By CFO the home rectifies tonsorial cloth
The thing on accountant schoolbook is too much, and the respect such as circumstance of the change that joins company strategy, market, person of the same trade, interior management, system and accountant policy, of the analysis too little. The article applies to the personnel under financial manager level, looking is useful, also can go up turn to financial manager, be analysed further for its and abstract.
Case analysis
One
In lubricious Inc. general situation
Chinese nonferrous metal builds Inc. to basically be engaged in international project contracting to be developed with resource of nonferrous metal mineral products. Undertook asset recombines on April 16, 1997, come off high grade asset changes control share of the color in establishing, hang out his shingle in Shenzhen stock exchange appear on the market.
Current, lubricious share banner falls in control a many companies, involve the field such as electric power of mining industry, smelt, rare earth, the sources of energy; In the meantime, wait for dovish industrial investment through entering shareholder stranger life, strengthen a business fight risk ability, implementation stabilizes development.
2
Asset is indebted trade off study
Asset is indebted increase and decrease changes the trend expresses:
01, drift analysis of increase and decrease
From on the list is OK and clear see, the asset scale of lubricious Inc. shows ascendant trend of year after year in. Although the sheer number of possessory rights and interests is in every year,can see from the change of indebted rate and shareholder rights and interests growth, but its grow extent to do not have indebted growth apparently range is big, this company indebted accumulative total grew 20.49% , and shareholder rights and interests grew 13.96% merely, this explains the growth of actual strength of this company capital relied on more indebted growth, the financial policy that explains this company uses relatively high risk, tall redound all the time, use on one hand indebted enlarge company assets dimensions, increased the risk of this enterprise on the other hand.
(1) the metabolic analysis of asset
08 year than going up year grew 8% , 09 year relatively on year grew 9.02% ; The fixed assets investment of this company had tremendous growth in 9 years, explain 09 year have bigger construction project. On the whole, the asset of this company is in growth, the prospective prospect that shows this company is very good.
(2) indebted metabolic analysis
From on the watch can see clearly, the indebted amount of this company also shows ascendant trend of year after year, 08 year grew 13.74% than 07 year, 09 year relatively on year grew 5.94% ; From above data contrast can see, 8 years when come when financial crisis, the indebted rate of this company has apparent ascendant tendency, 09 year company had improving sign, indebted rate somewhat fall after a rise. We also can see, be in debt 8 years at the same time when asset reductive increasing however, 9 years as it happens is contrary phenomenon, demonstrative company realizes indebted brought high risk, turn and adopted firmer financial policy.
(3) the metabolic analysis of shareholder rights and interests
This company has the rise of different level 8 years with 9 years, what what differ is, had bigger amplitude 9 years. And because decrease indebtedly,this amplitude basically is, demonstrative partner also realized indebted brought company venture, also pay close attention to oneself rights and interests, be afraid of the rights and interests that affects oneself.
02, short-term liquidity analysis
(1) rate of going from place to place
Rate of going from place to place is this company 1.12, it is 8 years 1.04, it is 9 years 1.12, opposite for dovisher, it is 08 year are reduced somewhat only. The 1 yuan asset that is in debt to have 1.12 yuan about makes safeguard, the contrast of short-term liquidity photograph that shows a company is smoother.
(2) fast use rate
This company 7 years fast use rate for 0.89, it is 8 years 0.81, it is 9 years 0.86, opposite for, without big wave motion, just show downtrend slightly. Every 1 yuan flow is in debt to only 0.86 yuan asset makes safeguard, it is absolutely and insufficient, this explains the short-term liquidity of this enterprise is weaker.
(3) cash rate
Cash rate of 7 years is this company 0.35, it is 8 years 0.33, it is 9 years 0.38, from these data can see, the cash of this company pays ability namely stronger, and assume year after year rise of the trend, but relative number is inferior still, the flow that showed a yuan is indebted the cash capital fund that has 0.38 yuan serves as repay safeguard, its are short-term liquidity is possible still.
03, capital structure analysis
(1) asset is indebted rate
Indebted rate is the asset of this enterprise 7 years 58.92% , be 8 years 61.14% ? It is 9 years 59.42% . From these data can see, indebted rate presents the asset of this enterprise of ascendant trend of year after year, but it is firm in have fall, explain this enterprise begins to adjust the capital structure of oneself, be in debt in order to reduce brought company venture, asset is indebted rate is higher, the long-term liquidity that shows a company is weaker, the assurance of creditor degree is weaker. Although the long-term liquidity of this enterprise is not strong, but the risk coefficient of this enterprise is inferior however, the assurance to creditor rate is higher.
(2) property right rate
The property right rate of this enterprise is 7 years 138.46% , it is 8 years 157.37% , it is 9 years 146.39% . From these data can see, the property right rate of this enterprise presents ascendant trend of year after year, but firm in have fall, from this rate can see, this company is high to indebted dependence is spent or be being compared, the risk of corresponding enterprise is higher also. The long-term liquidity of this enterprise is inferior still. Nevertheless, this enterprise already cannot pass via realizing the risk of the enterprise big, once cross a general to bring significant management risk, so, this enterprise tries the financial structure from high risk, tall redound transfers to relatively conservative financial structure, increase proportion of possessory rights and interests gradually.
(3) multiplicator of rights and interests
The multiplicator of rights and interests of this enterprise is 7 years 2.38, it is 8 years 2.57, it is 9 years 2.46. From these data can see, the multiplicator of rights and interests of this enterprise presents ascendant trend of year after year, but also be firm in have fall. Specification at the beginning the business is more depend on indebted, when realizing brought business risk is bigger also, partner increased investment of capital of sex of rights and interests, increased capital of sex of rights and interests the proportion in capital total, the choice is adjusted for dovish financial structure, reduced multiplicator of rights and interests then, make the company uses the function of financial lever better.
04, long-term liquidity analysis
(1) accrual ensures multiple
Indebted rate is the asset of this enterprise 7 years 10.78, it is 8 years 2.92, it is 9 years 3.19. From these data can see, the accrual of this enterprise ensures multiple to present the trend that year after year drops. Crisis of 8 annuity be in harmony comes affect in those days the biggest, hind slow rise, explain battalion of already of look forward to begins to improve. Accrual safeguard multiple is higher, explain ability of Wu of enterprise countervail repay a debt has safeguard more, during this enterprise arrives 7 years 9 years, profit had drop considerably, and at the same time financial cost has further growth however, to debt repay ability is reduced somewhat, should want to add an attention more so.
(2) ratio of debt of tangible net value
The ratio of debt of tangible net value of this enterprise is 7 years 203.64% , it is 8 years 227.15% , it is 9 years 205.51% . From these data can see, the ratio of debt of tangible net value of this enterprise presents ascendant trend of year after year, but also be firm in have fall. This index is older, the management risk of the enterprise is higher, long-term liquidity is weaker. Above data can see, this enterprise is lowering this target hard, with increasing the long-term liquidity of the enterprise effectively further.
3
Service advantage trade off study
01, asset is businesslike analysis
(1) total assets turnover rate
Total assets turnover rate mirrorred company assets to create the capacity of sales revenue. The total assets turnover rate of this enterprise is 7 years 0.87, it is 8 years 0.59, it is 9 years 0.52. From these data can see, the total assets turnover rate of this enterprise presents downtrend of year after year. Drop 8 years especially range is the biggest, see financial crisis is very big to the influence of this company adequately. Drop, because this company is close,be 3 years advocate business Wu income is in drop, although advocate business cost also is in battalion to drop at the same time, but the range that descendent extent drops without income is big, this explains the total assets of the enterprise manages loss of efficiency, liquidity also dropped somewhat. On the whole, of this enterprise advocate battalion income is to present negative growth position.
(2) liquid assets turnover rate
The total assets turnover rate of this enterprise is 7 years 1.64, it is 8 years 1.18, it is 9 years 1.02. From these data can see, the liquid assets turnover rate of this enterprise presents downtrend of year after year. Also be especially drop 8 years range is the biggest, the financial crisis that explains 8 years is very big to the influence of this company. As a whole, turnover rate of company liquid assets is rapidder, number of turn-rounds is more, number of day of have enough to meet need is less, indicate a business the sales revenue that with taking up identical liquid assets gains is more, the liquid assets that shows a company uses efficiency to had been jumped over. Above data sees, this enterprise pays attention to dish of vivid asset quite, better control asset is applied rate.
(3) inventory turnover
The inventory turnover of this enterprise is 7 years 6.19, it is 8 years 4.15, it is 9 years 3.58. From these data can see, the inventory turnover of this enterprise presents downtrend of year after year likewise. This explains the goods in stock of this enterprise increases in year after year, perhaps say stock rises speed prep above advocate the growth level of business Wu income, expend cost of goods in stock not only, still affect the capital have enough to meet need of the enterprise.
(4) turnover rate of receivable Zhang money
The turnover rate of receivable Zhang money of this enterprise is 7 years 8.65, it is 8 years 5.61, it is 9 years 4.91. From these data can see, the turnover rate of receivable Zhang money of this enterprise still presents downtrend of year after year. This explains this enterprise has more capital slack to be on receivable Zhang money, reclaiming speed slowed, liquidity is lower and the phenomenon that defaults capital of keep long in stock possibly is aggravating also.
02, gain profit ability analysis
(1) sales profit ratio
The sales profit ratio of this enterprise is 7 years 22.54% , it is 8 years 22.53% , it is 9 years 19.63% . From these data can see, the sales profit ratio of this enterprise compares a balance, but 09 year have bigger downtrend. Main reason is 09 year advocate battalion income has bigger fall, and cost cost is done not have as drop considerably, face this kind of situation, the enterprise needs to reduce cost cost, increase profit thereby.
(2) business profit margin
The business profit margin of this enterprise is 7 years 14.5% , it is 8 years 6.39% , it is 9 years 5.2% . From these data can see, the business profit margin of this enterprise has bigger downtrend. From its data of financial forms for reporting statistics can see, because,be as a result of advocate business Wu income is reduced ceaselessly, totle drilling cost does business in the meantime reduce the growth under income, consequently the enterprise should be paid attention to should strengthen management, in order to reduce cost.
03, pay invests ability analysis
(1) total assets yield
The total assets yield of this enterprise is 7 years 15.99% , it is 8 years 5.8% , it is 9 years 5.4% . From these data can see, the total assets yield of this enterprise compares a balance, but there is bigger downtrend after 08 year. This index of this enterprise is be worth, the investment redound ability that shows a company is better, but the yield growth that inevitable is this enterprise is negative number, ability is in the investment get one's own back that shows this company to drop ceaselessly.
(2) net assets yield
The net assets yield of this enterprise is 7 years 30.61% , it is 8 years 6.1% , it is 9 years 4.71% . From these data can see, the net assets yield of this enterprise also is have bigger downtrend later from 08 year. The management state that shows this company has bigger wave motion, the use efficiency of company net assets is reduced with each passing day, the safeguard degree of investor also is reduced subsequently.
(3) every accrual
Every accrual of this enterprise is 7 years 0.876, it is 8 years 0.183, it is 9 years 0.133. From these data can see, every accrual of this enterprise also is have bigger downtrend later from 08 year. Every earnings of this company falls ceaselessly, because,be thirdly year total assets yield is to show negative growth, net assets yield is negative growth as much, business profit is not smooth also, every profit will be accordingly smaller. Accordingly, this company should adjust management strategy in time, improve the financial standing of the company.
04, development capacity analysis
(1) sell increase rate
The sale increase rate of this enterprise is 7 years 96.06% , it is 8 years - 9.14% , it is 9 years - 6.33% . From these data can see, the sale increase rate of this enterprise is have later from 08 year relatively the trend that drops substantially. From these data can see, the management state of this enterprise nots allow hopeful, enjoy growth two years continuously, especially 08 year are to drop considerably more, the negative sales revenue growth that appears suddenly, negative growth that sells increase rate will be right the development of this company future brings adverse effect.
(2) total assets increase rate
The total assets increase rate of this enterprise is 7 years 89.14% , it is 8 years 4.95% , it is 9 years 9.02% . From these data can see, the total assets increase rate of this enterprise also is have later from 08 year relatively the trend that drops substantially, but on the whole, still grow, show a company or developing, the speed that just is dilate somewhat slow down, a year should be high speed dilate 7 years.
4
Cash flow trade off study
01, the comparison of cash flow
Cash flow statistic is analysed
Pass above data to see not hard, this enterprise basically relies on normal management activity to produce cash income, among them, the cash flow that invests mobile generation is negative worth, explain this company is investing the larger investment such as fixed assets basically, develop in order to promote the strength of the enterprise. And in 09 year somewhat slow down, and enlarge investment also need to raise fund certainly will make up for.
02, debt protects a value to lead an analysis
The debt safeguard rate of this enterprise is 7 years 8.08% , it is 8 years 4.05% , it is 9 years 10.11% . Debt ensures those who lead report is liquidate of management cash flow the ability of all debt, be affected by place of a lot of not certain factor as a result of the management cash flow with annual enterprise, consequently the management cash flow of this enterprise has bigger wave motion, the trend with firm neither one. Fortunately the bank of the corresponding period of this rate prep above of this company borrows money interest rate, explain the company still can pay interest on time, preserve current liability scope thereby.
03, every yuan of cash sells net flow analysis
The rate of net flow of sale of every yuan of cash of this enterprise is 7 years 6.84% , it is 8 years 4.29% , it is 9 years 12.13% . From these data can see, the rate of net flow of sale of every yuan of cash of this enterprise fluctuates up and down range is very big, without what trend but character, but the range that drops 8 years is the biggest, be being mirrorred in its is to be used at paying cash specified amount to spend on financial forms for reporting statistics very big, bring about this years to manage cash flow thereby net specified amount is very small. Taking one with another, every yuan of cash of this enterprise sells net flow rate or compare stability, this enterprise still has enough ready money to be able to be used at disbursement need at any time.
04, the comprehensive assessment of outstanding achievement
Pass above analysis, we are right in lubricious Inc. had a more detailed knowledge. But analyse a kind of any financial index alone, can't evaluate a company in the round financial standing and management effect, undertake the analysis of integrated, system to all sorts of financial index only, just can make comprehensive and reasonable assessment to the financial standing of the enterprise.
Accordingly, have the aid of Du Bang analyses a system now, use company liquidity, camp carry ability, gain profit ability the correlation between each index, undertake integration analysis to the circumstance of this enterprise.
From on the watch can see, yield of this company net assets shows downtrend, but have ascendant tendency 9 years again. Can see from inside the watch, in the factor that affects net assets yield, the total assets turnover rate of this company is having crucial effect, it is multiplicator of rights and interests next, the action since total assets turnover rate is the biggest. So, this enterprise should increase administrative strength around this one index, in order to raise total assets use efficiency.
5
Analytic conclusion
If make conclusions,from above analytic data can reach:
Turnover rate of this company total assets is to present downtrend of year after year, asset uses efficiency is not too tall; Long-term liquidity is smoother and have ascendant tendency; The respect is being commanded in 3 charge is not very good, it is the place that needs an attention later; Cash flow-rate ratio is smoother, liquidity is better, the cash of the sale flows to grow somewhat, having better reputation, the following to the enterprise development is advantageous.
