The balance sheet is one of the three major financial statements of an enterprise's financial report, and it is the main accounting statement that reflects the financial situation of an enterprise in a certain period (i.e. assets, liabilities and owners' equity). The balance sheet reflects the composition and status of an enterprise's assets, total liabilities and their structure on a certain date, reveals the source and composition of the enterprise's assets, and explains, evaluates and predicts the short-term solvency of the enterprise. It is an accounting statement that reflects all assets, liabilities and owners' equity of the enterprise on a certain date.
Second, how to understand balance sheet?
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Some points on reading the balance sheet:
(1) Visit the main contents of the balance sheet to get a preliminary understanding of the assets, liabilities, total shareholders' equity and the composition, increase and decrease of internal items of the enterprise. Because the total assets of an enterprise reflect the business scale of the enterprise to a certain extent, its increase or decrease is closely related to the changes in corporate liabilities and shareholders' equity. When the growth rate of shareholders' equity of an enterprise is higher than the growth rate of total assets, it shows that the financial strength of the enterprise has been relatively improved; On the contrary, it shows that the main reason for the expansion of enterprise scale comes from the large-scale increase of liabilities, which further shows that the financial strength of enterprises is relatively declining and the security of debt repayment is also declining.
(2) Further analyze some important items in the balance sheet, especially those items with large changes or red letters at the beginning and end of the period, such as current assets, current liabilities, fixed assets and valuable or interest-bearing liabilities (such as short-term bank loans, long-term bank loans, notes payable, etc.). ), accounts receivable, monetary funds and specific items in shareholders' equity.
For example, the accounts receivable of an enterprise account for a high proportion of its total assets, which indicates that the capital occupied by the enterprise is serious and the growth rate is too fast, which indicates that the enterprise may reduce the quality of settlement work because of the weak market competitiveness or the influence of the economic environment. In addition, the aging of accounts receivable in the notes to the statements should also be analyzed. The longer the accounts receivable are, the less likely they are to be recovered.
For another example, enterprises have more debts at the beginning and end of the year, which means that the interest burden per share of enterprises is heavier. However, if the enterprise still has a good profit level in this case, it shows that the profitability of the enterprise products is better, the management ability is stronger, and the managers are more risk-conscious and enterprising.
For another example, in the shareholders' equity of an enterprise, if the statutory capital reserve fund greatly exceeds the total share capital of the enterprise, it indicates that the enterprise will have a good dividend distribution policy. But at the same time, if the enterprise does not have enough monetary funds as a guarantee, it is expected that the enterprise will choose the distribution scheme of sending shares to increase capital instead of paying cash dividends.
In addition, when analyzing and evaluating some projects, we should also combine the characteristics of the industry. For real estate enterprises, if there is more inventory, it means that there may be more commercial housing bases and projects under construction. Once these projects are completed, they will bring high economic benefits to enterprises.
(3) Calculate some basic financial indicators. The data sources for calculating financial indicators mainly include the following aspects: directly obtained from the balance sheet, such as the net asset ratio; Directly obtained from the profit and profit distribution table, such as sales profit rate; At the same time from the balance sheet profit and profit distribution table, such as accounts receivable turnover rate; Part of it comes from the accounting records of the enterprise, such as the ability to pay interest.
This paper mainly introduces the calculation and significance of several major financial indicators in the first case.
1, indicators reflecting whether the financial structure of the enterprise is reasonable are:
(1) Net assets ratio = total shareholders' equity/total assets This indicator is mainly used to reflect the financial strength and debt repayment safety of an enterprise, and its reciprocal is the debt ratio. The ratio of net assets is directly proportional to the financial strength of the enterprise, but if the ratio is too high, it shows that the financial structure of the enterprise is not reasonable. Generally, this indicator should be around 50%, but for some super-large enterprises, the reference standard of this indicator should be lowered.
(2) Net interest rate of fixed assets = net value of fixed assets/original value of fixed assets This indicator reflects the old and new degree and production capacity of fixed assets of enterprises. Generally, it is better for this indicator to exceed 75%. This index is of great significance to evaluate the production capacity of industrial enterprises.
(3) Capitalization ratio = long-term liabilities/(long-term liabilities+shareholders' equity) This indicator is mainly used to reflect the proportion of long-term interest-bearing liabilities that enterprises need to repay in the whole long-term working capital, so this indicator should not be too high, and should generally be below 20%.
2, reflect the enterprise debt security and solvency indicators are:
Current ratio = current assets/current liabilities This indicator is mainly used to reflect the ability of enterprises to repay debts. Generally speaking, the index should be kept at 2: 1. Excessive current ratio is a kind of information reflecting the unreasonable financial structure of enterprises, which may be:
(1) Weak management of some links in the enterprise leads to high accounts receivable or inventory;
(2) Out of conservative management consciousness, enterprises may not be willing to expand the scale of debt management;
(3) The funds raised by joint-stock enterprises through issuing stocks, increasing capital and allotment or borrowing long-term loans and bonds have not been fully put into production; Wait a minute. But on the whole, the high liquidity ratio mainly reflects that the funds of enterprises have not been fully utilized, while the low liquidity ratio indicates that the security of debt repayment is weak. Quick ratio = (current assets-inventory-prepaid expenses-prepaid expenses)/current liabilities Because the current assets of an enterprise include some less liquid inventory and prepaid or prepaid expenses, in order to further reflect the ability of an enterprise to repay short-term debts, people usually use this ratio to test it, so it is also called "acid test". Under normal circumstances, the ratio should be 1: 1, but in practical work, the evaluation standard of this ratio (including current ratio) must be judged according to the characteristics of the industry and cannot be generalized.
3. Indicators reflecting shareholders' equity in the net assets of an enterprise mainly include:
Net assets per share = total shareholders' equity/(total share capital × share face value) This indicator indicates the value of each share held by shareholders in the enterprise, that is, the value of the net assets represented. This index can be used to judge whether the stock market price is reasonable. Generally speaking, the higher the index, the higher the value represented by each share, but this should be distinguished from the operating performance of enterprises, because the higher the proportion of net assets per share may be caused by the higher the premium obtained by enterprises when issuing shares.
(4) On the basis of the above work, comprehensively evaluate the financial structure and solvency of the enterprise. It is worth noting that because these indicators are single and one-sided, you need to be able to analyze and evaluate them from a comprehensive and relevant perspective, because the indicators reflecting the financial structure of enterprises often contradict the solvency of enterprises. If the enterprise's net assets ratio is high, it shows that its debt repayment period is safe, but it also reflects that its financial structure is not reasonable. Your purpose is different, and your evaluation of this information will be different. For example, as a long-term investor, you are concerned about whether the financial structure of the enterprise is sound and reasonable; On the contrary, if you appear as a creditor, he will be very concerned about the solvency of the enterprise. Finally, it must be explained that since the balance sheet only reflects a certain aspect of the financial information of the enterprise, you should have a comprehensive understanding of the enterprise and must also analyze it in combination with other contents in the financial report in order to draw a correct conclusion.
Balance sheet is an important statement for small and medium-sized enterprises. How to make a good analysis of balance sheet indicators is a good reference for decision makers, and tax managers can also get the quality of tax returns from the analysis.
balance sheet analysis
I. Working capital
Working capital = current assets-current liabilities Working capital = current assets-current liabilities
= (total assets-non-current assets)-[total assets-shareholders' equity-non-current liabilities] = (shareholders' equity+non-current liabilities)-non-current assets = long-term capital-long-term assets
Second, the stock ratio of short-term debt.
The stock ratio of short-term debt includes current ratio, quick ratio and cash ratio.
Current ratio = current assets/current liabilities
Current ratio = 1( 1- working capital/current assets)
Quick ratio = quick assets/current liabilities
Cash ratio = (monetary funds+trading financial assets) ÷ Current liabilities
Cash assets include monetary funds and transactional financial assets.
Cash flow ratio = operating cash flow/current liabilities
Second, the long-term solvency ratio.
Financial ratios to measure long-term solvency are also divided into two categories: inventory ratio and current ratio.
(A) the total debt stock ratio
1. Asset-liability ratio
Asset-liability ratio = (liabilities-assets) × 100%
2. Property right ratio and equity multiplier Property right ratio = total liabilities ÷ shareholders' equity
Equity multiplier = total assets ÷ shareholders' equity (= 1+ equity ratio =)
3. Long-term capital-liability ratio
Long-term capital debt ratio = [non-current liabilities ÷ (non-current liabilities+shareholders' equity) ]× 100%
(b) Total debt current ratio
1. Interest guarantee multiple
Interest guarantee multiple = earnings before interest and tax/interest expense = (net profit+interest expense+income tax expense)/interest expense.
2. Cash flow interest guarantee multiple
Cash flow interest guarantee multiple = operating cash flow/interest expense
3. Cash flow debt ratio
Ratio of operating cash flow to debt = (operating cash flow ÷ total debt) × 100%
Third, the asset management ratio.
Asset management ratio is a financial ratio to measure the efficiency of asset management of a company. Commonly used are: accounts receivable turnover rate, inventory turnover rate, current assets turnover rate, non-current assets turnover rate, total assets turnover rate and working capital turnover rate.
(A) Accounts receivable turnover rate
Accounts receivable turnover times = sales revenue ÷ accounts receivable
Average collection period =365÷ (sales revenue/accounts receivable)
Ratio of accounts receivable to income = accounts receivable ÷ sales income
(2) Inventory turnover rate
Inventory turnover times = sales revenue ÷ inventory
Inventory turnover days =365÷ (sales revenue ÷ inventory)
Inventory revenue ratio = inventory ÷ sales revenue
(3) Turnover rate of current assets
Turnover times of current assets = sales revenue ÷ current assets
Current assets turnover days =365÷ (sales revenue ÷ current assets) =365÷ current assets turnover times.
Ratio of current assets to income = current assets ÷ sales income
(4) the turnover rate of non-current assets
Turnover times of non-current assets = sales revenue ÷ non-current assets
Turnover days of non-current assets =365÷ (sales revenue ÷ non-current assets) =365÷ turnover times of non-current assets.
Ratio of non-current assets to income = non-current assets ÷ sales income
(V) Total assets turnover rate
The turnover rate of total assets is the ratio of sales revenue to total assets. It has three manifestations: total assets turnover times, total assets turnover days and total assets income ratio.
Total assets turnover rate and its calculation
Total assets turnover times = sales revenue ÷ total assets
Total assets turnover days =365÷ (sales revenue/total assets) =365÷ total assets turnover times.
Total assets income ratio = total assets ÷ sales income = 1/ total assets turnover times