Chii Chinodiwa Kuvhara Ratio?
Chirongwa chekufambisa kufarira chiyero chechiverengero chekambani kambani inogona kuita chikwereti chezvikwereti pane chikwereti chayo nemari yayo mari isati yawanikwa nekutora uye mitero, inozivikanwa seEBIT.
Kufarira kufarira kunofanana nemunhu anotora mari yekubhadhara mari yakabatanidzwa kubva kune chikwereti chake, chikwereti chekwereti chikwereti , chikwereti chemotokari, chikwereti chevadzidzi , nezvimwe zvikwereti, zvino kuverenga nhamba dzenguva iyo inogona kubhadharwa nemakore avo asati apera mutero . Kune vashandi, chikamu chekugoverwa kwechido chinofanirwa kuita senhare yezvokuchengetedza . Inokupa pfungwa yekuti mari yakawanda yekambani inogona kuderera sei isati ichatanga kusarudzwa pamabhadharo ayo. Kune vashandi vezvikwata, chikwata chekugoverwa kwechido chakakosha nekuti inopa mufananidzo wakajeka wehutano hwemazuva emari hutano hwebhizimisi.
Kazhinji kutaura, iyo yakaderera chikamu chekuda kufarira, inowedzera chikwereti chekwereti yekambani uye yakanyanya kukwanisa kubhadhara kana kutadza.
Mutauriri wacho ndewechokwadiwo. Iko ndiko, iyo yakakwirira yehuwandu hwehuwandu hwekugoverwa, zvishoma kudarika kweropa.
Kusiyanisa kunovapo. Semuenzaniso, kambani inobatsira ine simba rimwe chete rekugadzira nzvimbo mune imwe nzvimbo inowanzoitika njodzi dzinongoitika dzoga inenge iine riskier yakawanda kunyange iine yepamusoro yehuwandu hwekugovera huwandu kupfuura imwe nzvimbo yakasiyana-siyana yakasimba ine metric zvishoma.
Zvose zvimwe zvakaenzana, kunze kwekuti ine chimwe chinhu chakanyanya kukanganisa kubhadhara kunokonzera ngozi yekusabhadhara pasi, kambani ine chikwata chechikwata chekugovera chinenge chava kuda kuva nehutano hwakashata, kuwedzera mari yemari; somuenzaniso, zvisungo zvaro zvicharatidzika sezvisungo zvisingabatsiri panzvimbo pekutsvaga mabhizimisi ebhizinesi .
Nzira Yokuenzanisira Nayo Coverage Ratio
Kuti uverenge chiyero chekufarira kufarira uchishandisa zviyamu zviri kuwanikwa muchitatimho chekuwana, igovera EBIT (mitsva isati yatanga kufarira uye mitero) nezvose zvinowedzera mari .
EBIT (mubhadharo musati waita mutero nemitero) รท Imari Inoshandiswa = Inotarisirwa Ratio Ratio
General Gwaro Rinotungamirirwa neInterior Coverage Ratio
Sezvo mutemo wehuwandu hwechigunwe, vatengesi haafaniri kunge vane pesa kana bvumirano ine chido chekugoverwa kwechido pasi pe5. Chirongwa chekufarira kugovera pasi pe1 1.0 chinoratidza bhizinesi iri nekutambudza kupa mari inokodzera kubhadhara chikwereti chayo. Nhoroondo uye kugadzikana kwezvikwereti zvakakosha zvikuru. Izvo zvakanyanya kufanana nemari yekambani, kunyanya kugadziriswa kwekunyengedzera , yepamusoro inhara yehuwandu yekugoverwa inogona kuva. Mamwe mabhizinesi anogona kuonekwa ave ane chikwata chapamusoro chekugovera nekuda kwechimwe chinhu chinozivikanwa sechinhu chinokosha .
EBIT ine zvikanganiso zvayo, zvakadaro, nokuti makambani anobhadhara mitero. Nokudaro, zviri kutsausa kuita sevasina kudaro. Mumwe mutengi akangwara uye anochengetedza achangotora mari yekambani asati awana kufarira uye kugovana nayo nemari yekutora. Izvi zvinogona kupa mufananidzo wakajeka wekuchengeteka, kunyange kana zvakanyanya kugadzikana kudarika zvakakosha.
Benjamin Graham uye Inofanirwa Kuita Ratio Ratio
Baba vane kukosha kwekutsvaga mari uye yekushambadzirwa kwemabhizimisi ose, muweti anonzi Benjamin Graham, akanyora chikamu chakawanda munguva yebasa rake pamusoro pekukosha kwehuwandu hwekufarira kufara, kunyanya sezvazvaiva nehutano hwevatengesi vanoita zvisarudzo. Graham aidavira kuti kusarudza zvikwereti zvakagadziriswa zvekuwana zvakange zvakanyanya pamusoro pekuchengetedzwa kwenharaunda inofarira iyo muridzi wechibvumirano yaidiwa kuti apiwe mari yakashata .
Akatsigira, uye ini nomwoyo wose ndakabvumirana, kuti mutengesi ane chero rudzi rwemari yakagadziriswa mari inofanirwa kugara pasi pasi kamwechete pagore nekudzokororazve kufarira kugoverwa kweruzhinji rwezvinhu zvake zvose. Kana mamiriro ezvinhu achiderera pane imwe nyaya, nhoroondo yakaratidza kune nguva yakawanda yewindo remazuva apo zvisinganyanyi kunetseka kuenderera kune imwe yezvisungo zvakafanana, neine huwandu huri nani hwekugoverana, nekuda kwekuda mari. Izvi hazvisi nguva dzose, uye hazvigoni kuramba zvichiitika mune ramangwana, asi zvinomuka nokuti vatengi vemazvikokota havangoteereri kubata kwavo.
Kutaura zvazviri, tiri kuona izvi mamiriro ezvinhu aripo panguva ino. JC Penney iri mumatambudziko makuru emari. Iine makore zana ekukura kwehutano ayo yakabudiswa kare muna 1997, ichisiya mamwe makore 84 isati yakura. Mutengesi ane mukana wakaisvonaka wekuenda kubhengi kana kuwedzera kuderera, asi husungo huchiri kubhadhara 11.4% kana vachifanira kubvumirana zvakanyanya kupiwa njodzi inowanikwa munzvimbo. Sei vasina JC Penney vashandi vezvisungo vachienda kune zvakachengetedzwa zvakachengeteka? Uyu mubvunzo wakanaka. Zvinowanzoitika zvakare, kambani mushure mekambani. Ndiwo mararamiro emari chikwereti. Munhu akangwara, anopa mari anokwanisa kuramba rudzi urwu rweupenzi nekuteerera nguva nenguva.
Graham akadana chikamu ichi chekugovera chikamu che "chikamu chekuchengeteka"; izwi rakakweretwa kubva kune ingayenzi, achitsanangura kuti kana bhiriji ravakwa, rinogona kuti rakagadzirirwa makirogiramu 10 000, asi iyo chaiyo yepamusoro yemiganhu inogona kuva 30 000 mapaundi, inomiririra 20 000 pound maringe yekuchengetedza kugadzirisa mamiriro asina kutarisirwa.
Mamiriro Ezvinhu Iyo Inofanirwa Kuita Ratio Inogona Kukurumidza Kupera
Imwe mamiriro ezvinhu umo chikwata chekugoverwa kwechido chinogona kukurumidza kuitika apo apo chido chekuwedzera chiri kuwedzera nokukurumidza, uye kambani ine ine zvakawanda zvisingadhuri zvakanyanya-zvakashata-mubhadharo zvinokwira nokuda kwekunatsiridza kuti zvichatsvitsa kupfuurira kune zvinodhura zvikwereti. Izvo zvinowedzera mari yekufambisa icharova chikwata chekugovera kunyange zvazvo hapana chimwe chinhu pamusoro pebhizimisi chachinja.
Imwe, zvichida yakajairika, mamiriro acho apo apo bhizinesi rine unhu hukuru hwekushandisa huwandu. Izvi hazvirevi kune chikwereti pane imwe chete, asi panzvimbo iyo, yehuwandu hwemari yakasarudzwa maererano nekutengesa zvizere . Kana kambani iine yakakwirira kushandiswa, uye kutengesa kunopera, inogona kuva nechinotyisa chisingaverengeki pamigumisiro yemari yakawanikwa yekambani. Izvi zvingaguma nokukurumidza, uye zvakaenzana zvakanyanya, kuderera kwehuwandu hwekugoverwa kwekufarira, iyo inofanira kutumira mapegi matsvuku kune chero mupi wekushambadzira. (Pamusoro peflip side, mamiriro ezvinhu aya anotungamirira kune imwe nzvimbo yekutsvaga kwekutsvaga iyo inokonzera vanhu kutsvaga muridzi wemabhizimisi akaipa pavanofunga kuti hupfumi hunogona kupora sezvo hunova nehukuru hunoshandiswa sezvo kushandiswa kwehuwandu hunoitika mumashure .)