點揭模式：空白處點一下就顯示該格答案，再點可藏起。適合投影提問。Click mode: tap a blank to reveal that answer; tap again to hide it. Useful when projecting questions.
畫筆已開：可在筆記任何位置書寫。關閉畫筆後才可捲動、放大、點揭或開連結。筆跡會跟住文字，放大縮小都不會走位。寫完請按「分享」，在 iPad 選郵件寄出。Pen is on: write anywhere on the notes. Turn the pen off to scroll, pinch-zoom, tap blanks, or open links. Ink stays glued to the text when you zoom. When finished, tap Share and choose Mail on iPad.
HTMS 企會財科課堂筆記 | 編輯：Mr. Sam Wong | 重要聲明：本課堂筆記僅供已購買課本之學生使用，並僅限內部參考。HTMS BAFS Lesson Notes | Editor: Mr. Sam Wong
Important: These lesson notes are intended only for students who have purchased the textbook and are for internal use only.
對齊中五選修財務管理 501（UPEP《財務管理（一）》第 1 章）。預算、融資方式、資本投資評估、營運資金管理、風險管理不在本章，見 502–506。 Aligned with F5 Elective Financial Management 501 (UPEP Financial Management (1) Chapter 1). Budgeting, sources of financing, capital investment appraisal, working capital management and risk management are not in this chapter; see 502–506.
讀完本章，應能：
After this chapter you should be able to:
本章角度：有限公司。
Perspective in this chapter: a limited company.
財務管理（又稱為企業財務管理或企業財務）指管理企業的財務資源和財務責任（又稱債務）以達成企業的目標。目的是為東主（股東）賺取最大的財富（即將股價提升至最高）。
Financial management (corporate financial management / corporate finance) refers to the management of the financial resources and financial obligations of a firm in order to achieve the firm’s goals. The objective is maximisation of owners’ wealth, achieved by the maximisation of the value of a firm’s ordinary share (limited company: shareholders’ wealth), e.g. market price per share.
樂澄父母在屯門開請茶有限公司，賣珍珠奶茶。財務管理不是「櫃枱今日有沒有零錢」那麼窄：要管公司有多少錢可用、欠銀行多少，並把普通股的市價盡量推高，令股東財富最大。
Chloe’s parents run Try Tea Limited, a bubble-tea shop in Tuen Mun. Financial management is wider than “is there enough coins in the till today”: it manages the firm’s money and debts, and aims to raise the market price of ordinary shares so owners’ wealth is maximised.
小練習 501.1Quick check 501.1
題 1Q1
有限公司做財務管理，最終是要令誰的財富最大？
For a limited company, whose wealth is financial management finally trying to maximise?
答案：股東／東主
Answer: shareholders / owners
目的不是「員工最開心」或「銷貨金額最大」，而是把普通股市價推高，令東主財富最大。
The aim is not “staff happiest” or “largest sales”, but maximising the ordinary-share price so owners’ wealth is maximised.
四類決策名稱要背；計法見後續章，本章只要求說得出各管甚麼。
Learn the four names. The calculations come in later chapters; this chapter only requires what each decision covers.
| 決策Decision | 即是問i.e. | 課堂例子（請茶）Class example (Try Tea) |
|---|---|---|
| 投資決策 投資正淨現值的計劃（長期投資）【504】Investment / capital budgeting decisions investment proj with +ve NPV (long-term) 【504】 |
投資哪些項目？Where to invest (projects / assets)? | 再開一間元朗分店、買製冰機。Open a Yuen Long branch; buy an ice machine. |
| 融資決策 低成本／籌集最多資金的方法【503】Financing decisions lowest cost / raise the largest amount of capital 【503】 |
如何獲得資金？How to raise the money to pay for investment? | 向銀行借貸、發行股票或債券。Bank loan; issue shares or bonds. |
| 股息決策 對股價及投資的影響作出平衡Dividend decisions the balance between the effects towards share price and investment |
股息的金額和派發形式？How much should be paid out in dividends and in what forms? | 分發現金股息，還是保留現金再開分店。Distribute a cash dividend, or keep the cash to open another shop. |
| 營運資金決策 對短期資產和短期負債的管理【505】Working capital decisions manage working capital 【505】 |
怎樣管理和運用資金？How to manage working capital? | 管好珍珠、杯蓋存貨和應付茶葉商的款；現金夠付下月租金。Manage tapioca / lid inventory and payables to the tea supplier; keep enough cash for next month’s rent. |
獨資企業沒有股東，一般無須作股息決策。不要把「買保險」寫成第五類主要財務決策。
A sole proprietorship has no shareholders and generally does not make a dividend decision. Do not write “insurance decisions” as a fifth main type of financial decision.
小練習 501.2Quick check 501.2
題 1Q1
梓軒建議請茶把今年全部淨利派完，現金一蚊都不留。這主要傷害哪一類決策與長期目標？
Tsz Hin suggests Try Tea pay out all this year’s net profit and keep no cash. Which decision and long-term goal does this mainly harm?
答案：股息決策；無法留現金作將來投資，難以令股東財富最大
Answer: dividend decision; cannot keep cash for future investment, so cannot maximise shareholders’ wealth in the long run
派光淨利就沒有保留現金；將來要放棄有利可圖的項目。
Paying out all net profit leaves no retained cash; the firm may have to give up profitable projects later.
題 2Q2
決定「向銀行借還是發行股票來開分店」屬於哪一類？
Deciding “bank loan or issue shares to open a branch” belongs to which type?
答案：融資決策
Answer: financing decision
損益表匯報企業在某段時間內（通常為期一年）的收入和支出。
An income statement reports the revenues and expenses of a business over a period of time.
| 項目Item | 關係Relationship |
|---|---|
| 營業利潤（息稅前利潤） 即扣除利息和稅項前的利潤Operating profit (profit before interest and tax / EBIT) |
營業利潤 = 毛利 − 營業費用Operating profit = gross profit − operating expenses |
| 營業費用Operating expenses | 企業在經營期間所產生的費用。Expenses that arise during the course of running a business. |
| 利息支出Interest expenses | 因借貸而衍生的費用，不屬於營業費用。Incurred from borrowing funds; not included in operating expenses. |
| 稅後利潤Profit after tax | 稅後利潤 = 稅前利潤 − 稅項Profit after tax = profit before tax − tax expenses |
正確：先算營業利潤，再扣利息得稅前利潤。易錯：把利息加進營業費用，營業利潤會被低估。
Correct: find operating profit first, then deduct interest to get profit before tax. Trap: adding interest into operating expenses understates operating profit.
小練習 501.3AQuick check 501.3A
題 1Q1
請茶某年：毛利 $80,000，營業費用 $30,000，利息 $5,000，稅項 $4,000。營業利潤、稅前利潤、稅後利潤各是多少？
Try Tea in one year: gross profit $80,000, operating expenses $30,000, interest $5,000, tax $4,000. Find operating profit, profit before tax and profit after tax.
答案：營業利潤 $50,000；稅前利潤 $45,000；稅後利潤 $41,000
Answer: operating profit $50,000; profit before tax $45,000; profit after tax $41,000
$80,000 − $30,000 = $50,000；再 − $5,000 = $45,000；再 − $4,000 = $41,000。利息不扣在營業費用裡。
$80,000 − $30,000 = $50,000; then − $5,000 = $45,000; then − $4,000 = $41,000. Interest is not deducted inside operating expenses.
財務狀況表（資產負債表）列示企業在某日（通常是會計期末）的所有資產、負債和資本。
A statement of financial position (balance sheet) lists all assets, liabilities and capital of a firm on a date (usually the period end).
會計等式：資產 = 資本 + 負債。
流動資產 + 非流動資產 = 股東權益 + 流動負債 + 非流動負債。
股東權益 = 股本 + 股本溢價 + 留存利潤。
Accounting equation: assets = capital + liabilities.
Current assets + non-current assets = shareholders’ equity + current liabilities + non-current liabilities.
Stockholders’ / shareholders’ equity = share capital + share premium + retained profits.
| 左邊：公司的資源Left: resources of the firm | 右邊：資金從哪來Right: where the funds come from |
|---|---|
| 資產（流動 + 非流動） 公司的資源Assets (current + non-current) Resources of the firm |
資本（由東主）+ 負債（由東主以外的人）Capital (from owners) + liabilities (from people other than owners) |
股本：股東投資在公司的資本。留存利潤：未分派的利潤。
Share capital: the capital invested by stockholders in the company. Retained profits: undistributed profits.
正確：非流動負債 = 資產總額 − 流動負債 − 股東權益。易錯：把股本溢價漏出股東權益。
Correct: non-current liabilities = total assets − current liabilities − shareholders’ equity. Trap: leaving share premium out of equity.
小練習 501.3BQuick check 501.3B
題 1Q1
請茶：股本 $100,000，股本溢價 $40,000，留存利潤 $80,000。資產總額 $500,000，流動負債 $90,000。求股東權益及非流動負債。
Try Tea: share capital $100,000, share premium $40,000, retained profits $80,000. Total assets $500,000, current liabilities $90,000. Find equity and non-current liabilities.
答案：股東權益 $220,000；非流動負債 $190,000
Answer: equity $220,000; non-current liabilities $190,000
權益 = 100,000 + 40,000 + 80,000。非流動負債 = 500,000 − 90,000 − 220,000。
Equity = 100,000 + 40,000 + 80,000. Non-current liabilities = 500,000 − 90,000 − 220,000.
會計比率（財務比率）顯示財務報表上各項數字之間的關係。盈利能力比率用來量度企業賺取利潤的能力。
Accounting ratios express relationships between different figures in the financial statements. Profitability ratios assess the ability to generate profit.
| 比率Ratio | 公式Formula | 解釋Interpretation |
|---|---|---|
| 毛利率 (%)Gross profit ratio (%) | 毛利 ÷ 銷貨 × 100%Gross profit ÷ Sales × 100% |
量度扣除銷貨成本後（但在扣除費用前）的盈利能力。顯示每一元銷售收益所獲毛利，以及控制銷貨成本及售價的效率。 Measures profitability after deducting cost of goods sold, but before deducting expenses. Shows how a dollar of sales generates the gross profit. Shows the efficiency of a firm in controlling the cost of goods sold and the pricing policies. |
| 淨利率／純利率 (%)Net profit ratio (%) | 稅前淨利 ÷ 銷貨 × 100%Net profit before tax ÷ Sales × 100% |
量度扣除所有成本和費用後的盈利能力。顯示每一元銷貨收益所獲淨利，以及整體營運表現，尤其是控制費用的效率。 Measures profitability after deducting cost of goods sold and expenses. Shows how a dollar of sales generates the net profit. Shows the overall operating performance of the business, especially the effectiveness in cost control. |
| 運用資金報酬率／動用資金報酬率 (ROCE) (%)Return on capital employed (ROCE) (%) | 利息及稅前淨利（息稅前利潤） ÷ 平均運用資金 × 100%Profit before interest and tax ÷ Average capital employed × 100% funds provided by all long-term fund providers Total Asset − current liabilities |
量度企業運用資金賺取利潤的能力。顯示每運用一元資金所賺取的淨利。 Shows the efficiency in utilising capital to generate profit. Measures how a dollar of capital generates the net profit. |
運用資金：獨資企業用資本餘額；有限公司用非流動負債 + 股東資本。
Capital employed: sole proprietorships: capital balance; limited companies: non-current liabilities + shareholders’ fund.
正確原因：較少的營業費用（管理費用的效率較高）。不要只寫「賣得貴」——那通常先解釋毛利率。
Correct reason: relatively low operating cost / efficient control over operating costs. Do not only write “sold at a higher price” — that usually explains the gross profit ratio first.
若毛利和淨利的增幅比銷貨的增幅小，毛利率和淨利率便會下跌。
If both the gross profit and net profit increase by a smaller percentage than sales, the gross profit ratio and net profit ratio will decrease.
小練習 501.4AQuick check 501.4A
題 1Q1
請茶銷貨 $500,000，銷貨成本 $300,000，稅前淨利 $70,000，利息 $10,000，非流動負債 $100,000，股東資本 $375,000。求毛利率、淨利率、運用資金報酬率（運用資金用年末數）。
Try Tea: sales $500,000, cost of goods sold $300,000, net profit before tax $70,000, interest $10,000, non-current liabilities $100,000, shareholders’ fund $375,000. Find the gross profit ratio, net profit ratio and ROCE (use year-end capital employed).
答案：毛利率 40%；淨利率 14%；ROCE 16.84%（$80,000 ÷ $475,000）
Answer: gross profit ratio 40%; net profit ratio 14%; ROCE 16.84% ($80,000 ÷ $475,000)
毛利 $200,000。息稅前利潤 = $70,000 + $10,000。運用資金 = $100,000 + $375,000。
Gross profit is $200,000. Profit before interest and tax = $70,000 + $10,000. Capital employed = $100,000 + $375,000.
變現能力指企業償還短期負債的能力。
Liquidity is the ability to repay current maturing debts by current assets.
| 比率Ratio | 公式Formula | 解釋Interpretation |
|---|---|---|
| 流動比率（營運資金比率）Current ratio / working capital ratio | 流動資產 ÷ 流動負債 : 1Current assets ÷ Current liabilities : 1 |
量度多少流動資產可以償還一元的流動負債。顯示以流動資產償還短期債務的能力，以及流動資產相對流動負債的倍數。 Measures how much current assets a firm has to meet each dollar of current liability. Shows the ability to meet short-term obligations when they fall due, and the number of times current liabilities are covered by current assets. |
| 速動比率（酸性測驗比率）Quick ratio / liquid ratio / acid-test ratio | （流動資產 − 存貨）÷ 流動負債 : 1(Current assets − Inventory) ÷ Current liabilities : 1 |
量度扣除存貨後（速動資產）償還短期債務的能力。存貨：變現能力較差，所以要剔除。 Shows short-term debt repayment ability without considering inventory. It shows the ability of a firm to make its urgent cash payments to immediate debts. Quick assets are readily convertible into cash; inventory is excluded because it is slow-moving. |
小練習 501.4BQuick check 501.4B
題 1Q1
請茶流動資產 $150,000（其中存貨 $50,000），流動負債 $75,000。流動比率和速動比率是多少？
Try Tea current assets $150,000 (inventory $50,000), current liabilities $75,000. Find the current ratio and the quick ratio.
答案：流動 2 : 1；速動 1.33 : 1
Answer: current 2 : 1; quick 1.33 : 1
題 2Q2
若流動比率很高、速動比率卻很低，主要代表甚麼？
If the current ratio is high but the quick ratio is very low, what does this mainly imply?
答案：存貨佔流動資產比例較高
Answer: the firm holds too much inventory / a higher proportion of inventory in current assets
兩個比率的差別就是存貨。把存貨變現需要時間，短期償債仍可能有困難。
The difference is inventory. It takes time to convert inventory into cash, so the firm may still have difficulty repaying current liabilities.
償債能力比率量度企業的長期財務穩健性，即償還長期債務的能力。
Solvency ratios show the ability to survive in the long run, i.e. the ability to meet long-term obligations.
| 比率Ratio | 公式Formula | 解釋Interpretation |
|---|---|---|
| 槓桿比率 (%)Gearing ratio (%) | （非流動負債 + 優先股本）÷（非流動負債 + 股東資本）× 100%(Non-current liabilities + preference share capital) ÷ (Non-current liabilities + shareholders’ equity) × 100% |
量度債務佔公司資本的比重。顯示企業採用多少負債來籌集資金。 Shows the capital structure (composition of debt and equity). Also measures financial leverage: the extent to which resources are financed from third parties. |
變現能力量度短期償債；償債能力量度整體／長期償債。不要把流動比率叫成槓桿。
Liquidity ratios measure short-term debt repayment ability; solvency ratios measure overall / long-term debt repayment ability. Do not call the current ratio “gearing”.
小練習 501.4CQuick check 501.4C
題 1Q1
請茶非流動負債 $100,000，股東資本 $375,000，沒有優先股。槓桿比率是多少？
Try Tea non-current liabilities $100,000, shareholders’ equity $375,000, no preference shares. Find the gearing ratio.
答案：21.05%（$100,000 ÷ $475,000）
Answer: 21.05% ($100,000 ÷ $475,000)
管理效率比率（又稱管理效能或實際作業與預算比率）用來量度企業運用資產的效率。
Management efficiency ratios (activity ratios) show how efficiently a firm utilizes its assets.
| 比率Ratio | 公式Formula | 解釋Interpretation |
|---|---|---|
| 存貨周轉率（次）Inventory turnover (times) | 銷貨成本 ÷ 平均存貨COGS ÷ Average inventory | 量度企業運用存貨的效率。How efficiently a firm uses its inventory. |
| 應收貨款周轉率（次）Trade receivables turnover (times) | 賒銷 ÷ 平均應收貨款Credit sales ÷ Average trade receivables | 量度收回應收貨款的效率。How efficiently a firm collects its trade receivables. |
| 應付貨款周轉率（次）Trade payables turnover (times) | 賒購 ÷ 平均應付貨款Credit purchases ÷ Average trade payables | 量度支付應付貨款的效率。How efficiently a firm pays its trade payables. |
| 總資產周轉率／資產周轉率（次）Total assets turnover (times) | 銷貨 ÷ 資產總額Sales ÷ Total assets | 量度運用資產賺取銷售收益的效率。How efficiently assets are used to generate sales. |
平均存貨 =（期初存貨 + 期末存貨）÷ 2。題目若沒有期初，先看是否可用期末數，不要亂用銷貨當分子。
Average inventory = (opening + closing) ÷ 2. If opening is missing, check whether year-end may be used; do not put sales in the inventory-turnover numerator.
教具：報表 → 四類比率Lab: statements → four types of ratios小練習 501.4DQuick check 501.4D
題 1Q1
請茶銷貨成本 $300,000，期初存貨 $40,000，期末存貨 $50,000。存貨周轉率是多少？
Try Tea COGS $300,000, opening inventory $40,000, closing inventory $50,000. Find inventory turnover.
答案：6.67 次（$300,000 ÷ $45,000）
Answer: 6.67 times ($300,000 ÷ $45,000)
題 2Q2
賒銷 $500,000，平均應收貨款 $60,000；賒購 $310,000，平均應付貨款 $45,000。兩個周轉率是多少？
Credit sales $500,000, average trade receivables $60,000; credit purchases $310,000, average trade payables $45,000. Find both turnovers.
答案：應收 8.33 次；應付 6.89 次
Answer: receivables 8.33 times; payables 6.89 times
寫評論前先記兩條共同尺：跟企業往年的比率比；跟同行其他企業的比率比。
Before commenting, use two benchmarks: the past performance of the firm, and the industrial average / industry norm.
一般而言，盈利能力比率越高，賺取利潤的能力就越高。
Generally, the higher the ratio, the higher the earning power of a firm.
反映在扣除銷貨成本後（但在扣除費用前）的盈利能力較高。
The profitability after deducting cost of goods sold, but before deducting expenses, is higher.
反映在扣除所有成本和費用後的盈利能力較高。
The profitability after deducting cost of goods sold and all expenses is higher.
反映運用資金賺取利潤的效率較高。從股東角度看，報酬率較高的公司通常是較佳投資。
The efficiency of utilising capital to earn profit is higher. From the stockholders’ perspective, the firm with the higher return is usually the better investment.
機械讀法：比率越高，以流動資產償還短期債務的能力越高。考試還要判斷是高還是低。
Mechanically, the higher the ratio, the higher the short-term debt repayment ability. In exams you still have to judge whether it is high or low.
良好變現能力的流動／速動比率大約在 1 至 2。
A firm with a good liquidity position should have a ratio between 1 and 2.
持有太多流動資產，沒有好好用來賺取利潤（例如購買非流動資產），長遠盈利能力降低。流動資產回報通常低於非流動資產。應善用閒置的流動資產作更多投資。
It indicates the inefficient use of capital tied up in current assets; the firm cannot generate profit efficiently in the long term. Hence the firm should make use of its idle liquid assets for further investment, such as acquiring non-current assets.
可能沒有足夠流動資產償還短期債務（即使有固定資產）。
The firm may have difficulty repaying short-term debts with its current assets even if it has valuable fixed assets.
存貨佔流動資產比例較高；把存貨變現需要時間，流動性較低。速動比率較能反映無須等出售存貨時的短期償債能力。
A higher proportion of inventory in current assets; it takes time to convert inventory into cash, so liquidity is low. The quick ratio better shows short-term repayment ability without waiting to sell inventory.
就變現能力而言表現較好；就管理效率而言，可能有過多閒置流動資產，未有效用來賺取利潤。
In terms of liquidity the statement “higher is better” is correct; in terms of management efficiency it can be incorrect, because a higher quick ratio may signal excessive idle current assets.
償還到期債務的能力就越低，債務佔公司資本的比重就越多，財務危機較高。高破產風險：無論獲利還是虧損，都必須定期支付利息和償還貸款本金。
The ability of a firm to repay its liabilities when due is lower, and the firm uses more long-term debt and thus faces a higher financial risk.
如果槓桿比率高於 50%，企業的負債比重會被視為高（高槓桿）。
If this ratio is greater than 50%, the firm is said to be highly geared.
無論獲利還是虧損，都必須定期支付利息和償還本金。經濟衰退時容易出現虧損，投資者視為高破產風險。
High-geared companies have commitments to pay fixed interests (and preference dividends). They are vulnerable in an economic downturn, so investors consider them risky.
管理效率比率越高，運用資產的效率就越高。仍要跟往年及同行比。
Generally, the higher the ratio, the higher the efficiency in utilising assets. Still compare with past years and the industry norm.
出售存貨較快，運用存貨效率較高。
The firm sells inventory more quickly (trading grows); efficiency in using inventory is high.
出售存貨的速度較慢，要支付更多持有成本，例如倉庫租金。
The firm sells inventory slowly (trading slows down) and bears holding costs, e.g. use of warehouse.
可能存貨量嚴重不足；突然有大量銷貨時會貨量短缺，最終損害銷貨。
May indicate insufficient inventory. A sudden large sale may cause shortage and hurt sales.
越高：運用資產賺取銷售收益的效率越高。太低：太多閒置資產，效率過低。
Higher: more efficient in utilising assets to generate sales. Too low: capital is tied up in excessive idle assets.
代表企業收回應收貨款的效率越高。
The firm is more efficient in collecting its trade receivables.
很多應收貨款未收回，壞帳機會上升。
Many slow-paying customers; capital is tied up and the possibility of bad debts increases.
代表支付應付貨款的效率越高。
The firm is more efficient in paying its trade payables.
很多未償還應付貨款，可能影響聲譽。但若能洽商更佳賒帳條款而較遲付款，周轉率下降不一定是壞事。
Many outstanding payables unsettled; it may affect reputation. If the firm negotiates better credit terms and pays later, a lower turnover is not necessarily bad.
小練習 501.5Quick check 501.5
題 1Q1
欣怡寫：「請茶流動比率 3.8 : 1，變現能力極好，一定比 1.5 : 1 的對手優勝。」對不對？
Yan writes: “Try Tea’s current ratio is 3.8 : 1, so liquidity is excellent and must beat a rival at 1.5 : 1.” Is she right?
答案：不對
Answer: no
3.8 遠遠高過 1，可能持有太多閒置流動資產，長遠賺利效率較差。1 到 2 才較理想。
3.8 is far above 1, so capital may be idle in current assets and long-term profit generation weaker. About 1 to 2 is more ideal.
題 2Q2
槓桿比率 62%。應怎樣評論償債能力與風險？
Gearing is 62%. How should you comment on solvency and risk?
答案：高槓桿；償債能力較低、財務危機較高
Answer: highly geared; lower solvency and higher financial risk
要評論一家企業的業績，應把其會計比率與其他標準作比較。
To assess the performance of a firm, we should compare its accounting ratios with various benchmarks.
以特定標準評估企業在某段時期內的業績。標準通常是規模相若企業的平均會計比率（行業標準），或領先公司的比率。
Use certain benchmarks to assess performance in a given period. Benchmarks: industry averages, or ratios of leading firms that are comparable in general characteristics.
以某段時期內會計比率變化的趨勢來評估業績。把該年度的比率與上年比較。
Use trends in accounting ratios over time. Compare similar ratios for the same firm from previous financial statements.
不要把所有比率攪成一句「整體變差」。分開寫：盈利能力、變現能力、償債能力、管理效率。某一類之內有升有跌，要指出哪一條例外。
Do not mash every ratio into “overall worse”. Write under profitability, liquidity, solvency and management efficiency. If one ratio in a group moved the other way, name the exception.
小練習 501.6Quick check 501.6
題 1Q1
文諾只把請茶的毛利率跟嘉欣家的補習社比。這是同業分析嗎？
Marcus only compares Try Tea’s gross profit ratio with Eslyn’s tutorial centre. Is that cross-sectional analysis?
答案：不是合適的同業分析
Answer: not a suitable cross-sectional comparison
同業分析要用規模、業務相若的企業或行業平均。茶飲店跟補習社不是同行。
Cross-sectional analysis needs firms comparable in general characteristics, or the industry average. A tea shop and a tutorial centre are not the same industry.
量化比率不能顯示質素方面的表現。例如員工士氣會增加公司價值，但未必出現在報表上。
Qualitative factors are not considered. The financial statements cannot truly reflect inherent business value — e.g. loyal employees enhance value but the workforce is not shown on the statement.
經濟環境不同可導致比率誤導。例如通脹會增加銷貨成本。
Ratios are generally based on historical costs where inflation is ignored. Using them to measure current performance may be misleading (production cost up → gross / net profit ratio down).
不同公司可能採用不同計算方法和政策。例如估計壞帳、應計基礎與現金基礎。
Different accounting methods (cash basis vs accrual basis) affect ratios. Estimating irrecoverable receivables is a subjective judgment, so net profit may be distorted.
未能指出根源和解決方法，難以追溯比率上升或下跌的根本原因。
Ratio analysis only helps to reveal the source of a potential problem or success on the surface; it does not give the root cause or the remedy.
如果業務獨一無二，便很難找到合適的比較標準。例如電動車、電競。
It is difficult to identify industrial norms for firms with a unique mix of businesses.
會計比率可以用來比較規模不同的企業（因為看的是相對大小）。不要寫「不同規模就不能用比率比較」。
Accounting ratios can be used to compare firms of different size, because they show relative magnitudes. Do not write that different size makes ratio comparison impossible.
小練習 501.7Quick check 501.7
題 1Q1
家欣說請茶員工很勤力，所以毛利率一定很高。這句忽略了哪一項限制？
Eslyn says Try Tea’s staff work very hard, so the gross profit ratio must be high. Which limitation does this ignore?
答案：比率不能反映不能量化的信息
Answer: ratios show only quantitative information / qualitative factors are not in the ratio
題 2Q2
家明說：「兩間公司規模不同，所以不能用淨利率比較。」對不對？
Ka Ming says: “The two firms are different sizes, so we cannot compare net profit ratios.” Is he right?
答案：不對
Answer: no
比率已把數字變成相對大小，正是用來比較不同規模的企業。
Ratios convert figures into relative size, so they can be used to compare firms of different size.