代写企业研究分析报告-企业财务资产分析，短期偿债能力分析
The short-term debt-paying ability analysis
The enterprise short-term debt-paying ability is not in disposal of fixed assets under the circumstance that debt repayment ability.
First look at corporate debt which to have. The debt of the enterprise includes short and long-term liabilities. This focus on short-term debt or liabilities and current liabilities and assets relationship. Current liabilities is the use of liquid assets to repay the debt or through another pen floating debt to repay the debt. Typical current liabilities include: accounts payable, notes payable, workers compensation, tax payable, accounts receivable and long-term debt in that part of the debt maturity.
Liquidity analysis of two main problems: assets valuation is reasonable and realizable capacity calculation. However, the current liabilities analysis only in the presence of a valuation. Debt valuation should consider the time value, to pay the debts calculating the present value of the future. However, current liabilities are short maturity of the debt, the difference between the future and the present value is very small, can be neglected. Therefore, current liabilities pricing is very simple, according to the report listed the actual data calculation.
( 1) working capital.
Working capital is a measure of the short-term debt-paying ability is an important indicator, is current assets over liabilities that part. Calculation formula for:
Working capital = current assets and current liabilities
The current assets valuation of working capital effect.
Liquidity value discretion, decide the level of working capital, will determine the size of the short term debt paying ability.
According to the book value of assets is shown, and the book value is often lower than the market price, which underestimated the value of assets, leading to an underestimate of working capital. If the securities are stated at cost valuation, and the price is higher than the cost, must use the market to determine the can be used to repay short-term debt asset value.
Should pay attention to, working capital targets must be with the past period of working capital index compared to measure rationality. But it should be noted that the expansion of the scale of enterprises and narrowing the problem. If capital is not normal, high or low, we must analyses current assets and current liabilities.
Working capital turnover.
Working capital turnover index is the sales income and working capital working capital, reflected in the year turnover times. The calculation formula is as follows:
Working capital turnover = main business income / average working capital
This index can only last year, and other enterprises or competitors and industry of similar indicators for comparison to be meaningful, otherwise unable to conclude that the calculated results are more or less.
In the formula, working capital by fiscal year beginning at the end of the year, the average number of working capital, the calculation results if it is working capital targets too low, reflecting the working capital use efficiency is too low, it is said that sales is insufficient. However, excessively high targets may reflect enterprise's working capital shortage, sales scale is too large, more than the actual capacity. As long as economic conditions change, it may bring serious capital turnover problem, especially for the repayment of debt problem. This index no empirical data can be used to provided working capital turnover a year to several times, but you can do vertical and horizontal comparison to see its rationality.
( 2) the flow ratio.
Flow ratio is also the analysis of short-term solvency index. This is the ratio of current assets divided by current liabilities results. The calculation formula is as follows:
Current ratio = current assets / current liabilities
Flow rate is higher, solvency is strong, the flow rate decreased, solvency decline. In western countries on the corporate liquidity ratio had made investigation, determination of reasonable flow ratio of 2 to 60 time metaphase many enterprise flow ratio is higher than 2; from 60 time metaphase begins, many enterprises of the flow rate decreased to slightly less than 2 and the current most enterprises are no higher than 2, explained that the enterprise liquidity drops generally.
Of course, this investigation provides the flow ratio of 2, nor as absolute. We analysis the flow ratio are compared, first of all is to look at the industry level flow ratio is a number. As the industry level of liquidity ratio is not the same, only the level of the same industry flow ratios compared to draw a correct conclusion. Secondly, with the enterprise's history flow ratios were compared, to know that in the current circumstances of the enterprise flow ratio is high is low. At the same time to identify the flow rate discretion cause, through the analysis of index calculation of current assets and current liabilities content, generally the main analysis of the inventory and accounts receivable. Finally, the business cycle length, the business cycle is shorter, the normal flow ratio is lower also, conversely, the business cycle is long, normal flow ratio is higher.
Flow ratio in two dimensions between different company direct comparison. But in contrast to flow value of assets (including the short term investment securities, stocks etc.) must be close to the actual value, otherwise it will underestimate the liquidity ratio. Therefore the analysis of flow ratio before the first to do a good job in liquidity liquidity analysis.
We know that, when the flow is indebted to liquidity, liquidity ratio of 1; when the flow more liabilities than assets, current ratio less than 1, so the liquid assets can not satisfy the debt. The users of financial statements can from the benefit angle analysis decision. If the flow rate is a problem, analysts should put the focus of analysis of accounts receivable and inventories. In the calculation of flow rate should be calculated before, accounts receivable and inventory turnover index index. Because the inventory and accounts receivable liquidity, liquidity ratio and great potential, solvency can overestimate. Conversely, inventory and accounts receivable liquidity, liquidity ratio index of liquidity will be smaller.
( 3) quick ratio.
The quick ratio.
Quick ratio and flow rate difference, is the current assets and current liabilities are compared, from current assets excluding inventory. This is because the inventory liquidation rate relative to other short-term assets will be slow, inventory may also have an outdated, some inventory may also pledged to a creditor. Inventory cost and reasonable market price still exists great disparity problem, if all the stock value is used to calculate the flow rate, obviously exaggerated enterprise liquidity liquidity. General creditors do not expect enterprises sell stock to repay the debt, and would like to know the corporate liquidity, so to take inventory flow from assets deducted, calculate the quick ratio. The calculation formula is as follows:
Quick ratio = current assets / liabilities inventory flow
The conservative quick ratio.
Conservative quick ratio is retained in the monetary funds and securities, accounts receivable net, deduction of advance payment and other current assets and current liabilities on the basis of the ratio, a calculation formula for the:
Conservative quick ratio = money + asset + notes receivable + accounts receivable net flow
Liabilities quick ratio and quick ratio is conserved in different business accounting year between, between different enterprises, and enterprises with the industry average of between comparison. In the accounts receivable of enterprises more quick ratio and quick ratio is relatively conservative, in the pure cash sales enterprises this index is smaller. But in the calculation of the quick ratio before, should also be calculated at the same time the accounts receivable turnover index, confirm the cashability of receivable account of how.
If the current ratio and quick ratio and compared to the history of declining, enterprise bankruptcy the opportunity to increase, investors, creditors and increased risk of.
Usually considered normal quick ratio is the ratio of the 1 main uses in the enterprise different between accounting periods, different enterprises and between enterprises and industry averages between comparison. However, some industry quick ratio allows for less than 1, and some industry must be maintained above 1 quick ratio. For example, only as cash sales, store no receivables, thus allowing to maintain a substantially lower than the 1 speed ratio, this to its normal business will not have a bad effect on.
( 4) cash ratio.
Cash ratio is in the enterprise accounts receivable and stock liquidity problem situations, such as accounts receivable are very small, inventory not sold or has been mortgaged, only take extreme conservative attitude, calculate cash ratio. This is also a measure of a of short-term liquidity index.
Ratio of cash to cash equivalent and can be listed securities and current liabilities are compared. The calculation formula is as follows:
Cash ratio = ( money + financial assets / liabilities )
In the evaluation of enterprise's liquidation ability, this index is not as important indicators for analysis, but in the worst case to see how the short-term debt-paying ability. In general, in accounts receivable and inventory period of quite long in the enterprise, business activities and has the high investment, analysis of enterprise cash ratio is very important.
Cash ratio reflect the immediate liquidity, this index if very high, is not necessarily good, may reflect the enterprise does not take full advantage of good cash assets, not spend the cash management. Therefore in this index before jumping to conclusions, to fully understand the situation of enterprises.
( 5) outside table information.
The liquidity index, are obtained from accounting information. There are some accounting information were not reflected in the factors, and also can affect the short-term solvency, even have considerable impact. The users of accounting statements to know more about the situation, is helpful to make correct judgment.
The enterprise current assets physically realizable capacity, than the items of financial statements reflect the liquidity is better, basically have the following factors:
The available bank loans indicators.
The bank has agreed, enterprise fails to handle the loan procedures the bank loan limits, can increase the cash of the enterprise, improve the ability to pay.
The ready very soon realized the long-term assets.
For some reason, the enterprise may be some long-term assets sold soon turned into cash, enhance the short-term debt-paying ability. Enterprise sale of long-term assets, under normal circumstances are to be considered, the enterprises should be based on short-term interest and long-term interests of the dialectical relations, correctly decided to sell assets problem.
The solvency of reputation.
If the enterprise 's long-term debt paying ability has always been very good, have a certain reputation, in the short-term liquidity difficulties, can quickly through the issuance of bonds and stocks and other ways to solve the shortage of/ funds, improve the short-term debt-paying ability, this enhanced liquidity factors, depending on their credit reputation and the financing environment.
企业短期偿债能力是在不用变卖固定资产的情况下能够偿还债务的能力。
先来看一下企业债务有哪些。企业的债务包括短期负债和长期负债。在此重点讲述短期债务即流动负债以及流动负债和流动资产的关系。流动负债是使用流动资产来偿还的债务或通过取得另一笔流动债务来偿还的债务。典型的流动负债包括：应付账款、应付票据、应付职工薪酬、应交税费、预收账款以及长期性债务中当年到期的那一部分债务。
流动资产分析存在的两个主要问题是：资产的合理估价和变现能力计算。但是，对于流动负债分析只存在一个估价问题。负债的估价应该考虑时间价值，对未来偿付的债务计算现值。但是，流动负债是短期到期的债务，其终值与现值之间的差额很小，可以忽略不计。因此，流动负债计价很简单，只按报表上列示的实际数据计算。
（1）营运资本。
营运资本是衡量短期偿债能力的一个重要指标，是指流动资产超过流动负债的那部分。计算公式为：
营运资本=流动资产－流动负债
①流动资产估价对营运资本的影响。
流动资产的价值高低，决定营运资本的高低，也就决定短期偿债能力的大小。
流动资产一般是按账面价值列示的，而账面价值往往低于市价，这就低估了流动资产的价值，从而低估了营运资本。如果有价证券是按成本估价的，而市价又高于成本，就必须采用市价来确定可以用于偿还短期债务的资产价值。
应该注意，营运资本指标必须与过去期间的营运资本指标相比才能衡量指标的合理性。但要注意企业规模的扩大和缩小问题。如果营运资本显得不正常，过高或过低，就必须逐项分析流动资产和流动负债。
②营运资本周转。
营运资本周转指标是把销售收入与营运资本进行比较，反映营运资本在年内周转几次。其计算公式为：
营运资本周转=主营业务收入/平均营运资本
这个指标只能与过去年度的、其他企业的或者竞争者的以及行业的同类指标进行比较才有意义，否则无法断定所计算的结果是高还是低。
公式中，营运资本采用会计年度年末、年初的营运资本平均数，计算结果如果是营运资本周转指标过低，反映营运资本使用效率太低，也就是说销售不足。但是，指标过高可能反映出企业的营运资本不足，销售规模太大，超过实际能力。只要经济条件变化，就有可能带来严重的资本周转问题，特别是清偿债务的问题。这个指标没有经验数据可用来规定营运资本一年必须周转几次，但可以做纵向比较和横向比较看其合理性。
（2）流动比率。
流动比率也是分析短期偿债能力的指标。这个比率是流动资产除以流动负债的结果。其计算公式为：
流动比率=流动资产/流动负债
流动比率越高，偿债能力越强，流动比率下降，偿债能力下降。在西方国家对企业流动比率曾作过调查，认定合理的流动比率为2.到60年代中期许多企业的流动比率高于2；从60年代中期开始，许多企业的流动比率下降到略低于2.而目前大多数企业都没有高于2，说明企业的变现能力普遍下降。
当然这个调查规定流动比率为2，也不能看成是绝对的。我们在分析中对流动比率进行比较，首先是看其行业水平流动比率是多少。因为各行业水平的流动比率是不一样的，只有同行业水平的流动比率相比后才能得出一个正确的结论。其次，是与该企业的历史的流动比率进行比较，能够得知在当前情况下该企业的流动比率是高是低。同时要找出流动比率高低的原因，通过分析指标计算流动资产和流动负债的内容，一般主要分析存货和应收账款。最后，看其营业周期的长短，营业周期越短，正常的流动比率也越低，反之，营业周期越长，正常的流动比率也就越高。
流动比率可以在两个规模不同的企业之间进行直接对比。但在对比时流动资产价值（包括短期投资的有价证券、存货等）必须接近实际价值，否则会低估流动比率。因此在分析流动比率前首先要做好流动资产的变现能力分析。
我们知道，当流动负债等于流动资产时，流动比率为1；当流动负债大于流动资产时，流动比率小于1，这样流动资产就不能抵偿债务。报表使用者可以从利益角度进行分析决策。如果流动比率有问题，分析者应把分析的重点放在应收账款和存货上。在计算流动比率之前，应计算出应收账款指标和存货周转指标。因为存货和应收账款的变现能力大，流动比率的潜力大，偿债能力可以高估。反之，存货和应收账款的变现能力小，流动比率指标下的偿债能力会更小。
（3）速动比率。
①速动比率。
速动比率与流动比率所不同之处，就是在流动资产与流动负债比较时，从流动资产中扣除存货。这是因为存货的变现速度相对其他短期资产要慢，存货也有可能过时，部分存货还有可能已抵押给某个债权人。存货还存在着成本与合理市价相差悬殊的问题，如果把全部存货的价值都用来计算流动比率，显然夸大了企业流动资产的变现能力。一般债权人不期望企业用变卖存货来偿还债务，而又想了解该企业的变现能力，因而要把存货从流动资产中扣除，计算出速动比率。其计算公式为：
速动比率=流动资产/存货流动负债
②保守速动比率。
保守速动比率是在保留货币资金和有价证券、应收账款净额、扣除预付款和其他流动资产的基础上与流动负债的比率，计算公式为：
保守速动比率=货币资金+金融资产+应收票据+应收账款净额流
动负债速动比率和保守速动比率主要是在企业不同的会计年度之间，不同企业之间，以及企业与行业平均数之间进行对比。在应收账款较多的企业速动比率和保守速动比率则较大，在纯现金销售的企业这个指标则较小。但是在计算速动比率之前，也应同时计算应收账款周转指标，确认应收账款的变现能力如何。
如果流动比率和速动比率与历史相比不断下降，说明企业破产机会增加，投资者、债权人风险加大。
通常认为正常的速动比率是1.这个比率主要用在企业不同会计年度之间，不同企业之间以及企业与行业平均数之间进行对比。但是，某些行业的速动比率允许低于1，而有些行业必须保持高于1的速动比率。例如，只作现金销售，商店没有应收账款，因此允许保持一个大大低于1的速动比率，这对其正常营业不会有不良的影响。
（4）现金比率。
现金比率是在企业应收款项和存货的变现能力都存在问题的情况下，如应收账款收回的可能性很小，存货不能变卖或已抵押出去，只有采取极端保守的态度，计算现金比率。这也是衡量短期偿债能力的一个指标。
现金比率可以把现金当量和可上市证券之和与流动负债进行对比。其计算公式为：
现金比率=（货币资金+金融资产）/流动负债
在评价企业变现能力中，这个指标不作为重要指标来进行分析，只是在最坏的情况下看短期偿债能力如何。一般情况下，在存货和应收账款的期限相当长的企业里，经营活动又具有高度的投资性，分析企业现金比率才显得很重要。
现金比率反映企业即刻变现能力，这个指标要是很高，也不一定是好事，可能反映该企业不善于充分利用现金资产，没有把现金投入经营。因此在对这个指标下结论前，要充分了解企业的情况。
（5）表外信息。
上述变现能力指标，都是从会计报表资料中取得的。还有一些会计报表资料中没有反映出来的因素，也会影响企业的短期偿债能力，甚至影响力相当大。会计报表使用者多了解些这方面的情况，有利于作出正确的判断。
企业流动资产的实际变现能力，可能比会计报表项目反映的变现能力要好一些，主要有以下几个因素：
①可动用的银行贷款指标。
银行已同意、企业未办理贷款手续的银行贷款限额，可以随时增加企业的现金，提高支付能力。
②准备很快变现的长期资产。
代写企业研究报告由于某种原因，企业可能将一些长期资产很快出售变为现金，增强短期偿债能力。企业出售长期资产，一般情况下都是要经过慎重考虑的，企业应根据近期利益和长期利益的辩证关系，正确决定出售长期资产的问题。
③偿债能力的声誉。
如果企业的长期偿债能力一贯很好，有一定的声誉，在短期偿债方面出现困难时，可以很快地通过发行债券和股票等办法解决资金的短缺问题，提高短期偿债能力，这个增强变现能力的因素，取决于企业自身的信用声誉和当时的筹资环境。
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