财务指标的内在逻辑及其应用

Intrinsic Logic and Application of Financial Indicators

在辨析构成比率、效率比率、相关比率的设置目的、作用机理的基础上,探讨了偿债能力分析、营运能力分析、盈利能力分析财务指标的内在逻辑。研究结论表明,构成比率主要遵循经济规律制约、同行业的趋同性以及统计口径差异的逻辑来展开设计;效率比率指标分为经济效率、管理效率两类,其中经济效率指标遵循资源投入与产出的逻辑设计,管理效率指标主要遵循资金占用支撑销售收入获取的逻辑开展设计;相关比率指标主要遵循某类资产变现是某类债务偿付资金来源的逻辑开展设计。开展财务分析应充分重视行业内企业的横向比较、实质重于形式原则、会计核算的影响。

Based on the analysis of the purpose and mechanism of setting composition ratios,efficiency ratios,and correlation ratios,this paper explores the intrinsic logic of financial indicators for debt-paying ability analysis,operating capacity analysis,and profitability analysis.The research result shows that the design of composition ratios mainly follows the logic of economic laws,industry convergence,and statistical calibration differences;efficiency ratios are divided into economic efficiency and management efficiency,in which the economic efficiency index follows the logical design of resource input and output,while the management efficiency index mainly follows the logical design of funding used to support sales revenue;correlation ratio indicators mainly follow the logical design of the realization of certain assets as the source of funds for repaying certain debts.In financial analysis,attention should be paid to horizontal comparisons among companies in the same industry,the principle of substance over form,and the influence of accounting standards.