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Update wiki pages (#79)
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4 changes: 2 additions & 2 deletions docs/learn/--101.mdx
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# 库藏股

<ArticleMeta id={101} updatedAt={'2024-09-13 12:06:39'} alias={`[]`} />
<ArticleMeta id={101} updatedAt={'2024-12-05 18:06:12'} alias={`[]`} />
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Treasury stock refers to the shares of stock that a company repurchases but does not cancel or destroy, instead retaining them in the company's balance sheet as capital. Treasury stock typically does not have dividend or voting rights, and therefore does not affect the shareholders' equity of the company. The existence of treasury stock helps the company manage its capital structure and stock price.

<AIContent content={`<p><strong>Definition:</strong> Treasury stock refers to shares that a company has repurchased but not canceled or destroyed, instead retaining them on the company's balance sheet. Treasury stock typically does not enjoy dividends or voting rights, thus having no impact on shareholders' equity. The existence of treasury stock helps the company manage its capital structure and stock price.</p><p><strong>Origin:</strong> The concept of treasury stock originated from companies' actions to flexibly manage their capital structure and stock price through stock repurchases. The earliest stock repurchases can be traced back to the early 20th century when companies realized that repurchasing shares could effectively enhance shareholder value and control the capital structure.</p><p><strong>Categories and Characteristics:</strong> Treasury stock can be divided into two categories: shares actively repurchased by the company and shares acquired through mergers or acquisitions. Actively repurchased treasury stock is often used for employee incentive plans or future capital operations, while treasury stock obtained through mergers or acquisitions may be used for strategic adjustments. The main characteristics of treasury stock include: 1. No entitlement to dividends or voting rights; 2. Can be reissued or canceled at any time; 3. Helps stabilize stock price and optimize capital structure.</p><p><strong>Specific Cases:</strong> Case 1: A company repurchased some shares during a market downturn and retained them as treasury stock on the balance sheet. Years later, when the market recovered, the company reissued these treasury shares, successfully raising new funds. Case 2: Another company used treasury stock for an employee incentive plan, avoiding dilution of existing shareholders' equity while motivating employees.</p><p><strong>Common Questions:</strong> 1. Does treasury stock affect shareholders' equity? Answer: Treasury stock does not enjoy dividends or voting rights, so it has no direct impact on shareholders' equity. 2. Why do companies repurchase shares and retain them as treasury stock? Answer: Companies repurchase shares and retain them as treasury stock to flexibly manage their capital structure, stabilize stock prices, and prepare for future capital operations or employee incentive plans.</p>`} id={101} />
<AIContent content={`<h2>Definition</h2><p>Treasury stock refers to shares that a company has repurchased but not canceled or destroyed, instead retaining them in the company's capital balance sheet. Treasury stock typically does not enjoy dividends or voting rights, thus having no impact on shareholders' equity. The existence of treasury stock helps companies manage their capital structure and stock price.</p><h2>Origin</h2><p>The concept of treasury stock originated from the need for companies to flexibly manage their capital structure. The earliest buyback activities can be traced back to the early 20th century when companies began to realize that repurchasing shares could influence market prices and shareholder value.</p><h2>Categories and Features</h2><p>Treasury stock is mainly divided into two categories: planned repurchases and opportunistic repurchases. Planned repurchases are conducted regularly according to a set plan, while opportunistic repurchases occur when market conditions are favorable. Key features of treasury stock include the lack of dividends and voting rights, and the potential for future reissuance or use in employee incentive plans.</p><h2>Case Studies</h2><p>A typical case is Apple Inc., which has conducted large-scale stock buybacks in recent years, retaining some shares as treasury stock. This strategy has helped Apple stabilize its stock price during market fluctuations and increase earnings per share. Another example is Microsoft Corporation, which also repurchases shares to adjust its capital structure and retains some as treasury stock for future use.</p><h2>Common Issues</h2><p>Investors often misunderstand that treasury stock affects shareholder equity. In reality, since treasury stock does not enjoy dividends or voting rights, it has no direct impact on existing shareholders' equity. Additionally, investors may worry that the reissuance of treasury stock will dilute shareholder value, but this usually depends on how the company manages the reissuance of these shares.</p>`} id={101} />
4 changes: 2 additions & 2 deletions docs/learn/--90.mdx
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# 实缴资本

<ArticleMeta id={90} updatedAt={'2024-09-13 12:06:59'} alias={`[]`} />
<ArticleMeta id={90} updatedAt={'2024-12-05 18:06:39'} alias={`[]`} />
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Paid-in capital refers to the total amount of capital actually received by a joint-stock company from all shareholders. Paid-in capital includes paid-in share capital and paid-in surplus reserve.

<AIContent content={`<p><strong>Definition:</strong> Paid-in capital refers to the total amount of capital that a company has actually received from its shareholders. It includes paid-in share capital and paid-in surplus reserves. Paid-in capital is a crucial part of a company's capital structure, reflecting the funds the company has actually obtained from its shareholders.</p><p><strong>Origin:</strong> The concept of paid-in capital originates from corporate law and accounting standards, aiming to ensure the transparency and accuracy of a company's financial statements. With the development of joint-stock companies, paid-in capital has become an important indicator of a company's capital strength and shareholder equity.</p><p><strong>Categories and Characteristics:</strong> Paid-in capital mainly consists of two categories: paid-in share capital and paid-in surplus reserves.<ul><li><strong>Paid-in Share Capital:</strong> This refers to the amount of capital that shareholders have actually paid in after the company issues shares. It is part of the company's registered capital and reflects the initial investment from shareholders.</li><li><strong>Paid-in Surplus Reserves:</strong> This refers to the undistributed profits accumulated by the company during its operations, which are converted into capital through a resolution of the shareholders' meeting. It reflects the company's internally accumulated financial strength.</li></ul></p><p><strong>Specific Cases:</strong><ul><li><strong>Case 1:</strong> A company has a registered capital of 10 million yuan and has actually received 8 million yuan from shareholders. This 8 million yuan is the paid-in share capital part of the paid-in capital.</li><li><strong>Case 2:</strong> A company accumulates 2 million yuan of undistributed profits during its operations. After a resolution of the shareholders' meeting, this 2 million yuan is converted into capital, which is the paid-in surplus reserves part of the paid-in capital.</li></ul></p><p><strong>Common Questions:</strong><ul><li><strong>Question 1:</strong> What is the difference between paid-in capital and registered capital?<br/><strong>Answer:</strong> Registered capital is the total capital registered with the industrial and commercial authorities, while paid-in capital is the actual amount of capital received from shareholders. There may be differences between the two.</li><li><strong>Question 2:</strong> Does paid-in capital affect the company's financial statements?<br/><strong>Answer:</strong> Yes, paid-in capital directly affects the company's balance sheet, reflected in the shareholders' equity section.</li></ul></p>`} id={90} />
<AIContent content={`<h2>Definition</h2><p>Paid-in capital refers to the total amount of capital that a company has received from shareholders in exchange for stock. It includes paid-in share capital and paid-in surplus, forming a crucial part of a company's capital structure and reflecting the actual funds received from shareholders.</p><h2>Origin</h2><p>The concept of paid-in capital emerged with the development of joint-stock companies. The earliest joint-stock company can be traced back to the 17th century with the Dutch East India Company. As modern corporate systems evolved, paid-in capital became an important measure of a company's financial strength.</p><h2>Categories and Features</h2><p>Paid-in capital is mainly divided into paid-in share capital and paid-in surplus. Paid-in share capital refers to the funds shareholders actually pay when a company issues stock. Paid-in surplus is the portion extracted from profits to strengthen capital. The characteristics of paid-in capital include its stability and long-term nature, as it represents shareholders' long-term investment in the company.</p><h2>Case Studies</h2><p>For example, Alibaba, a large tech company, saw a significant increase in its paid-in capital during its IPO, reflecting investor confidence in its future growth. Another example is Apple Inc., which has optimized its paid-in capital structure through multiple stock issuances and buybacks, supporting its continuous innovation and market expansion.</p><h2>Common Issues</h2><p>Investors often confuse paid-in capital with registered capital. Paid-in capital is the actual funds received, while registered capital is the legally registered amount. Additionally, an increase in paid-in capital usually indicates more shareholder support but may dilute existing shareholders' equity.</p>`} id={90} />
4 changes: 2 additions & 2 deletions docs/learn/accounts-payable-turnover-ratio-115.mdx
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# Accounts Payable Turnover Ratio

<ArticleMeta id={115} updatedAt={'2024-09-13 12:06:03'} alias={`[]`} />
<ArticleMeta id={115} updatedAt={'2024-12-05 18:06:07'} alias={`[]`} />
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Accounts payable turnover ratio is a measure of the frequency and efficiency of a company's payment of accounts payable. It indicates the number of times a company pays its accounts payable within a certain period of time. A higher accounts payable turnover ratio typically indicates a stronger payment ability of the company.

<AIContent content={`<p><strong>Definition:</strong> Accounts Payable Turnover Ratio is a metric that measures the frequency and efficiency with which a company pays its accounts payable. It indicates the number of times a company pays off its accounts payable within a certain period. A higher accounts payable turnover ratio typically signifies stronger payment capability.</p><p><strong>Origin:</strong> The concept of the accounts payable turnover ratio originated from liquidity analysis in financial management, first introduced in the early 20th century to assess a company's short-term debt-paying ability. With the development of modern business management theories, this metric has become widely used in corporate financial analysis.</p><p><strong>Categories and Characteristics:</strong> The accounts payable turnover ratio can be categorized by time periods, such as monthly, quarterly, and annually. Its characteristics include: 1. Reflecting the efficiency of a company in paying its suppliers; 2. A higher turnover ratio indicates faster payment speed and better financial health; 3. A lower turnover ratio may suggest that the company is utilizing supplier credit for financing.</p><p><strong>Specific Cases:</strong> Case 1: A manufacturing company purchased raw materials worth 5 million yuan in 2023, with an ending accounts payable balance of 1 million yuan. Accounts Payable Turnover Ratio = 5 million / 1 million = 5 times. This indicates that the company pays its accounts payable approximately every two months. Case 2: A retail company purchased goods worth 3 million yuan in 2023, with an ending accounts payable balance of 0.5 million yuan. Accounts Payable Turnover Ratio = 3 million / 0.5 million = 6 times. This indicates that the company pays its accounts payable approximately every two months.</p><p><strong>Common Questions:</strong> 1. Is a very high accounts payable turnover ratio always a good thing? Not necessarily, as it may indicate that the company is not fully utilizing supplier credit. 2. How to improve the accounts payable turnover ratio? It can be improved by optimizing procurement processes and enhancing cash flow management.</p>`} id={115} />
<AIContent content={`<h2>Definition</h2><p>The accounts payable turnover ratio is a metric that measures the frequency and efficiency with which a company pays its accounts payable. It indicates how many times a company pays off its accounts payable within a certain period. A higher accounts payable turnover ratio typically suggests a strong payment capability.</p><h2>Origin</h2><p>The concept of the accounts payable turnover ratio originated in the field of financial analysis. As corporate management and financial analysis evolved, this metric became an important tool for assessing a company's short-term debt-paying ability. Its history dates back to the early 20th century when financial analysis began to be systematized.</p><h2>Categories and Features</h2><p>The accounts payable turnover ratio is typically calculated on an annual, quarterly, or monthly basis. The annual accounts payable turnover ratio is the most commonly used as it provides a comprehensive view of annual payment capability. Quarterly and monthly calculations are used for more detailed financial analysis. A high turnover ratio indicates that a company pays its bills quickly, which may reflect good credit terms but could also mean the company is not fully utilizing its credit period. A low turnover ratio might indicate that a company is taking advantage of supplier credit terms but could also suggest insufficient payment capability.</p><h2>Case Studies</h2><p>Case Study 1: A large retail company reported an accounts payable turnover ratio of 12 times in 2022, indicating that the company pays its accounts payable approximately once a month. This reflects its strong cash flow management and good supplier relationships. Case Study 2: A manufacturing company saw its accounts payable turnover ratio drop to 4 times in 2023, primarily due to cash flow constraints from expanding its production line. The company extended its payment cycle to alleviate short-term financial pressure.</p><h2>Common Issues</h2><p>Common issues include how to improve the accounts payable turnover ratio and how to balance a high turnover ratio with supplier relationships. Improving the turnover ratio can be achieved by optimizing cash flow management and negotiating better payment terms. It is important to note that an excessively high turnover ratio might harm supplier relationships, as it could mean the company is not fully utilizing its credit period.</p>`} id={115} />
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