Введение
Коэффициент ликвидности для фирмы
The current ratio is a liquidity ratio that measures whether a firm has enough resources to meet its short term obligations. It compares a firm's current assets to its current liabilities, and is expressed as follows:
The current ratio is an indication of a firm's liquidity. Acceptable current ratios vary from industry to industry. In many cases, a creditor would consider a high current ratio to be better than a low current ratio, because a high current ratio indicates that the company is more likely to pay the creditor back. Large current ratios are not always a good sign for investors. If the company's current ratio is too high it may indicate that the company is not efficiently using its current assets or its short term financing facilities. If current liabilities exceed current assets the current ratio will be less than 1. A current ratio of less than 1 indicates that the company may have problems meeting its short term obligations. Some types of businesses can operate with a current ratio of less than one, however. If inventory turns into cash much more rapidly than the accounts payable become due, then the firm's current ratio can comfortably remain less than one. Inventory is valued at the cost of acquiring it and the firm intends to sell the inventory for more than this cost. The sale will therefore generate substantially more cash than the value of inventory on the balance sheet. Low current ratios can also be justified for businesses that can collect cash from customers long before they need to pay their suppliers.
Коэффициент текущей ликвидности – это коэффициент ликвидности, который измеряет, располагает ли фирма достаточными ресурсами для выполнения своих краткосрочных обязательств. Он сравнивает текущие активы фирмы с ее текущими обязательствами и выражается следующим образом:
The current ratio is a liquidity ratio that measures whether a firm has enough resources to meet its short term obligations. It compares a firm's current assets to its current liabilities, and is expressed as follows:
The current ratio is an indication of a firm's liquidity. Acceptable current ratios vary from industry to industry. In many cases, a creditor would consider a high current ratio to be better than a low current ratio, because a high current ratio indicates that the company is more likely to pay the creditor back. Large current ratios are not always a good sign for investors. If the company's current ratio is too high it may indicate that the company is not efficiently using its current assets or its short term financing facilities. If current liabilities exceed current assets the current ratio will be less than 1. A current ratio of less than 1 indicates that the company may have problems meeting its short term obligations. Some types of businesses can operate with a current ratio of less than one, however. If inventory turns into cash much more rapidly than the accounts payable become due, then the firm's current ratio can comfortably remain less than one. Inventory is valued at the cost of acquiring it and the firm intends to sell the inventory for more than this cost. The sale will therefore generate substantially more cash than the value of inventory on the balance sheet. Low current ratios can also be justified for businesses that can collect cash from customers long before they need to pay their suppliers.
Коэффициент текущей ликвидности является показателем ликвидности фирмы. Приемлемые значения коэффициента текущей ликвидности варьируются в зависимости от отрасли. В большинстве случаев кредитор посчитает высокий коэффициент текущей ликвидности более предпочтительным, чем низкий, поскольку высокий коэффициент указывает на более высокую вероятность возврата долга. Высокие значения коэффициента текущей ликвидности не всегда являются хорошим сигналом для инвесторов. Если коэффициент текущей ликвидности компании слишком высок, это может свидетельствовать о неэффективном использовании ею текущих активов или краткосрочных финансовых возможностей. Если текущие обязательства превышают текущие активы, коэффициент текущей ликвидности будет меньше 1. Коэффициент текущей ликвидности меньше 1 указывает на то, что у компании могут возникнуть проблемы с выполнением краткосрочных обязательств. Однако некоторые виды бизнеса могут успешно работать с коэффициентом текущей ликвидности менее единицы. Если запасы конвертируются в денежные средства значительно быстрее, чем наступают сроки погашения кредиторской задолженности, то коэффициент текущей ликвидности фирмы может оставаться комфортно ниже единицы. Запасы оцениваются по стоимости их приобретения, при этом фирма планирует продать их по цене выше этой стоимости. Таким образом, продажа принесет существенно больше денежных средств, чем стоимость запасов, указанная в балансе. Низкие коэффициенты текущей ликвидности также могут быть оправданы для предприятий, которые могут получать денежные средства от клиентов задолго до необходимости оплаты своим поставщикам.
The current ratio is a liquidity ratio that measures whether a firm has enough resources to meet its short term obligations. It compares a firm's current assets to its current liabilities, and is expressed as follows:
The current ratio is an indication of a firm's liquidity. Acceptable current ratios vary from industry to industry. In many cases, a creditor would consider a high current ratio to be better than a low current ratio, because a high current ratio indicates that the company is more likely to pay the creditor back. Large current ratios are not always a good sign for investors. If the company's current ratio is too high it may indicate that the company is not efficiently using its current assets or its short term financing facilities. If current liabilities exceed current assets the current ratio will be less than 1. A current ratio of less than 1 indicates that the company may have problems meeting its short term obligations. Some types of businesses can operate with a current ratio of less than one, however. If inventory turns into cash much more rapidly than the accounts payable become due, then the firm's current ratio can comfortably remain less than one. Inventory is valued at the cost of acquiring it and the firm intends to sell the inventory for more than this cost. The sale will therefore generate substantially more cash than the value of inventory on the balance sheet. Low current ratios can also be justified for businesses that can collect cash from customers long before they need to pay their suppliers.
Ограничения
Это соотношение имеет смысл только при сравнении двух компаний в рамках одной отрасли, поскольку бизнес-операции в разных отраслях существенно различаются. Для оценки ликвидности текущее соотношение менее полезно, чем коэффициент быстрой ликвидности, так как оно включает в себя все активы, которые могут быть нелегко реализовать, например, предоплаченные расходы и запасы.