会计英语期末论文

精品文档 1欢迎下载1欢迎下载1欢迎下载 会计英语会计英语 财务报表分析 班级 注会 1501 姓名 何榕仪 学号 150420004 精品文档 2欢迎下载2欢迎下载2欢迎下载 1 synopsis1 synopsis Cultural industry has become a part of the strategy of the national economy one of its branches broadcasting and TV industry in our country reform of cultural system and the double factors of cultural consumption level will also plays a more and more important role in the national economy Huayi Brothers Media Corporation is a well known comprehensive private entertainment group in mainland China founded by wang zhongjun and wang zhonglei in 1994 On September 27 2009 the securities and futures commission announced gem issuance examination committee Huayi Brothers Media Corporation start which means that the Huayi Brothers became the first allowed to a public stock offering entertainment It has also taken a crucial step in its domestic listing On October 30 2009 huayi brothers media company entered the shenzhen stock exchange Huayi Brothers Media Corporation one of the first 28 companies to list has received a lot of attention As a special industry the cultural industry on the real economy compared to its financial management system should be different for film and television industry pays cycle is long the characteristics of elasticity is larger huayi has established the leading domestic film and television entertainment industry industrialization operation system including benefits evaluation budget control money collecting as the main line of integrated financial management module the emphasis of specialization business studio the elasticity of operation management module and emphasizes the creation of the combined closely with the marketing and creation and the marketing management module it is also use the more advanced market oriented management approach makes huayi since 2007 performance is greatly improved 精品文档 3欢迎下载3欢迎下载3欢迎下载 Currently huayi brothers invests and operates three major business sectors film television entertainment etc Licensed and live entertainment for brands such as film commune cultural city theme park etc The Internet entertainment sector represented by games new media and fan communities In 2014 alibaba tencent and ping an announced their stake in huayi a powerful backstop for huayi brothers to break through the boundaries of industry boundaries 2 Balance2 Balance sheetsheet verticalvertical analysisanalysis From static analysis In the general sense the liquidity of an enterprise is strong and its risk is low Non current assets are less able to liquidate and their assets are riskier In 2016 the company s liquid assets were 77 47 percent while the non current assets were only 22 53 percent According to the company s asset structure the company s assets are considered to be more liquid and less risky assets Analyze dynamically Rose 5 78 proportion of the company s current assets non current assets fell by 5 78 combined with changes in the structure in each asset item in addition to the proportion of the monetary funds rose 9 03 other project change is not big assets structure is relatively stable From the perspective of the rights and interests of small proportion of short term borrowing huayi brothers company and long term borrowing is not but its capital reserves and attributable to the parent company owner s equity presents considerable negative unreasonable equity structure the risk is big 3 Financial3 Financial analysisanalysis 精品文档 4欢迎下载4欢迎下载4欢迎下载 3 1 Solvency3 1 Solvency analysisanalysis 3 1 1 Short term3 1 1 Short term solvencysolvency Flow ratio analysis The mobility ratio of huayi brothers in 2016 was 1 47 which is lower than the minimum current rate of 2 which is considered reasonable indicating that the company s ability to pay for short term debt is weak and its ability to cash out is weak The mobility ratio of huayi brothers in 2016 was 1 47 which is lower than the minimum current rate of 2 which is considered reasonable indicating that the company s ability to pay for short term debt is weak and its ability to cash out is weak Speed ratio analysis The company s speed ratio which is 0 91 this year shows that the fast moving assets of companies are far greater than the current liabilities of the corporate sector indicating that the fast moving assets provide the guarantee for current liabilities The important factor affecting the reliability of the speed ratio is the ability to cash in the receivables On paper the receivables may not always be cash the actual bad debts may be more than the plan Seasonal changes may also cause the amount of receivables in the report to fail to reflect the average 3 1 2 Long term3 1 2 Long term solvencysolvency analysisanalysis Asset liability analysis Asset liability ratio reflects the capital of the proportion of total 精品文档 5欢迎下载5欢迎下载5欢迎下载 capital provided by the creditors and also reflects the enterprise assets to creditors rights and interests of the guarantee degree and in 2016 the asset liability ratio is as high as 50 38 more than 50 in general the enterprise s solvency in 2016 is good From the creditors standpoint the debt ratio rises the guarantee of corporate debt servicing becomes weaker and the loans may be riskier From the perspective of financial management in the borrowed capital decision enterprise shall assess the situation comprehensive consideration to fully estimate the expected profit and increase the risk of weigh the gain and loss of interest to make the right analysis and decision making 3 1 3countermeasure3 1 3countermeasure Increased solvency can reduce financial risk by reducing liquidity and non current liabilities Because the product that the company runs is long the fund receives the period of time should adjust the investment structure of the company reasonably Reduce bad debts and increase the ability to cash in accounts receivable Reasonable adjustment of the company s capital chain the company not only on loan to the bank to raise funds can also be used to borrow money markets commercial credit and even through the issuance of corporate bonds the introduction of foreign capital but the different ways of financing the use of its capital cost capital structure of the enterprise the degree of risk the influence of flexibility is also each are not identical to change the capital structure of enterprise also has very important significance so enterprises should reasonably adjust borrowing way to improve the enterprise s capital chain 精品文档 6欢迎下载6欢迎下载6欢迎下载 Cashability is low because the inventory itself takes up too much money directly affect the solvency so reduce the excess inventory itself is conducive to the increase of the cashability also means that the debt paying ability enhancement 3 2 Operational3 2 Operational capabilitycapability analysisanalysis Accounts receivable turnover rate Huayi brothers company accounts receivable turnover ratio is refers to the number of a certain period the average recovery of accounts receivable accounts receivable turnover ratio reflects the enterprise accounts receivable turnover rate of speed and efficiency of enterprise management of accounts receivable as can be seen from the data accounts receivable turnover ratio was 1 88 in 2015 and accounts receivable turnover ratio was 1 73 in 2016 Accounts receivable from 2015 to 2016 have been declining slowly and the pace of recovery has accelerated Inventory turnover rate From the inventory turnover rate the inventory turnover rate of 2016 was 1 4 In 2015 inventory turnover was 1 1 In 2016 compared with 2015 the rapid inventory stock levels lower liquidity enhancement inventory is converted into cash or accounts receivable increase fast enhances the enterprise s short term debt paying ability and profitability Asset turnover The turnover rate for 2016 is 0 65 compared with 0 59 in 2015 2016 精品文档 7欢迎下载7欢迎下载7欢迎下载 compared to 2015 asset turnover increased effect better utilization of assets asset turnover days decreased showed that in different stages of the assets in production and sales the elapsed time is short can be relatively save assets the enhancement enterprise profitability 3 2 1 countermeasure3 2 1 countermeasure Strengthen the daily management of inventory arrange production and sales to reduce inventory as far as possible at the same time in the normal production of vigorously sell finished goods Increasing the utilization and profitability of the total assets of the enterprise which means increasing the sales revenue of the enterprise 3 3 Profitability3 3 Profitability analysisanalysis Sales profit The index return on sales advocate business wu income main business costs sales said each how much profits from sales revenue of one hundred yuan used to measure the enterprise sales income level The company s annual profit margin was 28 37 per cent a sign of the company s strong profitability for the year but compared with a 31 45 per cent ratio in 2015 A decline of 3 08 percent indicates a downward trend in profitability Reduced profit margins may be due to the increase in cost of sales at the same time as the enterprise is a service oriented enterprises sales of the product is not regulated so sales is also floating is bigger the annual sales profit margin is lower than the year before also may be due to the performance of certain goods floating is bigger than last year such as investment movie box office this year not as good as last year s 精品文档 8欢迎下载8欢迎下载8欢迎下载 box office But overall the company has a good profitability both investors and creditors And the size of the net profit cannot be seen in the sales revenue for example the film produced by the company not just the movie box office but also the cost of investment Total return on assets The net interest rate of total assets the main business income the main business cost interest expense initial assets final assets 2 is the key to the profitability of the enterprise The total return rate for 2016 was 1 42 percent down 0 93 percent from 2 35 percent last year Improve the rights and interests of net interest rate is the basic power of the net interest rate of the total assets due to the annual net profit margin and the total asset turnover has a downward trend so a corresponding decrease in total assets return rate the drop is the main reason of the decline in net profit margin The net interest rate of the total assets reflects the performance of the manager using the entrusted assets to make a profit the most important profitability The return on net worth Return on net assets net profit average net worth See from the above data the rate of return on net assets data shows total assets return rate is also increased year by year the higher the index shows that asset utilization efficiency is higher shows that enterprises increase their income saving resource use has made good effect See from return on net assets return on equity in 2016 compared to 2015 net assets yield was 10 higher compared to 2016 can be seen from the asset value increment rate data growth of 62 in 2015 the growth is relatively clear capital 精品文档 9欢迎下载9欢迎下载9欢迎下载 preservation rate fluctuates greatly 3 3 1countermeasure3 3 1countermeasure Enterprises should actively innovation through the development mode of production marketing innovation adjust the way of investment projects as well as to add fresh blood to increase sales thereby improve the profitability of enterprises improving marketing measures promoting high gross margin products increasing the sales ratio of relatively high gross margin products thus achieving the goal of increasing the overall gross profit margin of enterprise products It also reduces costs such as investment costs and unnecessary fees Companies should choose industries or projects that have both advantages and better market space to avoid low levels of duplication and put themselves in a passive aggressive competition We can expand the market by means of mergers and acquisitions etc and involve more areas Huayi brothers company continuously over the years to buy a company developing the company s projects now is not limited to film and television production of a single project at the same time the company also in moving towards emerging industries such as large scale network games live The continuous and rational adjustment of the investment structure is conducive to the long term development of the company 4 conclusion4 conclusion In order to fully open up the market and expand the scale of operation 精品文档 10欢迎下载10欢迎下载10欢迎下载 the company has made large investments in the main business and subsidiaries and expanded the debt scale and raised the financing risk You can see the company taking a high risk high return business model Characteristics of the given film TV market is difficult to predict from the annual report we also can see different films bring to the company s profit return gap is larger the company shall ensure mature main business film plenty of working capital at the same time to show the investment to spread the risk Second to invest in the subsidiary company and other companies for equity investment should be fully analysis concerns the profitability of investment company to make sure the return on investment and return cycle to ensure the safety of cash flow The company has expanded its debt and more than half its current liabilities to shore up its massive investment plan At the same time the company s liquidity ratio and the rate of rapid movement have declined especially as the decline in the ability to repay debt with operating cash flows has increased the company s debt risk Plus the return on investment is hard to predict and investors may not invest in huayi in the form of debt And huayi s business and financial policies will attract investors to invest in equity because of higher leverage and lower risk for shareholders At the same time huayi has shown a high degree of confidence in its investment behavior sending a signal to the market that it will gain a high yield in the future which will be attractive to investors Moreover the company s net profit has been steadily growing and investors will be willing to invest more in huayi 精品文档 11欢迎下载11欢迎下载11欢迎下载 字数 2204 精品文档 12欢迎下载12欢迎下载12欢迎下载 BalanceBalance sheetsheet Organization unit Huayi Brothers Media Corporation The amount of units RMB Assets Assets ProjectProject notesnotes2016 12 312015 12 31 CURRENTCURRENT ASSETSASSETS Cash in bank15 464 429 847 863 661 630 853 54 Notes receivable218 508 517 678 043 711 92 Accounts receivable31 476 333 907 361 658 405 319 88 Advances to suppliers4775 094 969 031 114 269 463 37 Other receivables5144 772 438 7688 802 341 72 Inventories6716 092 479 61715 784 899 32 Long termv investments maturi ng within one year 758 531 464 2358 297 669 34 Other current assets893 643 516 6617 659 791 79 Total current assets8 747 407 141 187 322 894 050 88 LONGLONG TERMTERM INVESTMENTSINVESTMENTS Financial assets can be sold92 440 785 272 113 450 601 968 12 Long term receivables10 128 760 941 80154 265 611 05 Long term investment on stock s 113 618 471 649 432 446 686 074 85 Investment real estate1253 285 529 9644 585 898 00 FIXED ASSETS13 853 705 825 20344 364 462 26 Construction in progress14 366 178 820 00 INTANGIBLE ASSETS 1 573 213 968 5766 727 162 48 goodwill163 570 248 752 493 570 248 752 49 精品文档 13欢迎下载13欢迎下载13欢迎下载 Long term deferred and prepai d expenses 17 103 169 333 2930 272 796 40 Deferred assets debits18 175 582 689 5497 153 700 61 Other long term assets1 988 000 000 00 Total non current assets11 105 223 962 3910 571 085 246 26 TotalTotal assetsassets19 852 631 103 5717 893 979 297 14 LiabilitiesLiabiliti