← 全部概念
公司财报

Balance sheet

资产负债表 必备基础
company 0 篇文章 更新于 2026-11-12 15:24 CEFR B2

01定义Definition

Official definition · 官方定义

“A balance sheet provides a snapshot of what a company owns (assets), what it owes (liabilities), and the value left for the owners (shareholders' equity).”[1]

— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25

A balance sheet is a snapshot at one moment: what a company owns, what it owes, and what is left for shareholders. Unlike the income statement, it is a photograph rather than a film.

资产负债表是某一时点的快照:公司拥有什么、欠什么、股东还剩什么。与利润表不同,它是照片,不是影片。

02它怎么运作How it works

STEP 01
List current assets
先列流动资产:现金、应收账款、存货。
STEP 02
Add long-term assets
再加长期资产:厂房、设备、商誉。
STEP 03
List liabilities by maturity
负债按到期顺序列:一年内与一年以上。
STEP 04
Equity is the residual
权益是剩下的部分。

03为什么重要Why it matters

The balance sheet tells you whether a company can survive a bad year. Cash and short-term investments against debt due within twelve months is the liquidity test; net debt against earnings is the leverage test. Two companies can report the same profit and have completely different balance sheets, which is why a lender looks here first and an equity investor often looks here last.

资产负债表告诉你:公司能不能挺过一个坏年份。现金加短期投资对比一年内到期债务,是流动性测试;净债务对比利润,是杠杆测试。

两家公司可以报出同样的利润,资产负债表却天差地别。所以债权人先看这里,股票投资者往往最后才看。

05常见误读Common misreadings

Looks like看着像

A big balance sheet means a strong company

Actually其实是

It may be bloated with goodwill or slow inventory.

「资产负债表大就是公司强」——可能塞满了商誉或卖不动的存货。
Looks like看着像

Assets are money

Actually其实是

Most assets cannot be converted to cash at book value.

「资产就是钱」——多数资产无法按账面价值变成现金。
Looks like看着像

Off-balance-sheet means invisible

Actually其实是

It means disclosed in the notes, not absent.

「表外就是看不见」——它在附注里披露,只是不在表内。

06语言笔记Language notes

Collocations固定搭配

· a strong balance sheet
· net debt
· working capital
· goodwill impairment
· off-balance-sheet

a strong balance sheet 稳健的资产负债表;net debt 净债务;working capital 营运资金;goodwill impairment 商誉减值;off-balance-sheet 表外。

Don't confuse易混

· balance sheet vs income statement
· equity vs enterprise value

balance sheet 是时点快照,income statement 是期间流量;equity 是账面权益,enterprise value 是企业价值。

Sentence pattern句型

The group ended the period with net debt of $Xbn, or Y times EBITDA.

报表句:期末净债务 X 亿美元,为 EBITDA 的 Y 倍——or Y times EBITDA 是杠杆的常用说法。

07一张图看懂One picture

One snapshot, two sidesCurrent 34Fixed 52Assets100Current liabilities 26Long-term debt 36Equity 38Liabilities + equity100Both columns total 100. The composition is where the risk sits.
The totals always agree. The interesting question is what is inside each bar, and how quickly it turns into cash.
两边总额永远相等;真正有意思的是每根柱子里装了什么,以及多快能变成现金。

08延伸阅读Further reading

09出现在这些文章里Appears in

10相关概念Related

11引用与出处References

  1. [1]Corporate Finance Institute. CFI Resource Library. corporatefinanceinstitute.com ↗accessed 2026-10-25 · 引用于「官方定义」第 1 句