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经济的变化对消费者和零售商产生的影响 [3]

论文作者:www.51lunwen.org论文属性:学期论文 termpaper登出时间:2015-07-01编辑:felicia点击率:11445

论文字数:2800论文编号:org201506241934167894语种:英语 English地区:英国价格:免费论文

关键词:

摘要:这是一篇英国term paper,阐述了经济变化所带来的影响,特别是对消费者的消费行为和零售商所产生的影响。

y liquidity can be calculated in two ratios: current and acid test. Current ratio shows whether the company has sufficient current (short-term) assets, those can be converted into cash quickly, against current liabilities: (Wood & Sangster, 2005)


Current ratio

= Current assetsCurrent liabilities

In year 2008, Zara UK has current ratio of:

Current ratio = 3903145425 = 0.86 times


High level of liquid corresponds to a high current ratio, and it is more preferable, though it may be indicating cash is tied up or being wasted in the company. (Maguire & Wayte, 2007) Wood & Sangster (2005) suggests the norm for retailers in this ratio is often below 1:1 for having adequate liquidity. However, for many companies, stock may not be able to convert into cash quick enough all the time to meet the current liabilities and so the second way of investigating liquidity is by acid test ratio:


Acid test ratio

= Current assets-stockCurrent liabilities

Acid test ratio of Zara UK in 2008:

Acid test ratio = 39031-1291845425 = 0.57 times


If the acid test ratio is far from the norm, which should be around 1, then the company may be experiencing liquidity problems covering the current liabilities. (Maguire & Wayte, 2007)


Stakeholders especially banks are most concern about the companies' gearing ratios, which is the ratio of long-term debt (liabilities) to capital employed which can be expressed as shareholders' funds in balance sheet including long-term liabilities. Companies tend to raise their capital by debts including long-term loans and debentures and gearing is used to evaluate the long term financial risk. In principle, company usually sets a target gearing ratio, however, does not tend to achieve in practice. Company with higher gearing ratio represents more borrowing and risks it has, looking at the bright side, this company has more possibilities enhancing the return to shareholders by making more risk and volatile return. (Walton, 2002) Gearing ratio is calculated as below:


Gearing = Long-term liabilitiesCapital Employedx100

Capital Employed = long-term liabilities + shareholder's funds

Zara UK's gearing ratio of year 2008 is:

Gearing = 858598262 x100 = 8.74 %


A company with a high percentage gearing (65%+) is considered to be high geared, indicating borrowed more money and at high risk; whereas with a low percentage (0-30%) is said to be a low geared (risk) company. Companies with high gearing tend to charge relatively higher product prices making sure the profits cover the bills. After reviewing gearing ratio, lenders such as banks are likely to take a further step investigating the interest cover ratio of the companies especially high geared, whether there is sufficient cash flow to keep the business running as well as to repay the loans and interests, and thereby decide whether they should lend more money to the companies. (Walton, 2002) Interest cover ratio can be calculated as:


Interest cover ratio

= Profit (before interest and taxation)interest payable

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