Rate of return of patent company

1, liquidity ratio liquidity is the ability of an enterprise to generate cash, which depends on the number of liquid assets that can be converted into cash in the near future. (1) current ratio formula: current ratio = total current assets/total current liabilities Meaning: It reflects the ability of enterprises to repay short-term debts. The more current assets, the less short-term debt, the greater the current ratio, and the stronger the short-term solvency of enterprises. The analysis shows that the short-term risk of corporate debt is greater when it is lower than normal. Generally speaking, business cycle, the amount of accounts receivable in current assets and inventory turnover rate are the main factors affecting the current ratio. (2) Quick ratio formula: Quick ratio = (total current assets-inventory)/total current liabilities Conservative quick ratio =0.8 (monetary fund+short-term investment+notes receivable+net accounts receivable)/Significance of current liabilities: It can better reflect the ability of enterprises to repay short-term debts than current ratio. Because the current assets also include the inventory that is slowly realized and may have depreciated, the current assets are deducted from the inventory and then compared with the current liabilities to measure the short-term solvency of the enterprise. The analysis shows that the quick ratio below 1 is usually considered as low short-term solvency. An important factor affecting the credibility of quick ratio is the liquidity of accounts receivable. Accounts receivable on the books may not be realized and may not be reliable. General tips for liquidity analysis: (1) Factors to increase liquidity: available bank loan indicators; Long-term assets to be realized; Reputation of solvency. (2) Factors that weaken liquidity: unrecorded contingent liabilities; Contingent liabilities arising from guarantee liability. 2. Asset management ratio (1) Inventory turnover formula: Inventory turnover ratio = product sales cost/[(opening inventory+ending inventory) /2] Meaning: Inventory turnover ratio is the main indicator to measure inventory turnover speed. Increasing inventory turnover rate and shortening business cycle can improve the liquidity of enterprises. The analysis shows that the inventory turnover rate reflects the inventory management level. The higher the inventory turnover rate, the lower the inventory occupancy level, the stronger the liquidity, and the faster the inventory can be converted into cash or accounts receivable. It not only affects the short-term solvency of enterprises, but also is an important content of the whole enterprise management. (2) Inventory turnover days formula: inventory turnover days =360/ inventory turnover rate =[360* (inventory at the beginning+inventory at the end) /2]/ Product sales cost Meaning: the number of days required for an enterprise to purchase inventory, put it into production and sell it. Increasing inventory turnover rate and shortening business cycle can improve the liquidity of enterprises. The analysis shows that the inventory turnover rate reflects the inventory management level. The faster the inventory turnover rate, the lower the inventory occupancy level and the stronger the liquidity, and the faster the inventory can be converted into cash or accounts receivable. It not only affects the short-term solvency of enterprises, but also is an important content of the whole enterprise management. (3) Definition of accounts receivable turnover rate: the average number of times accounts receivable are converted into cash within the specified analysis period. Formula: accounts receivable turnover rate = sales revenue/[(accounts receivable at the beginning+accounts receivable at the end) /2] Meaning: the higher the accounts receivable turnover rate, the faster the recovery. On the contrary, it shows that the liquidity in accounts receivable is too sluggish, which affects the normal capital turnover and solvency. According to the analysis, the turnover rate of accounts receivable should be considered in combination with the operation mode of enterprises. Using this indicator can not reflect the actual situation in the following situations: first, enterprises that operate seasonally; Second, the installment settlement method is widely used; Third, a large number of sales settled in cash; Fourth, a large number of sales at the end of the year or a sharp decline in sales at the end of the year. (4) Definition of average collection period: refers to the time required for an enterprise to obtain the right of accounts receivable, recover the money and convert it into cash. Formula: average collection period = 360/ accounts receivable turnover rate = (accounts receivable at the beginning+accounts receivable at the end) /2]/ Significance of product sales revenue: The higher the accounts receivable turnover rate, the faster the recovery. On the contrary, it shows that the liquidity in accounts receivable is too sluggish, which affects the normal capital turnover and solvency. According to the analysis, the turnover rate of accounts receivable should be considered in combination with the operation mode of enterprises. Using this indicator can not reflect the actual situation in the following situations: first, enterprises that operate seasonally; Second, the installment settlement method is widely used; Third, a large number of sales settled in cash; Fourth, a large number of sales at the end of the year or a sharp decline in sales at the end of the year. (5) Business cycle formula: business cycle = inventory turnover days+average collection period = {[(opening inventory+ending inventory) /2]* 360}/ product sales cost+{[(opening accounts receivable+ending accounts receivable) /2]* 360}/ product sales revenue Meaning: business cycle is the time from obtaining inventory to selling inventory and recovering cash. Under normal circumstances, the short business cycle indicates that the capital turnover speed is fast; The long business cycle indicates that the capital turnover rate is slow. Analysis hint: Business cycle should generally be analyzed together with inventory turnover rate and accounts receivable turnover rate. The length of business cycle not only reflects the asset management level of enterprises, but also affects the solvency and profitability of enterprises. (6) Current asset turnover ratio formula: current asset turnover ratio = sales revenue/[(current assets at the beginning+current assets at the end) /2] Meaning: current asset turnover ratio reflects the current asset turnover ratio. The faster the turnover rate, the less current assets are saved, which is equivalent to expanding the investment of assets and enhancing the profitability of enterprises; To slow down the turnover rate, it is necessary to supplement the current assets to participate in the turnover, which will waste assets and reduce the profitability of enterprises. The analysis suggests that the turnover rate of current assets should be analyzed together with inventory and accounts receivable, and used together with indicators reflecting profitability, which can comprehensively evaluate the profitability of enterprises. (7) Formula of total assets turnover rate: total assets turnover rate = sales revenue/[(total assets at the beginning of the period+total assets at the end of the period) /2] Meaning: this indicator reflects the total assets turnover rate, and the faster the turnover, the stronger the sales capacity. Enterprises can adopt the method of small profits but quick turnover to speed up asset turnover and increase absolute profits. It is considered that the total assets turnover rate index is used to measure the ability of enterprises to make profits by using assets. It is often used together with indicators reflecting profitability to comprehensively evaluate the profitability of enterprises. 3. Debt ratio Debt ratio is the ratio reflecting the relationship between liabilities and assets and net assets. It reflects the ability of enterprises to pay long-term debts due. (1) Asset-liability ratio formula: Asset-liability ratio = (total liabilities/total assets) * 100% Meaning: it reflects the ratio of capital provided by creditors to total capital. This indicator is also called leverage ratio. The analysis shows that the greater the debt ratio, the greater the financial risks faced by enterprises and the stronger their ability to obtain profits. If enterprises are short of funds and rely on liabilities to maintain, resulting in a particularly high asset-liability ratio, debt risk should be paid special attention to. The asset-liability ratio is 60%-70%, which is reasonable and steady; When it reaches more than 85%, it should be regarded as an early warning signal and enterprises should pay enough attention to it. (2) Property right ratio formula: Property right ratio = (total liabilities/shareholders' equity) * 100% Meaning: It reflects the relative proportion of capital provided by creditors and shareholders. Reflect whether the capital structure of the enterprise is reasonable and stable. It also shows that the capital invested by creditors is protected by shareholders' rights and interests. Analysis hint: Generally speaking, high equity ratio is a high-risk and high-return financial structure, while low equity ratio is a low-risk and low-return financial structure. From the perspective of shareholders, in the period of inflation, enterprises can transfer losses and risks to creditors through lending; In the period of economic prosperity, debt management can get extra profits; In the period of economic contraction, borrowing less can reduce the interest burden and financial risks. (3) Tangible net debt ratio formula: Tangible net debt ratio = [total liabilities/(shareholders' equity-intangible assets net value) ]* 100% Meaning: The expansion of the property right ratio index reflects the degree to which the capital invested by creditors is protected by shareholders' equity when the enterprise is liquidated. Regardless of the value of intangible assets such as goodwill, trademarks, patents and non-patented technologies, they shall not be used to pay off debts. For the sake of prudence, they are all considered non-repayable. Analysis and suggestion: From the perspective of long-term solvency, the low ratio indicates that the enterprise has good solvency and the debt scale is normal. (4) Earned interest multiple formula: Earned interest multiple = earnings before interest and tax/interest expense = (total profit+financial expense)/(interest expense in financial expense+capitalized interest) Usually, approximate formula can also be used: Earned interest multiple = (total profit+financial expense)/meaning of financial expense: the ratio of operating income to interest expense of an enterprise is used to measure the ability of an enterprise to repay loan interest, which is also called interest guarantee. As long as the multiple of earning interest is large enough, the enterprise has enough ability to pay interest. The analysis shows that enterprises should have enough income before interest and tax to ensure that they can afford capitalized interest. The higher this index is, the smaller the debt interest pressure of enterprises will be. 4. Profitability ratio Profitability is the ability of an enterprise to obtain profits. Investors and debtors are very concerned about this project. When analyzing profitability, factors such as abnormal items such as securities trading, business items that have been or will be stopped, special items such as major accidents or legal changes, and cumulative effects caused by changes in accounting policies and financial systems should be excluded. (1) formula of net sales interest rate: net sales interest rate = net profit/sales revenue * 100% Meaning: this indicator reflects the net profit per yuan of sales revenue. Income level representing sales revenue. According to the analysis, while increasing sales revenue, enterprises must obtain more net profit accordingly, so as to keep the net sales interest rate unchanged or improve. The net profit rate of sales can be decomposed into sales gross profit rate, sales tax rate, sales cost rate and expense rate during sales. (2) Formula of sales gross profit margin: sales gross profit margin = [(sales revenue-sales cost)/sales revenue ]* 100% Meaning: it means the amount that can be used for expenses and profits in each period after deducting sales cost from each yuan of sales revenue. According to the analysis, the gross profit rate of sales is the initial basis of the net profit rate of sales. Without a large enough gross sales margin, it is impossible to form a profit. Enterprises can analyze the gross profit margin of sales on schedule, so as to judge the occurrence and proportion of sales revenue and sales cost. (3) Net interest rate on assets (return on total assets) formula: Net interest rate on assets = net profit/[(total assets at the beginning of the period+total assets at the end of the period) /2]* 100% Meaning: comparing the net profit of an enterprise with its assets in a certain period shows the comprehensive utilization effect of its assets. The higher the index, the higher the efficiency of asset utilization, indicating that enterprises have achieved good results in increasing revenue and reducing expenditure, and vice versa. The analysis shows that the net interest rate of assets is a comprehensive index. The net profit is closely related to the number of assets, asset structure and management level of an enterprise. The reasons that affect the net interest rate of assets are: product price, unit product cost, product output and sales volume, and capital occupation. We can combine DuPont financial analysis system to analyze the problems existing in the operation. (4) ROE formula: ROE = net profit/[(total owner's equity at the beginning+total owner's equity at the end) /2]* 100% Meaning: ROE reflects the investment return of the company's owner's equity, also called ROE or ROE, which is very comprehensive. Is the most important financial ratio. Analysis hint: DuPont analysis system can decompose this index into related factors, and further analyze all aspects that affect owners' equity reward. Such as asset turnover rate, sales profit rate, equity multiplier and so on. In addition, when using this indicator, we should also analyze "accounts receivable", "other receivables" and "prepaid expenses". 5. Cash flow analysis The main functions of the cash flow statement are: first, to provide the actual situation of the enterprise's cash flow; Second, it helps to evaluate the quality of current income, third, it helps to evaluate the financial flexibility of enterprises, and fourth, it helps to evaluate the liquidity of enterprises; Fifth, it is used to predict the future cash flow of enterprises. 5. 1 liquidity analysis liquidity analysis is the ability to quickly convert assets into cash. (1) cash maturity debt ratio formula: cash maturity debt ratio = net cash flow from operating activities/debt due in the current period = long-term debt due within one year+notes payable Meaning: comparing the net cash flow from operating activities with debt due in the current period can reflect the ability of enterprises to repay debts due. According to the analysis, besides borrowing new debts to pay off old debts, the cash inflow from business activities should generally be used to pay off debts. (2) Formula of cash current liabilities ratio: cash current liabilities ratio = annual net cash flow generated from operating activities/ending current liabilities Significance: It reflects the protection degree of cash generated from operating activities to current liabilities. According to the analysis, besides borrowing new debts to pay off old debts, the cash inflow from business activities should generally be used to pay off debts. (3) Total cash debt ratio formula: cash flow debt ratio = net cash flow from operating activities/total debt at the end of the period Meaning: Cash inflow from operating activities is generally used to pay off debts except borrowing new debts to repay old debts. Analysis hint: the calculation results should be compared with the past, and compared with peers to determine the level. The higher the ratio, the stronger the ability of enterprises to bear debts. This ratio also reflects the maximum interest-paying ability of enterprises. 5.2 Ability to obtain cash (1) Sales cash ratio formula: Sales cash ratio = net cash flow generated from operating activities/sales significance: reflecting the net cash inflow per yuan of sales, the larger the value, the better. Analysis hint: the calculation results should be compared with the past and the industry to determine the level. The higher the ratio, the better the income quality of the enterprise and the better the capital utilization effect. (2) Formula of operating cash flow per share: operating cash flow per share = net cash flow generated from operating activities/number of ordinary shares The number of ordinary shares shall be filled in by the enterprise according to the actual number of shares. Standard value set by the enterprise: depending on the actual situation. Meaning: Reflect the net cash per share, the bigger the value, the better. Analysis suggests that this index reflects the maximum ability of enterprises to distribute cash dividends. Beyond this limit, you must borrow money to pay dividends. (3) Formula of cash recovery rate of all assets: cash recovery rate of all assets = net cash flow from operating activities/total assets at the end of the period Meaning: Explain the ability of enterprise assets to generate cash, and the greater the value, the better. Analysis Tip: If the above indicators are counted backwards, we can analyze the length of time required for all assets to be recovered with cash from operating activities. Therefore, this index reflects the significance of enterprise asset recovery. The shorter the payback period, the stronger the ability of assets to obtain cash. 5.3 Financial Elasticity Analysis (1) Formula of cash meeting investment rate: cash meeting investment rate = cumulative net cash flow from operating activities in recent five years/sum of capital expenditure, inventory increase and cash dividend in the same period. Data retrieval method: the cumulative net cash flow generated by business activities in the last five years should refer to the sum of the net cash flow generated by business activities in the previous five years; The sum of capital expenditure, inventory increase and cash dividend in the same period is also taken from the relevant columns of the cash flow statement, all taking the average of the past five years; Capital expenditure comes from cash items paid for the purchase and construction of fixed assets, intangible assets and other long-term assets; When inventory increases, data is extracted from the cash flow statement. Take the opposite number of the column of inventory decrease, that is, the increase of inventory; Cash dividend refers to the cash items paid by distributing profits or dividends in the main table of cash flow statement. If the new enterprise accounting system is implemented, this item is cash paid for dividend distribution, profit or interest payment, then the retrieval method is: the cash item paid for dividend distribution, profit or interest payment in the main table MINUS the financial expenses in the attached table. Significance: Explain the ability of cash generated by enterprise operation to meet capital expenditure, inventory increase and cash dividend distribution. The greater the value, the better. The greater the proportion, the higher the self-sufficiency rate of funds. Analysis prompt: reaching 1 means that the enterprise can use the cash obtained from operation to meet the funds needed for enterprise expansion; If it is less than 1, it means that part of the enterprise's funds must be supplemented by external financing. (2) Cash dividend guarantee multiple formula: cash dividend guarantee multiple = operating cash flow per share/cash dividend per share = net cash flow generated by operating activities/cash dividend significance: the greater the ratio, the stronger the ability to pay cash dividends, and the greater the value, the better. Analysis Tip: The analysis results can be compared with those of peers and enterprises in the past. (3) Operating index formula: operating index = net cash flow generated from operating activities/cash generated from operating activities, in which: cash generated from operating activities = net income from operating activities+non-cash expenditure = net profit-investment income-non-operating income+non-operating expenditure+depreciation extracted in the current period+amortization of intangible assets+amortization of deferred expenses+amortization of deferred assets Meaning: Analyze the proportional relationship between accounting income and net cash flow, and evaluate the income quality. Analysis tips: close to 1, indicating that the cash that the enterprise can obtain is equivalent to the cash that it should obtain, and the income quality is high; If it is less than 1, the income quality of the enterprise is not good enough.