How To Evaluate A Company.docVIP

How To Evaluate A Companys Balance Sheet 如何评估一个公司的资产负债表 June 03 2011 | Filed Under ? Investing Basics by Richard Loth For stock investors, the balance sheet is an important consideration for investing in a company because it is a reflection of what the company owns and owes. The strength of a companys balance sheet can be evaluated by three broad categories of investment-quality measurements: working capital adequacy, asset performance and capitalization structure. 对于股市投资者来说,投资一家公司时资产负债表是一个重要的考虑,因为它反映了公司的资产和负债。一个公司的资产负债表可以评估测量出三大类投资质量信息:营运资本充足率、资产性能和资本结构。 In this article, well look at four evaluative perspectives on a companys asset performance: (1) the cash conversion cycle, (2) the fixed asset turnover ratio, (3) the return on assets ratio and (4) the impact of intangible assets. 在这篇文章中,我们将看到以下四个评价观点对公司资产的表现:(1)现金转换周期,(2)固定资产周转率,(3)资产的回报率和(4)无形资产的影响。 The Cash Conversion Cycle (CCC) The cash conversion cycle is a key indicator of the adequacy of a companys working capital position. In addition, the CCC is equally important as the measurement of a companys ability to efficiently manage two of its most important assets - accounts receivable and inventory. 　　现金转换周期(CCC) 　　现金转换周期是检验一个公司营运资本充足程度的一项关键指标。此外,CCC在测量一个公司能否有效地管理它的两个最重要的资产——应收账款和存货方面同样是非常重要的。 Calculated in days, the CCC reflects the time required to collect on sales and the time it takes to turn over inventory. The shorter this cycle is, the better. Cash is king, and smart managers know that fast-moving working capital is more profitable than tying up unproductive working capital in assets. CCC是以天来计算反映销售所需的时间和周转存货所需的时间，这个周期是越短越好。现金为王,聪明的管理者知道快速流动的资本产生的利润远远高于非生产性资本占用的资产。 CCC = DIO + DSO – DPO DIO - Days Inventory Outstanding DSO - Days Sales Outstanding DPO - Days Payable Outstanding There is no single optimal metric for the CCC, which is also referred to as a companys operating cycle. As a rule, a companys cash conversion cycle will be influenced heavily by the type of product or service it provides and i