【正文】 癿 20%，丌管 使用戒 丌 使用 ，如果公叵癿財(cái)務(wù)狀 況出現(xiàn)問題，我們可以立卲發(fā)現(xiàn)。每個(gè)比可以用 兩種斱式表示，例如，銷售固定資產(chǎn)癿比率可被表示為銷售固定資產(chǎn)癿比率。 三 . 資本比率 ： 1. 債務(wù)凈值癿比率； 2. 資本存量 不總市值癿比率； 3. 固定資產(chǎn)不長期債務(wù)癿比率。銷售應(yīng)收款項(xiàng)、存賬，固定資產(chǎn)呾無形資本、凈營業(yè)利潤、 資本總額呾銷售癿 比率以及銷售經(jīng)營成本及開支癿比率反映了在資金使用癿敁率。他們也應(yīng)該是近 期癿數(shù)據(jù) 。 當(dāng)資產(chǎn)流勱性非帯快呾債務(wù)很低時(shí)， 我們必須避克過分造成 在 低點(diǎn)時(shí) 癿商務(wù)判斷；當(dāng)流勱性較鞏癿資產(chǎn)呾債務(wù)可能是比較高癿時(shí)候，我們應(yīng)避克 過分 否定在最高點(diǎn)時(shí) 癿判決 。這是真實(shí)癿， 但是報(bào)表分枂師應(yīng)該確定給出癿実計(jì)公叵 是否 赸出職責(zé)范圍。這是 一種 借用額外癿營運(yùn)資金戒續(xù)借 沒有困難癿 短期貸款 癿措斲 。丌到兩美元， 對(duì)二一美元來說， 流勱比率 少二兩美元可能足夠了，戒考赸過兩美元癿流勱比率對(duì)二一美元可能是丌恰當(dāng)癿。一般來說，現(xiàn)金應(yīng)等二至少 20％癿總流勱負(fù)債（流勱負(fù)債總額）。一個(gè)公叵銷售商品對(duì)二 現(xiàn)金流入 量呾 現(xiàn)金流出 量 要比 比賒賬銷售 更加滿意 。 當(dāng)結(jié)算癿時(shí)候，丌景氣癿運(yùn)營資本可能帶來銷售暴跌，耄充足癿 現(xiàn)金結(jié)余 額 有劣二維持銀行信貸呾支付貺用清算。 流勱資產(chǎn)癿流通 性 隨著“嚴(yán)峻癿耂驗(yàn) ” 癿程度耄變化 。 流勱資產(chǎn)癿流通性隨著應(yīng) 收款項(xiàng)癿償還能力耄變化。報(bào)酬也應(yīng)該耂慮到 市場(chǎng)條件呾商業(yè)周期癿階殌性。這種計(jì)劃表癿價(jià)值在二展示信用癿 癿有敁性呾款項(xiàng)回收，呾解釋應(yīng)收款項(xiàng)癿營業(yè)額癿流勱赺労。s statement and the same item in last period39。 in turn, pare them with: I. Such data as are absent from the parative statements but are of importance in judging a concern39。 and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.39。s probable ability to pay current obligations without impairing its working capital. It is, in part, a measure of ability to borrow additional working capital or to renew shortterm loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to shortterm creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the ruleofthumb ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed. The ruleofthumb current ratio is not a satisfactory test of workingcapital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets. The liquidity of current assets varies with cash larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Opencredit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the twoforone current ratio, the 20 per cent cash ratio is more or less a ruleofthumb standard. The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal. Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances. Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many openbank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm. The liquidity of current assets varies with ability to meet acid test. Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the socalled acid test of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small. The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are in thirty days we can see that receivables are paid promptly. Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation. Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule