In the following aspects, debt management is a common management method adopted by modern successful enterprises. When the profit rate of products in this industry or enterprise is higher than the interest rate of bank loans, company managers always want to borrow more funds to carry out their own business. However, the amount of debt can't be unlimited, and creditors will stop lending when they see that the ratio of the debtor's debt to shareholders' equity reaches a certain value. As shareholders or potential shareholders, the debts of listed companies are also closely related to themselves. When the total assets are fixed, the greater the liabilities, the smaller the shareholders' equity.
When reading the listing report, you can directly see some information reflecting the company's liabilities and solvency, such as the current ratio, quick ratio and shareholder's equity ratio in the analysis of financial indicators. According to international practice, the current ratio should usually be kept at 2: 1, that is, current assets should be twice that of current liabilities. The quick ratio should be maintained at the level of 1: 1, that is, quick assets (current assets minus inventory and prepaid expenses) should be equal to current liabilities. But the ratio of 2: 1 and 1: 1 is not an absolute standard. The solvency of a company should be analyzed in combination with the nature and cycle of its business. The ratio of shareholders' equity reflects shareholders' equity in total assets, which is just the opposite of the ratio of liabilities. The greater the ratio of shareholders' equity, the smaller the ratio of liabilities. When analyzing the debt ratio, we should analyze the company's return on investment and the company's future income forecast. If the return on investment is high, there will be better returns in the future. Readers of listed reports as shareholders are generally willing to accept higher debt ratio, but readers as creditors generally want lower debt ratio. Most investors are most concerned about the profitability of listed companies. The most direct and simple way to analyze profitability is to look at the after-tax profit of the company. Since most of the joint-stock companies to be listed are restructured from state-owned or collective enterprises, the restructured joint-stock companies have no after-tax profits of the previous year. If the after-tax profits realized in the two periods before and after the transition are regarded as the annual after-tax profits of listed companies, it is obviously not conducive to listed companies, because the after-tax profits before the transition are mainly created by state shares. However, according to the calculation standard of financial regulations, it is also flawed to divide the after-tax profit realized after the transformation in that year by the number of months after the transformation and then multiply it by 12 months to determine the annual after-tax profit. Because when state-owned or collective enterprises are restructured into joint-stock companies, the production and operation process is not interrupted, part of the expenses belong to the time before the restructuring, and the income belongs to the time after the restructuring. This situation is completely possible. Therefore, for some listed companies, there is a big gap between the after-tax profits increased in the two stages before and after the annual restructuring and the after-tax profits calculated by the financial department. When reading the listing report, we should combine the two annual after-tax profits obtained by the above two calculation methods and analyze them ourselves. Another point about after-tax profit is to compare the realized after-tax profit 1996 in the original prospectus with the actually realized after-tax profit 1996 in the listing report as a reference to judge whether the economic benefit forecast in the next three years is reliable. After fully understanding the after-tax profit realized by listed companies last year and the expected after-tax profit in the future, we can analyze the after-tax profit per share. The higher the after-tax profit per share, the more rights and interests shareholders get.
Other indicators to analyze the profitability of listed companies are: sales profit rate (operating profit/operating income), return on assets (after-tax profit/total assets) and so on. These indicators can be obtained from the income statement and balance sheet. If some listed companies have paid dividends on the after-tax profits realized last year when they released their listing reports, they can also compare the dividend per share with the stock market price to judge the shareholders' own return on investment. When reading the listing report, we should not only analyze and study the data and financial indicators listed in the financial statements and their notes, but also carefully read the contents revealed by important matters. The information provided in this section is very helpful for further understanding of financial statements and financial indicators. For example, we can know the applicable income tax rate of listed companies; Whether the accounting policies previously used by the company have changed, and if so, what are the reasons and results; Why did the company's top management change, and so on. We can also learn the reasons for the difference between the estimated after-tax profit and the actual after-tax profit of 1992 listed companies from the disclosure of important matters. So as to analyze the future development trend of this listed company.