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Chương 4: Đánh giá hiệu suất kinh doanh Như chúng ta đã quan sát, số tài sản ghi trên bảng cân đối kế toán nói chung là không chỉ mang giá trị kinh tế hiện nay, hoặc thậm chí giá trị thanh lý. | CHAPTER 4 Assessment of Business Performance 129 cover its debts however. As we ve already observed the asset amounts recorded on the balance sheet are generally not indicative of current economic values or even liquidation values. Nor does the ratio give any clues as to likely earnings and cash flow fluctuations that might affect current interest and principal payments. Debt to Capitalization A more refined version of the debt proportion analysis involves the ratio of longterm debt to capitalization total invested capital . The latter is again defined as the sum of the long-term claims against the business both debt and owners equity but doesn t include short-term current liabilities. This total also corresponds to net assets unless some adjustments were made such as ignoring deferred taxes. The calculation appears as follows when the current portion of long-term debt long-term liabilities and deferred taxes are included in the debt total Debt to capitalization J c.- . 2 090 56.6 1996 41.9 Capitalization net assets 3 691 If deferred taxes are excluded from debt the ratio changes to 55.1 percent and 34.7 percent respectively. The ratio is one of the elements that rating companies such as Moody s take into account when classifying the relative safety of debt. Another definition of debt is sometimes used which includes 1 short-term debt other than trade credit 2 the current portion of long-term debt and 3 all long-term debt in the form of contractual obligations. In this case long-term liabilities like set-asides representing potential employee benefit claims and deferred taxes are not counted as part of the capitalization of the company which is 1 the sum of debt as defined above plus 2 minority interests and 3 shareholders investment equity . In TRW s case the debt total thus becomes 1 656 411 128 1 117 and the capitalization becomes 3 385 1 656 105 1 624 resulting in a ratio of 48.9 percent for 1997 and 20.6 percent for 1996. As is apparent the greater the .
