2? The analysis of asset structure includes not only the analysis of current assets, but also the increase and decrease of intangible assets and the depreciation rate of fixed assets. Enterprises with increasing intangible assets have strong development and innovation capabilities; Enterprises with higher depreciation rate of fixed assets have faster technological updates.
Question 2: Analysis of asset structure and capital structure How to analyze capital structure: Asset-liability ratio generally refers to debt ratio. Asset structure refers to the ratio within assets, such as current assets ratio (the ratio of current assets to total assets) and quick assets ratio.
Question 3: How to analyze the capital structure of one or several companies by means of financial statement analysis? The analysis of capital structure mainly uses the balance sheet to observe:
Financial structure and the rationality of debt management
The balance sheet owns or controls resources and financial strength.
Observe the solvency and financing ability of enterprises.
Forecast the future financial situation
Main financial indicators:
1) Proportion of self-owned capital = total self-owned capital/total funds (liabilities+owners' equity)
Investigate the proportion of self-owned funds to total working capital.
2) ratio of capital to liabilities = total self-owned capital/total liabilities
Reflect the proportion of self-owned funds to borrowed funds and measure the degree of operational safety.
3) Capital composition ratio = paid-in capital/total funds
Investigate the proportion of paid-in capital to total working capital and measure the degree of business risk.
4) Owner's equity ratio = (surplus reserve+capital reserve+undistributed profit)/paid-in capital.
Also known as the safety rate of paid-in capital, it reflects the degree of protection of paid-in capital by provident fund.
5) Composition ratio of long-term liabilities = total long-term liabilities/total funds
Examine whether the long-term liabilities of enterprises are appropriate.
6) Composition ratio of current liabilities = total current liabilities/total assets
Investigate whether the current liabilities of enterprises are too much in a certain period of time.
7) Debt-to-equity ratio = total liabilities/total shareholders' equity
Reflect the debt situation of enterprises and the basic financial structure of enterprises.
Decision analysis of optimal capital structure
Capital structure refers to the combination and relationship between debt funds and equity funds in long-term funds. The optimal capital structure refers to the capital structure when the comprehensive capital cost is the minimum and the owner's equity is the maximum.
For example, the amount of long-term funds
Long-term bonds with an annual interest rate of 12% are 30 million yuan.
Preferred stock, annual interest rate13% 20 million yuan.
Common stock, market price 100 yuan/share, expected dividend 10 yuan, increasing by 4% to 30 million yuan every year.
The income tax is 33%. Assuming the raising rate is 0%, it is planned to increase the capital by 20 million yuan.
Put forward two schemes:
1. Issue long-term bonds of RMB 6,543,800,000, with an annual interest rate of RMB 654.38+04%, and issue common shares of RMB 6,543,800,000, and the dividend per share will increase to RMB 654.38+04, with an annual increase of 5% thereafter. At the same time, due to financial risks, the stock price will fall to 80 yuan.
Second, issue long-term bonds of 6,543,800,000 yuan, with an annual interest rate of 654.38+04%; Re-issue100000 ordinary shares, and the dividend per share will increase to 14 yuan, and then increase by 5% every year, and the share price of ordinary shares will rise to 145 yuan.
First of all, calculate the comprehensive capital cost of the existing capital structure, and the ratio of individual funds to capital cost is as follows:
WB = 3000/8000 = 37.5% KB =12% × (1-33%)/(1-0) (the financing interest rate is 0).
WP = 2000/8000 = 25% Kp = 13%/( 1-0)
we = 3000/8000 = 37.5% Ke = 10/ 100+4% = 14%
The existing comprehensive capital cost = 37.5% × 8.04%+25 %×13%+37.5 %×14% =1.52%.
Secondly, calculate the comprehensive capital cost of scheme one.
WB 1 = 3000/ 10000 = 30% kb 1 = 8.04%
wb2 = 2000/ 10000 = 20% Kb = 14%×( 1-33%)= 9.38%
WP = 2000/ 10000 = 20% Kp = 13%
we = 3000/ 10000 = 30% Ke = 14/80+5% = 22.5%
Comprehensive capital cost of Scheme I = 30% × 8.04%+20 %× 9.38%+20 %×13%+30 %× 22 ... > >
Question 4: How to analyze the company's capital structure? equity ratio
The ratio of shareholders' equity is the ratio of shareholders' equity to total assets. capital structure
The calculation formula is as follows: Shareholder's equity ratio = (total shareholder's equity ÷ total assets) × 100% This indicator reflects the ratio of capital provided by the owner to total assets and whether the basic financial structure of the enterprise is stable.
Asset-liability ratio
Asset-liability ratio is the percentage of total liabilities divided by total assets, which is the proportional relationship between total liabilities and total assets. The asset-liability ratio reflects how much of the total assets are financed by borrowing, and can also measure the extent to which enterprises protect the interests of creditors in the liquidation process. Calculation formula: the asset-liability ratio = (total liabilities ÷ total assets) × 100% is relatively large, which shows that the company has a strong ability to expand its business and make full use of shareholders' rights and interests, but too much debt will affect its solvency.
Long-term debt ratio
Long-term debt ratio is an indicator to judge the overall debt situation of an enterprise, that is, the ratio of long-term debt to total assets. capital structure
Long-term debt ratio = (long-term debt ÷ total assets) × 100%
Ratio of shareholders' equity to fixed assets
The ratio of shareholders' equity to fixed assets is also an index to measure the stability of a company's financial structure. It is the ratio of shareholders' equity divided by total fixed assets. The ratio of shareholders' equity to fixed assets = (total shareholders' equity ÷ total fixed assets) × 100% The ratio of shareholders' equity to fixed assets reflects the proportion of funds needed to purchase fixed assets from owner's capital.
Question 5: How to analyze the quality of enterprise capital structure? The quality of enterprise capital structure should mainly focus on the following main aspects:
(1) Comparative relationship between capital cost and return on assets. From the perspective of cost-benefit relationship
Analysis, only when the return on assets of the enterprise (which should be the ratio of the interest and pre-tax profit of the enterprise to the total assets of the enterprise) is greater than that of the enterprise.
Weighted average cost of capital, an enterprise can increase its net assets after paying remuneration to the fund provider,
The scale of enterprise's net assets has expanded. On the other hand, when the return on assets of an enterprise is lower than the weighted average cost of capital of the enterprise,
After the enterprise pays the remuneration to the fund provider, it will reduce the net assets of the enterprise, and the scale of the net assets of the enterprise will gradually decrease.
In other words, when the weighted average cost of capital is greater than the return on assets of the enterprise, the capital structure of the enterprise will lead to the enterprise.
The net assets of the industry are gradually shrinking. In this case, we can only think that the quality of the capital structure of enterprises is poor.
(2) the term composition of enterprise capital sources and the adaptability of enterprise asset structure. According to the theory of financial management, the purpose of enterprise financing determines the type of financing:
Enterprises should increase permanent current assets or long-term assets through long-term sources of funds (including owners' equity and non-current liabilities); The fluctuation of current assets caused by seasonal and temporary reasons should be solved through short-term sources of funds. If the capital source of an enterprise can't match the use of funds, the efficiency of the enterprise will decline because of the relatively high capital cost of the long-term capital source in the case of using long-term capital sources to support short-term fluctuating liquid assets;
In the case that enterprises use short-term funds to support long-term assets and permanent current assets, due to the long turnover time of long-term assets and permanent current assets, enterprises may often have urgent short-term debt repayment pressure.
That is to say, when the term of enterprise capital source constitutes an asset structure suitable for enterprises, the author thinks that the quality of enterprise capital structure is better. On the contrary, the quality of capital structure of enterprises is poor. It should be noted that due to the needs of strategic development, some enterprises often find that the term of capital source is not compatible with the asset structure of enterprises. At this time, we should make a dynamic analysis according to the specific situation, and we can't easily draw conclusions.
(3) Corporate financial leverage and corporate financial risks, corporate financial leverage and corporate future financing needs, and the adaptability of corporate future development.
According to the general financial management theory, the higher the financial leverage ratio of an enterprise, the higher the dependence of enterprise resources on liabilities.
Under the condition of high financial leverage, enterprises will face two major financial pressures:
First, the principal and interest of due debts cannot be repaid normally.
Second, when the enterprise suffers losses, the creditors of the enterprise may be infringed because the proportion of owners' equity is relatively small.
Affected by this, it will be much more difficult for enterprises to obtain funds from potential creditors. In other words, the high leverage ratio of enterprises will increase the difficulty of future debt financing to meet the normal business development in the future.
Therefore, enterprises with high financial leverage ratio have relatively high financial risks.
(4) The composition of shareholder's shareholding in the owner's equity of the enterprise and its adaptability to the future development of the enterprise. What kind of ownership structure an enterprise has is of great significance to its type, development and organizational structure. The dynamic change of ownership structure will lead to the change of enterprise organizational structure, management trend and management mode.
Therefore, when the ownership structure of an enterprise changes significantly, analysts should further analyze what changes have taken place in the controlling shareholder and the main influential shareholders' meeting, and what kind of directional impact this change will have on the enterprise, because it will largely determine the future development direction of the enterprise.
Question 6: How to analyze the current capital structure, balance sheet and equity structure of an enterprise?
Question 7: How to analyze the capital structure of a company depends on three tables. Download the annual report of a company. The capital structure of a company mainly refers to the ratio of liabilities to shareholders' equity. Generally speaking, it is whether its various financing methods are reasonable and optimal. You have to combine this with the industry and development stage of the company, which is more reasonable. If the company is in the growth stage, it may be that the capital transfer is faster and the debt is more, but there is no danger of the capital chain breaking; If it is a mature enterprise, it is mainly the problem of capital efficiency and capital cost. This still needs some effort to study.
Question 8: How to analyze the capital structure of the balance sheet? Urgent! Urgent! Analyze the current ratio, quick ratio, asset-liability ratio, equity multiplier, etc.
Question 9: How to analyze the balance sheet structure? Balance sheet is an accounting statement that comprehensively reflects the assets, liabilities and owners' equity of an enterprise on a specific date. The overall analysis of the balance sheet aims to grasp the whole picture of the financial situation of the enterprise on a specific date.
First, you can check the total assets, total liabilities and total owner's equity of an enterprise. Because the balance sheet is compiled with the formula of "assets = liabilities+owners' equity", the total amount of liabilities and owners' equity can be inferred from the total amount of assets, and the total amount of assets of an enterprise can roughly reflect the scale of its operation.
In addition, if we know the average assets of the industry in which the enterprise is located, we can also infer the position of the enterprise in the same industry.
Secondly, you can view the total number of current assets, non-current assets, liabilities, owners' equity and other major items. Through these totals, we can see the proportion of related projects in the total assets and liabilities and the total owner's equity, so as to understand the liquidity of enterprise assets and liabilities and the degree of enterprise debt management to a certain extent.
Thirdly, we can further observe the proportion of assets, liabilities and owners' equity in total assets, liabilities and owners' equity respectively. According to the relevant proportion, the percentage balance sheet can be listed, so as to understand the distribution of enterprise funds and the channels of enterprise funds sources. This will help to further analyze and find problems and further improve the capital structure of enterprises.
If you have the balance sheet of the enterprise in recent years, you can calculate the amount change and percentage change of each asset, liability and owner's equity item. Through the changes in the amount of assets, liabilities and owners' equity items, we can reflect the changes in the financial situation of enterprises in recent years and help to predict the future financial situation of enterprises. Through the percentage change of the amount of each asset, liability and owner's equity item, we can reflect the influence of each item on the change of enterprise's financial situation and the change range of each item itself, and also help to predict the trend of enterprise's future financial situation change.
In short, through the overall analysis of the balance sheet, we can roughly understand the financial situation of the assets owned by the enterprise, the debts undertaken by the enterprise, the owners' equity and so on. However, if we need to further understand the enterprise's ability to repay short-term debts and financial flexibility, and understand the details of the enterprise's capital structure and long-term solvency, we need to use trend analysis and ratio analysis to make a concrete analysis.
1 asset structure
Asset structure mainly reflects the proportional relationship between current assets and structural assets. An important indicator reflecting the asset structure is the ratio of current assets, and its calculation formula is:
Current assets ratio = current assets/total assets
The analysis of asset structure can help us to grasp the industry characteristics, management characteristics and technical equipment level of enterprises from a macro perspective.
The higher the ratio of current assets to total assets, the more important the daily production and operation activities of enterprises are. For example, in the period when the market demand for enterprise products is strong or the scale of operation is expanding, the capital invested by enterprises in the current production and operation activities is more than that invested by other enterprises and other periods. When the enterprise is in a period of vigorous development, the management of the enterprise is very important. This indicator is also an important indicator of industry division and industry comparison. Generally speaking, the index of textile metallurgical enterprises is between 30% and 60%, and the index of commercial wholesale enterprises can reach more than 90%.
The current assets of commercial enterprises are often greater than the non-current assets, while the situation in the chemical industry is just the opposite. For example, the current assets of a shopping mall co., Ltd. in Jiangsu on June 5438+February 3, 2005 were 56.02 million yuan, and the structural assets were 40.66 million yuan. In the same period, the current assets of a joint-stock company in Henan (mainly chemical industry) were 239.22 million yuan, and the structural assets were179.44 million yuan.
In the same industry, the ratio of current assets to long-term investment reflects the operating characteristics of enterprises. Enterprises with high current assets and liabilities are less stable, but more flexible; Those enterprises with a large proportion of structural assets and liabilities have a strong foundation, but it is difficult to change and adjust. Enterprises with high long-term investment have higher risks.
The increase or decrease of intangible assets and the depreciation of fixed assets reflect the new product development ability and technical equipment level of enterprises. Enterprises with many intangible assets have strong development and innovation capabilities; Enterprises with high depreciation rate of fixed assets can update their technology quickly.
Through the analysis of asset structure, it is concluded that > >
Question 10: how to analyze the optimization of capital structure and its influencing factors;
It refers to the process that an enterprise rationalizes its capital structure by adjusting its capital structure, and achieves its set goals.
It is of great significance for enterprises to implement the strategic management of capital structure optimization, so that enterprises can establish a modern enterprise system with clear property rights, clear rights and responsibilities and scientific management in the process of capital structure optimization, and optimize the formation of corporate governance structure on the basis of clear property rights. For the listed companies of joint-stock enterprises, it is also very important to establish a reasonable corporate governance structure, make the restraint and incentive mechanism play an effective role, and promote the maximization of enterprise value, which is also very important for the development and improvement of China's just-started capital market.
The influencing factors are:
external factor
1, the degree of development of the country.
Countries with different levels of development have different capital structures. Compared with other countries, developing countries have the following obstacles in the process of capital formation, capital accumulation and capital restructuring: First, the economic development is backward, the living income level is low, and the source of capital flow is withered. Second, developing countries have insufficient savings, imperfect financial institutions and underdeveloped financial markets, so it is difficult to effectively convert scattered and sporadic savings into investment and then form capital. In developed countries, sound, sound, complete and healthy financial organizations and capital markets play a very important intermediary role in ensuring the organization and pooling of savings, so that they can be smoothly transformed into investment.
2. Economic cycle.
Under the condition of market economy, the economy of any country is in a cyclical cycle of recovery, prosperity, recession and depression. Generally speaking, in the period of economic recession and depression, due to the overall economic downturn, many enterprises are struggling, and their financial situation is often in trouble, and may even deteriorate. Therefore, during this period, enterprises should adopt the policy of strengthening debt management. In the stage of economic prosperity and recovery, the economic form is improving, the market supply and demand are booming, most enterprises have stable sales and the profit level is rising. Therefore, enterprises should appropriately increase their liabilities and make full use of creditors' funds to engage in investment and business activities in order to seize development opportunities. At the same time, enterprises should ensure their own solvency, ensure that there is a certain amount of equity capital as the backing, reasonably determine the debt structure, disperse and balance the debt maturity, and avoid increasing the debt repayment pressure of enterprises due to the concentration of debt maturity.
3. The degree of competition in the industry where the enterprise is located.
In the macroeconomic environment, the debt level of enterprises cannot be generalized because of different industries. Under normal circumstances, if the industry in which the enterprise is located is weak in competition or in a monopoly position, such as communications, tap water, gas, electricity and other industries, sales are smooth, profits are growing steadily, and the bankruptcy risk is small or even non-existent, the debt level can be appropriately raised. On the contrary, if the enterprise is in an industry with high competition and high investment risk, such as household appliances, electronics, chemical industry, etc. Its sales volume is completely determined by the market, and the trend of profit equalization is that profits are averaged or even reduced. Therefore, the debt level of enterprises should be low in order to obtain a stable financial situation.
4. Tax mechanism.
The tax mechanism of the state on enterprise financing affects the financing behavior of enterprises to a certain extent. So that they can make choices that are beneficial to their own interests, thus adjusting the capital structure of enterprises. According to the tax laws of China. Interest on corporate debt can be included in the cost, thus offsetting corporate profits and further reducing corporate income tax. Due to the tax baffle effect, the improvement of financial leverage will increase the market value of enterprises. Therefore, enterprises with higher marginal tax rate should make more use of debt to obtain tax avoidance income, thus improving the value of enterprises.
internal factor
1, enterprise scale. Enterprise scale restricts the capital scale and capital structure of the company. Generally speaking, large enterprises tend to be diversified, vertically integrated or horizontally integrated. Diversification strategy can effectively disperse risks, stabilize cash flow, and is not easily affected by financial situation, thus making enterprises face lower bankruptcy costs and bear more liabilities to a certain extent. Vertical integration management strategy can save the transaction costs of enterprises, improve the overall operating efficiency of enterprises, not only improve the debt capacity of enterprises, but also improve the internal financing capacity of enterprises, so it is impossible to determine the relationship between the scale of enterprises implementing vertical integration strategy and the debt level. For enterprises implementing horizontal integration strategy, the expansion of enterprise scale will increase the market share of products, so it will bring higher and more stable income, so ..... >; & gt