跟讀練習: Financial ratio analysis - 通過影片學習英語口語
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99 句
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How does financial ratio analysis work?
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Let's discuss 10 of the most popular financial ratios that can help you find the story behind the numbers.
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What do you need to get started on a financial ratio analysis?
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You need an income statement, the overview of how much profit a company made during a year.
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You also need a balance sheet, an overview of what a company owns and what a company owes at a specific point in time.
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We will start off with financial ratios that only focus on the income statement, then look at financial ratios that only focus on the balance sheet,
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and end with powerful financial ratios that combine information from the income statement and the balance sheet.
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Performing a financial ratio analysis has a scientific element to it finding data and putting it into formulas,
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as well as an artistic element assigning meaning to the outcome of the calculations, and seeing the big picture.
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Part 1 Financial ratios that only focus on the income statement or profit and loss statement .
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Let's compare the income statements of two fictitious companies, which unlike real life companies have nice round numbers in their financial statements.
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The first step in financial ratio analysis of the income statement is to make everything relative.
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Relative to sales, that is.
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Each of the cost line items and profit subtotals is expressed as a percentage of revenue.
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Let's see what the financial ratios tell us.
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Company A has a gross profit margin of 50%,
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company B of 30%, so the gross profit margin is 20 percentage points higher for company A.
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Company A makes far more margin than Company B on the products or services it sells.
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Company A has an operating margin of 21%, while Company B has an operating margin of 14%.
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So the 20 percentage points difference on the gross profit level has shrunk to 7 percentage points on the operating margin level.
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Net income as a percentage of sales, often called return on sales, is 16 % for company A and 8 % for company B.
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What do we zoom in on for further analysis?
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Let's investigate the difference between gross profit and operating margin.
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This is mainly driven by selling general and administrative expenses.
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20 % of revenue in company A, 10 % of revenue in company B.
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The non -manufacturing costs for functional departments like sales,
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marketing, finance, HR, sourcing, legal and IT are far higher for company A than for company B.
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This could be related to the industry each company is in, the company's strategy, or the level of efficiency that it has achieved.
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Could company A be overspending in SG &A, or is company B underspending?
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Hard to say just from these numbers, but worth investigating.
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On the research and development line, company A is spending more than company B.
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This is usually seen as a good thing,
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as today's research and development expenses hopefully lead to high -margin innovative products and services to sell in the future.
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Part 2.
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Financial ratios that only focus on the balance sheet.
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The first question that I always ask myself is, how is the company doing on liquidity?
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Is it likely to be able to pay its bills in the short term?
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Let's look at the current assets, cash plus items that are likely to convert to cash within a year,
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versus the current liabilities items that need to be paid with cash within a year.
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A useful financial ratio in this area is the current ratio.
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Simply divide the current assets by the current liabilities.
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For company A, 400 divided by 200 is 2.
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For every dollar of current liabilities, there are 2 dollars of current assets, a safe position, from the perspective of business continuity.
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For company B, 200 divided by 400 is 0 .5.
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For every dollar of current liabilities, there is only 50 cents of current assets, a more risky position .
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While on the topic of current assets and current liabilities, let's calculate the amount of working capital utilized by the companies.
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Accounts receivable plus inventories minus accounts payable.
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For company A, this is 150 plus 200 minus 200, in total 150.
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For company B, this is 50 plus 100 minus 300, in total negative 150.
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Company B seems to be getting paid by customers before they have to pay suppliers, and holds a low level of stock.
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The next financial ratio is all about the company's financing strategy.
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Does it primarily borrow money to finance operations, or rely on capital provided by the shareholders?
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The debt -to -equity ratio can help you put that in perspective.
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For company A, 100 in borrowings, 700 in equity, so a debt to equity ratio of 1 to 7.
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You could call this a conservative and robust way of financing,
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with a big buffer of equity that helps defend the business continuity of the company in case of future losses.
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For company B, 400 in borrowings, 100 in equity, so a debt to equity ratio of 4 to 1.
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For every dollar of shareholder capital , there are $4 borrowed, which is possibly more fragile.
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A related financial ratio is equity as percentage of the balance sheet total.
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70 % for company A, 12 .5 % for company B.
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Based on the debt to equity ratio, and equity as percentage of total, you could say that company A has low leverage,
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while company B has a high leverage.
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Part 3, financial ratios that combine information from the income statement and the balance sheet.
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This is where you might see new storylines and connections, on top of what you discovered in analyzing the income statement individually,
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and the balance sheet individually.
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Let's start with a big picture financial ratio called return on equity, which is net income divided by equity.
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For company A, 160 divided by 700, which is 22 .9%.
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For company B, 80 divided by 100, which is 80%.
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On the return on equity metric, company B far outperforms company A.
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What is driving that?
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While company A has higher profit margins, as we saw in the income statement analysis, analysis, Company B has a much higher financial leverage,
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as we saw in the balance sheet analysis.
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There is a third component to the return on equity calculation, the financial ratio called asset turnover.
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Asset turnover looks at how much revenue is generated by the company with the assets it has.
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For Company A, asset turnover is 1.
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1 .000 in assets on the balance sheet generates 1 .000 in revenue in the income statement.
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For company B, asset turnover is 1 .25.
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Let's dig a little deeper into two key subsets of this asset turnover ratio.
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The first one is receivables turnover, the number of times per year that the business collects its average accounts receivable,
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the ratio between revenue in the income statement and accounts receivable on the balance sheet.
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6 .67 for company A, 20 for company B.
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Receivables turnover might be a bit abstract for a lot of people, so let's turn it into a more tangible related metric called days sales outstanding.
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How many days does a company need to wait before a customer pays?
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55 days for company A, and just 18 days for company B.
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The second subset of the asset turnover ratio is inventory turnover, the number of times per year that the business turns it inventory,
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the ratio between revenue in the income statement and inventory on the balance sheet.
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Five inventory turns for company A, ten inventory turns for company B.
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So what do financial ratios tell us?
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Can we say, based on calculating these financial ratios, that company A is in better financial shape, or company B is in better financial shape?
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Not necessarily.
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Financial ratios do provide us with clear information about the financial footprint of a company,
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and deepen your understanding of the strategic and operational story behind the financial numbers.
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In this video on financial ratio analysis, we covered 10 financial ratios.
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On the income statement, gross profit percentage, operating margin percentage, return on sales percentage.
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On the balance sheet, current ratio, debt to equity, equity as percentage of total.
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When linking the P &L and the balance sheet, return on equity, asset turnover, receivables turnover, inventory turnover.
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Financial ratio analysis is as much an art as it is a science.
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Want to learn more about business, finance and accounting? then subscribe to the Finance Storyteller YouTube channel.
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Thank you!
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本課的詞彙與口語要點
這節口語課以影片“Financial ratio analysis”為素材。 影片中反覆出現的詞有：ratio, financial, equity, statement, income。 這段影片共有 71 個句子、1355 個單詞可供跟讀。 講話部分時長為 10:08。 說話人語速平穩，每分鐘約 134 個詞，很適合跟讀。 只有 77% 的單詞屬於英語最常用的 3,000 詞，詞彙難度較高。
影片中的重點詞彙
影片中 15 個值得學習的單詞，附發音和釋義：
| 單詞 | 發音 | 釋義 |
|---|---|---|
| ratio 名詞 | /ˈɹeɪ.ʃoʊ/ | 比, 比例 |
| equity 名詞 | /ˈɛk.wɪ.ti/ | 公平, 公平性 |
| asset 名詞 | /ˈæsɛt/ | 資產 /資產 |
| sheet 名詞 | /ʃit/ | 篇, 張 /張 |
| turnover 名詞 | /ˈtɝnoʊvɚ/ | 零售額 /零售額, 營業額 /營業額 |
| margin 名詞 | /ˈmɑɹ.d͡ʒɪn/ | 邊界 /邊界 |
| inventory 名詞 | /ˈɪn.vən.tɹi/ | 庫存 /庫存, 儲存 /儲存 |
| divide 動詞 | /dɪˈvaɪd/ | 分, 分裂 |
| gross 形容詞 | /ɡɹoʊs/ | 粗, 總 |
| liability 名詞 | /laɪəˈbɪlɪti/ | 負債 /負債, 債務 /債務 |
| percentage 名詞 | /pə(ɹ)ˈsɛntɪd͡ʒ/ | 百分率, 百分比 |
| versus | /ˈvɝsəs/ | 對 /對 |
| minus | /ˈmaɪ.nəs/ | 減 /減 |
| leverage 名詞 | /ˈlɛv.(ə.)ɹɪd͡ʒ/ | 槓桿 /槓桿 |
| relative 名詞 | /ˈɹɛl.ə.tɪv/ | 親戚 /親戚 |
值得反覆跟讀的句子
影片中簡短而完整的句子，可以直接用在日常對話裡：
- What do you need to get started on a financial ratio analysis?
- Let’s see what the financial ratios tell us.
- What do we zoom in on for further analysis?
影片中的語法
說話人最常用的結構，並附上影片中的原話：
| 結構 | 影片中的用法 |
|---|---|
| 被動語態 be + 過去分詞 — 強調發生了什麼，而不是誰做的 | is expressed · is mainly driven · is usually seen |
| 現在完成時 have/has + 過去分詞 — 過去發生但與現在仍有關聯的事 | has shrunk · has achieved |
| 定語從句 who / which + 從句 — 補充說明人或事物 | borrowed, which is · equity, which is |
需要注意的發音
- “sh” 和 “zh” 音: ratio /ˈɹeɪ.ʃoʊ/, sheet /ʃit/, calculation /ˌkælkjuˈleɪʃn̩/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, efficiency /ɪˈfɪʃ.ən.si/
- 長單詞——注意重音位置: liability /laɪəˈbɪlɪti/, investigate /ɪnˈvɛs.tə.ɡeɪt/, individually /ˌɪndɪˈvɪd͡ʒ(u)əli/, continuity /ˌkɑn.tɪˈn(j)u.ə.ti/, necessarily /ˌnɛs.əˈsɛɹ.ə.li/
中文母語者容易讀錯的音：
- /v/ — 不要讀成 /w/，上齒輕觸下唇: turnover /ˈtɝnoʊvɚ/, inventory /ˈɪn.vən.tɹi/, divide /dɪˈvaɪd/, versus /ˈvɝsəs/, leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/
- 詞尾子音 — 要讀清楚，後面不要加母音: asset /ˈæsɛt/, sheet /ʃit/, divide /dɪˈvaɪd/, gross /ɡɹoʊs/, percentage /pə(ɹ)ˈsɛntɪd͡ʒ/
- /r/ 和 /l/ 的區別: leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, relative /ˈɹɛl.ə.tɪv/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, necessarily /ˌnɛs.əˈsɛɹ.ə.li/, primarily /ˈpɹaɪ.mə.ɹə.li/
如何用這段影片練習
- 先完整聽一遍影片，不要開口，記下不認識的單詞。
- 用正常速度逐句跟讀，每句重複到你的節奏與說話人一致為止。
- 錄下自己的聲音並與原聲對比，特別注意 ratio, equity, asset 這類單詞。
什麼是跟讀法？
跟讀法 (Shadowing) 是一種有科學依據的語言學習技巧，最初開發用於專業口譯員的培訓，並由多語言者Alexander Arguelles博士普及。這個方法簡單而強大：您在聽英語母語原聲的同時立即大聲重複——就像是一個延遲1-2秒緊跟說話者的影子。與被動聽力或語法練習不同，跟讀法強迫您的大腦和口腔肌肉同時處理並模模擬實的講話模式。研究表明它能顯著提高發音準確性，語調，節奏，連讀，聽力理解和口語流利度——使其成為雅思口語備考和真實英語交流最有效的方法之一。