2013年4月9日星期二

Acid Test Ratio 速动比率

Investopedia explains 'Acid-Test Ratio' = Quick Ratio
Companies with ratios of less than 1 cannot pay their current liabilities and should be looked at with extreme caution. Furthermore, if the acid-test ratio is much lower than the working capital ratio, it means current assets are highly dependent on inventory. Retail stores are examples of this type of business.

The term comes from the way gold miners would test whether their findings were real gold nuggets. Unlike other metals, gold does not corrode in acid; if the nugget didn't dissolve when submerged in acid, it was said to have passed the acid test. If a company's financial statements pass the figurative acid test, this indicates its financial integrity.



传统经验认为,速动比率维持在1:1较为正常,它表明企业的每1元流动负债就有1元易于变现的流动资产来抵偿,短期偿债能力有可靠的保证。速动比率过低,企业的短期偿债风险较大,速动比率过高,企业在速动资产上占用资金过多,会增加企业投资的机会成本。但以上评判标准并不是绝对的。实际工作中,应考虑到企业业的行业性质。例如商品零售行业,由于采用大量现金销售,几乎没有应收账款,速动比率大大低于1,也是合理的。相反,有些企业虽然速动比率大于1,但速动资产中大部份是应收账款,并不代表企业的偿债能力强,因为应收账款能否收回具有很大的不确定性。所以,在评价速动比率时,还应分析应收账款的质量。


没有评论:

发表评论