1、經(jīng)營(yíng)比率經(jīng)營(yíng)比率Activity Ratios經(jīng)營(yíng)比率經(jīng)營(yíng)比率Activity Ratios內(nèi)容內(nèi)容 應(yīng)收賬款周轉(zhuǎn)率應(yīng)收賬款周轉(zhuǎn)率 Accounts Receivable Turnover 存貨周轉(zhuǎn)率存貨周轉(zhuǎn)率 Inventory Turnover 應(yīng)付賬款周轉(zhuǎn)率應(yīng)付賬款周轉(zhuǎn)率 Accounts Payable Turnover應(yīng)收賬款周轉(zhuǎn)率應(yīng)收賬款周轉(zhuǎn)率 Accounts Receivable Turnover應(yīng)收賬款周轉(zhuǎn)率衡量應(yīng)收賬款收回的效率。計(jì)算公式一： 應(yīng)收賬款周轉(zhuǎn)率=凈賒銷收入 / 平均應(yīng)收賬款余額計(jì)算公式二： 應(yīng)收賬款周轉(zhuǎn)期=（平均應(yīng)收賬款/凈賒銷收入）X 365 =365/應(yīng)收

2、賬款周轉(zhuǎn)率應(yīng)收賬款周轉(zhuǎn)期也叫平均收款期，與公司的信用政策相關(guān)。注意點(diǎn)：1）賒銷收入； 2）銷售比較均勻存貨周轉(zhuǎn)率存貨周轉(zhuǎn)率 Inventory Turnover存貨周轉(zhuǎn)率衡量一定期間內(nèi)存貨銷售的平均次數(shù)。零售商的存貨一般是可供銷售的商品，制造商的存貨包含原材料、在制品、產(chǎn)成品。只有產(chǎn)成品可用于計(jì)算存貨周轉(zhuǎn)率。計(jì)算公式一： 存貨周轉(zhuǎn)率=產(chǎn)品銷售成本/ 平均存貨余額計(jì)算公式二： 存貨周轉(zhuǎn)天數(shù)=（平均存貨余額/產(chǎn)品銷售成本）X 365 =365/存貨周轉(zhuǎn)率討論：降低庫(kù)存的方法？應(yīng)付賬款周轉(zhuǎn)率應(yīng)付賬款周轉(zhuǎn)率 Accounts Payable Turnover應(yīng)付賬款周轉(zhuǎn)率衡量一定期間支付供應(yīng)商款項(xiàng)的平

3、均次數(shù)。計(jì)算公式一： 應(yīng)付賬款周轉(zhuǎn)率=材料采購(gòu)金額/ 平均應(yīng)付賬款余額計(jì)算公式二： 應(yīng)付賬款周轉(zhuǎn)天數(shù)=（平均應(yīng)付賬款余額/材料采購(gòu)）X 365 =365/應(yīng)付賬款周轉(zhuǎn)率經(jīng)營(yíng)比率經(jīng)營(yíng)比率 Activity RatiosDays sales outstanding in receivablesDays sales in inventoryDays purchases in accounts payable營(yíng)運(yùn)周期營(yíng)運(yùn)周期 Operating Cycle 營(yíng)運(yùn)周期 Operating Cycle =Days sales outstanding in receivables + Days sales in inventory營(yíng)運(yùn)周期是指取得存貨然后銷售存貨取得現(xiàn)金的周期。現(xiàn)