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2009年5月13日星期三
《财经网》今日推荐：山东疑似病例被确诊甲型H1N1流感
Confessions of Chinese Derivatives Deals, Part 1
| Confessions of Chinese Derivatives Deals, Part 1 |
| May 14, 2009 |
Finance & Economy |
| In this first installment in a series, an expert tells how investment banks sold derivatives in China that may be ticking time bombs. |
| Many of these smaller city banks have large amounts of funds and seek investment opportunities. |
| HSBC has expressed an interest in listing in Shanghai within two years, if the rules permit. |
Blog |
| Rosy news about major U.S. banks and their stress tests helped boost market sentiments, proving the value of 'jawboning.' |
Politics & Law |
| The May 2008 earthquake wiped out half of Yingxiu's population. Survivors are rebuilding the town -- and their lives. |
| The patient arrived in Beijing on May 8 on Flight AC029 and then took Train D41 to Shandong on May 11. |
Industry |
| The increase in consumption in the second quarter could be a sign of the economy beginning to recover. |
| English Homepage | Cancel Subscription | Subscription | Contact Caijing |
| This publication is subject to the ownership of Caijing.com.cn/English. Neither the publication nor any portion hereof may be reprinted, sold or redistributed without the written consent of Caijing Magazine. |
2009年5月12日星期二
Return on investment
Accounts Payable: Sales: Accounts Payable divided by Annual Sales, measuring the speed with which a company pays vendors relative to sales. Numbers higher than typical industry ratios suggest that the company is using suppliers to float operations.
Assets: Sales: Total Assets divided by Net Sales, indicating whether a company is handling too high a volume of sales in relation to investment. Very low percentages relative to industry norms might indicate overly conservative sales efforts or poor sales management.
Current Liabilities: Inventory: Current Liabilities divided by Inventory: A high ratio, relative to industry norms, suggests over-reliance on unsold goods to finance operations.
Current Liabilities: Net Worth: Current Liabilities divided by Net Worth, reflecting a level of security for creditors. The larger the ratio relative to industry norms, the less security there is for creditors.
Current Ratio: Current Assets divided by Current Liabilities, measuring current assets available to cover current liabilities, a test of near-term solvency. The ratio indicates to what extent cash on hand and disposable assets are enough to pay off near term liabilities.
Fixed Assets: Net Worth: Fixed Assets divided by Net Worth. High ratios relative to the industry can indicate low working capital or high levels of debt.
Gross Profit: Sales: Pre-tax profits divided by Annual Sales. This is the profit ratio before product and sales costs, as well as taxes. This ratio can indicate the "play" in other expenses which could be adjusted to increase the Net Profit margin.
Net Profit: Sales: After tax profits divided by Annual Sales. This is the key profit ratio, indicating how much is put in the company's pocket for each $100 of sales.
Quick Ratio: Cash plus Accounts Receivable, divided by Current Liabilities, indicating liquid assets available to cover current debt. Also known as the Acid Ratio. This is a harsher version of the Current Ratio, which balances short-term liabilities against cash and liquid instruments.
Return on Assets: Net After Tax Profit divided by Total Assets, a critical indicator of profitability. Companies which use their assets efficiently will tend to show a ratio higher than the industry norm.
Return on Net Worth: Net After Tax Profit divided by Net Worth, this is the 'final measure' of profitability to evaluate overall return. This ratio measures return relative to investment in the company. Put another way, Return on Net Worth indicates how well a company leverages the investment in it.
Return on Sales: Net After Tax Profit divided by Annual Net Sales, indicating the level of profit from each dollar of sales. This ratio can be used as a predictor of the company's ability to withstand changes in prices or market conditions.
Sales: Inventory: Annual Net Sales divided by Inventory value. This gives a picture of how quickly inventory turns over. Ratios below the industry norm suggest high levels of inventory. High ratios could indicate product levels insufficient to satisfy demand in a timely manner.
Sales: Net Working Capital: Sales divided by Net Working Capital （current assets minus current liabilities）. Ratios higher than industry norms may indicate a strain on available liquid assets, while low ratios may suggest too much liquidity.
Total Liabilities: Net Worth: Total liabilities divided by Net Worth. This ratio helps to clarify the impact of long-term debt, which can be seen by comparing this ratio with Current Liabilities: Net Worth. Creditors are concerned to the extent that total liability levels exceed Net Worth. The impact of long-term debt
Turnover Ratios: Sales divided by various line items （cash, accounts receivable, accounts payable, inventory, current assets, total assets, fixed assets）. These turnover rations measure operating characteristics of firms. Higher is better for Asset line items. Lower is better for Accounts Payable Turnover. Turnover ratios create a series of operating efficiency indicators relative to sales.
Account 帐户
Accounting system 会计系统
American Accounting Association 美国会计协会
American Institute of CPAs 美国注册会计师协会
Audit 审计
Balance sheet 资产负债表
Bookkeepking 簿记
Cash flow prospects 现金流量预测
Certificate in Internal Auditing 内部审计证书
Certificate in Management Accounting 管理会计证书
Certificate Public Accountant注册会计师
Cost accounting 成本会计
External users 外部使用者
Financial accounting 财务会计
Financial Accounting Standards Board 财务会计准则委员会
Financial forecast 财务预测
Generally accepted accounting principles 公认会计原则
General-purpose information 通用目的信息
Government Accounting Office 政府会计办公室
Income statement 损益表
Institute of Internal Auditors 内部审计师协会
Institute of Management Accountants 管理会计师协会
Integrity 整合性
Internal auditing 内部审计
Internal control structure 内部控制结构
Internal Revenue Service 国内收入署
Internal users 内部使用者
Management accounting 管理会计
Return of investment 投资回报
Return on investment 投资报酬
Securities and Exchange Commission 证券交易委员会
Statement of cash flow 现金流量表
Statement of financial position 财务状况表
Tax accounting 税务会计
Accounting equation 会计等式
Articulation 勾稽关系
Assets 资产
Business entity 企业个体
Capital stock 股本
Corporation 公司
Cost principle 成本原则
Creditor 债权人
Deflation 通货紧缩
Disclosure 批露
Expenses 费用
Financial statement 财务报表
Financial activities 筹资活动
Going-concern assumption 持续经营假设
Inflation 通货膨涨
Investing activities 投资活动
Liabilities 负债
Negative cash flow 负现金流量
Operating activities 经营活动
Owners equity 所有者权益
Partnership 合伙企业
Positive cash flow 正现金流量
Retained earning 留存利润
Revenue 收入
Sole proprietorship 独资企业
Solvency 清偿能力
Stable-dollar assumption 稳定货币假设
Stockholders 股东
Stockholders equity 股东权益
Window dressing 门面粉饰
Assets: Sales: Total Assets divided by Net Sales, indicating whether a company is handling too high a volume of sales in relation to investment. Very low percentages relative to industry norms might indicate overly conservative sales efforts or poor sales management.
Current Liabilities: Inventory: Current Liabilities divided by Inventory: A high ratio, relative to industry norms, suggests over-reliance on unsold goods to finance operations.
Current Liabilities: Net Worth: Current Liabilities divided by Net Worth, reflecting a level of security for creditors. The larger the ratio relative to industry norms, the less security there is for creditors.
Current Ratio: Current Assets divided by Current Liabilities, measuring current assets available to cover current liabilities, a test of near-term solvency. The ratio indicates to what extent cash on hand and disposable assets are enough to pay off near term liabilities.
Fixed Assets: Net Worth: Fixed Assets divided by Net Worth. High ratios relative to the industry can indicate low working capital or high levels of debt.
Gross Profit: Sales: Pre-tax profits divided by Annual Sales. This is the profit ratio before product and sales costs, as well as taxes. This ratio can indicate the "play" in other expenses which could be adjusted to increase the Net Profit margin.
Net Profit: Sales: After tax profits divided by Annual Sales. This is the key profit ratio, indicating how much is put in the company's pocket for each $100 of sales.
Quick Ratio: Cash plus Accounts Receivable, divided by Current Liabilities, indicating liquid assets available to cover current debt. Also known as the Acid Ratio. This is a harsher version of the Current Ratio, which balances short-term liabilities against cash and liquid instruments.
Return on Assets: Net After Tax Profit divided by Total Assets, a critical indicator of profitability. Companies which use their assets efficiently will tend to show a ratio higher than the industry norm.
Return on Net Worth: Net After Tax Profit divided by Net Worth, this is the 'final measure' of profitability to evaluate overall return. This ratio measures return relative to investment in the company. Put another way, Return on Net Worth indicates how well a company leverages the investment in it.
Return on Sales: Net After Tax Profit divided by Annual Net Sales, indicating the level of profit from each dollar of sales. This ratio can be used as a predictor of the company's ability to withstand changes in prices or market conditions.
Sales: Inventory: Annual Net Sales divided by Inventory value. This gives a picture of how quickly inventory turns over. Ratios below the industry norm suggest high levels of inventory. High ratios could indicate product levels insufficient to satisfy demand in a timely manner.
Sales: Net Working Capital: Sales divided by Net Working Capital （current assets minus current liabilities）. Ratios higher than industry norms may indicate a strain on available liquid assets, while low ratios may suggest too much liquidity.
Total Liabilities: Net Worth: Total liabilities divided by Net Worth. This ratio helps to clarify the impact of long-term debt, which can be seen by comparing this ratio with Current Liabilities: Net Worth. Creditors are concerned to the extent that total liability levels exceed Net Worth. The impact of long-term debt
Turnover Ratios: Sales divided by various line items （cash, accounts receivable, accounts payable, inventory, current assets, total assets, fixed assets）. These turnover rations measure operating characteristics of firms. Higher is better for Asset line items. Lower is better for Accounts Payable Turnover. Turnover ratios create a series of operating efficiency indicators relative to sales.
Account 帐户
Accounting system 会计系统
American Accounting Association 美国会计协会
American Institute of CPAs 美国注册会计师协会
Audit 审计
Balance sheet 资产负债表
Bookkeepking 簿记
Cash flow prospects 现金流量预测
Certificate in Internal Auditing 内部审计证书
Certificate in Management Accounting 管理会计证书
Certificate Public Accountant注册会计师
Cost accounting 成本会计
External users 外部使用者
Financial accounting 财务会计
Financial Accounting Standards Board 财务会计准则委员会
Financial forecast 财务预测
Generally accepted accounting principles 公认会计原则
General-purpose information 通用目的信息
Government Accounting Office 政府会计办公室
Income statement 损益表
Institute of Internal Auditors 内部审计师协会
Institute of Management Accountants 管理会计师协会
Integrity 整合性
Internal auditing 内部审计
Internal control structure 内部控制结构
Internal Revenue Service 国内收入署
Internal users 内部使用者
Management accounting 管理会计
Return of investment 投资回报
Return on investment 投资报酬
Securities and Exchange Commission 证券交易委员会
Statement of cash flow 现金流量表
Statement of financial position 财务状况表
Tax accounting 税务会计
Accounting equation 会计等式
Articulation 勾稽关系
Assets 资产
Business entity 企业个体
Capital stock 股本
Corporation 公司
Cost principle 成本原则
Creditor 债权人
Deflation 通货紧缩
Disclosure 批露
Expenses 费用
Financial statement 财务报表
Financial activities 筹资活动
Going-concern assumption 持续经营假设
Inflation 通货膨涨
Investing activities 投资活动
Liabilities 负债
Negative cash flow 负现金流量
Operating activities 经营活动
Owners equity 所有者权益
Partnership 合伙企业
Positive cash flow 正现金流量
Retained earning 留存利润
Revenue 收入
Sole proprietorship 独资企业
Solvency 清偿能力
Stable-dollar assumption 稳定货币假设
Stockholders 股东
Stockholders equity 股东权益
Window dressing 门面粉饰
Pay Attention: Deflation Looms in China
| Pay Attention: Deflation Looms in China |
| May 13, 2009 |
Economist |
| Figures showing GDP growth and a healthy economic stimulus package cannot hide dark facts about imports and exports. |
| Communist godfather Karl Marx got a lot of things right but mistook the effects of capitalism for the effects of poverty. |
Finance & Economy |
| Potential lease clients include shippers and airlines, who are currently facing an excess-capacity market. |
| At one point, Hopu and other buyers withdrew from the negotiations citing irrational market prices of CCB. |
Politics & Law |
| 96.7 percent of the total 239,000 claims have been settled, as losses incurred on some building projects continue to be assessed. |
Industry |
| Chairman Kong Dong believes that the carrier's operations and competitiveness have not been severely damaged and remains confident about the company's prospects for 2009. |
| English Homepage | Cancel Subscription | Subscription | Contact Caijing |
| This publication is subject to the ownership of Caijing.com.cn/English. Neither the publication nor any portion hereof may be reprinted, sold or redistributed without the written consent of Caijing Magazine. |
2009年5月11日星期一
《财经网》今日推荐：【地震一周年】奇迹生还者马元江自述
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