譯文（字數 3163）

營運能力是充分利用現有資源創造社會財富的能力，可以用來評價企業對其擁有資源的利用程度和營運活動能力。其實質是要以盡可能少的資源占用，盡可能短的周轉時間，來產生出盡可能多的產品，創造出盡可能多的銷售收入，而要實現這個目的，就必須要提高企業的營運能力水平。營運能力是以企業各項資產的周轉速度來衡量企業資產利用的效率。反映資產周轉速度的指標有存貨周轉率、流動資產周轉率、總資產周轉率。周轉速度越快，表明企業的各項資產進入經營環節的速度越快，形成收入和利潤的周期就越短，經營效率就越高。營運能力指的是企業資產的周轉運行能力,通?？梢杂每傎Y產周轉率、固定資產周轉率、流動資產周轉率、存貨周轉率和應收賬款周轉率這五個財務比率來對企業的營運能力進行逐層分析。

營運能力分析可以幫助投資者了解企業的營業狀況和經營管理水平。我們以蘇寧電器(行情,論壇)(002024)為例,向投資者介紹如何進行企業的營運能力分析。

   總資產周轉率是指企業的銷售收入與總資產平均余額的比率。蘇寧2004年銷售收入為91.1億元,平均總資產為14億元；2005年銷售收入增加到160.4億元,平均總資產更是增長了2.3倍,達到31.9億元。由于總資產的增長幅度超過了銷售收入的增長幅度,總資產周轉率由6.49下降到5。

外文原文（字符數 8042）

Operation ability fully utilize existing resources to create social wealth ability, can be used to evaluate the enterprise to its own resources utilization and operating activities ability. Its essence is to as few as possible resources occupation short turnover time, produce as many products, create as many sales revenue, and to achieve this goal, we must improve enterprise's operation ability level. Operation ability is the assets of the enterprise turnaround to measure the efficiency of the utilization of assets enterprises. The index reflects assets turnover rate have inventory turnover, liquid assets turnover rate, total asset turnover. The faster turnaround speed, it shows that the enterprise of assets into business links, forming the faster the cycle of revenue and profit more short, business efficiency is higher. Operation ability refers to the enterprise asset turnover operation ability, usually can use total asset turnover, fixed asset turnover, flow asset turnover, inventory turnover and accounts receivable turnover these five financial ratios to enterprises' operating capacity for layered analysis.

Operation ability analysis can help investors understand enterprise business conditions and operating management level. With our su ning electric equipment (BBS) (market, for example, 002024) to introduce how to enterprise's investors operating capability analysis. Total asset turnover is to show enterprise sales income and total assets of the ratio of average balance. Suning 2004 sales revenue for 91.1 billion yuan, average total assets of 14 million yuan; 2005 sales income increased to 160.4 billion yuan, the average total assets is increased by 2.3 times, reached 31.9 million yuan. Due to the growing rate of total assets than the sales income increase, total asset turnover down to 5 by lead.

The rate of decline in 2005 with suning opened the new mass are directly related. In order to complete the "national cloth nets" thestrategic pattern, suning in 2005 at 65, a new store new landed 20 cities, and the original logistics, service system of radiation radius is limited, so su ning to makes lots of management platform, in order to support the construction of the urban construction in the same after other stores of logistics and management. This makes su ning expansion strategy initial cost of relatively high.