I. Analysis outline of enterprise solvency
The solvency analysis includes short-term solvency analysis and long-term solvency analysis.
the short-term solvency is mainly reflected in the relationship between the company's due debts and disposable current assets, and the main measurement indicators are current ratio and quick ratio.
(1) The current ratio is the most commonly used indicator to measure the short-term solvency of enterprises.
the calculation formula is: current ratio = current assets/current liabilities.
that is, paying off the short-term debts of enterprises with liquid assets with strong liquidity. It is generally considered that the minimum flow ratio is 2. However, the ratio should not be too high. If it is too high, it means that the current assets of enterprises occupy more, which will affect the efficiency of capital use and the profitability of enterprises. Excessive current ratio may also be caused by overstock of inventory, excessive accounts receivable and prolonged collection period, and increased prepaid expenses, while there is a serious shortage of funds and deposits that can really be used to repay debts. In general, the business cycle, the turnover rate of accounts receivable and inventory are the main factors affecting the current ratio.
(2) quick ratio, also known as acid test ratio.
the calculation formula is: quick ratio = quick assets/current liabilities.
quick assets refer to the balance of current assets after deducting inventory, and sometimes deducting prepaid expenses and prepayments. The reason for deducting inventory from quick assets is that the liquidation speed of inventory is slow, and there may be problems such as damage and pricing. Prepaid expenses and prepayments are expenses that have occurred and have no solvency, so prudent investors can also deduct them from current assets when calculating quick ratio. An important factor affecting the quick ratio is the liquidity of accounts receivable, which investors can consider together with the turnover rate of accounts receivable and the provision for bad debts. It is generally considered that the reasonable quick ratio is 1.
Long-term solvency refers to the ability of an enterprise to repay its debts for more than one year, which is closely related to its profitability and capital structure. The long-term debt capacity of an enterprise can be analyzed by indicators such as asset-liability ratio, ratio of long-term debt to working capital and interest guarantee multiple.
(1) The asset-liability ratio is the ratio of total liabilities divided by total assets.
For creditor investors, it is always hoped that the lower the asset-liability ratio is, the better, so that their creditor's rights are more secure; If the ratio is too high, he will propose a higher interest rate compensation. Equity investors are mainly concerned about the level of return on investment. If the corporate return on total assets is greater than the interest rate paid by corporate liabilities, then borrowing capital will bring positive leverage effect to equity investors and benefit the maximization of shareholders' rights and interests. Reasonable asset-liability ratio is usually between 4% and 6%, and large-scale enterprises are appropriately larger; However, the financial industry is quite special, and it is normal for the asset-liability ratio to be above 9%.
(2) the ratio of long-term liabilities to working capital.
the calculation formula is: the ratio of long-term liabilities to working capital = long-term liabilities/working capital = long-term liabilities/(liquidity-current liabilities).
As long-term liabilities will be continuously converted into current liabilities over time, current assets must be able to repay the long-term liabilities when they are due, in addition to meeting the requirements for repaying current liabilities. Generally speaking, if the long-term liabilities do not exceed the working capital, both long-term creditors and short-term creditors will have security.
(3) The interest guarantee multiple is the ratio of the total profit (pre-tax profit) plus interest expense to interest expense.
its calculation formula: interest guarantee multiple = earnings before interest and tax/interest expense = (total profit interest expense)/interest expense.
generally speaking, the interest guarantee multiple of an enterprise should be at least greater than 1. When analyzing, it is usually compared with the historical level of the company, so as to evaluate the stability of long-term solvency. At the same time, from the perspective of robustness, we should usually choose the data of the lowest year as the standard.
second, the outline of the analysis paper on the solvency of enterprises. Who will write it? No, thank you ...
The task occupies the pit
Third, the research outline of enterprise solvency?
the short-term solvency of a company is mainly determined by the relative ratio of its current assets to its current liabilities, the structure and liquidity of its current assets, the types and term structure of its current liabilities, which can be measured by indicators such as current ratio, quick ratio and ultra-quick ratio. At the same time, there are many factors that are not reflected in the financial statements that will also affect the company's short-term solvency. Investors can mainly analyze the factors that can improve the company's short-term solvency from the following aspects:
(1) Bank loan indicators that the company can use. The bank loan limit that the bank has agreed but the company has not yet gone through the loan formalities can increase the company's cash at any time and improve the company's ability to pay.
(2) Long-term assets that the company intends to realize soon. For some reason, the company may sell some long-term assets into cash soon to increase the company's short-term solvency.
(3) the creditworthiness of the company. If the company's long-term solvency is always good, that is, the company's credit is good, when the company has temporary difficulties in short-term debt repayment, the company can quickly solve the short-term debt repayment by issuing bonds and stocks, and improve the short-term solvency. This factor to improve the company's solvency depends on the company's own credit status and the financing environment in the capital market. The above three factors can make the actual solvency of the company's current assets higher than that reflected in the company's financial statements.
The main factors that can reduce the short-term solvency of the company are:
(1) Contingent liabilities. Contingent liabilities refer to debts that may occur. According to China's Accounting Standards for Companies, such liabilities are not recorded as liabilities, nor are they reflected in the financial statements. Only discounted commercial acceptance bills are listed as notes at the lower end of the balance sheet. The remaining contingent liabilities include compensation for quality accidents that may occur when products are sold, litigation cases and economic cases that may be lost and need compensation. Once these contingent liabilities are confirmed, it will increase the debt repayment burden of the company.
(2) Liabilities arising from guarantee liability. It is possible for a company to provide guarantees for others with some of its current assets, such as providing guarantees for others to borrow money from banks and other financial institutions, and providing guarantees for others to perform relevant economic responsibilities. This kind of guarantee may become a liability of the company, thus increasing the debt repayment burden of the company. These two factors will reduce the company's solvency or make the company fall into debt crisis.
4. What are the problems in the defense of graduation thesis about "Problems in Accounts Receivable and Countermeasures"?
1. Establish pre-warning control of accounts receivable. Excessive accumulation of accounts receivable will affect the financial situation of enterprises and the normal problems solved, and can not eliminate the negative effects of accounts receivable on all aspects of enterprises. At the same time, collection and control itself will also bring enterprises such as increased expenses and market annoyance, which urges enterprises to innovate their thinking, establish early warning management and focus on credit policies. At present, in the construction industry, construction enterprises are in a weak position and need to formulate practical credit policies. (1) Establish credit standards and undertake projects cautiously. Enterprises should take the original records and financial reports kept by credit evaluation agencies, stock exchanges, banks, finance and taxation departments, consumer associations, industrial and commercial administrative departments and other materials as the basis of customers' credit information, and on this basis, determine the evaluation based on the analysis of customers' credit information, with a set of representative indicators that can explain payment ability and financial risk, according to the situation in the worst year of several years, Find out the average value of the above ratio of customers with good credit and poor credit respectively, and then use the data of financial statements published by customers to measure the risk of refusal to pay, the risk of default and the need of market competition, and specifically divide the credit industry of customers. When setting the credit standard of a customer, the possibility of default is often evaluated first. The most common evaluation method is "5C" system, which represents the judgment factor of credit risk. Character: it is the primary factor to evaluate the customer's credit and the customer's attitude to repay debts, which is mainly recorded by understanding the customer's previous payment performance. It is the customer's ability to repay debts, which mainly depends on the customer's assets, especially the quantity and quality of current assets and its ratio relationship with current liabilities. Capital: refers to the financial strength and status of the customer, indicating that the customer may pay the final guarantee. Guarantee (Col as an asset of credit security guarantee. When the enterprise doesn't know the details of the customer clearly, the more sufficient the guarantee provided by the customer, the greater the credit security guarantee. Condition: it is an economic environment, which reflects the customer's ability to repay debts. Of course, the customer's credit rating is being carried out. 1. The acquisition of data is not as easy as we thought; 2. The authenticity of data is sometimes difficult to control; 3. How to allocate the weight of indicators. The characteristic analysis method is used for enterprises with relatively small scale, large scale and large arrears. This model puts enterprise items. The first group is the customer's own characteristics, reflecting six indicators: surface impression, organization and management, products and market development prospects. The second group is the characteristics of customer priority, which refers to the factors that enterprises need to give priority to when selecting customers, reflecting the value of trading with this customer, including six indicators: trading profit rate, product requirements, impact on market attractiveness, impact on market competitiveness, guarantee conditions and substitutability. The third group is credit and financial characteristics, which mainly refers to the factors that can directly reflect the credit status and financial status of customers, including six indicators: payment record, bank credit, profitability, balance sheet evaluation, solvency and total capital. Among these three groups of indicators, financial information is the most difficult to obtain, especially for small-scale enterprises, whose finance itself is not perfect. (3) Establish a customer file. On the basis of determining the customer's credit rating and evaluating the customer's credit, establish a credit file for each customer and record its relevant information in detail. Enterprises should usually decide the relevant contents of files in advance, so that the data collection of credit controllers is complete rather than random. The main contents of the customer file generally include: the customer's business dealings with the enterprise and the customer's payment records; The basic information of the customer, such as all the bank accounts of the customer, all the real estate information of the customer and the mortgage status of the real estate, all the movable property information of the customer, other investments of the customer, reinvestment and other information; Customer's credit standing, such as the main financial indicators reflecting the customer's solvency, profitability and operational ability, the customer's spot and deferred payment, the customer's actual operation and development trend information, etc. 3. Carefully undertake the project to prevent the formation of arrears in project payment. Construction enterprises should thoroughly investigate the credit status of the construction unit, grasp its credibility and the availability of funds, and strive to avoid projects with low credibility, projects with unfunded funds, and projects with huge advances, so as to prevent arrears from being formed as soon as the projects are available. This is simple to say, especially in the case of insufficient tasks in the construction market. The actual situation is that many construction enterprises dare to make demands and bargain with Party A in order to undertake the project. Construction enterprises are in an increasingly passive position in this unbalanced market. However, to reverse this unfavorable situation, we must not blindly and unconditionally sacrifice the interests of enterprises and make some legally operated enterprises become victims of unfair competition. The state should carry out macro-control through legislation, establish a fair competitive construction market, and make those construction enterprises with strong strength, advanced technology and legal operation stand up, talk with Party A confidently about conditions, build excellent construction products and get due remuneration at the same time. In this fair market, as a construction enterprise, it should shift its manpower, financial resources and energy from "public relations" to enhance its strength, improve its construction technology, improve its management, let its strength speak for itself and enhance its competitiveness. Second, strengthen the daily management of accounts receivable 1. Reasonable division of labor and clear responsibilities. Only by establishing an internal management mechanism of accounts receivable with clear division of labor and coordination can enterprises effectively reduce the unnecessary occupation of accounts receivable and avoid the occurrence of bad debt losses, and at the same time, they can effectively prevent fraud and mistakes in business processing, avoid or timely discover the behavior of criminals intercepting and enterprise project funds, and reduce the risk of accounts receivable. Accounts receivable of enterprises involve engineering project management department, engineering department, marketing department, finance department, audit supervision department and other departments, and enterprises must implement the relevant responsibilities related to accounts receivable. 2. Authorization and control of undertaking the advance project Although the advance project can expand the market share of enterprises, it also increases the potential risks. Therefore, for the funded projects, the financial department should investigate the customer's credit and control the funded projects within a reasonable limit with the authorization of the leaders or relevant departments. 3. Establish the system of bad debt provision for accounts receivable, and handle the accounts of the advance project in time. No matter how strict the credit policy is adopted by enterprises, as long as there is commercial credit behavior, the occurrence of bad debt losses is inevitable. Therefore, enterprises should follow the principle of prudence, estimate the possibility of bad debt losses in advance, and establish a system to make up for provision for doubtful debts, that is, withdraw bad debt reserves. 4. Carry out the responsibility system. According to the time value of funds and compensation ability, the assessment of the project management department should implement who handles, who is responsible for, who returns to the pool, who benefits, and implement the recovery, responsibility and time limit to people, supplemented by the means of assessment, rewards and punishments, and fully mobilize the enthusiasm of the project management department for collecting money. 5. Strengthen the management of accounts collection (1) Implement comprehensive supervision. Through the analysis of aging, average collection period and cash collection rate, we can judge whether the customer has the problem of default on accounts, so as to estimate the potential risk loss and correctly estimate the price of accounts receivable, so as to find the problem in time and take countermeasures in advance. (2) Determine a reasonable collection procedure. It is to make customers willing to repay the payment and exert appropriate pressure. That is, to recover accounts in a legal, rational and legal way. For customers who are overdue for a short time, it is not convenient to disturb them too much, just notify them by phone or letter; For customers who can't fulfill the contract on time, they can write to collect it diplomatically; Customers who have settled the project and are overdue for a long time should be frequently collected; For customers who deliberately fail to return or the above methods are ineffective, they should submit them to the relevant departments for arbitration or resort to law. Iii. Establishing a credit reporting system Enterprises should hold regular credit reporting meetings at different levels to communicate with each other so as to keep abreast of the situation and minimize credit risks. The credit report meeting can be divided into internal meetings of the credit control department, and its central topics can be: the operation of the credit control department, past work performance and future work planning, usually once every two weeks; The central topics of the joint meeting of credit control units and business departments can be: the analysis and evaluation of credit risks of major customers and current dangerous customers, the analysis of overdue accounts and sales accounts exceeding credit limits, the future market outlook and the financial information of new customers, etc., usually once every two months; The central topic of the meeting of the top financial officers or management authorities can be: reporting the current operation of credit control, as well as the difficulties encountered and credit risk prediction, the implementation of enterprise credit policies and improvement measures, etc., and the time is generally once a month. Four, the implementation of financial intermediation, accelerate the realization of accounts receivable. In order to withdraw funds as soon as possible, enterprises borrow or sell the unexpired accounts receivable from banks or other financing companies. 1. Debit of accounts receivable. That is, the owner of accounts receivable takes accounts receivable as collateral and obtains a certain amount of loans within a specified period of time. Specifically divided into: (1) general mortgage: that is, mortgage loans without specific conditions.