By analyzing the financial statements of listed companies, we can judge whether the financial situation of listed companies is good or not and whether the management of the companies is sound, and provide effective data and information support for shareholders, investors and other outsiders who are concerned about listed companies, so as to understand the financial situation and financial ability of listed companies and attract more economic investment for listed companies.
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How to effectively analyze the financial statements of listed companies
First, look at the structure of the balance sheet.
1, depending on the structure of current assets, mainly depends on the situation of accounts receivable and inventory, because these two assets are closely related to the business activities of the enterprise, and compared with the number at the beginning of the year, the number at the same period of the previous period and the number at the end of the period to see if there is a big change. If there are significant changes, we can see whether the operating income and operating cost in the income statement change in the same direction. At the same time, it can calculate the turnover rate of accounts receivable and inventory, which helps to analyze the business cycle of enterprises and the liquidity of current assets.
2. By analyzing the ratio of current assets to current liabilities, it is better that the index should be greater than 1, which means that after the current assets are realized, not only all current liabilities can be fully paid off, but also the solvency of the enterprise is relatively strong and the risk of repaying liabilities is low.
3. Look at the ratio of current assets to non-current assets. Generally speaking, holding a large amount of liquid assets can reduce the risk of enterprises, because when enterprises can't pay off debts in time, liquid assets can be quickly converted into cash, while fixed assets are less liquid. Therefore, under the condition of unchanged financing portfolio, more investment in current assets can reduce the liquidity risk of enterprises. However, if there are too many current assets, most of the funds will be invested in current assets, resulting in a sluggish backlog, which will reduce the return on investment of enterprises.
4. Pay attention to changes in fixed assets. If the fixed assets increase a lot, first look at whether there are relevant records in the cash flow statement, whether the source of funds for the increase of fixed assets is debt formation or self-owned funds, whether there is a substantial increase in bank loans and whether the cash inflow from financing activities in the cash flow statement has changed accordingly.
5. Pay attention to the change of accounts payable, which is the main liability formed by the business activities of enterprises. Calculating the turnover rate of accounts payable and the change of accounts payable can show the ability of enterprises to obtain commercial credit.
6. Pay attention to all kinds of emergencies. While analyzing the company's financial information, we should also read the written report in the interim report, from which we can clearly see the company's various contingencies. At the same time, we should carefully study the "items and reasons of balance sheet changes over 30%" and "major events" in the interim report to judge whether there are potential major risks in investing in the company's stock. If the loan guarantee is provided to a third party, and the amount is large, and the enterprise can no longer continue to operate, resulting in the listed company's joint and several liability for repayment, there may be significant losses. Although this "loss" has not been realized during the reporting period, it is likely to appear in the future. This is a big risk implied by listed companies.