Cash Ratio Calculator
From cash plus marketable securities and current liabilities, compute the cash ratio — the strictest liquidity measure.
輸入資料
計算結果
重點速覽：Cash ratio = (cash + marketable securities) / current liabilities. It is the strictest liquidity test — can you pay short-term debt with only cash and near-cash? Ratio 1 = cash covers all current liabilities; below 1 = you would also need inventory/receivables. Example: cash 200k + securities 100k, current liabilities 500k → 0.6 (covers 60%). Unlike current/quick ratios, it excludes inventory and receivables (which may not convert in time). A very high ratio can also mean idle, unproductive cash. WARNING: Point-in-time snapshot; too high may signal poor capital deployment. Education, not advice.
計算公式
現金比率 = (現金 + 約當現金) ÷ 流動負債。
$$現金比率：$CashRatio=\dfrac{Cash+CashEquivalents}{CurrentLiabilities}$$$$$示例：$\dfrac{600{,}000}{900{,}000}\approx0.67$$$使用說明
- Enter cash and marketable securities.
- Enter current liabilities.
- View the cash ratio.
流動負債 HK$900,000 下不同現金水平的現金比率解讀
| 現金及約當現金 (HK$) | 現金比率 | 解讀 |
|---|---|---|
| 300,000 | 約 0.33 倍 | 現金僅覆蓋 33% 短債，緩衝偏薄 |
| 600,000 | 約 0.67 倍 | 現金可即時清償 67% 短債 |
| 900,000 | 1.00 倍 | 現金剛好覆蓋全部短債 |
| 1,200,000 | 約 1.33 倍 | 現金充裕但或反映資金效率偏低 |
理財情境案例
案例一：解讀 0.67 倍的現金比率
某公司資產負債表顯示現金及約當現金 HK$600,000，一年內到期的流動負債 HK$900,000。
現金比率 = 600,000 ÷ 900,000 ≈ 0.67 倍。
解讀：這代表即使完全不動用應收帳款與存貨，公司手頭現金也能立即償還約 67% 的短期負債。0.67 倍小於 1，但這在正常經營的公司相當常見——不必把現金堆到能一次清償所有短債 (否則現金運用效率會很低)。它反映的是『最壞情況下』尚算充足的即時償債緩衝。
案例二：現金比率、速動比率、流動比率一起看
某公司流動資產包含：現金及約當現金 HK$400,000、應收帳款 HK$500,000、存貨 HK$600,000；流動負債 HK$1,000,000。
現金比率 = 400,000 ÷ 1,000,000 = 0.4 倍；速動比率 = (400,000 + 500,000) ÷ 1,000,000 = 0.9 倍；流動比率 = (400,000 + 500,000 + 600,000) ÷ 1,000,000 = 1.5 倍。
解讀：三個比率由保守到寬鬆層層放寬，能看出流動性的『質素』。這家公司流動比率 1.5 倍看似穩健，但現金比率只有 0.4 倍——代表它的短期償債能力主要靠應收帳款與存貨支撐。一旦客戶拖數或存貨滯銷，實際的即時償債能力會比流動比率顯示的緊張得多。這正是同時檢視三個比率的價值所在。
常見問題
Is the cash ratio the same as the quick ratio?
No. The quick ratio = (current assets - inventory) / current liabilities — it includes receivables. The cash ratio = (cash + marketable securities) / current liabilities — it includes only the most liquid assets, excluding receivables and inventory entirely. So the cash ratio is the strictest of the three (current ≥ quick ≥ cash).
What is a healthy cash ratio?
It depends on the industry. A ratio near or above 1 means very strong short-term safety; but many healthy firms run below 1 because they confidently rely on receivables and inventory turnover. Too high a cash ratio may mean cash is sitting idle instead of being invested or used for growth. Compare with peers and the firm's own history.
Why exclude inventory and receivables?
Because in a liquidity crunch they may not convert to cash fast or at full value — inventory may need discounting, receivables may be slow or doubtful. The cash ratio assumes only cash and near-cash securities are reliably available to meet immediate obligations, giving the most conservative view of solvency.
Why can a high cash ratio be a warning?
Excess cash beyond operating needs can mean the firm is not deploying capital efficiently — missed investment, buyback or debt reduction. It may reflect caution or a lack of opportunities. So a high cash ratio is not unconditionally 'good'; judge it against the business strategy and return on the idle cash.
Any Hong Kong notes?
For Hong Kong SMEs and listed firms, liquidity ratios help lenders and suppliers assess short-term risk; banks review them when granting facilities. The HKMA sets liquidity standards for banks. Use the cash ratio alongside the current and quick ratios and the cash-flow statement; for formal analysis consult an accountant. Education, not advice.
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。