2017-03-07 13:05

我们将看看一些流行的比率,虽然信息,不能作为金融分析的理想工具。让我们看看如何。2004年报的EMI集团认为,集团目前的资产(包括股票)的价值£11亿700万和流动负债的价值£14亿350万。由此产生的电流比0.78:1。[ 3 ]这一数字表明组没有足够的短期的资源来满足其短期需求。只有78便士才能应付一英镑的债务。如果我们把股票(£3640万)从流动资产来看它的即时流动性,速动比率显示了一个更差的债务融资能力。速动比率是0.76:1。[ 4 ]这一数字表明组只有76便士,以满足每一个1英镑的债务。[ 5 ] 分析结果表明,这是不恰当的依赖于目前的比例,因为它没有解释多少公司的实物资产很容易转换成现金在短期内通知。股票不是高度流动的,因此必须在短期内评估公司的流动性。因此,流动比率不能作为一个可靠的手段来作出投资决策,重要的是,我们看其他比率和他们的优点和缺点,以确定哪些是合适的资本市场。


We shall look at some popular ratios that, though informative, cannot be used as an ideal tool for financial analysis. Let’s see how. The annual report 2004 of The EMI Group suggests that group has current assets (including stocks) worth £1107 million and current liabilities worth £1403.5 million. The resultant current ratio is 0.78:1.[3] This figure suggests that the Group does not have enough short term resources to meet its short term requirements. It has only 78 pence to meet a pound of debt. If we deduct the stocks (£36.4 million) from its current assets to see its immediate liquidity, the quick ratio shows an even poor debt financing capability. The quick ratio is 0.76:1.[4] This figure suggests that the Group has only 76 pence to meet every 1 pound worth of debt.[5]
Analysing the results suggest that it would be inappropriate to rely on the current ratio as it does not explain how much the company real assets are readily convertible into cash in short notice. Stocks are not highly liquid and therefore must be excluded in assessing the company’s liquidity in the short period. Therefore, current ratio cannot be used as a reliable means to make investment decisions and that it essential that we look at other ratios and their merits and demerits to determine which of these is appropriate in the capital market.