模型公司的偿债能力分析【外文翻译】

1、外文翻译原文models of companys solvency analysis material source:.hk/search?hl=zh-cn&source=hp&q=solvency+analysis&btng=google+%e6%90%9c%e7%b4%a2&meta=&aq=f&aqi=&aql=&oq=&gs_rfai= author: ardelean victor abstract. in the paper the authors show the different models of an

2、alyzing the companys solvency, taking into account many ratios with different importance.key words: general stability, financial solvency, reimbursing capacity.1 introductionthe status of financial solvability is multi-criteria approached by local specialists and from abroad. the international accou

3、nting standards mention the fact that solvency refers to cash availability for a greater period of time during which the due time financial engagements ought to be covered. in our opinion, solvency has to be analyzed from the point of view of its function and the time horizon it implies. that is why

4、 we believe that solvability expresses the capacity of an economic agent of reimbursing on due time (larger then 1 year) the current rates towards banks and other financial institutions.at the same time, we believe that solvability is a state of financial equilibrium measuring the value of the capit

5、al, as compared to the patrimonys size.2 method and resultssolvency can be shown through many models. they are presented below.2.1 the analysis of general stabilitythe indicator of general stability (isg) shows the degree in which the total assets of the company are able to cover the total debts of

6、the company. this indicator shows the degree in which debts can be covered using assets. isg = total asset/ total debt, the minimum level acceptable is of 1.66 (even if it should be at least 2.00). under this level, the company faces the danger of payment incapacity. the optimum level is 3.00.the ge

7、neral solvency report (rsg) indicates the amount of the net accounting asset in total asset: rsg = net accounting asset/ total asset. the minimum level acceptable is of 35%, but the optimum one is of at least 50%.indicator2 002 200320042005simboltotal asset183763 008 213169364289 944 108305 777 818a

8、ttotal liability97 217 073 89 964 477139 336 362159 570 651dtnet accounting asset86 545 935 123204 887150 607 746146 207 167ancindicator of generalsovency1.89 2.372.081.92lsg = at/dtgrowth indicator100% 125%88%92%iclsg = lsgn/lsgovariation of the indicator0.00 25%-12%-8%dlsg =(lsg)/lsgominimum value

9、acceptable1.66 1.661.661.66mingeneral solvency report47.10% 57.80%51.94%47.81%rsg=anc/atminimum valueacceptable35.00%35.00%35.00%35.00%mintable 1 - general solvency at sc ampelum saduring the entire analyzed period, the level of the general solvability indicator is over the normal limit,even if slig

10、htly descending during 2003-2005. the descending tendency of the indicator is due to the more rapid growth rhythm of total debts, as compared to total assets. nevertheless, from this point of view sc ampelum sa is safe during the entire period of analysis, a fact that means that it is able to cover

11、all itsdebts basing on assets. the same conclusion results from the analysis of general solvability report.2.2 the analysis of financial solvabilitythe indicator of financial solvability (isf) shows the degree in which the total assets of the company are able to cover total financial debts. isf =tot

12、al asset/total financial debt, the minimum level acceptable is of 2.00. under this level the company faces payment incapacityindicator2002200320042005simboltotal assets183 763 008 213 169 364289 944 108305 777 818at =ai+actotal financialliabilities64 325 931 60 831 92097 621 346101 417 082dft =dtml+

13、cbtsfinancial solvency2.86 3.502.973.02isf = at/dftminimum valueacceptable2.002.002.002.00mintable 2 - financial solvability with sc ampelum saduring the entered period analyzed, the value of the indicator is over the average limit, even if in 2004, as compared to the previous year, the value decrea

14、sed. the descending tendency of the indicator is explained by the more rapid growth of financial debts, as compared to total assets. however, from this point of view,sc ampelum sa is safe during the entire period of analysis, a fact that shows the capacity of the company of covering all its financia

15、l debts basing on assets.2.3 the analysis of debt reimbursing capacitydebt reimbursing capacity (crd) shows the degree in which the potential sources of self financing resulting from the activity of the company can cover total debts. crd = self financing debt/ total debt, the minimum level acceptabl

16、e is of 0.33 (corresponding to the covering of debts in a period of 3 years). if the level is under 0.33, the company faces payment incapacity and the optimum level is 1.00.indicator2002200320042005simbolself financingcapacity13 383 951 34 284 54030 191 65118 975 448caftotal debts97 217 073 89 964 4

17、77139 336 362159 570 651dtreimbursementcapacity0.14 0.380.220.12crd = caf/dtgrowth indicator100% 271%58%55%iccrd =crdn/crdovariation of theindicator100% 171%-42%-45%dvlcrd =(crd)/crdoaverage growthrhythm1.00 1.71-0.42-0.45rmcminimumacceptable value0.33 0.330.330.33mintable 3 - the capacity of reimbu

18、rsing debts at sc ampelum sain 2003 the value of the indicator was over the minimum level; as compared to the previous year it increased by 171%. the tendency of the indicator is descending. from this point of view, sc ampelum sa has an acceptable financial security during the analyzed period.the gr

19、oss capacity of reimbursing debts (cbrd) shows the degree in which the potential sources of self financing resulting from the operational activity of the company are able to cover the total debts of the company. cbrd =gross surplus from operational activities/total debts, the minimum acceptable leve

20、l is 0.50 (corresponding to covering debts in a 2 year period), under this level the company faces payment incapacity. the optimum level is 1.00.indicator2002200320042005simbolgross surplus fromoperational activities32451 335 51 338 82945 515 10728 734 234ebetotal liabilities97217073 213169 36428994

21、4 108305777 818dtgross capacity ofreimbursement0.33 9crd = caf/dtminimum valueacceptable0.500.500.500.50iccrd =crdn/crdotable 4 - gross capacity of reimbursing debts at sc ampelum safor the entire period analyzed, the value of the indicator is under the minimum value acceptable. as compar

22、ed to the previous year, it shows a tendency of constand decrease. ther general tendency of the indicator is descending. from this point of view, the company is not safe as far as its payment capacity is concerned.net capacity of reimbursing debts (cnrd) shows the degree in which net self financing

23、is able to cover the total debts of the company. it indicates a report between own sources and borrowed ones. cnrd =net self financing/total debts, the minimum acceptable level is of 0.25 (corresponding to covering debts in a 4 year perios); under this level the company faces payment incapacity. the

24、 optimum level is 1.00.indicator2002200320042005simbolnet self financing13383 951 34 284 54030 191 65118 975 448afntotal liabilities97217 073 213 169 364289 944 108305 777 818dtnet capacity ofreimbursement00.06cnrd = afn/dtminimum acceptablevalue0.25 0.500.500.50mintable 5 - net capacity

25、of reimbursing debtsduring the entire analyzed period, the value of the indicator was under the average limit. during the last year, the value of the indicator significantly decreased, as compared to the preceding year. the general tendency is of continuous decrease. from this point of view the comp

26、any is in a state of financial instability.2.4 the analysis of financial expenses requirementsthe ratio of financial expenses requirements (rpcf) shows the degree in which financial expenses consume cash from the gross accumulations of the operational activity. rpcf =financial expenses/gross surplus

27、 from exploitation, the maximum level acceptable is of 60%; over this level the company faces the danger of negative cash.indicator2002200320042005simbolfinancial expenses22293 955 19 954 45816 668 68812717 525chfgross surplus fromexploitation32451 335 51 338 82945 515 10728734 234ebefinancial expen

28、sesrequirements68.70 38.8736.6244.26rpcf = chf/ebemaximum acceptable value0.600.600.600.60maxtable 6 - the ratio of financial expenses requirementsduring the first year, the value of the indicator was within normal limits, but it increased, as compared to the previous year. the indicator has a gener

29、al descending tendency, both basing on the decrease of the financial debts, which generate expenses with interests, as well as basing on the decrease of the surplus from operational activities. nevertheless, from this point of view the company is not safe during the analyzed period.3 conclusionstaki

30、ng into account the above said, we may draw the conclusion that the solvability sc ampelum sa is adequate. the leverage level of the company does not generate significant risks with continuing the activity. however, we noticed that there is a tendency of depreciation of the solvability indicators in

31、 the last part of the time interval analyzed.译文模型公司的偿债能力分析资料来源：.hk/search?hl=zh-cn&source=hp&q=solvency+analysis&btng=google+%e6%90%9c%e7%b4%a2&meta=&aq=f&aqi=&aql=&oq=&gs_rfai=作者：波帕安娜玛丽亚摘要：在文章中，作者们用不同的方式来分析公司的偿付能力，考虑到许多不同比率的重要性。关键字：总体稳定 金融的偿付能力 补偿能力1 介绍当地的和国外的专家都

32、具有金融财务状况。国际会计准则指出偿债能力是指在约定的时间内，在此时间内现金的可用性达到最长时间。我们认为，偿债能力分析必须从它功能的角度和时间进行分析。这就是为什么我们认为可理解性表达了对偿还到期时间（大于一年）向银行或其他金融机构的现行税率计算的经济代理人身份。在同一时间，我们认为可理解性状态是指金融负债衡量的是资本价值在平衡状态下的大小。2 方法及结果：偿债能力可以有多种显示模式。他们介绍如下：2.1一般稳定性分析：一般稳定性指标(isg)是指在大多数程度上显示该公司的总资产能够偿还公司的债务总额。该指标显示了哪些资产能够偿还债务。一般稳定性指标(isg)=总资产/总负债，一般稳定性指标

33、可接受的最低水平是1.66（它应该至少为2.00）。在这个级别，当公司面临危险，就会丧失偿还债务的能力，所以这个时候的一般稳定性指标最佳水平为3.00一般偿付能力 (rsg)表明净资产占总资产的比例：一般偿付能力报告(rsg)=净资产/总资产。一般偿付能力可接受的最低水平是35，但最优的至少50以上。表1一般偿付能力指标2 002 200320042005总资产183763 008 213169364289 944 108305 777 818负债总额97 217 073 89 964 477139 336 362159 570 651净资产86 545 935 123204 887150 6

34、07 746146 207 167一般偿债能力指标1.89 2.372.081.92增长指标100% 125%88%92%指标变化0.00 25%-12%-8%可接受的最低值1.66 1.661.661.66一般偿债能力47.10% 57.80%51.94%47.81%可接受的最低值35.00%35.00%35.00%35.00%在整个分析时期，一般水平的可解性指标超过了正常范围，即使在2003-2005年略有下降，该指标具有下降趋势的原因是与总资产相比，债务总额的快速增长。不过，在整个分析期间从这个角度分析是安全的，它的资产能够偿还所有的债务。从一般的可解性报告的分析结果能够得出同样的结论。

35、2.2可解性的财务分析可解性的财务指标(isf)是指在大多数情况下该公司的总资产能够偿还它的所有的金融债务。可解性的财务指标(isf)=总资产/所有的金融债务，解性的财务指标可接受的最低水平是2.00。在这种水平下，如果公司面临支付，就不能正常运行。表2财务可解指标2002200320042005总资产183 763 008 213 169 364289 944 108305 777 818总的金融负债64 325 931 60 831 92097 621 346101 417 082财务偿债能力2.86 3.502.973.02可接受的最低值2.002.002.002.00在输入分析期间，该

36、指标值超过了平均限额，即使在2004年，相对于前一年数值下降了。该指标具有下降趋势的原因是与总资产相比金融债务更快速的增长。不过从这个角度上看，在整个分析期间是安全的，这一事实显示了该公司所有的资产能够偿还金融债务的能力。2.3债务的偿还能力分析债务偿还能力(crd) ：显示该公司在筹资活动筹到的资金能够支付债务总额。债务偿还能力(crd)=自我融资的债务/所有的债务。可接受的最低水平是0.33（包括在3年内相应的债务），如果债务偿还能力水平在0.33以下，该公司面临支付及丧失工作能力的最佳水平为1.00。表3偿还债务能力指标2002200320042005自我融资能力13 383 951 34 284 54030 191 65118 975 448总负债97 217 073 89 964 477139 336 362159 570 651偿还容量0.14 0.380.220.12增长指标100% 271%58%55%该指标的变化100% 171%-42%-45%平均生长节律1.00 1.71-0.42-0.45可接受的最低值0.33 0.330.330.332003年的指标值超过了最低水平，它比前一年增加了171%。该指标具有下降趋势，从这个角度上来看，该公司在分析期间有一个可以接受的金融安全。偿还债务总量(cbrd)显示该公司从经