The assets owned by an enterprise include various properties, claims and other rights. According to their nature and characteristics, they are usually divided into current assets, long-term investments, fixed assets, intangible assets and other assets. Current assets include cash and various deposits, short-term investments, receivables and prepayments, inventories, etc. Long-term investments include stock investments, long-term bond investments and other investments. Fixed assets include houses and buildings, machinery and equipment, transportation equipment, tools and equipment, etc. Intangible assets include patent rights, non-patented technologies, trademark rights, copyrights, land use rights, goodwill, etc. Other assets include long-term deferred expenses, temporary facilities, frozen bank deposits, etc.

According to their nature and characteristics, an enterprise's liabilities are usually divided into current liabilities and long-term liabilities. Current liabilities refer to debts repaid within one year or an operating cycle of more than one year, including short-term loans, notes payable, accounts payable, advance receipts, wages payable, taxes payable, profits payable, other payables, and accruals Fees etc. Long-term liabilities refer to debts that can be repaid within one year or more than one operating cycle, including long-term loans, bonds payable, and long-term payables.

Analysis of liquidity of assets and liabilities of an enterprise: A. Analysis of solvency:

Current ratio = current assets/current liabilities

Current ratio can reflect short-term Solvency. It is generally believed that the reasonable minimum current ratio for manufacturing enterprises is 2. The main factors affecting the current ratio are generally considered to be the operating cycle, the amount of accounts receivable in current assets and the inventory turnover rate.

Quick ratio = (current assets - inventory) / current liabilities

Due to various reasons, the liquidity of inventory is poor, so the quick ratio is obtained by subtracting inventory from current assets. The short-term solvency reflected by the dynamic ratio is more convincing. It is generally believed that the lowest reasonable quick ratio for a company is 1. However, industry has a greater impact on the quick ratio. For example, if a store has almost no accounts receivable, the ratio will be well below 1. An important factor affecting the credibility of the quick ratio is the liquidity of accounts receivable.

Conservative quick ratio (super quick ratio) = (monetary funds, short-term investments, notes receivable, accounts receivable)/current liabilities

Further remove items that are usually irrelevant to the current cash flow Such as deferred expenses, etc.

Cash ratio = (monetary funds/current liabilities)

Cash ratio reflects the company's ability to repay short-term debt.

Accounts receivable turnover rate = sales revenue/average accounts receivable

Expresses the average number of times accounts receivable are converted into cash during the year. If the turnover rate is too low, it will affect the company's short-term solvency.

Accounts receivable turnover days = 360 days/accounts receivable turnover rate

Expresses the average number of days it takes for accounts receivable to be converted into cash during the year. Affect the company's short-term solvency.

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B. Capital structure analysis (or long-term solvency analysis):

Shareholders’ equity ratio = total shareholders’ equity/total assets × 100

Reflects the proportion of capital provided by owners in total assets and reflects whether the basic financial structure of the enterprise is stable. Generally speaking, a high ratio indicates a low-risk, low-return financial structure, while a low ratio indicates a high-risk, high-return financial structure.

Asset-liability ratio = total liabilities/total assets × 100

Reflects what proportion of total assets is obtained through borrowing.

Capital-liability ratio = Total liabilities/Ending number of shareholders’ equity × 100

It can more accurately reveal the company’s solvency status than the asset-liability ratio, because the company only The debt ratio can be reduced by increasing capital. The capital-liability ratio of 200 is a general warning line. If it exceeds, special attention should be paid.

Long-term load ratio = long-term liabilities/total assets × 100

An indicator to judge the debt status of a company. It will not increase the company's short-term debt repayment pressure, but it is a capital structural problem that will bring additional risks to the company during an economic recession.

Interest-bearing debt ratio = (short-term borrowings + long-term liabilities due within one year + long-term borrowings + bonds payable + long-term payables) / closing amount of shareholders’ equity × 100

No interest The impact of liabilities and interest-bearing liabilities on profits is completely different. The former does not directly reduce profits, while the latter can reduce profits through financial expenses. Therefore, when reducing debt ratios, companies should focus on reducing interest-bearing liabilities rather than interest-free liabilities. , which is of great significance for profit growth or turning a profit. In terms of revealing a company's solvency, 100 is the internationally recognized capital safety warning line for the ratio of interest-bearing liabilities to capital.

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C. Operating efficiency analysis:

Net assets adjustment coefficient = (adjusted net assets per share - net assets per share)/net assets per share Assets

Adjusted net assets per share = (shareholders' equity - accounts receivable over 3 years - deferred expenses - net property losses to be disposed - deferred assets) / number of common shares

What will be subtracted are four types of assets that cannot produce benefits. The larger the net asset adjustment coefficient is, the lower the company's asset quality is. Especially if the company's return on equity is still high despite a large coefficient, in-depth analysis is required.

Operating expense ratio = Operating expenses/Main business income × 100

Financial expense rate = Financial expenses/Main business income × 100

Reflects corporate finance Indicators of condition.

The growth rate of the three expenses = (the total of the three expenses in the previous period - the total of the three expenses in the current period) / the total of the three expenses in the current period

The total of the three expenses = operating expenses + management Expenses + financial expenses

The sum of the three expenses reflects the operating costs of the enterprise. If the total of the three expenses increases (or decreases) significantly compared to the main business income, it means that the enterprise has undergone certain changes and needs to be filed. Notice.

Inventory turnover rate = cost of goods sold × 2/(beginning inventory + ending inventory)

Inventory turnover days = 360 days/inventory turnover rate

Inventory turnover The turnover rate (number of days) expresses the production and sales rate of the company's products. If the turnover rate is too small (or the number of days is too long) compared with other companies in the same industry, it is necessary to pay attention to whether the company's products can be sold smoothly.

Fixed asset turnover rate = sales revenue/average fixed assets

This ratio is an indicator of the efficiency of an enterprise's use of fixed assets. The higher the indicator, the better the effect of the use of fixed assets.

Total asset turnover rate = sales revenue/average total assets

The larger the indicator, the stronger the sales capability.

Main business income growth rate = (Main business income in the current period - Main business income in the previous period)/Main business income in the previous period × 100

Generally, when a product is in the growth stage, The growth rate should be greater than 10.

The ratio of other accounts receivable to current assets = other accounts receivable/current assets

Other accounts receivable mainly accounts for payments that have nothing to do with production, operation and sales activities. Generally Should be smaller. If this indicator is high, it means that the proportion of working capital used in abnormal operating activities is high, and attention should be paid to whether it is related to related transactions.