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【知识点】Liquidity ratio（流动比率）

Liquidity ratio

Working capital ratios may help to indicate whether a company is over-capitalised, with excessive working capital, or if a business is likely to fail. A business which is trying to do too much too quickly with too little long-term capital is overtrading.

 Current ratio

The current ratio is the standard test of liquidity. A company should have enough current assets that give a promise of \'cash to come\' to meet its commitments to pay its current liabilities. Too high a ratio implies that too much cash may be tied up in receivables and inventories. What is \'comfortable\' varies between different types of business.

Quick ratio

Companies are unable to convert all their current assets into cash very quickly. In some businesses where inventory turnover is slow, most inventories are not very liquid assets, and the cash cycle is long. For these reasons, we calculate an additional liquidity ratio, known as the quick ratio or acid test ratio.

This ratio should ideally be at least 1 for companies with a slow inventory turnover. For companies with a fast inventory turnover, a quick ratio can be less than 1 without suggesting that the company is in cash flow difficulties.

Again, these liquidity ratios are a guide to the risk of cash flow problems and insolvency. If a company suddenly finds that it is unable to renew its short-term liabilities (for example, if the bank suspends its overdraft facilities), there will be a danger of insolvency unless the company is able to turn enough of its current assets into cash quickly.

 The sales revenue / net working capital ratio

The ratio of

shows the level of working capital supporting sales and indicates how efficiently working capital is being used to generate sales. Working capital must increase in line with sales to avoid liquidity problems and this ratio can be used to forecast the level of working capital needed for a projected level of sales.

【知识点】Early settlement discounts(提前付款现金折扣)

Early settlement discounts

Early settlement discounts may be employed to shorten average credit periods and to reduce the investment in accounts receivable and therefore interest costs of the finance invested in trade receivables. The benefit in interest cost saved should exceed the cost of the discounts allowed.

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