First, about the debt ratio.
If we want to compare the debt ratios of several companies, we must first ensure that these companies are in the same industry, because the business nature of enterprises in different industries is different, and it is meaningless to compare financial data across industries. For example, Internet companies have a low debt ratio and real estate companies have a high debt ratio, but this does not mean that the risks of real estate companies are higher than those of Internet companies.
Two. Risk indicators in liabilities
High debt does not necessarily mean high risk. It is impossible to accurately judge the business risk of an enterprise simply by the debt ratio. For example, accounts receivable in advance and accounts payable are liabilities. These two liabilities not only did not bring risks to enterprises, but also helped enterprises.
The liabilities in the red box below are operating liabilities.
Therefore, the key to judge the risk is to look at the debt nature and net debt ratio of enterprises.
Operating liabilities are not terrible, but financial liabilities should be paid more attention to.
The indicator for examining financial liabilities is the net debt ratio,
The higher the net debt ratio? :? The higher the risk.
Third, off-balance-sheet liabilities.
Not all liabilities can be recorded in the balance sheet, so it is very important to examine the off-balance sheet liabilities of enterprises.
Off-balance-sheet liabilities include three types: contingent liabilities, deliberately concealed liabilities and liabilities related to innovative financing methods.
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1. The liabilities of an enterprise are divided into operating liabilities and financial liabilities, and the operating risks of an enterprise mainly come from financial liabilities;
2. The test index of financial liabilities is the net debt ratio;
3. Off-balance-sheet liabilities mainly include contingent liabilities, deliberately concealed liabilities and liabilities related to innovative financing methods.
References:
[1] Jia Ning Financial Lecture