Advantages and disadvantages of enterprise debt management;
Debt management refers to the use of creditors' or others' funds by debtors or enterprises in the form of bank credit or commercial credit in order to expand the scale of enterprises and increase their operating ability and competitiveness. Therefore, debt management has naturally become an inevitable choice for every enterprise under the conditions of market economy. However, the debt must be repaid, and the debt management of enterprises must be guaranteed by specific repayment responsibilities and certain solvency, and stress the debt scale, debt structure and debt benefit, otherwise enterprises may fall into a bad debt crisis. Therefore, it is necessary to analyze the advantages and disadvantages of enterprise debt management in order to take measures to prevent and solve it.
Benefits of corporate debt management
-Enterprise debt management can effectively reduce the weighted average cost of capital of enterprises. This influence is mainly reflected in two aspects: on the one hand, for investors, the yield of creditor's rights is fixed, and the principal can generally be recovered at maturity, unless the enterprise is insolvent and liquidated. The risk is smaller than equity investment, the required rate of return is correspondingly lower, and the cost of debt financing is also lower than equity financing. Therefore, the cost of debt capital is lower than equity capital. In addition, debt management can benefit from the "tax reduction effect". Because the interest expense of debt is paid before tax, enterprises can get the benefit of reducing income tax. Under the influence of these two factors, when the total amount of funds is fixed, a certain proportion of debt management can effectively reduce the weighted average capital cost of enterprises.
-Debt management brings "financial leverage effect" to enterprises. Because paying interest to creditors is a fixed expenditure that has nothing to do with the profit level of enterprises, when the profit rate of enterprises is higher than the cost of debt funds, the income of enterprises will increase to a greater extent, that is, the financial leverage effect. At the same time, enterprises can use their own funds saved by debt to create new profits. Therefore, a certain degree of debt management plays an important role in improving the profitability of enterprises.
-Debt management can enable enterprises to benefit from inflation. In an inflationary environment, the currency depreciates and prices rise, but corporate debt repayment is still based on its book value, regardless of inflation. In this way, the real value of the enterprise's actual repayment is lower than the real value of the borrowed currency, which makes the enterprise gain the benefit of currency depreciation.
-Debt management is conducive to maintaining corporate control. When an enterprise raises funds, if it raises capital by issuing stocks, it will inevitably lead to the dispersion of equity and affect the control right of existing shareholders. Debt financing can increase the source of enterprise funds without affecting the control of enterprises, which is beneficial to the control of existing shareholders.
-Debt management is also an external supervision factor for the company to improve its governance mechanism. Corporate debt is not only a means of financing, but also can reduce the agency cost of shareholders and managers by optimizing the capital structure and introducing the supervision of creditors. In order to ensure the recovery and appreciation of their own capital, creditors will of course pay attention to the operation of enterprises, which will virtually supervise managers, thus reducing the cost of shareholders' supervision of managers. Debt is not only a means of enterprise financing, but also the introduction of external supervision factors to improve corporate governance mechanism.
Risks of debt management
-The negative effect of "financial leverage effect". When enterprises are faced with operational difficulties caused by economic downturn or other reasons, due to the burden of fixed interest, when the profit rate of funds declines, the return rate of investors will decline at a faster rate.
-Bankruptcy risk. For debt management, the enterprise has the legal responsibility to repay the principal and interest when due. If the enterprise can't get the expected rate of return from the capital investment projects raised by debt, or the overall production, operation and financial situation of the enterprise deteriorate, or the short-term capital operation of the enterprise is improper, these factors will not only lead to a sharp drop in the profit of the enterprise, but also make the enterprise face the risk of insolvency. Therefore, enterprises may be short of funds and forced to auction or mortgage assets at low prices.
-Refinancing risk. Due to debt management, the asset-liability ratio of enterprises increases, the degree of guarantee to creditors decreases, and enterprise investors also demand higher returns because of the increased risks of enterprises. As compensation for possible risks, it will greatly increase the cost and difficulty for enterprises to issue loans such as stocks and bonds to raise funds.
How should enterprises be moderately indebted?
-enhance risk awareness, borrow as needed, and do what you can. The fundamental difference between stock funds and borrowed funds is that the borrowed funds are to be repaid. Because of the time interval between debt acquisition and repayment, it is easy for enterprises to borrow money rather than repay it. Now ... >>
How to analyze the debt level of enterprises?
Generally, it is analyzed through relevant financial indicators (ratios), as follows:
Current ratio:
Current ratio, indicating how much current assets are guaranteed to be repaid per 1 yuan of current liabilities. It reflects the degree to which the company's current assets protect its current liabilities. Formula: current ratio = total current assets ÷ total current liabilities Generally speaking, the greater this indicator, the stronger the company's short-term solvency. Usually, the index is around 200%. 1998, the average value of this index in Shanghai and Shenzhen stock markets is 200.20%. When using this index to analyze the company's short-term solvency, it should also be comprehensively analyzed in combination with inventory scale, turnover speed, liquidity and liquidity value. If a company's liquidity ratio is high, but its inventory scale is large and its turnover speed is slow, which may lead to weak liquidity and low liquidity value, then the company's actual short-term solvency will be weaker than the level reflected by the indicators.
Quick ratio:
The quick ratio indicates how many quick assets are guaranteed to be repaid for every 65,438+0 yuan current liabilities, which further reflects the degree of protection of current liabilities. Formula: quick ratio = (total current assets-net inventory) ÷ total current liabilities Generally speaking, the greater this indicator, the stronger the company's short-term solvency. Usually this index is around 100%. 1998 The average value of this index in Shanghai and Shenzhen stock markets is 153.54%. When using this index to analyze the company's short-term solvency, we should comprehensively analyze the scale of accounts receivable, turnover speed and the scale of other receivables, as well as their liquidity. If a company's quick ratio is high, but the turnover rate of accounts receivable is slow, and it is larger than other accounts receivable and has poor liquidity, then the company's real short-term solvency is worse than that reflected by this index. Because the liquidity of current assets such as prepayments and prepaid expenses is poor or cannot be realized, if these indicators are too large, the influence of these items should also be deducted when analyzing the company's short-term solvency by using current ratio and quick ratio.
Cash ratio:
The cash ratio indicates how much cash and cash equivalents are used as repayment guarantee for every 65,438+0 yuan current liabilities, reflecting the company's ability to pay off current liabilities with cash and cash. Formula: cash ratio = (monetary fund+short-term investment) ÷ total current liabilities This indicator can truly reflect the company's actual short-term solvency. The greater the index value, the stronger the company's short-term solvency. 1998, the average value of this index in Shanghai and Shenzhen stock markets was 56.47%.
Capital turnover rate:
Capital turnover rate indicates the ratio of realizable current assets to long-term liabilities, and reflects the company's ability to repay long-term debts. Formula: capital turnover rate = (monetary capital+short-term investment+notes receivable) ÷ Total long-term liabilities Generally speaking, the greater the index value, the stronger the company's recent long-term solvency and the better the security of creditor's rights. Due to the long repayment period of long-term liabilities, the future cash inflow, operating profitability and profit scale of the company should be fully considered when using this index to analyze the company's long-term solvency. If the company's capital turnover rate is high, but the future development prospect is not optimistic, that is, the possible cash inflow in the future is small, the operating profitability is weak, and the profit scale is small, then the company's actual long-term solvency will become weak.
Liquidation value ratio:
Liquidation value ratio, indicating the ratio of tangible assets to liabilities, reflects the company's ability to pay off all debts. Formula: liquidation value ratio = (total assets-total intangible and deferred assets) ÷ total liabilities Generally speaking, the greater the index value, the stronger the company's comprehensive solvency. 1998, the average value of this index in Shanghai and Shenzhen stock markets was 309.76%. Because the realization ability and realization value of tangible assets are greatly influenced by the external environment, it is difficult to determine, so the quality and market demand of tangible assets should be fully considered when analyzing the company's comprehensive solvency with this index. If the company's tangible assets have poor liquidity and low liquidity value, then the company's comprehensive solvency will be affected.
Interest payment multiple:
The multiple of interest payment refers to the multiple of income before interest and tax and interest expenditure, which reflects the financial risk degree of the company's debt operation. Formula: interest payment multiple = (total profit+financial expenses) ÷ financial expenses Generally speaking, the greater the index value, the stronger the company's ability to repay loan interest, and the smaller the financial risk of debt operation. 1998, the average value of this index in Shanghai and Shenzhen stock markets was 36.57%. Due to financial expenses ... >>
Liabilities Analysis in Balance Sheet Analysis
Purpose 1. Reveal the connotation of balance sheet and related items. 2. Understand the changes and reasons of the enterprise's financial situation. 3. Evaluate the degree to which enterprise accounting reflects the operating conditions of enterprises. 4. Evaluate enterprise accounting policies. 5. Correct the data content of the balance sheet. The content of balance sheet analysis: horizontal balance sheet analysis, vertical balance sheet analysis and balance sheet item analysis. I. Preparation of the analysis table at the balance sheet level Compare the value of each item in the balance sheet during the analysis period with the figures in the base period (last year or plan and budget), and calculate the change amount, change rate and the impact of the item on total assets, total liabilities and total owners' equity. Ii. analysis and evaluation of changes in the balance sheet (1) analysis and evaluation from the perspective of investment or assets 1. Analyze the changes of total assets scale and all kinds of assets; 2, found that the change is bigger, or have a greater impact on the total assets of key categories and key projects; 3. Analyze the rationality and efficiency of asset changes; 4. Investigate the adaptability of the change of asset scale to the change of owner's equity and total amount, and then evaluate the stability and security of enterprise's financial structure; 5. Analyze the impact of changes in accounting policies. (2) Analyze and evaluate 1 from the perspective of financing or equity, and analyze the changes of total equity and various types of financing; 2, found that major changes, or have a greater impact on the rights and interests of key categories and key projects; 3. Pay attention to analyze and evaluate the impact of off-balance sheet business. (III) Analysis and evaluation of reasons for changes in the balance sheet 1, types of changes in liabilities 2, types of changes in additional investment 3, types of changes in business 4, types of changes in dividend distribution. I. Preparation of the vertical analysis table of the balance sheet By calculating the proportion of each item in the balance sheet to total assets or total rights and interests, analyze and evaluate the reasonable degree of changes in the asset structure and rights and interests structure of the enterprise. Static analysis: dynamic analysis based on the current balance sheet: compare the current balance sheet with the selected standard. Ii. analysis and evaluation of changes in the balance sheet structure (I) analysis and evaluation of the asset structure 1. Observe the asset allocation of enterprises from a static point of view, and evaluate its rationality by comparing it with the industry average or the asset structure of comparable enterprises; 2. Analyze the changes of asset structure from a dynamic perspective and evaluate the stability of assets. (2) Analysis and evaluation of capital structure 1. Observe the composition of capital from a static point of view, and evaluate its rationality in combination with the profitability and operational risk of enterprises; 2. Analyze the change of capital structure and its influence on shareholders' income from a dynamic perspective. Three. Specific analysis and evaluation of asset structure, liability structure and shareholders' equity structure (I) Specific analysis and evaluation of asset structure 1. Proportional relationship between operating assets and non-operating assets II. Proportional relationship between fixed assets and current assets: moderate, conservative and radical. 3. The internal structure of current assets and the average level of the same industry, or the target set in the financial plan shall prevail. (II) Specific analysis and evaluation of debt structure 1, factors to be considered in debt structure analysis (1) Debt structure and debt scale (II) Debt structure and debt cost (III) Debt structure and debt repayment period (IV) Debt structure and financial risk (V) Debt structure and economic environment (VI) Debt structure and financing policy 2. Analysis and evaluation of typical debt structure. Debt term structure analysis and evaluation (2) debt model structure analysis and evaluation (3) debt cost structure analysis and evaluation (3) specific analysis and evaluation of equity structure 1, Factors to be considered in the analysis of shareholder's shareholding structure (1) Shareholder's shareholding structure and total shareholders' equity (2) Shareholder's shareholding structure and enterprise profit distribution policy (3) Shareholder's shareholding structure and enterprise control right (4) Shareholder's shareholding structure and cost of equity capital (5) Shareholder's shareholding structure and economic environment (2) Shareholder's shareholding structure analysis and evaluation (4) Adaptability analysis and evaluation of asset structure and capital structure (/kloc-0) Disadvantages: high capital cost; The elasticity of financing structure is weak. Scope of application: It is rarely adopted by enterprises. 2. Steady structure analysis: non-current assets are solved by long-term funds, and current assets need both long-term funds and short-term funds. Advantages: less risk, relatively low debt capital and certain flexibility. Scope of application: most enterprises. 3. Balanced structure: non-current assets meet long-term funds and current assets meet current liabilities. Advantages: the two are compatible, the enterprise risk is small and the capital cost is low. Disadvantages: the two are not timely, which may lead to financial crisis for enterprises. Scope of application: operating conditions ... >>
What factors are related to the increase of current liabilities of enterprises? 5 points
Short-term loans, notes payable, accounts payable, accounts received in advance, salaries payable to employees, taxes payable, interest payable, shares, non-current liabilities due within one year.
What causes the asset-liability ratio of enterprises to be greater than 100%?
total liabilities
Asset-liability ratio =- 100%
total assets
The lower the ratio, the better. Because the owners (shareholders) of the company generally only bear limited liability, once the company goes bankrupt and liquidates, the realized income of the assets is likely to be lower than its book value. So if this index is too high, creditors may suffer losses. When the asset-liability ratio is greater than 100%, it means that the company is insolvent, which is very risky for creditors.
The reasons why the asset-liability ratio is greater than 100% include:
1, the enterprise suffered serious operating losses. The loss is greater than the paid-in capital or share capital of the enterprise and the capital premium originally increased for other reasons, and the surplus reserve can not make up for the loss in full, resulting in the scarlet letter of net assets.
2. Enterprises are over-allocated. When the actual distributable amount, capital premium and total surplus reserve still can't reach the distributable amount of the enterprise, it leads to the scarlet letter of net assets.
3. The enterprise suddenly faces huge compensation or huge fines. The amount of compensation or fine is greater than the total net assets before compensation, resulting in the scarlet letter of net assets after compensation.
4. The enterprise makes huge provision for impairment, including provision for impairment of long-term assets such as bad debts and fixed assets, as well as provision for impairment of goodwill, which leads to the huge provision being greater than the total net assets accrued in advance, resulting in the red letter of the accrued net assets.
How to analyze debt and equity structure
(A) the specific analysis and evaluation of debt structure
1. Factors to be considered in debt structure analysis
(1) Debt structure and debt scale
(2) Debt structure and debt cost
(3) Debt structure and repayment period
(4) Debt structure and financial risks
(5) Debt structure and economic environment
(6) Debt structure and financing policy
2. Analysis and evaluation of typical debt structure
Different debt classification methods can form different debt structures. Therefore, the analysis of debt structure can be carried out from the following aspects.
1, Analysis and Evaluation of Debt Term Structure
2. Analysis and evaluation of debt structure
3. Analysis and evaluation of debt cost structure
(B) the specific analysis and evaluation of shareholders' equity structure
1. Factors to be considered in analyzing the shareholders' equity structure
(1) Shareholders' equity structure and total shareholders' equity
(2) Shareholders' ownership structure and enterprise profit distribution policy.
(3) Shareholder's ownership structure and company control right
(4) Shareholders' equity structure and cost of equity capital
(5) Shareholder's ownership structure and economic environment
2. Analysis and evaluation of shareholders' equity structure
The analysis of the change of shareholders' equity structure is based on the information provided by the balance sheet and adopts the vertical analysis method.
What problems does the analysis of asset-liability ratio mainly reveal?
Asset-liability ratio is an important symbol to measure the debt level and risk degree of enterprises.
It is generally believed that the appropriate level of asset-liability ratio is 40-60%. For enterprises with relatively high operating risks, in order to reduce financial risks, we should choose a relatively low asset-liability ratio; For enterprises with low operational risk, we should choose a higher asset-liability ratio to increase shareholders' income.
When analyzing the asset-liability ratio, it can be carried out from the following aspects:
1. From the creditor's point of view, the lower the asset-liability ratio, the better. The asset-liability ratio is low, and the proportion of funds provided by creditors to the total capital of the enterprise is low, so it is unlikely that the enterprise can not repay its debts. The risk of an enterprise is mainly borne by shareholders, which is very beneficial to creditors.
2. From the point of view of shareholders, they hope to maintain a high asset-liability ratio. From the standpoint of shareholders, it can be concluded that when the total capital profit rate is higher than the borrowing rate, the higher the debt ratio, the better.
3. From the operator's point of view, what they are most concerned about is to make full use of the borrowed funds to bring benefits to the enterprise and at the same time reduce the financial risks as much as possible.
This depends on the type of enterprise to analyze. Some enterprises are characterized by high asset-liability ratio, such as financial insurance, and some enterprises have low asset-liability ratio, such as manufacturing. In addition, it should be compared with the industry average.
Influencing factors of asset-liability ratio
Analysis of net profit and cash flow The growth of asset-liability ratio of an enterprise depends on whether the profit realized in the current year has increased compared with the same period of last year, and whether the growth rate of profit is greater than the growth rate of asset-liability ratio. If it is greater than, it will bring positive benefits to the enterprise and increase the owner's equity of the enterprise. With the increase of the owner's equity, the asset-liability ratio will also decrease accordingly. Secondly, it depends on the net cash inflow of enterprises. When enterprises borrow a lot to achieve higher profits, there will be more cash inflows, which shows that enterprises have a certain ability to pay in a certain period of time, can repay debts and guarantee the rights and interests of creditors, and also shows that the business activities of enterprises are in a virtuous circle. Analysis of current assets: the asset-liability ratio of an enterprise is closely related to the proportion of current assets to total assets, the structure of current assets and the quality of current assets. If the current assets account for a large proportion of the total assets of the enterprise, it means that the liquidity with fast capital turnover and strong liquidity is dominant, even if the asset-liability ratio is high, it is not terrible. The structure of current assets mainly refers to the proportion of monetary funds, accounts receivable, inventory and other assets in all current assets. These are the assets with the fastest liquidity and the strongest ability to pay among the current assets of enterprises. We know that monetary funds are spot funds, accounts receivable are funds that can be withdrawn at any time, and inventory is spot funds generated with the realization of sales. The amount of these assets directly affects the cash demand ability of enterprises. If the ratio is significant, it shows that the current asset structure of the enterprise is reasonable and there are enough realized assets as a guarantee. On the other hand, it shows that most of the current assets of enterprises are assets to be processed, prepaid expenses and relatively solidified or expensed assets. These assets are expenses to be digested by enterprises themselves. Not only can they fail to pay their debts, but they will consume and erode corporate profits, which is also a dangerous signal. The quality of current assets mainly depends on whether there are bad debts and their proportions in the accounts receivable of the enterprise, whether there are unsalable goods and long-term overstocked materials in the inventory, whether the enterprise has made provision for bad debts and sales price, and whether the provision for bad debts and sales price are enough to make up for the losses of bad debts, unsalable goods and overstocked materials. Long-term investment analysis: investment means that enterprises increase their wealth and gain more benefits through distribution. Whether the enterprise investment is reasonable and feasible. First of all, it is necessary to analyze whether the proportion of enterprise investment in all assets is reasonable. If the investment ratio is too high, it means that the investment scale of the enterprise is too large, which will directly affect the liquidity and payment ability of the enterprise, especially in the case of extremely high asset-liability ratio, which will force the enterprise to pay its debts and even affect its reputation. Secondly, it is necessary to analyze whether the investment project of the enterprise is feasible, that is, whether the return on investment is higher than the financing interest rate. If the return on investment is higher than the interest rate, the investment is feasible. Analysis of fixed assets: The scale of fixed assets is very important for enterprises. First, the proportion of fixed assets in the total assets of enterprises. Under normal circumstances, the amount of fixed assets is less than the net assets of the enterprise, accounting for 2/3 of the net assets, so that there are13 of the current assets in the net assets of the enterprise, and finally there is no need to auction the fixed assets to pay off debts. The high proportion of fixed assets shows that the liquidity of enterprises is poor and their ability to repay debts is poor. The second is whether the proportion of fixed assets used for production in fixed assets is reasonable. If the proportion of productive fixed assets is low, it means that the proportion of unproductive fixed assets is significant. Due to the lack of fixed assets for production, it is likely to be unable to meet the needs of production and operation, and the business objectives of enterprises are difficult to achieve. If the unproductive fixed assets are too large, there will be more depreciation included in the current profit and loss of the enterprise, resulting in less enterprise benefits and less cash inflow, which will weaken the ability of the enterprise to repay debts. Analysis of current liabilities Generally speaking, the higher the ratio of current assets, the more secure creditors are. However, if the current ratio is too high, some funds will stay in the form of current assets, which will affect the profitability of enterprises. Therefore, enterprises should determine a reasonable boundary of current ratio. Below this limit, it shows that the asset-liability ratio may be high, the credit of enterprises will be damaged, and it is difficult to borrow money again. Exceeding this limit shows that some funds are idle, and the efficiency of fund use is not high, resulting in a waste of funds. Short-term loan analysis: the higher the asset-liability ratio of enterprises, the more they borrow from banks. Therefore, when an enterprise decides to borrow money, it must first analyze the market situation and make a judgment on whether to borrow money through the economic environment, economic conditions and economic situation of the market. You can borrow it when the market prospect is good, otherwise it is not suitable. Secondly, it is necessary to analyze whether the profit level of the enterprise after borrowing is higher than the loan interest ... >>
How to analyze the solvency of enterprises?
Solvency refers to the ability of an enterprise to repay its due debts (principal and interest). Its analysis content should generally include short-term solvency analysis and long-term solvency analysis.
1. The main indicators of short-term solvency analysis are: current ratio, quick ratio and cash current debt ratio.
1, current ratio = current assets ÷ current liabilities. Generally speaking, the higher the current ratio, the stronger the short-term solvency of enterprises and the more secure the rights and interests of creditors. According to the long-term experience of western enterprises, it is generally considered that the ratio of 2: 1 is more appropriate.
2. Quick ratio = quick assets/current liabilities
Traditionally, western enterprises think that the quick ratio is 1, which is the safety standard. The so-called quick assets refer to the balance of current assets after deducting poor liquidity, unstable inventory, prepaid expenses and losses of current assets to be handled. Therefore, the quick ratio is more accurate than the current ratio, which can reliably evaluate the liquidity of enterprise assets and the ability to repay short-term debts.
3. Debt ratio of cash flow = annual net operating cash flow ÷ current liabilities at the end of the year × 100%.
This indicator is to examine the actual solvency of enterprises from the dynamic perspective of cash inflow and outflow. Because there may not be enough cash to repay debts in the profit-making year, the cash flow debt ratio index based on cash basis can fully reflect the degree of net cash flow generated by business activities of enterprises to ensure the repayment of current current liabilities, and intuitively reflect the actual ability of enterprises to repay current liabilities.
2. Analysis of long-term solvency includes: asset-liability ratio, property right ratio, multiple of earned interest, and long-term asset suitability ratio.
1, asset-liability ratio = total liabilities ÷ total assets
The smaller the ratio, the stronger the long-term solvency of the enterprise. If this ratio is large, from the perspective of business owners, investing with less self-owned funds to form more productive assets can not only expand the scale of production and operation, but also use financial leverage to obtain more investment profits under good operating conditions.
2. Property right ratio = total liabilities ÷ owner's equity
The lower the index, the stronger the long-term solvency of the enterprise, the higher the degree of protection of creditors' rights and interests, and the smaller the risk, but the enterprise can not give full play to the financial leverage effect of debt. Therefore, enterprises should comprehensively improve their profitability and solvency when evaluating whether the proportion of property rights is appropriate, that is, on the premise of ensuring the safety of debt repayment, increase the proportion of property rights as much as possible.
3. Earned interest multiple = earnings before interest and tax/interest expense.
This indicator not only reflects the profitability of enterprises, but also reflects the degree of guarantee of profitability to repay debts. It is not only the premise of debt management, but also an important symbol to measure the long-term solvency of enterprises. Its important enlightenment: in order to maintain normal solvency, in the long run, the multiple of interest earned should be at least greater than 1, and the higher it is, the stronger the long-term solvency of enterprises will be. If it is less than 1, the enterprise will face the risk of loss, and the security and stability of debt repayment will decline.
4. Suitability ratio of long-term assets = (owner's equity+long-term liabilities) ÷ (fixed assets+long-term investment) × 100%
From the perspective of balance and coordination between long-term assets and long-term capital, the long-term asset suitability rate reflects the stability of financial structure and the size of financial risks. This indicator not only fully reflects the solvency of enterprises, but also reflects the rationality of the use of funds. It is helpful to strengthen the internal management and external supervision of enterprises to analyze whether there are problems such as blind investment, long-term assets crowding out liquidity or insufficient use of liabilities.
How to see the operating conditions of enterprises from the balance sheet?
Using the balance sheet to analyze the solvency of sea period, the main indicators are:
1, asset-liability ratio
Asset-liability ratio = total liabilities/total assets
Asset-liability ratio is an important symbol to measure the debt level and risk degree of enterprises.
? It is generally believed that the appropriate level of asset-liability ratio is 40-60%. But different analysts have different requirements for asset-liability ratio. And the industry differences are obvious.
(1) Whether the numerator should include current liabilities in the calculation of asset-liability ratio is controversial;
Opponents believe that because short-term liabilities are not the source of long-term funds, if they are included, they cannot well reflect the "long-term" liabilities of enterprises.
Supporters believe that short-term debt is long-term from the long-term dynamic process, such as the whole of "accounts payable", in fact, it is a "permanent" part of the source of funds for enterprises.
(2) The report analysts with different asset-liability ratio indicators have different views.
Creditor's position: the lower the asset-liability ratio, the better. Creditors are concerned about whether the money lent to the enterprise can be fully recovered on time.
Equity investors (shareholders): Due to the existence of leverage, the asset-liability ratio should be higher. (Before tax payment of debt interest, enterprises can obtain financial leverage income, but the higher the better. When the total capital profit rate is higher than the debt interest rate, the higher the debt ratio, the better; On the contrary, the lower the debt ratio, the better. )
Operator: The risks and benefits are balanced, so the asset-liability ratio should be moderate.
Empirical research shows that there are significant industry differences in asset-liability ratio, and we should pay attention to the comparison with the industry average when analyzing this ratio. (When comparing with other enterprises, we should also pay attention to the consistency of calculation caliber)
When using this index to analyze the long-term solvency, we should combine the overall economic situation, industry development trend, market environment and other comprehensive judgments. The analysis should also refer to other index values.
2. Property right ratio
Property right ratio = total liabilities/total owner's equity (i.e. total net assets)
Or:
Equity ratio = liabilities/owner's equity =
Liabilities/(assets-liabilities)
= (Liabilities/Assets)/(Assets/Assets-Liabilities/Assets)
= (liabilities/assets) /( 1- liabilities/assets), that is, the ratio of property rights = asset-liability ratio /( 1- asset-liability ratio)
The ratio of property rights mainly reflects the ability of owners' equity to bear the debt risk, which is just another form of asset-liability ratio. The analysis method of property right ratio is similar to the analysis method of asset-liability ratio. Problems that should be paid attention to in the analysis of asset-liability ratio should also be paid attention to in the analysis of property right ratio. For example, when comparing the proportion of property rights between this enterprise and other enterprises, we should pay attention to whether the calculation caliber is consistent.
The solvency reflected by the proportion of property rights is guaranteed by net assets.
3. Tangible net debt ratio
Tangible net debt ratio = total liabilities/(shareholders' or owners' equity-net intangible assets)
The reason why intangible assets are deducted from shareholders' equity is that from a conservative point of view, these assets will not provide any resources for creditors.
It mainly explains the extent to which creditors are protected when an enterprise goes bankrupt.
The debt ratio of tangible net assets is mainly used to measure the degree of risk and solvency of enterprises. The greater this indicator, the greater the risk; On the contrary, the smaller. Similarly, the smaller the index, the stronger the long-term solvency of enterprises, and vice versa.
The analysis of the debt ratio of tangible net assets can be carried out from the following aspects:
? First, the debt ratio of tangible net assets reveals the relationship between total liabilities and tangible net assets, which can measure how much tangible property protection creditors can get when enterprises go bankrupt and liquidate. From the perspective of long-term solvency, the lower the index, the better.
? Second, the biggest feature of the tangible net debt ratio index is to deduct intangible assets from the net assets that can be used to repay debts. This is mainly because the measurement of intangible assets lacks reliable basis and cannot be used as a resource to repay debts.
? 3. The debt ratio analysis of tangible net assets is the same as that of property right ratio, and the ratio of total liabilities to tangible net assets should be maintained at 1: 1.
? Fourthly, when using the ratio of property rights, we must make further analysis with the index of tangible net debt ratio. ...& gt& gt