The conclusion of the report analysis can not only explain the current financial situation, operating results and cash flow of the enterprise, but more importantly, it can show the future development prospects of the enterprise for the report users and provide a basis for their decision-making.
First of all, different report users have different preferences for financial statement analysis.
Different report users pay different attention to enterprise financial report items because of their different identities and different relationships with enterprises. Similarly, for different users of financial statements, due to different interests, there are different requirements in enterprise financial analysis, which makes financial statement analysis have both * * * and different emphases in content to meet the needs of different users.
1, corporate investor
As the owner or shareholder of an enterprise, investors usually pay close attention to the preservation and appreciation of the invested capital, and from the perspective of financial analysis, they pay more attention to the return on investment of the enterprise.
Ordinary investors (such as "retail investors") will pay attention to the profits of enterprises, but they are most concerned about whether enterprises can provide dividends and bonuses.
Major shareholders who have control over the enterprise, etc. Think more about how to improve the competitiveness of enterprises and realize long-term high returns, and pay most attention to the profitability and development ability of enterprises.
2, business operators (managers)
The financial indicators that operators are generally concerned about include all information such as operating ability, solvency, profitability and development ability.
3. Creditors
Creditors do not participate in the profit distribution of enterprises, but pay more attention to the solvency of enterprises: in order to understand the short-term solvency, they will pay attention to the liquidity of their assets; In order to understand the long-term solvency, we will pay attention to the profitability and capital structure of enterprises.
4, enterprise employees
From the perspective of financial analysis, employees are more concerned about the cash flow of enterprises than the ability to pay.
5. Suppliers
From the supplier's point of view, deciding whether to establish a long-term cooperative relationship with the enterprise will pay attention to the long-term profitability and solvency of the enterprise; To determine the credit policy of accounts receivable, we need to pay attention to the short-term solvency of enterprises.
6. Government departments
The government department is a "comprehensive unit", and different departments pay different attention to the analysis of enterprise financial statements because of their different identities. From the analysis of financial statements, government departments are most concerned about the profitability of enterprises.
Second, the content of financial statement analysis
1, balance sheet analysis
From the internal analysis, the balance sheet analysis mainly focuses on the analysis of its own structure and the items in the table. From the perspective of financial index analysis, it mainly analyzes the solvency and operational ability of enterprises.
2. Income statement analysis
From the internal analysis, the income statement analysis includes profit increase and decrease and its composition analysis, main business profit analysis, enterprise income analysis and cost analysis, and from the financial indicators, it mainly includes enterprise profitability, management ability and development ability analysis.
3. Cash flow analysis
From the internal analysis, cash flow statement analysis is mainly the structural analysis of report items, including cash inflow, cash outflow and net cash flow analysis. From the financial indicators, it mainly includes the analysis of the solvency, profitability and dividend payment ability of enterprises.
4. Comprehensive evaluation and analysis of financial accounting reports
The commonly used analytical methods are DuPont analytical system and Wall analytical method.
Three, the standard of financial statement analysis
At present, the common financial analysis standards are empirical standards, historical standards, industry standards and budget standards, each with its own advantages and disadvantages.
1, empirical standard
The so-called empirical standard refers to the standard financial ratio value based on a lot of long-term practical experience.
Specific to financial statement analysis, in the long-term analysis process, scholars have determined the range of some commonly used financial indicators after observing the survival and development of many enterprises, which is the operating standard of financial statement analysis.
In the financial practice in 1970s, the empirical standard of current ratio in western countries was 2: 1, and the quick ratio was 1, so that enterprises would be safer. When the ratio of current liabilities to tangible assets exceeds 80%, enterprises will have operational difficulties; The proportion of inventory to net working capital shall not exceed 80%, and the asset-liability ratio shall usually be controlled between 30% and 70%.
In fact, all these empirical standards are mainly about the average situation of manufacturing enterprises, and are not absolute standards applicable to all fields and situations.
When using empirical standards to analyze financial statements, we must combine the specific financial information of enterprises to confirm whether the conclusions drawn through ratios are acceptable.
Generally speaking, only those financial ratios with upper and lower limits can establish appropriate empirical ratios. However, those financial ratios, such as various profit rate indicators, which are bigger or smaller, can not establish appropriate empirical standards.
2. Historical standards
The so-called historical standard refers to the actual value of this indicator in a certain period in the past. Historical standards are very useful for evaluating whether your business and financial situation have improved.
The historical standard can choose the best level in the history of the enterprise, the performance level under the normal operating conditions of the enterprise, or the average level of the past years.
In the practice of financial statement analysis, the method based on the actual performance of enterprises in the previous year is generally adopted.
3. Industry standards
The industry standard used in financial statement analysis can be the average financial situation of the industry or the performance level of more advanced enterprises in the same industry. To comprehensively evaluate the competitiveness of an enterprise, we need to refer to industry standards.
Through comparison, we can explain the position and level of enterprises in the industry, and at the same time, through comparison with industry standards, enterprises can judge their own development trend.
4. Budget criteria
The so-called budget standard refers to the budget target set by the enterprise under the condition of sufficient budget. Generally, large enterprises or group companies will formulate detailed marketing budgets and financial budgets. These budgets not only combine the actual situation of enterprises, but also consider the economic development situation and industry characteristics, which can be said to be "tailored" for enterprises. However, in practice, subjective factors are inevitably added in the process of budget formulation, which may lead to untrue conclusions.
Fourth, the methods of financial statement analysis
There are various forms of financial statement analysis, but the principle of "comparative analysis" runs through. There are three basic methods of comparative analysis: ratio analysis, trend analysis and factor analysis.
1, ratio analysis method
The so-called ratio analysis method refers to accounting the ratio relationship between different items, different categories or related items in two different financial statements, analyzing and investigating the financial situation of the enterprise from the relative number, so as to evaluate whether there are problems in the financial situation and operating results of the enterprise.
(1) Structure ratio: it is the ratio of each component of an indicator to the whole, reflecting the relationship between the whole and the parts.
Structure ratio = number of components/total quantity of the part
Using the structural proportion, we began to examine whether the formation and arrangement of a certain part of the whole is reasonable, so as to coordinate various economic activities.
(2) Efficiency ratio: It is the ratio of the cost and income of an economic activity, which reflects the relationship between the input and output of an enterprise. Using the efficiency ratio index, we can compare gains and losses, check operating results and evaluate economic benefits.
(3) Correlation ratio: it is the ratio obtained by comparing an item in the report with related but different items. Using the relevant ratio index, we can examine whether the relevant business arrangements are reasonable, thus ensuring the smooth operation of the enterprise.
2. Trend analysis method
The so-called trend analysis method is a method of comparing the same indicators in two or more consecutive financial reports of an enterprise to determine the amount, direction and extent of increase or decrease, thus explaining the changing trend of the financial situation or operating results of the enterprise.
Using the trend analysis method, we can analyze the main reasons and nature of the change and predict the future development direction of the enterprise. There are three main ways to use it:
(1) absolute amount comparison of financial statement data: a method to judge the financial status and operating results of an enterprise by juxtaposing the amount of the same item in continuous financial statements and comparing its increase and decrease amount and range.
(2) Comparison of important financial indicators: it is to compare the same indicators or ratios in the financial reports of the same enterprise in different periods, directly observe their changes and ranges, inspect their development trends, and predict their development direction.
(3) Comparison of project composition in financial statements: Take an overall indicator in financial statements as 100%, and then calculate the percentage of each component project in the overall project, so as to compare the increase and decrease of the percentage of each project, and judge the changing trend of related financial activities.
3. Factor analysis method
Factor analysis, also known as sequence substitution method, is a method that decomposes a comprehensive index into its constituent factors, replaces the cardinal number with the actual number of each factor in order, and analyzes the influence degree of each factor.