Financial analysis methods mainly include ratio analysis, comparative analysis, score analysis, factor analysis and trend analysis.
Ratio analysis is to analyze current ratio, asset-liability ratio, inventory turnover rate, return on net assets, profit rate and so on. These ratios are very many, and the categories I listed belong to liquidity analysis, solvency analysis, operational capability analysis, profitability analysis and return on investment analysis.
Comparative analysis is mainly the horizontal and vertical comparison of data in financial statements (comparison with similar enterprises and comparison with previous annual data).
Scoring analysis is to score the selected financial ratios and compare them with industry standards. This method is simple, intuitive and easy to compare. Commonly used comprehensive scoring method.
Factor analysis is to analyze the causes of various financial changes.
Trend analysis is to analyze the changing trend of financial data, such as the growth trend of main business and profit.
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I. Analysis of listed companies and financial statements of listed companies
(1) Brief introduction of listed companies
A listed company refers to a joint-stock limited liability company whose shares can be listed and traded on the stock exchange with the approval of a government agency or a securities regulatory agency authorized by the government. Modern joint-stock enterprises mainly appear in the form of joint-stock companies. According to the standard company law, a joint-stock company is a legal person organization whose capital is all contributed by shareholders and established in the form of shares. Shareholders participate in decision-making and management according to their shares in the company, enjoy rights and bear risks. Shares can be transferred within the prescribed conditions and scope, but they cannot be withdrawn. Theoretically, joint-stock companies can be divided into many types according to different corporate behavior norms. For example, companies can be divided into listed companies and unlisted companies according to whether the stocks are listed on the stock exchange, and companies can be divided into unlimited liability companies and limited liability companies according to the size of shareholders' liability to pay off corporate debts. In real economic activities, joint-stock companies are usually divided into four types according to the company law: unlimited liability companies, limited liability companies, joint-stock companies and joint-stock companies. But no matter how it is divided, what about listed companies? Standardized joint-stock companies are the most representative modern joint-stock enterprises.
Compared with other joint-stock companies, the listed company is a typical organizational form of modern joint-stock enterprises, because it has the characteristics that ordinary joint-stock enterprises do not have: 1, and the organizational form of enterprises is highly open. Listed companies not only publicly issue shares and absorb idle funds from society, but also freely transfer and trade their shares; There is no strict limit on the number of shareholders of listed companies. Anyone who shares can become a shareholder of the company and enjoy the rights and interests of shareholders. Listed companies must publish important financial statements to shareholders and the public in accordance with regulations, and disclose information related to the company's operation. 2. Individual property rights are separated from legal person property rights, and property ownership is separated from property use rights. When the company goes bankrupt or is dissolved, the creditors of the listed company can only claim the company's assets, but can't ask shareholders to repay their debts with personal property. At the same time, once shareholders buy shares, they lose the right to use the assets used to buy shares. The daily business activities of the company are not taken care of by all shareholders, but by managers under the leadership of the board of directors. 3. The operation of the company is relatively stable. Due to the public offering and transfer of shares, listed companies can raise funds more effectively, and the normal production and operation of the company will not be affected by changes in shareholders; Due to the realization of "separation", listed companies can employ well-educated and enterprising talents to engage in business management and improve the company's economic benefits. Effective concentration of capital, clarity and separation of property rights and improvement of management level are conducive to the growth of listed companies.
(B) Analysis of financial statements of listed companies
The financial statements of listed companies are the most important part of the listing report, annual report and interim report that listed companies must disclose to the public, generally including balance sheet, income statement and cash flow statement. Compared with the financial statements of other enterprises, the quality of financial statements of listed companies has the following characteristics: 1 understandability. The data and words in the accounting statements of listed companies can clearly reflect the company's business activities and financial situation. The accounting reporting system of listed companies is the easiest to understand, because financial disclosure information can only be recognized by the public if it is readable. Two xianggong are reliable. Accounting information is used by decision makers, and only accounting information that can help decision makers make scientific decisions is valuable. The information reported in accounting statements of listed companies has predictive value, feedback value and timeliness, which is related to decision-making. The information reported in accounting statements is true, verifiable and neutral, so it is reliable. 3 importance. The major events faced by the temporary acquisition of listed companies are undoubtedly important and should be compiled; Earnings forecasts and changes in capital structure should also be reflected. They may not all be reflected in the accounting statements, but they are important and will be presented in a certain way.
The so-called financial statement analysis of listed companies refers to the analysis of the financial status and operating results of the company by the analysis subject according to the accounting statements and other data compiled by listed companies on a regular basis. Its purpose is to identify and provide various trends and relationships contained in the figures of accounting statements, and provide financial information such as profitability, financial status and solvency of enterprises for all parties concerned, especially investors, so that users of reports can make judgments and make relevant decisions accordingly, and provide basis for financial decision-making, financial planning and financial control. It is an evaluation of the financial situation, operating results and future prospects of enterprises by using the data of accounting statements.
In the stock market, the operating condition of stock issuing enterprises is a long-term and important factor to determine their stock prices. However, the operating conditions of listed companies are reflected by financial statements. Therefore, it is very important to analyze and study financial statistical statements, which is usually called basic analysis. It is also an important basis for investors to understand the financial situation and operating results of the issuing company and the impact of stock price fluctuations. At the same time, the analysis of financial statements of listed companies is also an indispensable work for company managers, company creditors and government departments.
Two. Contents, steps and methods of accounting statement analysis of listed companies.
(A) the contents of the analysis of accounting statements of listed companies
The data of accounting statement analysis of listed companies mainly comes from various accounting statements prepared by the company on a regular basis. According to the purpose and focus of report users, the contents of accounting statements and analysis mainly include: solvency analysis, profitability analysis, operational capability analysis and investment value analysis.
1, solvency analysis. Solvency analysis is an analysis of the ability of enterprises to repay various short-term liabilities and long-term liabilities. The ability of enterprises to repay debts is a matter of great concern to creditors (banks, credit suppliers, corporate bondholders, etc.). ), and for the sake of enterprise safety, it has also been widely concerned by managers and shareholders.
2. Profitability analysis. Profitability analysis refers to the analysis of the enterprise's ability to obtain profits and distribute profits, including profit analysis objectives, composition analysis and quality analysis. It is concerned by all stakeholders in the enterprise, and shareholders are concerned about whether the enterprise can get the maximum return; Creditors (especially long-term creditors) are concerned about whether the recovery of their principal and interest can be guaranteed by the profits of the enterprise; Enterprise managers measure performance and evaluate gains and losses through profitability. Therefore, the analysis of profitability is the focus of attention of all parties and one of the important contents of financial analysis.
3. Analysis of operational capability. Operational capacity analysis is an analysis of the utilization rate and turnover rate of total assets or some assets of an enterprise, which is usually measured by a series of turnover rates. The rapid turnover of assets reflects the good liquidity and strong solvency of enterprises, which is concerned by creditors; Asset turnover rate is closely related to profitability, which has attracted the attention of shareholders and enterprise managers.
4. Analysis of investment value. For investors (shareholders) or potential investors, whether an enterprise or a stock has investment value is very important. Short-term investors are concerned about the ability to pay dividends and the market price of stocks, while long-term investors are more concerned about the development ability of enterprises. Investment value analysis is to meet these needs, guide investment and evaluate investment behavior.