代写企业研究报告长期偿债能力分析
长期偿债能力是指企业偿还长期负债的能力，企业的长期负债主要有长期借款、应付长期债券、长期应付款等。对于企业的长期债权人和所有者来说，不仅关心企业短期偿债能力，更关心企业长期偿债能力。因此，在对企业进行短期偿债能力分析的同时，还需分析企业的长期偿债能力，以便于债权人和投资者全面了解企业的偿债能力及财务风险。反映企业长期偿债能力的财务比率主要有：资产负债率、股东权益比率、权益乘数、负债股权比率、有形净值债务率和利息保障倍数。现分述如下。
（1）资产负债率。
资产负债率是企业负债总额与资产总额的比率，也称为负债比率或举债经营比率，它反映企业的资产总额中有多少是通过举债而得到的。其计算公式为：
资产负债率=负债总额/资产总额
资产负债率反映企业偿还债务的综合能力，这个比率越高，企业偿还债务的能力越差；反之，偿还债务的能力越强。
对于资产负债率，企业的债权人、股东和企业经营者往往从不同的角度来评价。
从债权人角度来看，他们最关心的是其贷给企业资金的安全性。如果这个比率过高，说明在企业的全部资产中，股东提供的资本所占比重太低，这样，企业的财务风险就主要由债权人负担，其贷款的安全也缺乏可靠的保障。所以，债权人总是希望企业的负债比率低一些。
从企业股东的角度来看，其关心的主要是投资收益的高低，企业借入的资金与股东投入的资金在生产经营中可以发挥同样的作用，如果企业负债所支付的利息率低于资产报酬率，股东就可以利用举债经营取得更多的投资收益。因此，股东所关心的往往是全部资产报酬率是否超过了借款的利息率。企业股东可以通过举债经营的方式，以有限的资本、付出有限的代价而取得对企业的控制权，并且可以得到举债经营的杠杆利益。
站在企业经营者的立场，他们既要考虑企业的盈利，也要顾及企业所承担的财务风险。资产负债率作为财务杠杆不仅反映了企业的长期财务状况，也反映了企业管理当局的进取精神。如果企业不利用举债经营或者负债比率很小，则说明企业比较保守，对前途信心不足，利用债权人资本进行经营活动的能力较差。但是，负债也必须有一定限度，负债比率过高，企业的财务风险将增大，一旦资产负债率超过1，则说明企业资不抵债，有面临倒闭的危险。
至于资产负债率为多少才是合理的，并没有一个确定的标准。不同的行业、不同类型的企业都是有较大差异的。一般而言，处于高速成长时期的企业，其负债比率可能会高一些，这样所有者会得到更多的杠杆利益。但是，作为财务管理者在确定企业的负债比率时，一定要审时度势，充分考虑企业内部各种因素和企业外部的市场环境，在收益与风险之间权衡利弊得失，然后才能作出正确的财务决策。
（2）股东权益比率与权益乘数。
股东权益比率是股东权益与资产总额的比率，该比率反映企业资产中有多少是所有者投入的。其计算公式为：
股东权益比率=股东权益总额/资产总额
（3）负债股权比率与有形净值债务率。
负债股权比率是负债总额与股东权益总额的比率，也称产权比率。其计算公式为：
负债股权比率=负债总额/股东权益总额
这个比率实际上是负债比率的另一种表现形式，它反映了债权人所提供资金与股东所提供资金的对比关系，因此它可以揭示企业的财务风险以及股东权益对债务的保障程度。该比率越低，说明企业长期财务状况越好，债权人贷款的安全越有保障，企业财务风险越小。
为了进一步分析股东权益对负债的保障程度，可以保守地认为无形资产不宜用来偿还债务（虽然实际上未必如此），故将其从上式的分母中扣除，这样计算出的财务比率称为有形净值债务率。其计算公式为：
有形净值债务率=负债总额/（股东权益-无形资产及其他资产总额）
有形净值债务率实际上是负债股权比率的延伸，它更为保守地反映了在企业清算时债权人投入的资本受到股东权益的保障程度。该比率越低，说明企业的财务风险越小。
（4）利息保障倍数。
利息保障倍数也称利息所得倍数，是税前利润加利息费用之和与利息费用的比率。其计算公式为：
利息保障倍数＝（利润总额+利息费用+折旧+摊销）/利息费用
公式中的税前利润是指交纳所得税之前的利润总额，利息费用不仅包括财务费用中的利息费用，还包括计入固定资产成本的资本化利息。利息保障倍数反映了企业的经营所得支付债务利息的能力。如果这个比率太低，说明企业难以保证用经营所得来按时按量支付债务利息，这会引起债权人的担心。一般来说，企业的利息保障倍数至少要大于1，否则，就难以偿付债务及利息，若长此以往，甚至会导致企业破产倒闭。
但是，在利用利息保障倍数这一指标时，必须注意，因为会计采用权责发生制来核算费用，所以本期的利息费用不一定就是本期的实际利息支出，而本期发生的实际利息支出也并非全部是本期的利息费用；同时，本期的息税前利润也并非本期的经营活动所获得的现金。
（5）影响长期偿债能力的其他因素。
除了上述通过利润表、资产负债表中有关项目之间的内在联系计算出来的各种比率，用以评价和分析企业的长期偿债能力以外，还有一些因素影响企业的长期偿债能力，必须引起足够的重视。
①长期租赁。
当企业急需某种设备或资产而又缺乏足够的资金时，可以通过租赁的方式解决。财产租赁有两种形式：融资租赁和经营租赁。
融资租赁是由租赁公司垫付资金购买设备租给承租人使用，承租人按合同规定支付租金（包括设备买价、利息、手续费等），一般情况下，在承租方付清最后一笔租金后，其所有权归承租方所有。因此，在融资租赁形式下，租入的固定资产作为企业的固定资产入账，进行管理，相应的租赁费用作为长期负债处理。这种资本化的租赁，在分析长期偿债能力时，已经包括在债务比率指标计算之中。
当企业的经营租赁量比较大、期限比较长或具有经常性时，则构成了一种长期性筹资，这种长期性筹资虽然不包括在长期负债之内，但到期时必须支付租金，会对企业的偿债能力产生影响。因此，如果企业经常发生经营租赁业务，应考虑租赁费用对偿债能力的影响。
②担保责任。
担保项目的时间长短不一，有的涉及企业的长期负债，有的涉及企业的短期负债。在分析企业长期偿债能力时，应根据有关资料判断担保责任带来的潜在长期负债问题。
③或有项目。
在讨论短期偿债能力时曾谈到，或有项目是指在未来某个或几个事件发生或不发生的情况下，会带来收益或损失，但现在还无法肯定是否发生的项目。或有项目的特点是现存条件的最终结果不确定，对它的处理方法要取决于未来的发展。或有项目一旦发生便会影响企业的财务状况，因此企业不得不对它们予以足够的重视，在评价企业长期偿债能力时也要考虑它们的潜在影响。
代写企业研究报告Analysis of long-term solvency
Long term debt paying ability is refers to the enterprise to repay long-term liabilities long-term liabilities ability, enterprises have long-term loans payable, bonds payable, and long-term. For the enterprise long-term creditors and owners, not only concerned about the short-term solvency of enterprises, more concerned about the long-term solvency. Therefore, in the enterprise short-term debt-paying ability analysis at the same time, also need to analyze enterprise 's long-term debt paying ability, in order to creditors and investors fully understand the solvency of enterprises and financial risk. Reflect the long-term solvency ratios are: the ratio of liabilities to assets, equity, equity multiplier equity, debt, debt to tangible assets ratio and interest protection. Show cent to narrate as follows.
( 1) the rate of assets and liabilities.
Ratio of liabilities to assets is the enterprise debt to total assets ratio, also known as the debt ratio or leverage ratios, which reflect the total assets of the business of how many is obtained by borrowing. The calculation formula is as follows:
Ratio of liabilities to assets = debt / total assets
The rate of assets and liabilities reflected the enterprise debt repayment ability, the higher the ratio, the enterprise 's ability to repay debt worse; conversely, the stronger the ability to repay the debt.
The rate of assets and liabilities, the company's creditors, shareholders and managers are often different from the perspective of evaluation.
From the point of view, they are most concerned about the safety of funds to lend to enterprises. If the ratio is too high, in the total assets of the company, the shareholders to provide capital proportion is too low, so, the financial risk of the enterprise is mainly borne by the creditor, the security of the loan is also a lack of reliable security. Therefore, creditors always hope enterprise debt ratio low.
From the enterprise shareholder perspective, the main concern is the level of return on investment, enterprise borrowed money and shareholders' funds in production and management can play the same role, if the enterprise debt paid the interest rate is lower than the rate of return on assets, shareholders can use leverage to get more return on investment. Therefore, shareholders concern is often all asset returns are over the loan interest rate. Company shareholders through debt management manner, with limited capital, pay the expense of limited control of the business, and can leverage leverage.
Standing in the enterprise operator's position, they have to take into account the profitability of the enterprise, also take into account the enterprise finance risk. The rate of assets and liabilities for financial lever not only reflects a corporation's long-term financial status, but also reflects the management's enterprising spirit. If the enterprise does not make use of leverage or gearing ratio is small, the enterprise is more conservative, the lack of confidence in the future of the creditors, capital management activity ability. However, debt must also have a certain limit, the debt ratio is too high, the financial risk of the enterprise will be increased, once the assets and liabilities of more than 1, the company is insolvent, has to face the risk of failure.
As for the assets and liabilities rate how much is reasonable, and the absence of a defined criteria. Different industries, different types of enterprises are different. Generally speaking, in the high growth period of enterprises, the debt ratio may be higher, so the owner can get more leverage. However, as a financial manager in determining corporate debt ratio, must consider the situation, fully consider the internal factors and external market environment, to weigh the advantages and disadvantages between risk and return loss, then you can make the correct financial decisions.
( 2) equity and equity multiplier.
Equity ratio is equity to assets ratio, the ratio to reflect the enterprise's assets invested by owners is how many. The calculation formula is as follows:
Equity ratio = total stockholders' equity / total assets
( 3) debt equity ratio and debt to tangible assets ratio.
Debt equity ratio of total liabilities and shareholders' equity is the ratio of the total equity ratio, also known as. The calculation formula is as follows:
Debt equity ratio = Total Liabilities / total stockholders' equity
This ratio is actually a debt ratio of another form, it reflects the creditors and shareholders fund funded contrast relations, therefore it can reveal the financial risk of the enterprise and shareholders' equity to debt security. The lower the ratio, explained that the enterprise long-term financial situation better, the creditor loans An Quanyue security, enterprise financial risk is small.
In order to further analysis of shareholders' equity to debt guarantee degree, can keep that intangible assets should not be used to repay the debt ( although not necessarily so ), it will from the type in the denominator of the deduction, such calculates financial ratios called debt to tangible assets ratio. The calculation formula is as follows:
Debt to tangible assets ratio = Total Liabilities / ( shareholders' rights and interests - intangible assets and other assets )
Debt to tangible assets ratio is actually the debt-to-equity ratio is outspread, it is more conservative reflected the enterprise liquidation creditors invested by shareholders' rights and interests protection degree. The lower the ratio, the smaller the financial risk of enterprise.
( 4) interest protection.
Interest coverage ratio is also known as interest income ratio, profit before tax and interest charges and interest expense ratio. The calculation formula is as follows:
Interest coverage ratio = ( total profit + + depreciation + interest expense amortization ) / interest charges
In the formula refers to pay income tax pretax profit before the total profit, interest expenses include not only the financial expenses interest expenses, including fixed assets cost capitalization of interest. Interest coverage ratio reflects the business income to pay the interest on the debt capacity. If the ratio is too low, it is difficult to guarantee that enterprises operating income to timely pay the interest on its debt, it will cause the creditors fear. Generally speaking, the interest coverage ratio is at least more than 1, otherwise, it is difficult to pay the debt and interest, if even if things go on like this, will cause the enterprise bankruptcy.
However, in the use of interest protection this target, must pay attention to, because the accounting use the accrual basis accounting cost, so this period interest charges are not necessarily the actual interest expense, while the period actual interest payments are not all are the interest cost; at the same time, this period EBIT is not the period management activity cash.
( 5) other factors influence the long-term solvency.
In addition to the above through the profit form, balance sheet items related to the intrinsic connection between the calculated various ratios, for evaluation and analysis of enterprise 's long-term debt paying ability, there are some factors affect the company's long-term debt paying ability, must cause enough attention.
The long term lease.
When the enterprise is badly in need of some equipment or asset and lack of adequate funding, through leasing solutions. Rental property has two kinds of forms: financing lease and operating lease.
Financing lease is a leasing company to advance funds to purchase equipment leased to the lessee, the lessee to pay the rent according to the contract ( including equipment purchase price, interest, fees ), under normal circumstances, in the tenant paid off in the end a rent, which is owned by the leasee all. Therefore, in the form of finance lease, lease fixed assets as the fixed assets of the enterprise are accounted for, management, the corresponding rental fees as long-term debt treatment. The capitalized lease, in the analysis of long-term debt paying ability, has been included in the debt ratio calculation.
When the business leasing large, fairly long period or with recurrent, formed a long-term financing, the long-term financing although not included in the long-term liabilities due within, but must pay the rent, to the enterprise's /solvency influence. Therefore, if the enterprise often produces operating leasing business, leasing fees should be considered the impact on debt-paying ability.
The guarantee liability.
Project for varying lengths of time, some enterprises involved in the long-term liabilities, and some enterprises involved in the short-term liabilities. On the analysis of the enterprise long-term debt paying ability, should be based on relevant data to judge the potential long-term liabilities guarantee liability issues.
The contingent items.
代写企业研究报告In the discussion of short term debt paying ability is talked about, or project refers to a future or a few events occurred or did not occur in the circumstances, will bring the gain or loss, but it is not sure whether the project. Or project is characterized by the existing conditions the final outcome uncertain, its processing method depends on the future. Or a project once will affect enterprise's financial condition, so the enterprises have to pay enough attention to them, in the evaluation of the enterprise long-term solvency should also consider their potential effect.
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