Въведение
I. Индекс на платежоспособност
⒈Индекс на краткосрочна платежоспособност
⑴Текущо съотношение=Текущи активи/текущи пасиви×100%
Undernormalcircumstances,thehigherthecurrentratio,thestrongertheshort-termsolvency.Fromtheperspectiveofcreditors,thehigherthecurrentratio,thebetter;fromtheperspectiveofbusinessoperators,Excessivecurrentratiomeansanincreaseinopportunitycostandadecreaseinprofitability.
⑵QuickRatio=Бързи активи/Текущи пасиви×100%
Сред тях: QuickAssets=MonetaryFunds+TransactionalFinancialAssets+AccountsReceivable+NotesReceivable
Undernormalcircumstances,thehigherthequickratio,thestrongerthesolvencyofthecompany;however,itwillgreatlyincreasetheopportunitycostofthecompanyduetotheexcessiveuseofcorporatecashandaccountsreceivable.
⒉Индекс на дългосрочна платежоспособност
⑴Съотношение активи-пасиви=общи пасиви/общи активи×100%
Undernormalcircumstances,thesmallertheasset-liabilityratio,Itindicatesthatthecompany’slong-termdebtsolvencyisstronger;fromtheperspectiveofbusinessowners,theindicatoristoosmalltoindicateinsufficientuseoffinancialleverage;businessdecisionmakersshouldcombinedebtsolvencyindicatorswithprofitabilityindicatorsforanalysis.
⑵Equityratio=общ дълг/общ капитал на собственика×100%
Undernormalcircumstances,thelowertheequityratio,thestrongerthecompany’slong-termsolvency,butitalsoshowsthatthecompanyThefinancialleverageeffectofdebtcannotbefullyutilized.
Second,OperationalcapabilityIndicators
OperationalcapabilityismainlymeasuredbyassetturnoverspeedGenerallyspeaking,thefastertheturnoverrateandthehighertheefficiencyofassetutilization,thestrongertheoperationalcapability.Thespeedofassetturnoverisusuallyexpressedintermsofturnoverrateandturnoverperiod(turnoverdays).
Формулите за изчисление:
Коефициент на оборот(часове на оборот)=Размер на оборота/Среден баланс на активите
Период на оборот(дни на оборот)=Дни за период на изчисление/Брой обороти=среден баланс на активи*Дни за период на изчисление/сума на оборот
3.Индекс на рентабилност
Формула за изчисление | Индексен анализ |
Коефициент на оперативна печалба=Оперативна печалба/Оперативен доход × 100% | Thehighertheindex,thestrongerthemarketcompetitivenessofthecompany,thegreaterthedevelopmentpotential,andthestrongertheprofitability. |
Costexpenseprofitrate=обща печалба/totalcostexpense×100% Общи разходи=оперативни разходи+бизнесданъкИдопълнителни+разходи+продажби+разходи за управление+финансови разходи | Thehighertheindex,thelowerthepricethecompanypaysforprofit,thebetterthecostandexpensecontrol,andthemoreprofitableThestrongertheability |
Възвръщаемост на общите активи=Обща печалба преди лихва и данък/общи средни активи×100% InterestandtaxTotalpreviousprofit=totalprofit+interestexpense | Generallyspeaking,thehighertheindex,thebettertheassetutilizationefficiencyofthecompanyandthestrongertheprofitabilityoftheentirecompany |
Revenueonnetassets=нетна печалба/средниактиви×100% | ItisgenerallybelievedthatnetThehighertherateofreturnonassets,thestrongertheabilityofthecompany'sowncapitaltoobtainincome,thebettertheoperationalefficiency,andthehigherthedegreeofguaranteeforcorporateinvestorsandcreditors |
Four.DevelopmentAbilityIndex
Формула за изчисление | Индикаторен анализ |
Процент на нарастване на оперативните приходи=Растеж на оперативните приходи тази годинаСума/оперативни приходи за предходната година×100% | Theoperatingincomegrowthrateisgreaterthanzero,indicatingthatthecompany’soperatingincomehasincreasedthisyear.Thehighertheindexvalue,thefasterthegrowthrate.Thebettertheenterprisemarketprospects |
Запазване и поскъпване на капиталовата стойност =Totalowner'sequityattheendoftheyearafterdeductingobjectivefactors/atthebeginningoftheyearTotalowner’sequity×100% | Itisgenerallybelievedthatthehigherthecapitalpreservationandappreciationrate,thebetterthecompany’scapitalpreservationstatus,andthefastertheowner’sequitywillgrow;Thedebtsoftherightsholdersaremoresecure.Thisindicatorshouldusuallybegreaterthan100% |
Totalassetgrowthrate=totalassetgrowththisyear/totalassetsatthebeginningoftheyear×100% | ⑴Thehighertheindex,thefastertheexpansionofthecompany’sassetmanagementscalewithinacertainperiodoftime; ⑵Whenanalyzing,weneedtopayattentiontothequalityandquantityofassetscaleexpansionTherelationshipbetweenthecompanyandthecompany’ssubsequentdevelopmentcapabilitiestoavoidblindexpansion. |
Процент на нарастване на оперативната печалба=растеж на оперативната печалба за тази година/обща оперативна печалба за предходната година × 100% | Ръст на оперативната печалба за тази година=общата оперативна печалба за тази година-общата оперативна печалба за миналата година |
5.Comprehensiveindexanalysis
Comprehensiveindexanalysisistointegratevariousindicatorsintoanorganicwhole,andcomprehensivelyrevealanddisclosethebusinessstatusandfinancialstatusoftheenterprise,soastoaccuratelydeterminetheprosandconsofthecompany’seconomicbenefitsJudgmentandevaluation.Acomprehensivefinancialindicatorsystemmusthavethreebasicelements:completeandappropriateindicatorelements;matchingmainandauxiliaryindicatorfunctions;andmeetingtheneedsofmultipleparties.
Индустриални предприятия
Themaincontentsofthefinancialindicatorsofindustrialenterprisesinclude:
⑴Fixedassets.Itisdividedintotheoriginalvalueoffixedassets,thenetvalueoffixedassets,theprofitprovidedbyeachhundredyuanoffixedassets(originalvalueornetvalue),etc.
⑵Liquidfunds.Itisdividedintototalworkingcapital,fixedworkingcapital,reservecapital,productioncapital,finishedproductcapital,monetarycapitalandsettlementcapital.Eachhundredyuanofoutputvalueoccupiesfixedworkingcapital,fixedworkingcapitalturnoverspeed,etc.
3Cost.Dividedintothetotalcostofallproducts,thetotalcostofcomparableproducts,thereductionrateofcomparableproductcosts,theunitcostofproducts,etc.
⑷Печалба. Печалба от продажби на продукти, обща печалба, данък върху продажбите на продукти, платена печалба, капиталова печалба, лихвен процент на капиталов данък и др.
Строителна индустрия
Строителна индустрия(referstotheconstructionindustryinabroadsense,includingwaterconservancy,Railway,highway,municipalengineering,etc.)Themaincontentoffinancialindicatorsincludes:
⑴fixedassets.Itisdividedintooriginalvalueoffixedassets,netvalueoffixedassets,etc.
⑵Оборотен капитал. Фиксирана сума оборотен капитал, нефиксиран оборотен капитал, собствен оборотен капитал, несобствен оборотен капитал, оборотно време на оборотен капитал, оборотни дни на оборотен капитал, коефициент на заетост на оборотния капитал (коефициент на производствена стойност на капитала) и др.
⑶Цена на проекта. Разделя се на преки разходи, непреки разходи (т.е. такса за управление на строителството), бюджетни разходи за проекта, действителни разходи за проекта, сума на намаление на разходите по проекта, норма на намаление на разходите по проекта и др.
⑷Печалба.Печалба от разплащане на подпроекти,печалба от продажби на продукти,печалба от продажби на продукти,печалба от продажби на материали,друга оперативна печалба,неоперативни приходи и неоперативни разходи,обща печалба,платена печалба,капиталова печалба,процент на изходящата стойност,лихвен процент върху капиталовия данък и др.
Изберете приложение
Infinancialworkpractice,throughanatomyandanalysisofthefinancialstatusandoperatingresultsoftheenterprise,itispossibletomakeanaccurateevaluationandjudgmentontheprosandconsoftheeconomicbenefitsoftheenterprise.Theselectionandapplicationoffinancialindicatorsasevaluationandjudgmentstandardsareparticularlyimportant.
Първо, изберете индикатори според компанията
Differentindicatorsshouldbedeterminedaccordingtodifferentobjects.Generally,multinationalcompanies,largeenterprises,parentcompanies,etc.ordecisionmakersneedcomprehensiveanalysisindicators.DuPontanalysisandWallweightingmethodcanbeusedtosynthesizetheindicatorsforanalysis.Anindicatorcontainsmultipleinformationaboutthecompany'sdebtrepayment,operation,andprofitability.Analysisofspecificindicatorsisapplicabletobranches,smallandmedium-sizedenterprises,subsidiariesorinvestorsandcreditors.Inresponsetotherequirementsofdifferentfinancialinformationdemanders,specificselectionofsolvencyanalysisindicators,operatingcapacityanalysisindicators,profitabilityanalysisindicators,developmentabilityanalysisindicators,etc.shouldbeselected.Weshouldnotblindlyapplyindicatoranalysismethodsregardlessofthetargetandchooseindicatorsthatdonotreflectthecharacteristicsoftheenterpriseasfinancialanalysisindicators.
Therearenearly30financialanalysisindicatorspromulgatedbytheMinistryofFinance,butthegeneralanalysisofaspecificcompanydoesnothavetobecomprehensive.Generalcompaniescanchoosecommonlyusedreturnonnetassets,returnontotalassets,mainbusinessprofitrate,costandexpenseprofitrate,totalassetturnoverrate,currentassetturnoverrate,accountsreceivableturnoverrate,asset-liabilityratio,quickmove10representativeindicatorssuchasratioandcapitalaccumulationrate.
Второ, стриктно контролирайте изчисляването на индикаторите
⒈Understandthecalculationprocessofindicatorgeneration.Afterthecomputerizationofaccountingentersdailywork,thefinancialindicatordataisautomaticallygeneratedbythecomputer,andthecalculationprocessofmanyindicatorsisignored.Iftheindicatorfluctuatesgreatly,theresultofthecalculationwillbeinaccurate.Forexample,thetotalassetturnoverrate,ifthevolatilityofthecapitaloccupationislarge,theenterpriseshouldusemoredetaileddataforcalculation.Forexample,thecalculationisbasedonthemonthlycapitaloccupationamount,andthearithmeticaverageatthebeginningandendoftheperiodcannotbeusedastheaverageassets.Ifyoudon'tunderstandthecalculationprocessofindexgeneration,youdon'tunderstandtheconstituentfactorsoftheindexandthemanagementproblemsembodiedbyeachfactor,soitisimpossibletofindthedirectionofcontrolandfilteroutunrealfactors.
⒉Theindicatorsofeachperiodforcomparisonmustbeconsistentincalculationcaliber.Forexample,whencalculatingtheinventoryturnoverrate,thecaliberoftheinventoryvaluationmethodofdifferentperiodsordifferententerprisesmustbeconsistent,andthemainbusinesscostofthenumeratorandtheaverageinventoryofthedenominatormustbecorrespondingintime,otherwiseitwillnotbepossibletocompare.
⒊Eliminatetheimpactofincidentalitems,sothatthedatausedasananalysiscanreflectthenormaloperatingconditions.Forexample,aftertheyear-endauditofacompany’sfinalaccounts,itisoftennecessarytoadjustthenumberatthebeginningoftheyearorthecurrentperiod.Iftheadjustednumberinvolvesseveralyears,theimpactnumberbeforethepreviousyearshouldbeexcludedwhentheanalysisisperformed,sothattheindicatorscanreflectthecompany’scurrentyearandlastyear’sfinancialaffairs.Andtheactualsituationoftheoperatingconditions.
⒋Appropriateuseofsimplifiedforms.Forexample,ifthetotalamountofaverageassetsisdetermined,ifthecapitaloccupancydoesnotfluctuatemuch,thearithmeticaverageatthebeginningandendoftheperiodcanbeused,andthereisnoneedtousemoredetailedcalculationdata.
3. Обществените стандарти са научни
Thefinancialanalysisprocessneedstouserecognizedscientificstandardstoevaluatecurrentindicators.Generallyused:①predeterminedgoals,suchasbudgetindicators,designindicators,quotaindicators,theoreticalindicators,etc.;②historicalstandards,suchastheactuallastperiod,thesameperiodlastyear,thehistoricaladvancedlevel,andtheactualleveloftypicalsignificanceintheperiod,etc.;③industrystandards,Suchasthetechnicalstandardspromulgatedbythecompetentauthorityorindustryassociations,theadvancedlevelofsimilarenterprisesathomeandabroad,theaveragelevelofsimilarenterprisesathomeandabroad,etc.;④Recognizeddomesticandinternationalstandards.
Thechoiceofgenerallyrecognizedstandardsshouldnotonlypayattentiontotheadoptionofrecognizedstandards,butalsodependsonthetargetofservice.Businessownersconsidermorehowtoenhancetheircompetitiveness,emphasizingthecomparisonwiththesameindustry,thegovernmenteconomyWhileconsideringeconomicbenefits,managementagenciesmustalsoconsidersocialbenefits,andgenerallyadoptrecognizeddomesticandinternationalstandards.Italsodependsonthetypeofcompany.Comparedwithsimilarcompanies,non-comparablecompaniesarenotcomparable.
Четири, множество методи за анализ
⒈Payattentiontotheuseofabsolutevaluecomparisonandrelativevaluecomparison,andmulti-directionalcomparisonofpositiveandnegativeindicatorsfortheindicatorsofthesameperiod,whichcanbeobservedfromdifferentangles.Forthefinancialandoperatingconditionsoftheenterprise,thecross-checkingrelationshipbetweenindicatorsshouldbeappropriatelyselected.Forexample,ifthecompany’sassetturnoverisfast,itsoperatingcapacityisstrong,anditsprofitabilityiscorrespondinglystrong,itispossibletoobservewhethertheincreaseordecreaseoftheinverseindicatorofoperatingcapacityandthepositiveindicatorofprofitabilitycorrespondtothechangesintheincrease/decreaserate.
⒉Combiningmodelanalysisandkeyanalysis,findouttheindicatorswithbigchangesfromthemodelanalysis,applytheexceptionprinciple,makeakeyanalysisofacertainindexwithsignificantchanges,andstudythecauses,Inordertotakecountermeasuresandprescribetherightmedicine.
⒊Whenadoptingmultipleanalysismethodssuchascompositionratio,efficiencyratio,correlationratio,etc.,thechilditemandparentitemofthecalculatedratiomustbecorrelated.Inthecompositionratioindicator,someindicatorsmustbesub-itemsoftheoverallindicator;intheefficiencyratioindicator,theremustbeacausalrelationshipbetweeninputandoutput.Forexample,themainbusinessprofitrateistheratioofthemainbusinessprofittothemainbusinessincome,andtheratioofthetotalunavailableprofittothemainbusinessincome;amongtherelevantratioindicators,thetwocomparativeindicatorsmustreflecttherelevanceofeconomicactivities.Ifthecurrentratioistheratioofcurrentassetstocurrentliabilities,long-termandcurrentindicatorscannotbecompared.
⒋Трябва да се обърне внимание на използването на факторния анализ:
Thefirstistherelevanceoffactordecomposition,andthefactorsthatconstituteeconomicindicatorsmustbeabletoreflecttheinternalreasonsforthedifferencesintheindicators.
Thesecondistheorderoffactorsubstitution,otherwisedifferentcalculationresultswillbeobtained.
Thethirdisthecontinuityofsequentialsubstitution.Onlybymaintainingthecontinuityofthecalculationprocedure,canthesumoftheinfluenceofvariousfactorsequalthedifferenceoftheanalysisindexchanges.Forexample,thevarianceofmaterialcostiscomposedofthreefactors:productoutput,unitproductmaterialconsumption,andmaterialunitprice.
Theorderofsubstitutionshouldbetheactualquantityinsteadoftheplannedquantityintheaboveorder,andachainofsubstitutionisindispensable.Thefourthisthehypotheticalnatureofthecalculationresults.Becausethesubstitutionorderaffectsthesubstitutionresult,thecalculationresultmustbebasedonassumptions.Onlylogicalandeconomicallymeaningfulassumptionscanreflectthevalidityoftheanalysis.Asintheaboveexample,thefactorassumptionisbasedontheinfluencefrominternaltoexternalfactors,andthedifferenceinmaterialcostchangeshasbeendetermined.
⒌Payattentiontothedialecticalrelationshipexistinginfinancialindicators,thatis,positiveindicatorsarenotasbigaspossible,andnegativeindicatorsarenotassmallaspossible.Ifthequickratioisapositiveindicator,thelargerthebetter,butitisgenerallybelievedthatthequickratiooflisasafetystandard.Becauseifthequickratioislessthan1,thecompanymustfaceagreatdebtrepaymentrisk;ifthequickratioisgreaterthan1,althoughthesecurityofdebtrepaymentishigh,itwillbecausedbytheexcessiveuseofcorporatecashandaccountsreceivablefunds.Greatlyincreasetheopportunitycostoftheenterprise.
Предимства и недостатъци
Traditionalperformanceevaluationmostlyusesfinancialindicators,anditissimpleandcleartousefinancialindicatorstoevaluateperformance.
However,onlyusingfinancialindicatorstoevaluatetheperformanceofmanagershasthefollowingshortcomings:
⑴Financialindicatorsfacethepastanddonotreflectthefuture,whichisnotconducivetoevaluatingthecompany’sabilitytocreatefuturevaluePerformance.
⑵Financialindicatorsareeasytobemanipulated,andtheexcessiveemphasisonaccountingprofitsincorporatefinancialreportshascausedcorporatemanagementauthoritiestousevariousmethodstomanipulateprofits.
⑶Financialindicatorsmainlycomefromfinancialstatementdata,anddonotincludemostofthefactorsthataffectthecompany'slong-termcompetitiveadvantage,suchasproductquality,employeequalityandskills,andcannotreflectthebusinessprocessandcustomersatisfaction.