Analysis of basic financial situation
1, asset status
2. Debt
3. Operating conditions and reasons for changes
4. Cost status
5. Fuck oak parts
Three. Budget completion
Four. Summary of key issues and recommendations
Second, how to analyze the company's finances?
Generally speaking, the relationship between risk and return is measured by the ratio of solvency, operational capacity and profitability.
1) Financial ratio reflecting solvency:
Short-term solvency: Short-term solvency refers to the ability of enterprises to repay short-term debts. Insufficient short-term solvency will not only affect the credit status of enterprises, increase the cost and difficulty of future financing, but also make enterprises fall into financial crisis and even go bankrupt. Generally speaking, enterprises should use current assets to repay current liabilities instead of selling long-term assets, so short-term solvency is measured by the quantitative relationship between current assets and current liabilities.
Current assets can be used to repay current liabilities, and can also be used to pay the funds needed for daily operations. Therefore, a high current ratio generally indicates that an enterprise has a strong short-term solvency, but too high will affect the efficiency and profitability of enterprise funds. How much is appropriate is not stipulated by law, because enterprises in different industries have different operating characteristics and different liquidity; In addition, this is also related to the respective proportions of cash, accounts receivable and inventory in current assets, because their liquidity is different. Therefore, quick ratio (excluding inventory and prepaid expenses) and cash ratio (excluding inventory, accounts receivable, prepayments and prepaid expenses) can be used to assist the analysis.
It is generally considered that the current ratio is 2 and the quick ratio is 1, which is relatively safe. Too high may be inefficient, too low may be poorly managed. However, due to the different industries and operating characteristics of enterprises, they should be analyzed according to the actual situation.
Long-term solvency: Long-term solvency refers to the ability of an enterprise to repay long-term interest and principal. Generally speaking, enterprises borrow long-term liabilities mainly for long-term investment, so it is best to use the income generated by investment to repay interest and principal. Debt ratio and interest income multiple are usually used to measure the long-term solvency of enterprises. The debt ratio is also called financial leverage, because there is no need to repay the owner's equity, so the higher the financial leverage, the lower the protection for creditors. However, this does not mean that the lower the financial leverage, the better, because a certain amount of debt shows that the managers of the enterprise can effectively use the shareholders' funds and help shareholders to operate on a larger scale with less funds, so the low financial leverage shows that the enterprise has not made good use of its own funds.
2) Financial ratio reflecting operational capacity
Operational ability is to measure the efficiency of enterprise asset utilization by the turnover rate of various assets. The faster the turnover rate, the faster the assets of the enterprise enter the production, sales and other business links, so the shorter the cycle of income and profit formation, the higher the operating efficiency naturally. Generally speaking, it includes the following five indicators: accounts receivable turnover, inventory turnover, current assets turnover, fixed assets turnover and total assets turnover.
Because the numerator and denominator of the above turnover rate indicators come from the balance sheet and the income statement respectively, and the balance sheet data is static data at a certain point in time, while the income statement data is dynamic data throughout the reporting period, in order to make the numerator and denominator consistent in time, the data taken from the balance sheet must be converted into the average value of the reporting period. Generally speaking, the higher the above indicators, the higher the operating efficiency of enterprises. However, quantity is only one aspect. In the analysis, we should also pay attention to the structure of each asset item, such as the mutual collocation of various inventories, the quality and applicability of inventories, etc.
3) Financial ratio reflecting profitability:
Profitability is the core concerned by all parties and the key to the success or failure of an enterprise. Only when enterprises make long-term profits can they truly achieve sustainable management. Therefore, investors and creditors attach great importance to the ratio reflecting the profitability of enterprises. Generally, the following indicators are used to measure the profitability of an enterprise: gross profit margin, operating profit margin, net profit margin, return on total assets, return on net assets and profit per share.
Among the above indicators, gross profit rate, operating profit rate and net profit rate respectively represent the production (or sales) process, business activities and overall profitability of the enterprise. The higher the profit rate, the stronger the profitability. The return on assets reflects the income obtained by shareholders and creditors with the same investment; The return on net assets reflects the profitability of shareholders' investment. The return on net assets is the most concerned content of shareholders, which is related to financial leverage. If the return on assets is the same, the higher the financial leverage, the higher the return on net assets, because shareholders have achieved the same profitability with less funds. Profit per share only distributes net profit to each share in order to express the profitability of equity capital more concisely. To measure whether the above profit index is high or low, it is generally necessary to compare with the level of other enterprises in the same industry to draw a conclusion.
Three, a listed company, how to analyze its financial situation?
Mainly analyze the overall situation of listed companies.
When analyzing the financial statements of listed companies, it is mainly to analyze the overall situation of listed companies and comprehensively judge their financial health, management level and profitability. However, comprehensive analysis shows that some short-term value investment decisions are not easy. However, these short-term and medium-term decisions will obviously affect the stock price in the corresponding time period, and even change the consistent valuation judgment. How to find these hidden values varies with different levels of personal analysis.
Fourth, how to do a good job in enterprise financial analysis
The financial statements mainly include 1. Analyze the solvency of enterprises, analyze the equity structure of enterprises, and estimate the utilization degree of debt funds. 2. Evaluate the asset operation ability of the enterprise, and analyze the asset distribution and turnover of the enterprise. 3. Evaluate the profitability of enterprises, and analyze the completion of enterprise profit targets and the changes of profit levels in different years. The main methods are comparative analysis and factor analysis. The analysis needs to combine some indicators. If you need to study, you can find some information in this field.