营运能力的分析【外文翻译】

1、外文翻译 原文 Operation ability analysis Material Source: Chinas securities nets 0/517/2006 Author:Techever Operation ability fully utilize existing resources to create social wealth ability, can be used to evaluate the enterprise to its own resources utilization and operating activities ability. Its esse

2、nce is to as few as possible resources occupation short turnover time, produce as many products, create as many sales revenue, and to achieve this goal, we must improve enterprises operation ability level. Operation ability is the assets of the enterprise turnaround to measure the efficiency of the

3、utilization of assets enterprises. The index reflects assets turnover rate have inventory turnover, liquid assets turnover rate, total asset turnover. The faster turnaround speed, it shows that the enterprise of assets into business links, forming the faster the cycle of revenue and profit more shor

4、t, business efficiency is higher. Operation ability refers to the enterprise asset turnover operation ability, usually can use total asset turnover, fixed asset turnover, flow asset turnover, inventory turnover and accounts receivable turnover these five financial ratios to enterprises operating cap

5、acity for layered analysis. Operation ability analysis can help investors understand enterprise business conditions and operating management level. With our su ning electric equipment (BBS) (market, for example, 002024) to introduce how to enterprises investors operating capability analysis. Total a

6、sset turnover is to show enterprise sales income and total assets of the ratio of average balance. Suning 2004 sales revenue for billion yuan, average total assets of 14 million yuan; 2005 sales income increased to billion yuan, the average total assets is increased by times, reached million yuan. D

7、ue to the growing rate of total assetsthan the sales income increase, total asset turnover down to 5 by lead. The rate of decline in 2005 with suning opened the new mass are directly related. In order to complete the national cloth nets thestrategic pattern, suning in 2005 at 65, a new store new lan

8、ded 20 cities, and the original logistics, service system of radiation radius is limited, so su ning to makes lots of management platform, in order to support the construction of the urban construction in the same after other stores of logistics and management. This makes su ning expansion strategy

9、initial cost of relatively high. Current assets turnover is enterprises sales income and liquidity ratio of average balance. Through this ratio analysis, we can further understanding of enterprise in the short term operation ability changes. From statements that su ning 2005 sales income nearly bill

10、ion yuan, growth rate, while the average flow rate reached more than doubled assets. The liquidity didnt bring the same margin large increase of sales income growth, so current assets turnover in 2004 dropped by the 2005 , explain the efficiency in the use of su ning liquid assets declined. Fixed as

11、set turnover is mainly used for analysis of fixed assets such as factory buildings, equipment, the ratio of the utilization efficiency of the higher and higher, explain utilization, management level, the better. If the fixed asset turnover compared with industry average low, then explaining enterpri

12、se of fixed assets utilization is low, might affect the enterprise profitability. It reflects enterprise asset utilization degree. Fixed asset turnover ratio = sales revenue/average net value of fixed assets The average net value of fixed assets = (initial equity + final equity) voting 2 Enterprise

13、inside certain period advocate business wu income with average net current assets ratio of total asset utilization, is appraise enterprise another important indexes. It reflects the enterprise liquid assets turnover rate from enterprise all assets, liquidity of the strongest in current assets Angle

14、of enterprise assets utilization efficiency, in order to further analyze the quality of enterprise assets reveals acoustics major factor. Current assets turnover means certain period for a year) (usually the main business income and total migrant assets ratio of the average , can through to inventor

15、y turnover and accounts receivable further analysis of flow asset turnover ratio changes. Suning in stock sales primarily, therefore, accounts receivable accounted for only the liquidity, and inventory 50% %. Inventory turnover refers to enterprises and inventory cost of sales average balance ratio.

16、 For real estate industry inventory turnover is a very key indicators, real estate industry is very special. Usually, inventory turnover is the sooner the better, and real estate industry inventory quantity bigger, the slower the turnover that the strength of the company is the more abundant. Other

17、industrys inventory turnover for six or seven times a year of general level, in contrast, in the real estate industry a year about a second, if in six or seven times a year inventory turnover for real estate industry as the company is tiny companies, with a powerful real estate stocks, inventory tur

18、nover are very low, because must keep a lot of land reserves, land reserve is his inventory, the houses built yet form sales belong to assets range, depend on these achieve turnover condition can also be expressed with inventory, namely said days once inventory turnover the time required that the sh

19、orter days, the faster inventory turnover. Suning inventory turnover in 2004 for 2005, this ratio dropped to . Accordingly, inventory turnover days from 24 days extended to 35 days. Inventory liquidation speed decreased obviously, explain suning sales ability may exist problems down or inventory exc

20、ess. Accounts receivable turnover refers to the enterprise certain period income and accounts receivable credit average balance ratio. It reflects the company obtained the account receivable from the right to withdraw money, can be converted into cash needed the length of time. Accounts receivable t

21、urnover can be used to estimate the accounts receivable converted speed and management efficiency. Recovery quickly can save money, also shows that enterprise credit situation is good, not easy loss of bad happened. Generally believe that the higher the turnover of the index measure enterprise accou

22、nts receivable into cash speed. Because credit sales income cant easily get, in practice used more sales income is calculated alternative credit income. Suning customers is mainly individual consumer to both clear of money and goods, trading on the basis of the account receivable credit income propo

23、rtion is very small, so the sales income data obtained by receivable turnover is very high. In general, the higher the ratio of enterprises that enterprise collection receivable and the faster, can reduce the loss of bad, and liquidity strong, enterprises short-term solvency will also strengthen, in

24、 some extent could compensate for the current ratio low adverse impact. If the enterprise receivables turnover is too low, then explaining enterprise collection receivable inefficient or credit policy very loose, affect the enterprise use of the capital and capital normal turnover. On real estate en

25、terprise operation ability of financial analysis framework can mainly from three aspects: building management ability index, accounts receivable turnover and working capital turnover rate. In these three respects based on real estate enterprise combining the characteristics, the selection of the app

26、ropriate financial index on real estate enterprises operating capability evaluation. This paper puts forward the analysis framework of general applicability, for real estate enterprises and other enterprises in the operation of the managers do provide qua ntitative basis for decisi on-mak ing and an

27、 alysis methods. Through the case an alysis can be found that, because the in flue nee of assets turno ver rate, total assets yield level but not n ecessarily advocate bus in ess wu in come con siste nt with gross margi n. And commercial real estate and in dustrial real estate, reside ntial real est

28、ate tha n sex where profit margins, so van kes sales in come margi n in creased year by year, but despite highest whe n still about 41%, but the lujiazui, and the land is provided in come can be as high as 80% gross margin, cofco property of materials process ingin come also can achieve 75% gross ma

29、rgin. From the trend, the in comes of the three compa nies are in growth state gross margi n. But because the operating cash flow is low, the efficiency high profit margins of the lujiazui and cofco real estate but show low on total assets. Three real estate en terprise operati ons in there is a com

30、 mon problem, n amely the working capital turnover rate is too slow. Operation ability of the enterprise of the scale of operati ons and differe nt differe nee were real estate en terprise can cause inventory turnover rate and working capital turnover rate is different. Residential property turno ve

31、r rate sex tha n commercial real estate and in dustrial real estate, so vanke faster the inven tory turno ver faster tha n lujiazui, cofco property because small in scale, the turno ver rate close to YuWan Ke. But in rece nt years due to land prices continue to rise, real estate enterprises have bee

32、n through a lot of store, extend the project development period and so on the way to getting the higher profit margin. Thus the curre nt real estate en terprises in our country there are a large amount of inven tory tur no ver, slow ills. 译文 营运能力的分析 资料来源：中国证券网0072006作者：Techever 营运能力是充分利用现有资源创造社会财富的能

33、力，可以用来评价企业对其 拥有资源的利用程度和营运活动能力。其实质是要以尽可能少的资源占用，尽可 能短的周转时间，来产生出尽可能多的产品，创造出尽可能多的销售收入，而要 实现这个目的，就必须要提高企业的营运能力水平。营运能力是以企业各项资产 的周转速度来衡量企业资产利用的效率。反映资产周转速度的指标有存货周转 率、流动资产周转率、总资产周转率。周转速度越快，表明企业的各项资产进入 经营环节的速度越快，形成收入和利润的周期就越短，经营效率就越高。营运能 力指的是企业资产的周转运行能力，通常可以用总资产周转率、固定资产周转率、 流动资产周转率、存货周转率和应收账款周转率这五个财务比率来对企业的营运

34、 能力进行逐层分析。 营运能力分析可以帮助投资者了解企业的营业状况和经营管理水平。我们以 苏宁电器（行情，论坛）（002024）为例,向投资者介绍如何进行企业的营运能力分析。 总资产周转率是指企业的销售收入与总资产平均余额的比率。苏宁2004 年销售收入为亿元，平均总资产为14亿元；2005年销售收入增加到亿元，平均总 资产更是增长了倍，达到亿元。由于总资产的增长幅度超过了销售收入的增长幅 度总资产周转率由下降到5。 该比率的下降与苏宁在2005年大规模开张新店有直接的关系。为了完成“全 国性布网”的战略格局，苏宁在2005年新开门店65家新登陆了 20多个城市，而 原先的物流、服务体系的辐射

35、半径有限，因此苏宁要进行大量的管理平台的建设， 以此来支撑以后在同一个城市建设其他卖场的物流和管理。这使得苏宁扩张战略 的初始成本相对较高。 固定资产周转率主要用于分析对厂房、 设备等固定资产的利用效率，比率越 高，说明利用率越高，管理水平越好。如果固定资产周转率与同行业平均水平相 比偏低，则说明企业对固定资产的利用率较低， 可能会影响企业的获利能力。它 反应了企业资产的利用程度。 固定资产周转率=销售收入/平均固定资产净值 固定资产平均净值=（期初净值+期末净值）十2 企业一定时期内主营业务收入净额同平均流动资产总额的比率 ，是评价企业 资产利用率的另一重要指标。它反映了企业流动资产的周转速

36、度 ，是从企业全部 资产中流动性最强的流动资产角度对企业资产的利用效率进行分析 ，以进一步揭 示音响企业资产质量的主要因素。流动资产周转率是指一定时期（一般为一年）的 主营业务收人与全部流动资产平均余额的比值。通过这个比率的分析 ，我们可以 进一步了解企业短期内营运能力的变化。 从报表中看出，苏宁2005年销售收入近 160亿元,增长幅度达到，而平均流动资产增加了一倍以上。流动资产的大量增加 没有带来同样幅度的销售收入的增长，因此流动资产周转率由 2004年的下降到 2005年的,说明苏宁流动资产的利用效率有所下降。 存货和应收账款是流动资产的主要组成部分，因此，可以通过对存货周转率和 应收账款进一步分析流动资产周转率的变化。苏宁以现货销售为主，因此，应收账 款仅占流动资产的而存货占50%。 存货周转率指的是企业的销售成本与存货平均余额的比率。存货周转率对于 房地产行业是一个非常关键的指标，房地产行业是比较特殊的。通常的来说存货 周转是越快越好，而房地产行业的存货量越大、周转的速度越慢则说明公司的实 力越雄厚。其他行业的存货周转率一般为每年六七次的水平，相反，在房地产行 业一年大概一二次，如果一年存货周转率在六七次的公司对于房地产行业来说是 极小的公司，有实力的大房地产股，存货周转率都是很低的，因为