金地（集團(tuán)）股份有限公司的財(cái)務(wù)分析及評價(jià)

1、金地（集團(tuán)）股份有限公司的財(cái)務(wù)分析及評價(jià) 摘 要 整個(gè)世界經(jīng)濟(jì)已經(jīng)進(jìn)入一體化與全球化的時(shí)代,這就意味著全世界已成為一個(gè)統(tǒng)一的大市場,任何處于其中的經(jīng)營個(gè)體?公司、企業(yè)面對的都是日益復(fù)雜、競爭日趨激烈的市場環(huán)境。正是在激烈的競爭中,市場越來越趨于規(guī)范,企業(yè)的財(cái)務(wù)報(bào)表也越來越顯示出其應(yīng)具有的價(jià)值。由于會計(jì)是商業(yè)的語言,有其自身的編制規(guī)則,通過會計(jì)數(shù)據(jù)能反映出許多真實(shí)的問題,基于此,所有的投資者、債權(quán)人、經(jīng)營者做出正確決策時(shí)都離不開企業(yè)的財(cái)務(wù)分析。 本文從財(cái)務(wù)分析的角度,通過對上市公司金地集團(tuán)股份有限公司(600383) (以下簡稱:金地集團(tuán))的財(cái)務(wù)分析,以及對該公司年報(bào)相關(guān)信息的解讀,在發(fā)現(xiàn)該公司

2、成績的同時(shí),也指出其存在的不足,并針對其不足之處提出解決對策。希望能為企業(yè)的經(jīng)營管理提供一點(diǎn)借鑒,從而采取措施加強(qiáng)管理,降低成本費(fèi)用,提高利潤和自身的競爭實(shí)力,也希望能為投資者的投資提供相應(yīng)參考意見。 本文采用了傳統(tǒng)的財(cái)務(wù)比率和現(xiàn)金流量比率對金地集團(tuán)進(jìn)行財(cái)務(wù)分析。在分析過程中,采用比率分析、趨勢分析相結(jié)合的方法對金地集團(tuán)2002年?2006年財(cái)務(wù)報(bào)表進(jìn)行分析,配以圖表直觀地反映各項(xiàng)指標(biāo)發(fā)展趨勢,并運(yùn)用杜邦財(cái)務(wù)分析方法,對金地集團(tuán)財(cái)務(wù)狀況進(jìn)行了綜合分析。在財(cái)務(wù)指標(biāo)的選擇上,本文主要選擇了償債能力、運(yùn)營能力、盈利能力、市場價(jià)值和成長能力五大類,共計(jì)21項(xiàng)財(cái)務(wù)指標(biāo)作為財(cái)務(wù)分析的框架。在分析過程中,還

3、同時(shí)選擇房地產(chǎn)行業(yè)的龍頭企業(yè)萬科a(000002)(以下簡稱:萬科)作為對比企業(yè)。這兩家公司都是在深圳證券交易所上市的房地產(chǎn)行業(yè)績優(yōu)上市公司,產(chǎn)品類似,是行業(yè)中的佼佼者,具有一定的代表性。這兩家公司財(cái)務(wù)數(shù)據(jù)來源于各自的 2002 年2006 的年報(bào),年度資料來源于證券之星網(wǎng)站(/0.)、e漢唐證券網(wǎng)站(/.)等相關(guān)行業(yè)網(wǎng)站。 通過對金地集團(tuán)的財(cái)務(wù)分析,發(fā)現(xiàn)金地集團(tuán)具有持續(xù)發(fā)展能力正在加強(qiáng),資產(chǎn)周轉(zhuǎn)速度正在加快,品牌知名度在進(jìn)一步提高等優(yōu)勢。 首先,在對金地集團(tuán)的盈利能力和成長能力分析中,已得知金地集團(tuán)凈資產(chǎn)收益率已經(jīng)從2002年的10.27%上升到2006年的14.42%,總資產(chǎn)、凈資產(chǎn)增 1

4、長率也分別從 2002 年的 35.50%、5.54%上升到 2006 年的 62.10%、12.55%,這也可看出金地集團(tuán)的持續(xù)發(fā)展能力正在逐步加強(qiáng),而且金地集團(tuán)目前的產(chǎn)業(yè)布局已經(jīng)為下一步持續(xù)增長打下了堅(jiān)實(shí)的基礎(chǔ)。金地集團(tuán)2006年未結(jié)算項(xiàng)目建筑面積已超過700萬平方米,涉及12個(gè)城市,已初步完成并完善了長江三角洲、環(huán)渤海經(jīng)濟(jì)圈、珠江三角洲三大經(jīng)濟(jì)圈的布局和武漢、西安、沈陽等核心二線城市投資布局,抗擊某一區(qū)域系統(tǒng)風(fēng)險(xiǎn)的能力已得到了很大提高。 其次,金地集團(tuán)的資產(chǎn)周轉(zhuǎn)速度在進(jìn)一步加快。為實(shí)施快速擴(kuò)張,緩解資金壓力,金地集團(tuán)加快了已有項(xiàng)目的開發(fā),各區(qū)域產(chǎn)品銷售速度和回款額都取得了理想成績。這點(diǎn)在

5、對金地集團(tuán)的運(yùn)營能力分析中也可以看出,2002年?2006年期間,金地集團(tuán)的應(yīng)收賬款周轉(zhuǎn)率、總資產(chǎn)周轉(zhuǎn)率分別從2002年的140.58、0.36增長到2006年的5255.83、0.41。 昀后,金地集團(tuán)在房地產(chǎn)開發(fā)業(yè)務(wù)取得長足進(jìn)步同時(shí),產(chǎn)品也屢獲業(yè)界好評。先后獲得“2006中國房地產(chǎn)上市公司綜合實(shí)力top10”第四名、“2006中國房地產(chǎn)上市公司財(cái)富創(chuàng)造能力(eva)top10”第六名及“2006中國房地產(chǎn)上市公司地產(chǎn)績優(yōu)股top10”第四名等榮譽(yù)。以上獎(jiǎng)項(xiàng)的獲得,使金地集團(tuán)的品牌知名度得到了進(jìn)一步提高。但是,在對金地集團(tuán)進(jìn)行財(cái)務(wù)分析時(shí),發(fā)現(xiàn)金地集團(tuán)也面臨著資金不足、存貨管理函待加強(qiáng),企業(yè)盈

6、利能力以及核心競爭力需要進(jìn)一步提高的問題,本文針對存在的問題提出了解決辦法。 第一,隨著中國資本市場監(jiān)管力度加大和國家對房地產(chǎn)行業(yè)宏觀調(diào)控的進(jìn)一步加強(qiáng),使房地產(chǎn)開發(fā)企業(yè)的資金鏈條變得非常緊張。金地集團(tuán)2006年新增加長期借款 17.52 億元人民幣,資產(chǎn)負(fù)債率高達(dá) 66.76%。 2007 年,金地集團(tuán)計(jì)劃開工面積208.78萬平米,即使2006年末通過的不超過2.66億新股、募集資金約30億元的定向增發(fā)方案成功實(shí)現(xiàn),金地集團(tuán)手中可動(dòng)用現(xiàn)金流也遠(yuǎn)遠(yuǎn)未能滿足其項(xiàng)目開發(fā)需求。由此可見,金地集團(tuán)下一步發(fā)展,面臨很大的資金缺口?？紤]到目前在股票市場公開發(fā)行股票募集資金比較困難,金地集團(tuán)可以考慮對下屬的

7、部分項(xiàng)目進(jìn)行股權(quán)融資,由投資方對項(xiàng)目實(shí)現(xiàn)控股,金地集團(tuán)確保項(xiàng)目的操作權(quán),與投資方實(shí)行利潤分成,這樣就可部分減輕資金借貸的壓力。另外還可以考慮發(fā)行可轉(zhuǎn)債,這樣既可優(yōu)化資本結(jié)構(gòu),使公司的凈資產(chǎn)利潤率增加,又可以有“稅盾”作用,間接降低資金成本。 2第二,通過對金地集團(tuán)的財(cái)務(wù)分析,可以看到金地集團(tuán)的存貨近年來在不斷上升,2006年期末存貨余額已達(dá)到85.56億元人民幣,存貨過多不僅增加了企業(yè)管理的困難,而且占用大量流動(dòng)資金,加強(qiáng)存貨的管理是金地集團(tuán)當(dāng)務(wù)之急。因此,如何采取各種營銷手段,銷售其現(xiàn)房和期房,將是金地集團(tuán)面臨的一個(gè)嚴(yán)峻考驗(yàn)。建議金地集團(tuán)應(yīng)該擁有一套完整的戰(zhàn)略與戰(zhàn)術(shù)思想,如采用快速客戶反應(yīng)e

8、cr戰(zhàn)略、適時(shí)管理jit方法等,同時(shí),還可以考慮對原材料等實(shí)行供應(yīng)鏈管理,轉(zhuǎn)變傳統(tǒng)觀念,將企業(yè)間傳統(tǒng)的對立關(guān)系轉(zhuǎn)變?yōu)楹献麝P(guān)系。 第三、隨著房地產(chǎn)行業(yè)競爭進(jìn)一步加劇,房地產(chǎn)行業(yè)原先的高額利潤時(shí)代已風(fēng)光不再。2006年金地集團(tuán)的凈資產(chǎn)收益率為14.42%,同期房地產(chǎn)行業(yè)龍頭企業(yè)萬科的凈資產(chǎn)收益率為18.58%,相比之下,差距還是不小的。金地集團(tuán)要想提高盈利水平,必須加強(qiáng)經(jīng)營管理,降低成本費(fèi)用,從而取得價(jià)格競爭優(yōu)勢。同時(shí),還要加強(qiáng)服務(wù)特色和產(chǎn)品創(chuàng)新,并重視對競爭對手和消費(fèi)者(客戶細(xì)分)的研究,進(jìn)一步強(qiáng)化市場定位意識。 昀后,金地集團(tuán)雖然在2006年經(jīng)過重新梳理執(zhí)行體系,提升了總資產(chǎn)周轉(zhuǎn)率和凈資產(chǎn)收益

9、率水平,取得較好成績,但與萬科相比,還是存在一定差距。在房地產(chǎn)行業(yè)增長緩慢,利潤率較低時(shí),如何在未來發(fā)展中繼續(xù)脫穎而出,領(lǐng)先于其它房地產(chǎn)企業(yè),必須具備核心競爭力。只有掌握了核心競爭力的企業(yè)才能生存并保持持續(xù)盈利。金地集團(tuán)未來需要強(qiáng)化的核心競爭力主要是三個(gè)方面:一是融資和資本運(yùn)作能力,二是開發(fā)和管理能力,三是行業(yè)整合能力,未來這三方面的有機(jī)結(jié)合,才能實(shí)現(xiàn)快速增長。 通過對金地集團(tuán)的分析,可得知金地集團(tuán)雖然與房地產(chǎn)行業(yè)的龍頭企業(yè)萬科存在一定差距,但還是一家具有發(fā)展?jié)摿秃軓?qiáng)市場競爭力的企業(yè)。通過財(cái)務(wù)分析和對該公司年報(bào)信息的解讀,達(dá)到了發(fā)現(xiàn)財(cái)務(wù)數(shù)據(jù)中潛在的隱性信息、了解運(yùn)營情況和財(cái)務(wù)狀況,對其進(jìn)行評

10、價(jià)的目的。主題詞:上市公司;財(cái)務(wù)分析;財(cái)務(wù)評價(jià)3abstract the world economy has entered into the era of international economic integration & globalization, that means the whole world has become a common market. any entity among the world, including the company and the enterprise, has to face the complicated market under the

11、 fierce competition. just under the competition, the market has been becoming more and more standard, and the financial statement has demonstrated its true value. as the language of commerce, the accountant has its own rule, and reflects a lot of problems through its data. so, all investors, credito

12、rs and operators must undertake the financial analyze to make out the correct decisionthe focus of this paper is the study of financial analysis. by means of financial analysis of the relevant information from the annual financial report of the listed company gold ground group limited company the co

13、de in shenzhen market is 600383 hereinafter referred to gemdale corporation, the author concluded that many achievements has been achieved, but also has many shortages needed to be recovered, then the author advanced the proposal aimed at the shortage. through the study, the author hope to offer a s

14、ample for the management of enterprises, including the measures of strengthening the management measures, reducing costs, increasing profits and raising the enterprises competition capability; by the way, to offer suggestions for the investors investment the financial analysis of the gemdale corpora

15、tion mainly focused on the traditional financial ratios and cash flow ratios. during the course of analyzing, the author selected the ratio analysis and trend analysis as financial analysis approaches to study financial statements of 2002-2006 annual financial reports of gemdale corporation, at the

16、same time, gave the grade of financial situation of gemdale corporation by the method of synthesis financial ratio grading. charts were involved in the analysis in order to make the result more clear. from the charts, the trend of all kinds of ratios will be showed intuitively. the author selected 2

17、1 ratios of five types to establish the evaluation framework, including the paying for liability, the operating 4competence ratios, the profiting ability ratios, the value for investment and the growing ability ratios. in the course of analyzing, the author also selected vanke a the code in shenzhen

18、 market is 000002 hereinafter referred to as vanke, the leading enterprise in the real estate trade as the compared enterprises. for the consideration of representative, the two companies are both good listed companies in the real estate trade on shenzhen market, with the similar products and outsta

19、nding performance. the information and data of the two companies are both from the 2002- 2006 annual financial reports,which were collected from /., /. and other websites related to securities industrythrough an analysis of gemdale corporation, find it has lasting development capacity to strengthen,

20、 the velocity of turnover of the assets is being accelerated, brand awareness is in the advantage of further improving etc first of all, in the profit ability and analysis of growth ability to the gemdalecorporation, can learn groups return on net assets of gemdale corporation already from 10.27% in

21、 2002 rising to 14.42% in 2006, total assets, net assets rate of increase are from 35.50%, 5.54% in 2002 raise to 62.10%, 12.55% in 2006 separately too, this can find gemdale corporation the lasting development capacity of the group is being strengthened progressively, and industrys overall arrangem

22、ent at present of gemdale corporation has been already for increasing and laying a solid foundation continuously next. the not floor area of the settlement project of 2006 of the group has been already over 7 million square meters , involve 12 cities, have already finished and improved the changjian

23、g delta tentatively, ring the bohai sea economy enclose, pearl river delta three major economy enclose overall arrangement and wuhan, xian, shenyang key line two city investment overall arrangement, the ability to resist systematic risk of a certain area has already been improved greatlysecondly, ge

24、mdlae corporation assets in further accelerate velocity of turnover of group. for implement, expand fast, relieve fund pressure, gemdale corporation accelerate for development of project, all regional products sell pace and revenue make ideal achievements. this point can find out from analyzing in t

25、he operation ability to the gemdale corporation, during 2002 - 2006, the turnover rate of account 5receivable of the gemdale corporation, turnover rate of total assets are from 140.58, 0.36 in 2002 raising to 5255.83, 0.41 in 2006 separatelyfinally, the gemdale corporation makes considerable progres

26、s in the business of development of real estate at the same time, the products obtain the favorable comment of the industry too. successively obtained the fourth place of comprehensive strength top10 of listed company of 2006 chinese real estates , wealth creativity of listed company of 2006 chinese

27、 real estates eva top10 honors such as the sixth place and the fourth place of real estate good performance stocks top10 of listed company of 2006 chinese real estates ,etcthe acquisition of the above-mentioned rewards, make the brand awareness of the gemdalecorporation further improvedhowever, when

28、 analyze the financial affairs of the gemdale corporation, find out some question ,such as the group faces lacking funds, the inventory management waits to improve , enterprises profit ability and the key competitiveness need further improving, this paper has put forward the solution to the existing

29、 problemfirst, as the chinese capital market supervises and manages is the further enhancement ,macro adjustments and controls of real estate trade of efforts is strengthening , the fund roller chain of the enterprises of real estate becomes very in short. the gemdale corporation will increase the l

30、ong-term liability of 1,752 million yuan newly in 2006, asset-liability ratio is up to 66.76% in 2007, the gemdale corporation is area of 2,087,800 square meters that the group plans to go into operation, even it passed at the end of 2006, does not exceed 266 million new stocks, directional addition

31、al issue scheme of raising fund of about 3 billion yuan to succeed and realize, gemdale corporation can draw on cash flow fail, meet event their develop the demand far too in the hand. therefore, the next development of the group, face very large fund shortfall. it is more difficult to issue stocks

32、to raise the fund on the stock market now, the gemdale corporation can consider that carry on stock financing to some subordinate projects, realize controlling interest by investor to event, the group guarantees the operation right of the project, implement profit-sharing with the investor, can be l

33、ighten the pressures of fund debit and credit 6sides partly in this way. in addition can also consider issuing the transferable bond, this kind can already optimize the structure of capital, make the net assets profit rate of the company increase, there can be function of tax shield , reduce the fun

34、d cost indirectlysecond, from financial affairs of group analyze, can see the inventory of gemdale corporation is rise constantly in recent years, the remaining sum of the inventory will reach 8,556 million yuan at the end of 2006, there are too much stocks to not merely increase the difficulty of m

35、anagement, and take up a large number of fund, it is the task of top priority of gemdale corporation to strengthen the management of the stock. so how adopt various marketing measure, sell completed apartment and forward delivery housing its, that group face severe test. propose gemdale corporation

36、should have one intact strategy and tactics thought, reflect ecr strategy, manage jit the method etc. in right time such as adopting the fast customer, at the same time, can also consider that supply the chain to manage to raw materials,etc., change the traditional idea, change the traditional antit

37、hesis relation among enterprises into cooperationthird, aggravate further with competition in trade of real estate, original great amount of profit in trade of real estate, era no longer scene. the return on net assets of gemdale corporation is 14.42% in 2006, the return on net assets of leading ent

38、erprises vanke of real estate trade is 18.58% in the same period, by contrast, disparity is still big. gemdale corporation want improve profit level, must strengthen management and administration, reduce cost, thus make the price competition advantage. meanwhile, strengthen service special and produ

39、cts innovation, pay attention to the study on rival and consumer customer subdivide, further strengthen the consciousness of market orientationfinally, though gemdale corporation is combed the system of carrying out again in 2006, promoted the turnover rate of total assets and return on net assets l

40、evel, make better achievements, but compared with vanke, there is certain disparityslowly increase in the real estate trade, when profit rate is lower, how to continue breaking out in the development in the future, lead other real estates enterprises, must 7possess the key competitiveness. the enter

41、prise that has only grasped the key competitiveness could survive and keep making profits continuously. gemdale corporation needs key competitiveness to be mainly three respects in the future: first, financing and capital operation ability, second, development and management ability, third, the trad

42、e combines ability, the organic integration of these three respects in the future, could realize fast growththrough financial analysis of gemdale corporation, can learn gemdalecorporation compare vanke , the leading enterprise in the real estate trade ,though have certain disparity, but its an enter

43、prise with development potentiality and competitiveness of very strong market, through to financial analysis and understanding to annual financial report relevant information of this company, has reached the objective of find the potential information in the financial data, understand and evaluate t

44、he operation situation and financial situationkey words: listed company, financial analysis, financial evaluation 8目 錄 第1 章 緒論. 01 1.1 研究背景 1h1 1.2 研究目的 2h2 1.3 論文的結(jié)構(gòu)框架 3h2 第2章 金地集團(tuán)的財(cái)務(wù)分析方法. 4h1 2.1 財(cái)務(wù)分析方法的選擇5h4 2.2 財(cái)務(wù)分析的基本體系6h5 2.3財(cái)務(wù)分析指標(biāo)的選取7h6 2.3.1 償債能力指標(biāo)8h6 2.3.2 運(yùn)營能力指標(biāo)9h7 2.3.3 盈利能力指標(biāo)10h8 2.3.4 市

45、場價(jià)值指標(biāo)11h8 2.3.5 成長能力指標(biāo)12h9 第3章 金地集團(tuán)的基本情況. 13h10 3.1 公司歷史沿革. 14h10 3.2公司行業(yè)背景. 15h11 3.3 公司經(jīng)營狀況. 16h12 第4章 金地集團(tuán)的實(shí)證分析. h16 174.1 公司償債能力分析 18h16 4.1.1 短期償債能力指標(biāo)分析19h16 4.1.2 長期償債能力指標(biāo)分析20h20 4.2 公司運(yùn)營能力分析 21h25 4.2.1 應(yīng)收賬款周轉(zhuǎn)率22h25 4.2.2 存貨周轉(zhuǎn)率 23h26 4.2.3 總資產(chǎn)周轉(zhuǎn)率. 24h26 4.3 公司盈利能力分析 25h27 14.3.1 主營業(yè)務(wù)利潤率26h27

46、4.3.2 資產(chǎn)凈利率 27h28 4.3.3 凈資產(chǎn)收益率. 28h29 4.4 公司市場價(jià)值分析 29h30 4.4.1 每股凈利潤 30h30 4.4.2 每股現(xiàn)金流量凈值 31h31 4.4.3 每股凈資產(chǎn) 32h32 4.5 公司成長能力分析 33h33 4.5.1 總資產(chǎn)增長率. 34h33 4.5.2 凈資產(chǎn)增長率. 35h34 4.5.3 主營業(yè)務(wù)收入增長率. 36h36 4.5.4 凈利潤增長率. 37h37 4.6 財(cái)務(wù)狀況綜合分析 38h38 4.6.1 杜邦財(cái)務(wù)分析. 39h38 4.6.2 財(cái)務(wù)狀況評價(jià). 40h38 第5章 評價(jià)與建議41h41 5.1金地集團(tuán)的主要

47、優(yōu)勢. 42h41 5.1.1 持續(xù)發(fā)展能力加強(qiáng) 43h41 5.1.2 資產(chǎn)周轉(zhuǎn)速度加快 44h42 5.1.3 品牌知名度提高45h42 5.2金地集團(tuán)存在的問題與建議. 46h43 5.2.1 再融資問題 47h43 5.2.2 存貨管理問題. 48h44 5.2.3 提高企業(yè)盈利水平問題49h44 5.2.4 核心競爭力的強(qiáng)化問題50h45 第6章 研究結(jié)論 錯(cuò)誤!未定義書簽。 6.1 主要結(jié)論51h46 6.2 財(cái)務(wù)分析發(fā)展趨勢 52h46 26.3今后的研究課題53h47 參考文獻(xiàn) 54h49 附錄1:金地集團(tuán)6003832002 年?2006 年資產(chǎn)負(fù)債表55h51 附錄2:金地

48、集團(tuán)6003832002 年?2006 年利潤及利潤分配表56h54 附錄3:金地集團(tuán)6003832002 年?2006 年現(xiàn)金流量表57h55 附錄4:萬科a0000022002 年?2006 年資產(chǎn)負(fù)債表h59 58附錄5:萬科a0000022002 年?2006 年利潤及利潤分配表59h62 附錄6:萬科a0000022002 年?2006 年現(xiàn)金流量表60h63 3第1章 緒論 1.1 研究背景 整個(gè)世界經(jīng)濟(jì)已經(jīng)進(jìn)入一體化與全球化的時(shí)代,這就意味著全世界已成為一個(gè)統(tǒng)一的大市場,任何處于其中的經(jīng)營個(gè)體?公司、企業(yè)面對的都是日益復(fù)雜、競爭日趨激烈的市場環(huán)境,也正是在激烈的競爭中,我們的市場

49、越來越趨于規(guī)范,我們的財(cái)務(wù)報(bào)表也越來越顯示出其應(yīng)具有的價(jià)值,由于會計(jì)是商業(yè)的語言,有其自身的編制規(guī)則,雖然只是一些數(shù)據(jù),但就是這些數(shù)據(jù)卻能反映許多真實(shí)的問題,基于此,所有的投資者、債權(quán)人、經(jīng)營者做出正確的決策時(shí) 都離不開企業(yè)的財(cái)務(wù)分析。簡單地說,財(cái)務(wù)分析就是對企業(yè)過去及現(xiàn)在的經(jīng)營狀況、財(cái)務(wù)狀況、風(fēng)險(xiǎn)狀況進(jìn)行的分析活動(dòng),是企業(yè)生產(chǎn)經(jīng)營管理活動(dòng)的重要組成內(nèi)容。但財(cái)務(wù)分析昀重要的功能還是 通過對過去、現(xiàn)在的分析來更好地預(yù)測未來。 只要對會計(jì)稍微有點(diǎn)了解的人都會知道,每個(gè)規(guī)范的企業(yè),都會在會計(jì)年度結(jié)束時(shí),辦理年度決算,編制財(cái)務(wù)報(bào)表,但資產(chǎn)負(fù)債表和損益表兩份財(cái)務(wù)報(bào)表中所列的金額數(shù)字,并不能充分明確地表達(dá)

50、企業(yè)的財(cái)務(wù)狀況及經(jīng)營業(yè)績。要進(jìn)一步了解企業(yè)在經(jīng)濟(jì)活動(dòng)中所取得的成績和存在的問題,進(jìn)行有效的經(jīng)營決策,僅僅根據(jù)上述財(cái)務(wù)報(bào)表提供的資料是遠(yuǎn)遠(yuǎn)不夠的,還需要運(yùn)用財(cái)務(wù)分析的理論和技巧,對財(cái)務(wù)報(bào)表所提供的數(shù)據(jù)進(jìn)一步加工、分析和比較,得到經(jīng)營管理和經(jīng)營決策所需要的經(jīng)濟(jì)信息。例如資產(chǎn)負(fù)債表是反映企業(yè)某一特定日期資產(chǎn)、負(fù)債和所有者權(quán)益及其構(gòu)成情況的財(cái)務(wù)報(bào)表。但對債權(quán)人來說,昀關(guān)心的是了解企業(yè)償債能力。說明企業(yè)償債能力的資料在資產(chǎn)負(fù)債表中沒有直接列示數(shù)據(jù),利用資產(chǎn)負(fù)債表中的資產(chǎn)項(xiàng)目和負(fù)債項(xiàng)目的金額進(jìn)行比較,則可以計(jì)算出資產(chǎn)負(fù)債率、流動(dòng)比率和速動(dòng)比例等評價(jià)企業(yè)償債能力的財(cái)務(wù)指標(biāo),從而清楚地了解企業(yè)的償債能力。所以

51、,通過類似這種具體的分析比較,可以全面的 1深刻地認(rèn)識一個(gè)單位的經(jīng)濟(jì)活動(dòng)和財(cái)務(wù)收支情況,正確評價(jià)經(jīng)營成果,明確問題和原因所在,促使該單位制定出有效的改進(jìn)措施,提高管理水平,促進(jìn)生產(chǎn)經(jīng)營正常發(fā)展。 如果在企業(yè)競爭激烈及物價(jià)水準(zhǔn)有所變動(dòng)的情況下,僅憑資產(chǎn)負(fù)債表與損益表中的數(shù)據(jù)進(jìn)行分析還是不夠的,除上述兩表的數(shù)據(jù)外,還應(yīng)該收集同年度計(jì)劃預(yù)算、實(shí)際產(chǎn)出、銷售量及物價(jià)指數(shù)等數(shù)據(jù)資料,同時(shí)運(yùn)用核算、分析、評估等方法,并將分析結(jié)果形成財(cái)務(wù)報(bào)表的分析報(bào)告書,才能充分表達(dá)企業(yè)經(jīng)營的財(cái)務(wù)狀況及經(jīng)營業(yè)績。因此,企業(yè)是否有效經(jīng)營、及時(shí)創(chuàng)新、持續(xù)發(fā)展、服務(wù)社會,也須依據(jù)財(cái)務(wù)報(bào)表分析評價(jià)的結(jié)果作為評判依據(jù)。 1.2 研究

52、目的 作為企業(yè)管理人員,面向企業(yè)內(nèi)部時(shí),應(yīng)該時(shí)刻關(guān)注企業(yè)經(jīng)營活動(dòng)所產(chǎn)生的經(jīng)營成果,并對經(jīng)營成果進(jìn)行分析,發(fā)現(xiàn)企業(yè)的經(jīng)營短板,明確企業(yè)的經(jīng)營重點(diǎn),而財(cái)務(wù)數(shù)據(jù)是經(jīng)營成果的直觀反映;面向企業(yè)外部時(shí),也應(yīng)該能從財(cái)務(wù)分析中發(fā)現(xiàn)有價(jià)值的投資對象,從而在證券市場中尋找投資對象。投資者在買賣股票前,不僅要分析宏觀經(jīng)濟(jì)形勢和行業(yè)情況,關(guān)注市場行情,還要認(rèn)真分析上市公司的財(cái)務(wù)報(bào)告,了解財(cái)務(wù)狀況和獲利能力,預(yù)測其未來發(fā)展趨勢及風(fēng)險(xiǎn)程度,從中選出財(cái)務(wù)狀況好、贏利能力強(qiáng)、發(fā)展?jié)摿Υ蟮墓咀鳛橥顿Y對象。股票投資的兩個(gè)關(guān)鍵方面是“選股”和“選時(shí)”,前者是指購買何種股票,后者是指何時(shí)買入或何時(shí)賣出,而這些決策是在對企業(yè)的大量信息作全面認(rèn)真分析之后做出的。財(cái)務(wù)信息是對投資對象進(jìn)行判斷的主要依據(jù),而財(cái)務(wù)報(bào)告中的財(cái)務(wù)報(bào)表是公司披露其基本信息的主要渠道。 企業(yè)管理者和投資者是財(cái)務(wù)報(bào)表的主要使用者,公司從投資者那里獲取資金,同時(shí)向社會公眾公布財(cái)務(wù)信息。他們通過閱讀財(cái)務(wù)報(bào)表來評估公司創(chuàng)造價(jià)值的能力。財(cái)務(wù)報(bào)表的使用者要懂得財(cái)務(wù)報(bào)表,了解財(cái)務(wù)報(bào)表披露了什么,沒有披露什么,還要知道如何通過財(cái)務(wù)報(bào)表發(fā)現(xiàn)潛