财务比率分析注意事项及经典句子鉴赏
一、财务分析撰写学术论文时注意事项：
1.时态请尽量用一般现在时或一般现在完成时，不要语态混乱
2.要先描写总趋势（用topic ntence），然后细节描写(supporting ntence)，然后原因分析股东资格(reasoning)元宵快乐，（注意：结束句（conclusion ntence）可写可不写。）这三个主要 步骤来分析四大方面（盈利能力(profitability)，短期流动性(liquidity)，长期破产风险(financial stability or long-term solvency)以及资产使用效率(efficiency or asts utilization）)
3. 如果题目要求是要用报告(report)马球格式，请按下列格式严格的撰写
报告正文开头四要素：
To:（表明报告的使用对象）
From: （表明报告的撰写人）
Subject:（报告的主题）
Date: （报告的撰写日期）
报告主题部分：
Introduction:
(i)Profitability
(ii)Liquidity
(iii) Gearing
(iv) Efficiency
Summary
Signed:
二、经典句子鉴赏
PROFITABILITY:（盈利能力）
分析重点与步骤：
1.首先看这个方面公司的总体趋势，用一句话概括。
2. 然后可以先从销售收入(sales)入手，看比起上一年或者比起同行业的公司是否上升了或者下降了。并分析gross profit margin奥运会乒乓球与销售收入的关系，是随着销售收入上升了还是下降了，暗示公司的定价问题，产品质量问题以及产品成本控制问题。
3. 比较毛利率与经营利润的关系落差问题，如果落差大，暗示公司的费用控制不当。反之，费用控制良好。
4. 看ROCE的增减变动，反映公司的资产利用效率问题。（请记得结合公司的固定资产增减变化来分析，如果大量的固定资产增加了，但是ROCE却下降了，说明公司的新资产没有得到充分的使用。反之，证明了新资产为公司的盈利能力上做出了大的贡献）：
TOPIC SENTENCE：
---There has been a healthy increa环境治理 in revenue in year XX and gross profit percentage has almost kept pace, but the margin has been eroded by an increa in operating expens.
表示每年趋势非常类似：
--- Sales have remained static/unchanged/the same
---ROCE is very similar for both years
--- XX appears stable
SUPPORTING SENTENCE：
--- XX has posted a x% increa in revenues, which is exceptionally good.
（当公司的销售收入上升比例比较大，可以用上面的句子来进行描述）
---Gross profit margin has fallen from x% to x%, which is only 投资方式a modest fall.
热力循环（当下降幅度不是很大的时候，可以用这样的表达方式）
--- The gross and operating profit percentages em to be acceptable figures for both years
（当表示对某项比例指标比较满意时的表达方式）
---This year, it has a disappointing gross profit percentage. This is alarming.
（当某项指标不太乐观并应该引起注意时的表达方式）
---At first glance/on the face of it, XX looks healthy, but this has been distorted by ….
--- the sales growth has been fairly strong for the last two years.
REASONING：
描述毛利率下降的原因：
---The reduction of gross profit margin is probably due to a decrea in sales prices which has generated more sales or an increa in costs of goods sold
--- One way to boost revenues is to cut the lling price in the hope of attracting more customers on the basis of price. This would lead to steep fall in the gross profit margin.
-
-- A significant fall in the percentages may indicate a poor buying policy, poor pricing (perhaps caud by competition), and the caus should be investigated
--- the gross profit percentage is x% down in the previous year. This is probably due to …
---Gross margin is considerably lower than in the previous year. This suggests either that there has been a change in cost structure or there has been a change in lling price tting. Either way, this is a marked change that requires investigation
描述operating profit以及gross profit margin之间的关系：
--- The small difference between gross profit margin and operating profit percentage indicate the better control of expens
---The small difference between operating profit percentage and net profit percentage implies that finance cost are relatively low.
---It would appear that XX has better control over its operating costs.
描述ROCE下降及原因：
---The reduction of ROCE might indicate that the efficiency with which asts are ud has deteriorated.
牛油果的英文
---The reduction of ROCE might indicate that the asts acquired in recent year have not yet fully contribute to the business. A longer term trend would clarify the picture.
--- ROCES has declined from x% to x% between XX and XX(年份), this may indicate that the company made less effective u of its asts in XX than in XX.
---ROCE has declined indicating less efficient utilization of asts.
描述ROCE上升及原因：
---The ROCE is impressive being more than X% higher than in the previous year
---ROCE has improved considerably/noticeably between XX（年份） and XX
-
-- The return on capital employed has improved from x% to x%. This is good, especially considering the $x of capital investment during the year. Next year should be even better as a full year’s profits will be earned from the new asts.
--- Fixed asts has almost doubled, this company is apparently embarking on an expansion program.
因为ROCE要联系固定资产的情况来分析，如果题目中有给详细信息，又可以看出固定资产明显显示老龄化，表达方式如下：
---It can be en from the balance sheet that XX’s fixed asts appear quite old. Their net book value is only XX% of their original cost. This has at least one implications: they will need replacing in the near future.
