财务指标解析

1、2 2财务状况分析Financial position analysis盈利能力分析Profitability analysis现金流分析Cash flow analysis财务报表Financial statements3 34 41 1目录 Content营运能力分析Analysis of operating capacity5 51. 财务报表Financial statements财务报表概述财务报表概述财务报表财务报表 ( ()资产负债表资产负债表(Balance sheet)损益表损益表(Profit & Loss)现金流量表现金流量表(Cash flow statement) 资

2、产资产 Assets 负债负债 Liabilities 所有者权益所有者权益Owners Equity财务状况财务状况经营成果经营成果现金流量现金流量 收入收入 Revenue 成本费用成本费用 Cost/Expense 利润利润 Net income 现金流入现金流入Cash inflow 现金流出现金流出Cash outflow资产负债表资产负债表资产负债表表示企业在一定日期的财务状况（即资产、负债和股东权益的状况）的会计报表。Statement of financial position(balance sheet) provided information about an entit

3、ys assets, liabilities, and equity and their relationships to each other at a moment in time.资产 Assets负债 Liabilities所有者权益Shareholders Equity资产资产=负债负债+所有者权益所有者权益ASSETS = LIABILITIES + EQUITY流动资产流动资产Current Assets流动流动负债负债Current Liabilities长期长期负债负债Non-current Liabilities所有者权益所有者权益Shareholders Equity资产

4、负债表结构资产负债表结构资产资产债权人债权人股东股东资金的资金的占用占用Occupation of Capital资金的资金的来源来源Source of Capital固定资产固定资产Non-current AssetsNoImageNoImage损益表损益表损益表（利润表）是指反映企业在一定会计期间的经营成果，报表结果为公司实现的利润或亏损。Profit & Loss (income statement) provided the information about the revenue, expense, profit in a certain period, the result sh

5、ows the net income or loss.利润利润=收入收入-费用费用INCOME = REVENUE - EXPENSE现金流量表现金流量表现金流量表是反映企业在一定会计期间的现金及现金等价物的增减变动情况。Cash flow statement is to provide information about cash receipts and payments of an entity during a period.三大现金流活动 Source: Noncurrent Liabilities and equity来源：长期负债和所有者权益Source: Investment

6、securities and noncurrent assets来源：证券投资和非流动资产Source: Income statement来源：利润表经营活动Operating activity投资活动Investing activity筹资活动Financing activity2. 财务状况分析Financial position analysisNet working capital: Net working capital reports the resources the company would have to continue operating in the short ru

7、n if it had to liquidate all of its current liabilities at once.净运营资本，是指如果一个企业立即支付所有的流动负债后，所剩余的能够在短期内持续经营的资源。Net working capital=Current Assets Current Liabilities净营运资本=流动资产 流动负债严格意义上，应仅有经营性资产和负债被用于计算这一指标，即短期借款、有价证券和现金等不是经营活动必需的而应被排除在外：Net working capital=AR + Inventory AP净营运资本=应收账款+存货-应付账款净营运资本Net

8、working capital资产负债率Debt ratio Debt ratio reports the long-term burden carried by a company per RMB of assets. 资产负债率反应的是债权人所提供的资本占总资本的比例。 是衡量企业负债水平以及债务风险的重要指标。Debt ratio = Total liabilities / Total assets 资产负债率 = 负债总额 / 资产总额流动比率Current ratio Current ratio is the most common measure of near-term solv

9、ency. A low ratio indicates a possible solvency problem. An overly high ratio indicates that management may not be investing idle assets productively. 流动比率是最常用的一个衡量短期偿债能力的指标。 比率太低暗示潜在的偿债能力有问题，比率太高暗示企业管理层没有能够很好的管理闲置的资产。Current ratio = Current assets / Current liabilities流动比率 = 流动资产 / 流动负债 速动比率Quick r

10、atio Quick ratio (acid test) excludes inventory and prepaid from the current assets, recognizing that those assets are difficult to liquidate at their stated value. The quick ratio is thus a more conservative measure than the basic current ratio. 速动比率(也叫酸性测试)是在流动比率的基础上，不包含存货和预付款项，因为这些资产是相对比较难变现的资产，速

11、动比率相对于流动比率来说更机构的保守。Quick ratio = (Cash and equivalents + Marketable securities + Net receivables)/ Current liabilities流动比率 = （现金及等价物+ 有价证券+ 应收账款）/ 流动负债 3. 盈利能力分析Profitability analysis可变利润Variable marginVariable margin means total revenue minus the variable cost.可变利润是指收入减去变动成本后的利润。It is the same conc

12、ept of contribution margin in management accounting.在管理会计中，也被称之为边际利润。Variable margin ratio= (revenue variable cost)/ revenue *100%生产利润Industrial marginIndustrial margin means total revenue minus the variable cost and fixed cost.生产利润是指收入减去变动成本和固定成本后的利润。It is the same concept of gross margin in manage

13、ment accounting.在管理会计中，也被称之为毛利。Industrial margin ratio= (revenue variable cost- fixed cost)/ revenue *100%息税前利润Earning before interest and tax (EBIT)Interest expense, income tax expense are added back to accrual-basis net income to arrive at an approximation of profits from ongoing operations. 在权责发生

14、制下的净利润上加回利息费用，所得税费用是对企业持续经营下一个利润估计。 也有公司还会剔除财务费用里面的汇兑损失、收益。 EBIT主要看的是经营活动，通过剔除所得税及利息，可以使投资者评价项目的时候不用考虑项目适用的所得税率和融资成本，这样方便了投资者将项目放在不同的资本结构中进行考察。息税折旧摊销前利润Earning before interest tax depreciation and amortization (EBITDA) Interest expense, income tax expense, depreciation and amortization expense are a

15、dded back to accrual-basis net income to arrive at an approximation of profits from ongoing operations. 在权责发生制下的净利润上加回利息费用，所得税费用，折旧和摊销费用，是对企业持续经营下一个利润估计。 EBITDA主要看的是经营活动，意义在于：当营运资金净需求不变的情况下， 经营性现金净流入就是EBITDA。 EBITDA ratio= EBITDA/Net sales*100%4. 现金流分析Cash flow analysisTemplate of GMM经营性现金流Operating

16、 cash flow经营活动经营活动（1）收到现金1销售商品、提供劳务内容：商品、提供劳务收到的现金（含销项税金、销售材料、代购代销业务）2税费返还内容：返还增值税、消费税、关税等3收到其他经营活动内容：罚款收入、个人赔偿、经营租赁收入等（2）支付现金1购买商品、接受劳务内容：购买商品、接受劳务支付的现金（扣除购货退回、含进项税）2支付职工内容：支付给职工的工资、奖金、津贴、劳动保险、社会保险、住房公积金、其他福利费（不含离退休人员，在其他） 3支付的各项税费内容：本期实际缴纳的增值税、消费税、营业税、关税、所得税、矿产资源补偿费、“四税”等各项税费（含属于的前期、本期、后期，不含计入资产的耕

17、地占用税）4支付其他经营活动内容：罚款支出、差旅费、业务招待费、保险支出、经营租赁支出等投资性现金流Investment cash flow投资活动投资活动（1）收到现金1收回投资内容：短期股权、短期债权；长期股权、长期债权本金（不含长债利息、非现金资产）2投资收益内容：收到的股利、利息、利润3处置长期资产内容：处置固定资产、无形资产、其他长期资产收到的现金，减去处置费用后的净4收到其他投资活动内容：收回购买时宣告未付的股利及利息（2）支付现金1购建长期资产内容：购建固定资产、无形资产、其他长期资产支付的现金2支付投资内容：进行股权性投资、债权性投资支付的本金及佣金、手续费等附加费3支付其他投

18、资活动内容：支付购买股票时宣告未付的股利及利息筹资性现金流Financial cash flow筹资活动筹资活动（1）收到现金1吸收投资内容：发行股票、发行债券收入净值2收到借款内容：举借各种短期借款、长期借款收到的现金3收到其他筹资活动 内容：接受现金捐赠等（2）支付现金1偿还债务内容：偿还借款本金、债券本金（不含利息） 2支付股利、利息、利润内容：支付给其他单位的股利、利息、利润3支付其他筹资活动内容：捐赠支出、企业直接支付的发行股票债券的审计、咨询等费用等5. 营运能力分析Cash flow analysis应收账款周转天数Days sales outstanding (DSO)Days sales outstanding measures the efficiency of accountsreceivables collection. 应收账款周转天数衡量一个企业的应收账款的收款效率。DSO=Average trade receivables/Net sales*365Accounts receivables turnover=365/Days sales outstanding存货周转天数Days inventory outstanding (DI