Reengineering

Long Term Financial Stability

Gearing (load/shareholders’ equity)

企业债务与资本的比例，比例越高，说明债务负担越重，反之， 债务越轻。

下降：

A very ***reduction in leverage with improved debt servicing capability

上升：

A very ***increase in leverage with regressive debt servicing capability

特殊情况

if loans 非常小于shareholders’ equity, such as , 0.07:1, 0.03:1

先描述上升还是下降，然后the amount of load is comparatively very small to SE, therefore no such risk.

Interest Cover (EBIT/int) 利息保障倍数

Ebit－息税前利润 INT-要支付的利息

该指标越大，偿还利息的能力越强

Ability to service load commitments has been *** 1/reduce –a negative indicator-not a clear danger signal & a clear danger signal. 2/increase- a positive sign of risk

Efficiency/Effectiveness

Turnover of inventory存活周转率

两种算法

turnover／inventory & cost of goods sold／Average inventory

a low ratio－poor sale

a high ratio－ strong sale or ineffective buying

存货周转率速度越快，存活的占用水平越低，提高的企业的变现能力，越低是一种消极现象，代表库存商品趋向退化，损坏的风险

特殊情况，如果公司销售的产品是易坏，易腐烂的商品，也会有较高的周转率，这时有可能是无效的销售

下降

declining stock turnover reflects 1/a increasing number of stock，stock control needs to be considered particular if the increased volumes are not maintained。2/lesser sale, the company need to pay more attention to the decline in sales.

上升

Increasing stock turnover indicates 1/a lower level of inventory-a positive signal(原因很多，销售增加或者公司缩减库存)2/strong sale－a positive signal。3/ineffective buying because company sell perishable items.

Turnover of working capital (T/(CA-CL) 资金周转率

一般来说，资金周转率越高，说明资金利用效果越好，反之，表明营运资本使用率过低，但是如果过高表明资金不足，业务清偿债务的能力很低

变动的原因销售收入的变动，或者营运资金的变动（库存或应收账款的变动）

Turnover of fixed assets (T/FA) 固定资产利用率

企业销售收入与固定资产的比率，比率越高，说明利用率高，管理水平好，反之企业资产的利用率低

？％increase/declined in Fixed assets and ？％ increase／reduction in sale has resulted these Assets more／less productive

Turnover of capital （T／SE）

收入与shareholders’ equity 的比值，比率越高，说明更有效的利用capital，反之更无效的利用资金

？％increase/declined in sale and ？％ increase／reduction in shareholders’ equity has resulted in ？％ improvement/regressive in this key...