Accrual Ratio Calculator
From net income, operating and investing cash flows and average total assets, compute the accrual ratio as an earnings-quality gauge.
輸入資料
計算結果
重點速覽：Accrual ratio = (net income - operating cash flow - investing cash flow) / average total assets x 100 (cash-flow method). It measures the non-cash (accrual) share of earnings as a gauge of earnings quality. A lower ratio means earnings are better backed by cash; a high ratio suggests earnings rely more on accounting estimates and may be less sustainable.
計算公式
應計比率 = (淨利潤 − 營運現金流 − 投資現金流) ÷ 平均總資產 × 100。
$$\text{應計比率} = \dfrac{NI - CFO - CFI}{\text{平均總資產}} \times 100\%$$$$\text{平均總資產} = \dfrac{\text{期初總資產} + \text{期末總資產}}{2}$$使用說明
- Enter net income.
- Enter operating and investing cash flows (outflows negative).
- Enter average total assets and view the accrual ratio.
淨利潤固定為 HK$500,000、平均總資產 HK$5,000,000 時，不同現金流對應的應計比率
| 營運現金流 | 投資現金流 | 應計項目 | 應計比率 | 盈利質素 |
|---|---|---|---|---|
| HK$800,000 | −HK$350,000 | HK$50,000 | 1% | 很高，現金支持充分 |
| HK$650,000 | −HK$300,000 | HK$150,000 | 3% | 本工具預設值，尚可 |
| HK$400,000 | −HK$100,000 | HK$200,000 | 4% | 偏高，需留意 |
| HK$300,000 | −HK$50,000 | HK$250,000 | 5% | 偏高，盈利與現金脫節 |
理財情境案例
案例一：計算應計比率
某公司淨利潤 HK$500,000，營運現金流 HK$650,000，投資現金流 −HK$300,000 (淨流出)，平均總資產 HK$5,000,000。
應計項目 = 500,000 − 650,000 − (−300,000) = HK$150,000;應計比率 = 150,000 ÷ 5,000,000 × 100 = 3%。這代表淨利潤中約 3% (相對資產) 屬非現金應計，比率不高，盈利質素尚可。
案例二：兩家淨利潤相同、盈利質素不同的公司
甲、乙兩公司淨利潤同為 HK$500,000、平均總資產同為 HK$5,000,000。甲的營運現金流 HK$800,000、投資現金流 −HK$350,000，應計比率 = 50,000 ÷ 5,000,000 = 1%;乙的營運現金流僅 HK$300,000、投資現金流 −HK$50,000，應計比率 = 250,000 ÷ 5,000,000 = 5%。
帳面盈利一樣，但甲的盈利有充分現金支持 (應計低)，乙的盈利較依賴會計估計 (應計高)。研究顯示應計比率偏高者未來盈利與股價表現往往較差 — 這正是『應計異象』的核心。
常見問題
Is a high or low accrual ratio better?
Generally lower is better — a low ratio means net income is well backed by cash and earnings quality is higher; a high ratio means earnings rely more on accruals (estimates) than cash, and future earnings may be less sustainable. But it is a reference; compare with peers and trends.
Why subtract investing cash flow?
The cash-flow method defines accruals = net income - (operating cash flow + investing cash flow). Operating cash flow is cash from operations; investing cash flow is capital spending and disposals. Net income above this cash base is the accrual part (depreciation, provisions, receivables). Investing cash flow is usually negative, so subtracting a negative adds back — normal.
How does it relate to earnings management?
Accounting earnings can be 'beautified' via estimates (accelerating revenue, delaying expenses, adjusting provisions) without immediate cash. A persistently high accrual ratio signals earnings disconnected from cash — a possible sign of aggressive accounting. Pair with operating cash flow / net income, receivables growth, etc.
Which of the two accrual methods does this use?
This tool uses the cash-flow statement method, directly from cash-flow figures, less distorted by M&A, FX and reclassifications — generally more reliable. The balance-sheet method estimates accruals from changes in working capital and long-term assets. They are similar in most cases but the cash-flow method is preferable when there is significant M&A or FX volatility.
What other metrics pair with it?
Use with: (1) operating cash flow / net income (cash conversion, closer to or above 1 is better); (2) receivables and inventory growth vs revenue growth; (3) abnormal gross/net margin swings; (4) peer and historical comparison. Read the accrual ratio in that context, not alone.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。