如何看懂一家公司的資產(chǎn)負(fù)債表

上市公司的年報(bào)或季報(bào)，都會(huì)包括以下幾種表：資產(chǎn)負(fù)債表、損益表和現(xiàn)金流量表。巴菲特 (Warren Buffett) 說透過閱讀財(cái)務(wù)報(bào)表，希望盡可能了解公司在三年、五年、十年后的盈利能力，大多數(shù)人都知道，巴菲特最先閱讀的是損益表，以此來分析公司的盈利能力。但請?zhí)貏e注意，巴菲特說“我比大多數(shù)人更關(guān)注公司的資產(chǎn)負(fù)債表。”下面是小編為您收集整理的如何看懂一家公司的資產(chǎn)負(fù)債表，供大家參考!

如何看懂一家公司的資產(chǎn)負(fù)債表

How many times have you flipped to the back of a company's annual report or 10-K and found yourself blankly staring at dozens, or even hundreds, of pages of numbers and tables?

你有多少次直接翻到一家公司的年終報(bào)告或10-K表格的最后，結(jié)果發(fā)現(xiàn)自己盯著幾十頁甚至幾百頁的數(shù)字和表格都懵了?

You know that these should be important to your investment decision, but you're not quite sure what they mean or where to begin.

你知道這些對你的投資決定很重要，卻不太懂這些都是什么意思或者該從哪兒開始。

When you are looking at numbers like these, there's a good chance you are looking at a company's balance sheet.

你看到這樣的數(shù)字時(shí)，很可能看到的是該公司的資產(chǎn)負(fù)債表。

What is a balance sheet? Why does it matter? Why are professional investors so obsessed with studying it, and even more importantly, how are they able to use that analysis to reduce their portfolio risk and make better, safer decisions when it comes to putting their own money to work?

什么是資產(chǎn)負(fù)債表?它為什么重要?為什么專業(yè)投資人都如此癡迷于研究它呢?甚至更重要的是，他們怎么能使用這些數(shù)據(jù)分析來減少投資風(fēng)險(xiǎn)，在把自己的錢投出去的時(shí)候能做出更好更安全的決策呢?

In this investing lesson, I'm going to help you answer some of those questions by teaching you the basics of balance sheet analysis.

今天這節(jié)投資課，我要教給你，用資產(chǎn)負(fù)債表分析的基礎(chǔ)知識(shí)來解答你這些疑問中的一部分。

Smart investors have always known that financial statements are among the keys to understanding a company.

聰明的投資人都知道財(cái)務(wù)報(bào)表是理解一家公司的關(guān)鍵之一。

The balance sheet, especially when reviewed in conjunction with the other accounting records and disclosures, can warn of many potential problems.

尤其是把資產(chǎn)負(fù)債表和其他會(huì)計(jì)記錄以及披露信息綜合在一起評(píng)估時(shí)，它才能給你一些潛在問題的警告。

When used correctly, it can help you determine what a business is really “worth.”

如能正確使用，還能幫你確定一個(gè)投資產(chǎn)品是否真“值得”投。

By deciding that you are going to read this lesson, you have taken the first step on the road towards financial statement fluency.

你決定要上這一課就是朝著熟知財(cái)務(wù)報(bào)表邁出了第一步。

The Role of the Balance Sheet In the Financial Statements

資產(chǎn)負(fù)債表在財(cái)務(wù)報(bào)表中的作用

For every business, there are three important financial statements you must examine:

對于每一個(gè)投資產(chǎn)品而言，都有三個(gè)你必須要看的重要的財(cái)務(wù)報(bào)表：

?The Balance Sheet – The balance sheet tells investors how much money a company or institution has (assets), how much it owes (liabilities), and what is left when you net the two together (net worth, book value, or shareholder equity). In this lesson, we are going to learn to analyze a balance sheet.

?資產(chǎn)負(fù)債表——資產(chǎn)負(fù)債表告訴投資者一家公司或機(jī)構(gòu)有多少錢(資產(chǎn))、欠多少錢(負(fù)債)、二者加一起剩多少(凈值、賬面價(jià)值或股東權(quán)益)。這一課我們要學(xué)會(huì)分析資產(chǎn)負(fù)債表。

?The Income Statement – The income statement is a record of the company's profitability. It tells you how much money a corporation made (or lost).

?損益表——損益表記錄公司收益，告訴你公司賺(或虧)多少錢。

?The Cash Flow Statement – The cash flow statement is a record of the actual changes in cash compared to the income statement. It shows you where the cash was brought in and where the cash was disbursed.

?現(xiàn)金流量表——相比損益表，現(xiàn)金流量表記錄現(xiàn)金的實(shí)際變化，體現(xiàn)現(xiàn)金流入來源和去向。

Accounting is the language of business and these three financial statements, the balance sheet among them, are the report card. From the balance sheet, we can learn:

會(huì)計(jì)是一種商業(yè)語言，這三種財(cái)務(wù)報(bào)表包括其中的資產(chǎn)負(fù)債表是成績單。從資產(chǎn)負(fù)債表中我們能了解到：

?How much debt the business has relative to its equity

?相對于權(quán)益該產(chǎn)品有多少負(fù)債

?How quickly customers are paying their bills.

?客戶支付賬單的速度

?Whether short-term cash is declining or increasing.

?短期現(xiàn)金正在減少還是增加

?The percentage of assets that are tangible (factories, plants, machinery) and how much comes from accounting transactions.

?有形資產(chǎn)(工廠、車間、機(jī)器)比重以及有多少來自財(cái)務(wù)交易

?Whether products are being returned at higher-than-average historical rates.

?產(chǎn)品返廠率是否高于歷史平均比率。

?How many days it takes, on average, to sell the inventory the business keeps on hand.

?該公司賣出手里的庫存平均要多少天。

?Whether the research and development budget is producing good results.

?產(chǎn)品研發(fā)預(yù)算是否花得其所

?Whether the interest coverage ratio on the bonds is declining.

?債券利息補(bǔ)償率是否在下降

?The average interest rate a company is paying on its debt.

?公司還債的平均利率

?Where profits are being spent or reinvested.

?賺得的利潤花在哪兒或重新投在哪兒

長三角地區(qū)引領(lǐng)中國空港經(jīng)濟(jì)

A report on the comprehensive competitiveness of China’s airport economic zones shows that the Shanghai airport economic zone outshines its rivals Beijing and Guangzhou.

一份關(guān)于中國空港經(jīng)濟(jì)區(qū)綜合競爭力的報(bào)告顯示，上海空港經(jīng)濟(jì)區(qū)的綜合競爭力超過了北京和廣州。

The “Yangtze River Delta Airport City Index Research Report,” released on Monday by Wang Xuedong, a special researcher at the Urban Development Research Institute of Fudan University, focuses on hub airports, hinterland economies, the airport industry, and the comprehensive transportation system as four major elements.

這份報(bào)告名為《長三角空港城市指數(shù)研究報(bào)告》，由復(fù)旦大學(xué)城市發(fā)展研究院特聘研究員王學(xué)東發(fā)布，以樞紐機(jī)場、腹地經(jīng)濟(jì)、空港產(chǎn)業(yè)和綜合交通體系作為四大要素。

It made a quantitative evaluation of 33 cities by selecting 19 representatives and quantifiable indicators.

通過選取具有代表性和可量化的19個(gè)子項(xiàng)指標(biāo)，報(bào)告對33個(gè)城市進(jìn)行了量化評(píng)價(jià)。

All the cities selected had to meet one of three conditions: a passenger throughput of more than 10 million passengers in 2017, have a national airport economic demonstration zone, or be one of the five major cities in the Yangtze River Delta region.

這33個(gè)入選城市滿足了如下三個(gè)條件之一：2017年客流吞吐量超過1000萬人次、擁有國家級(jí)空港經(jīng)濟(jì)示范區(qū)、或?yàn)殚L三角地區(qū)五大城市之一。

Four of the five major cities (Shanghai, Hangzhou, Nanjing, Ningbo and Hefei) in the Yangtze River delta are among the first 16 cities of China’s airport economic zones.

長三角地區(qū)五大城市五大城市(上海、杭州、南京、寧波和合肥)中，有4個(gè)是中國首批16個(gè)空港經(jīng)濟(jì)區(qū)城市。

Beijing, Shanghai, Guangzhou, and Shenzhen, as China’s four first-tier cities, have an overall advantage in the development of airport economic zones, according to the report.

報(bào)告稱，北上廣深作為中國四大一線城市，其空港經(jīng)濟(jì)區(qū)發(fā)展都占據(jù)全面優(yōu)勢。

Chongqing, Chengdu, Zhengzhou and Xi ’an — cities in the central and western regions — are showing momentum, relying on rapid growth, comprehensive strength, hinterland economies and airport industries.

而重慶、成都、鄭州、西安作為中西部城市，依托快速增長的城市綜合實(shí)力、廣闊的經(jīng)濟(jì)腹地以及較強(qiáng)的空港產(chǎn)業(yè)水平，發(fā)展勢頭強(qiáng)勁。