Úvod
I.Index solventnosti
⒈Krátkodobý index solventnosti
⑴Currentratio=Oběžná aktiva/aktuální pasiva × 100 %
Undernormalcircumstances,thehigherthecurrentratio,thestrongertheshort-termsolvency.Fromtheperspectiveofcreditors,thehigherthecurrentratio,thebetter;fromtheperspectiveofbusinessoperators,Excessivecurrentratiomeansanincreaseinopportunitycostandadecreaseinprofitability.
⑵QuickRatio=QuickAssets/Current Liabilities × 100%
Mezi nimi:QuickAssets=Peněžní fondy+Transakční Finanční aktiva+Účty Receivable+Notes Receivable
Undernormalcircumstances,thehigherthequickratio,thestrongerthesolvencyofthecompany;however,itwillgreatlyincreasetheopportunitycostofthecompanyduetotheexcessiveuseofcorporatecashandaccountsreceivable.
⒉Index dlouhodobé solventnosti
⑴Poměr aktiv a pasiv=celková aktiva/celková aktiva × 100 %
Undernormalcircumstances,thesmallertheasset-liabilityratio,Itindicatesthatthecompany’slong-termdebtsolvencyisstronger;fromtheperspectiveofbusinessowners,theindicatoristoosmalltoindicateinsufficientuseoffinancialleverage;businessdecisionmakersshouldcombinedebtsolvencyindicatorswithprofitabilityindicatorsforanalysis.
⑵Equityratio=celkový dluh/celkový jmění vlastníka × 100 %
Undernormalcircumstances,thelowertheequityratio,thestrongerthecompany’slong-termsolvency,butitalsoshowsthatthecompanyThefinancialleverageeffectofdebtcannotbefullyutilized.
Second,OperationalcapabilityIndicators
OperationalcapabilityismainlymeasuredbyassetturnoverspeedGenerallyspeaking,thefastertheturnoverrateandthehighertheefficiencyofassetutilization,thestrongertheoperationalcapability.Thespeedofassetturnoverisusuallyexpressedintermsofturnoverrateandturnoverperiod(turnoverdays).
Výpočtový vzorec:
Obrat(doby obratu)=Výše obratu/Průměrný zůstatek aktiv
Období obratu (období obratu)=období výpočtu dny/počet obratu=průměrný zůstatek aktiv*období výpočtu/obrátky
3.Index ziskovosti
Výpočtový vzorec | Indexanalýza |
Provozní zisk = Provozní zisk/Provozní příjem × 100 % | Thehighertheindex,thestrongerthemarketcompetitivenessofthecompany,thegreaterthedevelopmentpotential,andthestrongertheprofitability. |
Zisk nákladů = celkový zisk / celkové náklady na náklady × 100 % Celkové náklady=provoznínáklady+obchodní daňAdalší+prodejní výdaje+výdaje na správu+finanční výdaje | Thehighertheindex,thelowerthepricethecompanypaysforprofit,thebetterthecostandexpensecontrol,andthemoreprofitableThestrongertheability |
Returnontotalassets=celkový zisk před zdaněním zájmu/celkový průměr aktiv × 100 % InterestandtaxTotalpreviousprofit=totalprofit+interestexpense | Generallyspeaking,thehighertheindex,thebettertheassetutilizationefficiencyofthecompanyandthestrongertheprofitabilityoftheentirecompany |
Revenueonnetassets=čistý zisk/průměrná čistá aktiva×100 % | ItisgenerallybelievedthatnetThehighertherateofreturnonassets,thestrongertheabilityofthecompany'sowncapitaltoobtainincome,thebettertheoperationalefficiency,andthehigherthedegreeofguaranteeforcorporateinvestorsandcreditors |
Four.DevelopmentAbilityIndex
Výpočtový vzorec | Analýza ukazatelů |
Provozní výnosový růst = Provozní výnos za letošní rok Částka/provozní výnos za předchozí rok × 100 % | Theoperatingincomegrowthrateisgreaterthanzero,indicatingthatthecompany’soperatingincomehasincreasedthisyear.Thehighertheindexvalue,thefasterthegrowthrate.Thebettertheenterprisemarketprospects |
Míra zachování a zhodnocení kapitálu =Totalowner'sequityattheendoftheyearafterdeductingobjectivefactors/atthebeginningoftheyearTotalowner’sequity×100% | Itisgenerallybelievedthatthehigherthecapitalpreservationandappreciationrate,thebetterthecompany’scapitalpreservationstatus,andthefastertheowner’sequitywillgrow;Thedebtsoftherightsholdersaremoresecure.Thisindicatorshouldusuallybegreaterthan100% |
Totalassetgrowthrate=totalassetgrowththisyear/totalassetsatthebeginningoftheyear×100% | ⑴Thehighertheindex,thefastertheexpansionofthecompany’sassetmanagementscalewithinacertainperiodoftime; ⑵Whenanalyzing,weneedtopayattentiontothequalityandquantityofassetscaleexpansionTherelationshipbetweenthecompanyandthecompany’ssubsequentdevelopmentcapabilitiestoavoidblindexpansion. |
Provozní ziskgrowthrate=letošní provozní zisk/celkový provozní zisk předchozího roku×100% | Letošní provozní zisk = letošní celkový provozní zisk – celkový provozní zisk za loňský rok |
5.Comprehensiveindexanalysis
Comprehensiveindexanalysisistointegratevariousindicatorsintoanorganicwhole,andcomprehensivelyrevealanddisclosethebusinessstatusandfinancialstatusoftheenterprise,soastoaccuratelydeterminetheprosandconsofthecompany’seconomicbenefitsJudgmentandevaluation.Acomprehensivefinancialindicatorsystemmusthavethreebasicelements:completeandappropriateindicatorelements;matchingmainandauxiliaryindicatorfunctions;andmeetingtheneedsofmultipleparties.
Průmyslové podniky
Themaincontentsofthefinancialindicatorsofindustrialenterprisesinclude:
⑴Fixedassets.Itisdividedintotheoriginalvalueoffixedassets,thenetvalueoffixedassets,theprofitprovidedbyeachhundredyuanoffixedassets(originalvalueornetvalue),etc.
⑵Liquidfunds.Itisdividedintototalworkingcapital,fixedworkingcapital,reservecapital,productioncapital,finishedproductcapital,monetarycapitalandsettlementcapital.Eachhundredyuanofoutputvalueoccupiesfixedworkingcapital,fixedworkingcapitalturnoverspeed,etc.
3Cost.Dividedintothetotalcostofallproducts,thetotalcostofcomparableproducts,thereductionrateofcomparableproductcosts,theunitcostofproducts,etc.
⑷Zisk.Produktový zisk,celkový zisk,daň z prodeje produktů,placený-zisk,kapitálovýzisk,úroková daň z kapitálu atd.
Stavební průmysl
Stavební průmysl(referstotheconstructionindustryinabroadsense,includingwaterconservancy,Railway,highway,municipalengineering,etc.)Themaincontentoffinancialindicatorsincludes:
⑴fixedassets.Itisdividedintooriginalvalueoffixedassets,netvalueoffixedassets,etc.
⑵Pracovní kapitál. Pevná částka pracovního kapitálu, nefixní pracovní kapitál, vlastní pracovní kapitál, pracovní kapitál bez vlastního vlastnictví, doba obratu pracovního kapitálu, počet pracovních dní, míra obsazenosti pracovního kapitálu (výrobní hodnota, kapitálový poměr) atd.
⑶Náklady na projekt. Rozdělují se na přímé náklady, nepřímé náklady (tj. poplatek za vedení stavby), rozpočtové náklady projektu, skutečné náklady na projekt, částku snížení nákladů na projekt, míru snížení nákladů na projekt atd.
⑷Zisk.Vypořádání podprojektuzisk,prodej produktůzisk,provoznízisk z prodeje,materiálovýzisk,jinýprovoznízisk,neprovozní výnosyaneprovoznívýdaje,celkový zisk,vyplacený zisk,kapitálovýzisk,výstupníhodnotazisk,úroková daň z kapitálu atd.
Vyberte aplikaci
Infinancialworkpractice,throughanatomyandanalysisofthefinancialstatusandoperatingresultsoftheenterprise,itispossibletomakeanaccurateevaluationandjudgmentontheprosandconsoftheeconomicbenefitsoftheenterprise.Theselectionandapplicationoffinancialindicatorsasevaluationandjudgmentstandardsareparticularlyimportant.
Nejprve vyberte ukazatele podle společnosti
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.
Za druhé, přísně kontrolujte výpočet ukazatelů
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.Veřejné normy jsouvědecké
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.
Čtyři, více metod pro analýzu
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.
⒋Pozornost je třeba věnovat použitífaktorové analýzy:
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.
Výhody a nevýhody
Traditionalperformanceevaluationmostlyusesfinancialindicators,anditissimpleandcleartousefinancialindicatorstoevaluateperformance.
However,onlyusingfinancialindicatorstoevaluatetheperformanceofmanagershasthefollowingshortcomings:
⑴Financialindicatorsfacethepastanddonotreflectthefuture,whichisnotconducivetoevaluatingthecompany’sabilitytocreatefuturevaluePerformance.
⑵Financialindicatorsareeasytobemanipulated,andtheexcessiveemphasisonaccountingprofitsincorporatefinancialreportshascausedcorporatemanagementauthoritiestousevariousmethodstomanipulateprofits.
⑶Financialindicatorsmainlycomefromfinancialstatementdata,anddonotincludemostofthefactorsthataffectthecompany'slong-termcompetitiveadvantage,suchasproductquality,employeequalityandskills,andcannotreflectthebusinessprocessandcustomersatisfaction.