The business status of an enterprise means that the products of the enterprisecommodity marketThe current situation of sales and service development.
Business status of the enterpriseFinancial management modeThe main impact of the financial management model is as follows: the size of the business scale has different requirements on the complexity of the financial management model;The enterprise's procurement environmentproduction environment And sales environmentFinancial management objectivesThe implementation ofinfluenceA good environment is conducive to the realization of financial management objectives, and vice versa.
Operators are most concerned about the profitability, safety, efficiency and growth of enterprises.The basic method for business analysis is to first determine the analysis target, then calculate the actual data in the report by using the ratio method, and compare it with the past performance or the standard statistical values of the same industry to finally judge the conclusion.
ProfitabilityIt is the ability of enterprises to earn profits.fromIncome StatementOnly the profit and loss amount can be known, but cannot be analyzedcausal relationship, and can not evaluate the quality.Therefore, it is necessary tofinancial statementsTo evaluate the profitability of enterprises.The high level of profitability of the enterprise means that the return that the enterprise can obtain is high, and it also indicates that the assets of the enterprise arecapital structure Reasonable, andoperating activitiesIt has been effectively applied to lay a solid foundation for enterprise security.
There are many indicators reflecting the profitability of enterprises, which are usually used as follows:
This indicator reflects the impact of each yuan of sales revenueNet profitThe amount of is also a reflection of the ratio of investors' income from sales revenue.Net interest rateLow descriptionEnterprise management authorityFailure to generate sufficient sales revenue or control costs, expenses or both.When using this ratio, investors should not only pay attention to the absolute amount of net profit, but also pay attention to its quality, that is, whether the accounting treatment is prudent and whether it is excessiveProvision for bad debtsanddepreciation chargeTo reduce net profit.
The change of gross profit margin is related to various factors, namely, sales revenue andProduct costComprehensive results of changes.Wheneconomic situationWhen the product cost rises due to changes, the product price is often difficult to adjust in time, which is reflected in the decline of gross profit margin;If the enterprise improvesOperation management. Strengthening technical transformation and other measures have reduced the product cost, which is correspondingly reflected in the increase of gross profit margin.enterpriseproduct mixThe change also has a great impact on gross profit margin.When the enterprise turns from producing low profit products to producing high profit products, the gross profit rate will rise significantly, thus increasing the net profit and improving the return rate of investors.
The net interest rate of assets is the difference between the enterprise's net profit andTotal average assetsPercentage of.This indicator indicates thatEnterprise assetsThe higher the index is, the better the utilization effect of assets is, indicating that the enterprise is increasing revenue, reducing expenditure and acceleratingCapital turnoverGood results have been achieved.The net interest rate of assets is aComprehensive indicators, the calculation formula is:
It can also be broken down into: net interest rate of assets=sales revenue/average total assets × annual net sales profit/annual sales revenue
It can be seen from the above formula that the net interest rate of assets is determined by the net interest rate of sales andFund turnover ratedecision.The higher the capital turnover rate, the higher the net interest rate of assets, and at the same time, the higher the income.However, if the capital turnover rate is too high, it will lead to insufficient funds and reduce security (liquidity).It can be seen from the above indicator analysis thatEnterprise benefitsIt is necessary to increase sales revenue, reduce product costs, and accelerate capital turnover to increase net profits.
For income analysis, some useful ratios should also be assessedSales returnAnd allowance ratio, that is, sales return and allowance divided by sales revenue.This ratio is high, indicating that there is a problem in the production or sales department, and another ratio should be checked in time:Sales discountThe ratio is the sales discount divided by the sales revenue.This ratio can be used to understand the competitors'Sales policyTo adjust yourSales strategy, increase sales revenue and increase net profit.
Enterprise security is mainly to ensure that the principal and fixed income can be recovered.The main factor affecting enterprise security isCapital liquidityAnd capital structurerationality。It can be accessed throughBalance SheetThe relevant items of are compared and analyzed.Capital liquidity reflects maturitySolvencyOf course, there is also the reasonable problem of analyzing the capital structure.The main indicators reflecting investment security include: payment capacity, capital andresource utilization Efficiency and capital structure rationality analysis.
Analyze whether the enterprise maintains certainShort-term Liquidity , forenterprise accounting It is very important for report users.If an enterprise is unable to maintain its short-term solvency, it will also be unable to maintain itsLong-term solvency , also can not satisfy the shareholdersdividendThe company will eventually fall into the difficulty of capital turnover, and may even be doomed to bankruptcy.The short-term solvency isEnterprise activitiesThe main reason is that the short-term solvency is weak. It is not only difficult to maintain daily trading activities, but also impossible to talk about how to plan for the future.The main indicators for analyzing payment capacity are:
（1）Current ratio。Current ratio refers tocurrent assetsAndcurrent liabilitiesThe proportional relationship of, which indicates how many current assets per yuan of current liabilities are used to guarantee repayment.Generally speaking, the larger the current ratio of the enterprise, the stronger the short-term solvency of the enterprise.For investors, the higher the current ratio, the better.Because the higher the ratio, the smoother the capital flow, and the short-termInvestment behaviorThe more secure.
Flow ratioDue to the influence of several factors, it is actually impossible to establish a common standard for various industries.In general, whereBusiness cycleThe current ratio of shorter enterprises is also low.Because the business cycle is short, it means that there is a higherTurnover rate of accounts receivableAnd there is no need to store a large amount of inventory, so its current ratio can be relatively reduced.On the contrary, if the operation cycle is longer, its current ratio will increase accordingly.Therefore, when analyzing the current ratio, corporate investors should compare it with the industry average ratio or the ratio of previous periods to determine whether the current ratio is high or low.The formula for calculating flow ratio is:
Current ratio=current assets/current liabilities
Including: current assets=cash and cash equivalents+accounts receivable+inventory+Prepaid expenses
According to the factors listed above, the current ratio indicates that the enterprise can useQuiescent stateThe resource of is a concept of stock.Because its moleculesdenominatorAll taken from time point report——Balance SheetIt does not represent the average general situation of the whole year, and the concept of capital repayment in this static state obviously has no inevitable causal relationship with the real capital flow in the future. The current ratio only shows the possible ways of capital inflow and outflow in the short term in the future.In fact, this capital flow is closely related to factors such as sales, profits and operating conditions;These factors were not taken into account when calculating the current ratio.
In a word, when an enterprise uses the current ratio to analyze its short-term solvency, it must cooperate with other analysis tools to make a final judgment.
（2）Quick ratio。The quick ratio is also an effective tool to test the short-term solvency of enterprises.It reflects the enterpriseQuick assetsRatio to current liabilities.The so-called quick assets refer to cashsecuritiesandAccounts receivableAnd other assets that can quickly pay current liabilities.In current assets, prepaid expenses areLiquidityThe worst project.Such as prepaid rentPrepaid premiumAs there is a non refundable clause in the contract, its liquidity is zero, and ordinary prepaid expenses are difficult to recover and converted into cash.The part of the assets in the inventory item as the safety stock is almost aLong term assets。However, the liquidity of raw materials, products in process and other inventories is low, and some inventories may have been mortgaged to special creditors. When enterprises are forced to sell inventory for debt repayment and liquidation, their prices are often adversely affected.The calculation of quick ratio is to deduct these current assets with poor liquidity, and then divide the remaining cash marketable securities, accounts receivable and other rapidly realized current assets and current liabilities.
General report analysts believe that the quick ratio of an enterprise should be at least 1.0 or above before it has a goodFinancial position。Generally, the change trend of quick ratio is closely related to the current ratio, that is to say, by analyzing any one of the two ratios, we can get the same information about the improvement or deterioration of short-term liquidity.The factors that affect the change of current ratio usually also affect the change of quick ratio.Generally speaking, the deteriorating liquidity of the financial situation will lead toEnterprise riskIncreased, unsafe.
2. Analysis of capital and resource utilization efficiency
Raising funds rationally and using funds effectively are the conditions for scientific operation and management of enterprises and important indicators for analyzing enterprise safety.Specific indicators include:
（1）Turnover rate of accounts receivable。The turnover rate of accounts receivable refers to the enterpriseNet amount of credit sales incomeAndAverage accounts receivableThe balance ratio is used to reflect the liquidity of enterprise accounts receivable.It is used to analyze the rationality and efficiency of accounts receivable.The current ratio and quick ratio only statically illustrate the repayment of the enterprisefloating debtCapability;The turnover rate of accounts receivable andInventory turnoverThen dynamicallySupplementary notesThe liquidity of the current assets of the enterprise, which further explains the short-term solvency of the enterprise.The calculation formula of the turnover rate of accounts receivable is:
Turnover rate of accounts receivable=net credit sales/average balance of accounts receivable
Accounts receivableTurnoverReflectsEnterprise fundsTurnover and utilization of.The high turnover rate indicates that the enterprise has a strong ability to recover the payment for goods in a short term and use the funds generated from operations to pay short-term debts, which can be made up to a certain extentLiquidity ratioLow adverse impact, making capital flow safe.Among the existing problems of enterprises, there are accounts receivable that cannot be collectedBad debts。Therefore, when analyzing the turnover rate index of accounts receivable, we should also consider accounts receivablebad debtAllowance rate.That is, the ratio of bad debt allowance to total accounts receivable.If the ratio increases year by year, enterprises should pay attention to accounts receivableEffectivenessProblem, because it must affect the turnover of accounts receivableFund security。
（2）Inventory turnover。The inventory turnover rate is the inventory balance of a specific period versus the periodCost of goods soldTo measure the passing of enterprise inventorySales realizationSpeed of turnover.In the current assets of enterprises, inventory often accounts for a considerable amount.Because most enterprises maintain a considerable amount of inventory for the purpose of sales, if the inventory is insufficient and the goods cannot be supplied in time, the sales will decrease and the net profit will decrease, affecting the long-termRepayment abilityAnd reduce the security of capital flow.
The above formula reflects the efficiency of inventory utilization compared with the sales volume.The inventory turnover rate is high, the use efficiency of inventory at balance sheet time is high, the risk of inventory backlog is relatively reduced, and the safety of capital flow is guaranteed.However, there are also problems with the high inventory turnover rate. For example, the inventory level is too low, the safety stock is not set, the stock is frequently out of stock, the number of purchases is too frequent, and the batch size is too smallInventory costToo high.Inventory turnover rate is too low, usually enterprisesInventory managementThe result of poor cooperation between production, supply and marketing, overstock of inventory and capital.This will lead to an increase in enterprise inventory costs and weaken the security of capital flows.
In the actual work of the enterprise, if there are low-quality backlog products in the inventory, it will affect the authenticity of the turnover rate, which can not truly reflect the security of the enterprise's capital flow, and it should be timely improved.
(3) Long term assets andOwner's equity ratio。From this ratio, it can be seen thatOwn fundsThe trend ofResource allocationStructure to reflect the security of enterprise capital flow.Generally speaking, the ratio is low and the security of capital flow is high;Low ratio,Owner's equityOfYieldWill decrease.In the United States, 1.0 is usually taken asStandard ratioUse, if the ratio is less than 1.0, it means that the enterprisefixed assetsAll are settled by self owned funds, and the rest is used in current assets;If the ratio is greater than 1.0, it means that the self owned funds are insufficientLong term debtTo solve the problem.If an enterprise purchases too many fixed assets by means of long-term debt, it will be at the edge of danger.Therefore, enterprises often use this indicator to assess the efficiency of capital and resource utilization.
(4) Long term assets andLong term funding ratio。Generally speaking, the long-term assets of an enterprise, such as long-term investment, fixed assetsintangible assetsEtc., generally using self owned funds andLong term liabilitiesAnd other long-term funds.Therefore, the ratio of long-term assets to long-term funds should be lower than 1.0;If the ratio is higher than 1.0, it means that part of the enterprise's long-term assets are supported by current liabilities, which will reduce the efficiency of the enterprise's capital and resource utilization.
3. Security analysis of capital structure
Enterprises maintain goodFund liquidityRationality of capital structure and improvementReturn on capital, is the guaranteeEnterprise investmentImportant indicators of safety.The purpose of capital structure rationality analysis is to measure theLong-term solvency 。When evaluating an enterprise's long-term solvency, it is necessary to analyze not only its ability to repay principal, but also its ability to pay interest.Specific indicators include:
The asset liability ratio reflects how much of an enterprise's total assets are obtained through borrowing and lending.For investors, liabilitiestotal assetsThe smaller the ratio of, the greater the ratio of owner's equity, the stronger the capital strength of the enterprise,Return on capitalLow.It hopes thatDebt ratio, expand the enterprise's profit base, and control the entire enterprise with less investment.However, if the debt ratio is too high and the enterprise is in good condition, of courseFinancial leverageTo enable investors to obtain a higher rate of return;If the enterprise is in poor condition,interest expensesIt will make it unbearable and risk bankruptcy.
(2) Owner's equity ratio.The owner's equity ratio is the ratio of the owner's equity to the total assets of an enterprise.
Owner's equity ratio=owner's equity/total assets
fromAccounting identity(Assets=liabilities+owners' equity) It can be concluded that: liabilities/assets+owners' equity/assets=1, that is, debt ratio+ownersEquity ratio=1。Therefore, the equity ratio is the opposite of the debt ratio. The two express the same situation. In practical application, only one is required.
(3) Debt to owner's equity ratio.The ratio of liabilities to owners' equity reflects the proportional relationship between them.The calculation formula is:
Liabilities andOwn fund ratio=Total liabilities/owner's equity
The ratio of liabilities to owners' equity is basically the same as the first two ratios, which express the same fact from different perspectives.fromAccounting identity(Assets=liabilities+owners' equity):
Or debt to owner's equity ratio=1/owner's equity - 1=debt ratio/owner's equity ratio
At the same time, this ratio also shows the size of the obligations undertaken by investors to enterprises and even creditors.The lower the ratio, the greater the responsibility of investors to creditorsLong-term solvency The stronger.
In addition, due to certain assets such as intangible assetsDeferred assetsAnd the value of some deferred debits is unstable.Therefore, these assets areEnterprise solvencyIt doesn't mean much.Therefore, it should be deducted from the enterprise assets to calculate the liabilities andTangible assetsThe ratio should be conservative.Especially when enterprises fall intoFinancial crisisWhen there is danger of bankruptcy, tangible assets are the main source of debt repayment.The lower the ratio, the higher the protection degree of the tangible assets of the enterprise to its liabilities.
Enterprises are not only concerned about the return on investment, but also about the sustainability of high returns.Therefore, the sustainability analysis of enterprises' obtaining high profits has become another point of concern.Product costMacroeconomyConditions, various policies and regulations, etcCompetitive environmentIn the same way, if an enterprise wants to win in the competition, it can only earn more profits by improving efficiency.
Enterprise benefit refers to theProduction and operationMedium, input of labor, resources, equipment, materials, etcBusiness Elements, through effective use by operators and employeeseconomic valueAnd social contribution.It is used to measure the effective utilization of labor and assets.Specific indicators include:
Value added=net profit before tax+Labor cost+Capitalized interest+rent+expense tax
The added value can be calculated by searching the income statementDetailed Statement of Administrative Expenses、Detailed statement of manufacturing expensesTo calculate.Value added rate is the ratio of value added and sales revenue.It reflects the added value brought by each yuan of sales revenue.Generally speaking, the moreCapital intensiveIndustry, itsProduct added valueThe higher the net profit, the higher the net profit;On the contrary, the industries with relatively low capital intensity have low added value of products and low net profit.
2. Labor productivity
Labor productivity is the ratio of added value to the total number of people.It reflects the added value created by one person.
The calculation formula is:
Labor productivity=added value/total number of people
The higher the index is, the higher the efficiency of labor utilization is, and more added value is created. Therefore, it becomes an important index to measure the competitiveness of the same industry.
3. Ratio of added value to total capital (total capitalInvestment benefit）
This indicator reflects the added value created by the total investment capital within one year. The high indicator indicates that the effective utilization of capital is high, the added value created is more, and the net profit generated is more.
