间(趋势)、与竞争对手、与目标比较比率。
- 把财务数据与定性图景——市场、员工、品牌——结合。
财务报表和比率让利益相关者判断一个企业的表现
Which decisions can financial analysis inform? (Select all that apply.) · 财务分析可以告知哪些决策？（选择所有适用项。）
Financial data guides product, investment and funding choices. · 财务数据指导产品、投资和融资选择。
Financial decisions
- Which products to keep or drop; whether to invest or expand; how to fund it (debt vs equity).
- Good decisions balance profitability 盈利能力, liquidity 流动性 and risk.
Worked example. A firm's ROCE 已动用资本回报率 is falling and gearing 杠杆比率 is rising. The accounts point to cutting back on borrowing and focusing on its most profitable products — a strategy driven by the numbers.
财务决策
- 保留或放弃哪些产品;是否投资或扩张;如何为它融资(债务对股权)。
- 好的决策平衡盈利能力、流动性和风险。
例题。 一个企业的 ROCE 在下降而资本负债率在上升。账目指向削减借款并聚焦于它最盈利的产品——一个由数字驱动的战略。
Manipulating accounts to look more favourable than reality is called: · 操纵账目使其看起来比实际情况更有利可图称为：
Window dressing flatters the figures. · 粉饰报表美化了数据。
Financial data should be weighed alongside qualitative factors, not used alone. · 财务数据应结合定性因素综合考量，而非单独使用。
Numbers inform decisions but are only part of the picture. · 数字用于辅助决策，但只是全貌的一部分。
A key limitation of accounts is that they are , looking at the past rather than the future. · 账本的一个关键局限性在于它们是，关注过去而非未来。
Accounts record what already happened. · 账本记录已经发生的事情。
The limits of financial data
- Accounts can be window-dressed 粉饰报表 to look better than reality.
- They are historic and ignore the future, ethics and stakeholder effects.
Numbers inform decisions; they don't make them. Financial data is essential but partial. Good managers weigh it alongside market conditions, people and ethics — not in isolation.
财务数据的局限
- 账目能被粉饰(window-dressed)以看起来比现实更好。
- 它们是历史的且忽视未来、伦理和利益相关者影响。
数字为决策提供信息;它们不做决策。 财务数据是必不可少的但片面的。好的经理把它与市场条件、人和伦理一起权衡——不是孤立地。
You've got it
- use ratios over time, vs competitors, and vs targets — and add the qualitative picture
- financial data guides product, investment and funding decisions
- accounts can be window-dressed and are historic — numbers inform, they don't decide
你掌握了
- 随时间、对竞争对手、对目标使用比率——并加上定性图景
- 财务数据引导产品、投资和融资决策
- 账目能被粉饰且是历史的——数字提供信息,它们不决定