译文（字数 3025）

营运能力比率分析

一、营运能力概念分析

营运能力是以企业各项资产的周转速度来衡量企业资产利用效率。反映资产周转速度的指标有存货周转率、流动资产周转率、总资产周转率。周转速度越快，表明企业的各项资产进入经营环节的速度越快，形成收入和利润的周期就越短，经营效率就越高。营运能力指的是企业资产的周转运行能力，通常可以用总资产周转率、固定资产周转率、流动资产周转率、存货周转率和应收账款周转率这五个财务比率來对企业的营运能力进行逐层分析。

二、营运能力分析比率

(一)财务比率分析

通过财务分析，可以使不同的信息使用者得到有关企业营运状况和财务状况的信息。这些信息都是很有价值的，它可以帮助企业经营者全面了解企业的营运状况，可以帮助企业投资者预测投资风险和投资报酬，做出投资、继续投资或转移投资的决策。

(二)经营比率

经营比率即周转比率，它在很大程度上可以用来评估特定资产产生的利益，诸如存货、应收账款可以用来评价公司全部资产产生的利润。

(三)存货周转率

存货周转率表明公司已销售货物和服务的使用效率。存货周转率是企业营业成本与存货间的比率：存货周转率＝营业成本／平均存货

外文原文（字符数 9493）

Operational capability concept analysis

Operation ability is the assets of the enterprise turnaround to measure the efficiency of the utilization of assets enterprises. The index reflects assets turnover rate have inventory turnover, liquid assets turnover rate, total asset turnover. The faster turnaround speed， it shows that the enterprise of assets into business links, forming the faster the cycle of revenue and profit more short, business efficiency is higher. Operation ability refers to the enterprise asset turnover operation ability, usually can use total asset turnover, fixed asset turnover, flow asset turnover，inventory turnover and accounts receivable turnover these five financial ratios to enterprises' operating capacity for layered analysis.

Operational capability index

(A)Using financial ratio analysis

Financial analysis provides information concerning a firm’s operating performance and financial condition. This information is useful to analysis in evaluating a firm’s operation and to an investor in evaluating the risk and potential returns to investing in a firm’s securities.

(B)Activity ratios

Activity ratios—for the most part, turnover ratios—can be used to evaluate the benefits produced by specific assets, such as inventory or accounts receivable or to evaluate the benefits produced by the totality of the firm’s assets.

(C)Inventory management

The inventory turnover ratio indicates how quickly a firm has used inventory to generate the goods and services that are sold. The inventory turnover is the ratio of the cost of goods sold to inventory:

       Inventory turnover ratio=Cost of goods sold/Inventory