代写财务报表财报新思维：三切入点和自由现金流量
Results: three new thinking of starting point and free cash flow
Analysis of financial statements of three logical starting point
Quality of earnings, cash flow, asset quality, is the analysis of financial statements of three logical starting point.
From the profit form proceed with, analysis of the profit quality
Through sales revenue and profit growth and volatility, reflect the main business income generating cash flow capacity, increase market share and create cash flow stability. Quality analysis of the profit margin is an important aspect, because it shows that the management can be used for research and development, advertising and promotion so as to improve the enterprise brand and reputation, ensure the enterprises' sustainable growth ability.
From the balance sheet approach, analysis of assets quality
The bankruptcy of the enterprise is a problem most assets, assets quality on the one hand through the investigation of current assets and fixed assets to total assets proportion, to study business financial flexibility.
If the fixed assets the proportion is higher, and more is special equipment, in the industry competition, enterprises will be faced with high exit barriers. On the other hand to check the assets of the" gold content"," gold and silver" and old old, price of the stock assets proportion, can reflect the enterprise potential risk of loss.
From the cash flow statement to
On the free cash flow analysis. This is the statement analysis three logical starting point in one of the most important link, which is the focus of this paper.
Cash flow rate is the enterprise running indicator
Most developed countries have statistical data shows, each five bankruptcy of enterprises, having four is profitable, with only one loss. Visible, the enterprise is mainly because of the lack of cash and closed, and not because of lack of profitability.
[ ] in 1975 the United States with the largest commercial enterprises W.T.Grant declared bankruptcy, and in its bankruptcy the previous year, its net operating profit of nearly $10000000, business activities to provide operating funds about 20000000 yuan, the bank loans amounted to $600000000, in 1973 the company stock price is still in its income 20 times the price of the sale. The bankruptcy of the enterprise of the reason for this is that the company early in the bankruptcy, five years before the net cash flow has been negative, although have high profit, the company's cash cannot pay a huge production expenditure and cost of debt, finally led to the" growth of bankruptcy".
Therefore the analysis of cash flow of enterprises with play a decisive role role. In the global financial crisis environment, who has a" cash", who can be in this crisis to survive.
In the past, to the development of enterprises the ability to do the evaluation, two big index is profit and income. But because the profit measurement method can be artificially manipulated, plus some enterprises to increase profit, will reduce correspondingly product research and development costs, costs of these cuts will only affect the long-term interests of the enterprise.
The cash flow to make up these deficiencies. In the global stagnant big environment falls, the cash flow is deciding the running speed of the most important factors. Through the cash flow management, can make enterprise maintain a good cash flow, improve the use efficiency of cash, so the enterprise funds into productive forces in a timely manner, improve the competitiveness of enterprises.
Free cash flow is very important
At present, financial analysis textbooks mostly is concerned with operating cash flow, and cash flow from operations is important, do not represent the enterprise free cash flow, because the enterprise must ensure their own continuing operations for making the necessary investment under the premise, to get money for servicing, for shareholders dividend. In my opinion, the free cash flow have neglected the significance of.
Free cash flow may reflect the enterprise overall ability to pay, equity cash flow may reflect the enterprise actual capacity to pay. Two comprehensive index reflects the enterprise's own ability to pay and give the stakeholders of enterprises the repayment ability, is the comprehensive embodiment of enterprise development potential. Therefore, China Unicom in 2003 to plan working conference, made clear the enterprise free cash flow as the branch for evaluation of the important indicators of development.
The scale of operation has not changed much, but is capital concentrated model enterprise, free cash flow is the most simple calculation formula of operating activities generated cash flow minus the enterprise for updating, transformation of fixed assets investment required cash flow.
财务报表分析的三大逻辑切入点
盈利质量、资产质量、现金流，是财务报表分析的三大逻辑切入点。
·从利润表入手，分析盈利质量
通过销售收入及利润的成长性和波动性，体现主营业务收入创造现金流量的能力、市场份额增长情况以及创造现金流量的稳定性。毛利率也是盈利质量分析的重要方面，因为它表明管理层可用于研究开发、广告促销从而提高企业品牌和知名度，保证企业可持续增长的能力。
·从资产负债表入手，分析资产质量
企业破产的大部分原因是资产出了问题，资产质量分析一方面通过考察流动资产和固定资产占资产总额的比重，来考察企业的财务弹性。
如果固定资产的比重较高，而且较多的是专用设备，在行业竞争加剧的情况下，企业将面临较高的退出壁垒。另一方面要检查资产的“含金量”，“真金白银”和陈年老账、变价存货占资产的比重，可体现企业发生潜在损失的风险。
·从现金流量表着手
对自由现金流量进行分析。这是报表分析三大逻辑切入点中最重要的一个环节，这也是本文的重点。
现金流动速度是企业运行的风向标
大部分发达国家的统计数据显示，每五家破产倒闭企业，有四家是盈利的，只有一家是亏损的。可见，企业主要是因为缺乏现金而倒闭，而不是因为盈利不足而消亡。
【例】1975年美国最大的商业企业之一W.T.Grant宣告破产，而在其破产前一年，其营业净利润近1000万美元，经营活动提供营运资金2000多万元，银行贷款达6亿美元，1973年公司股票价格仍按其收益20倍的价格出售。该企业破产的原因就在于公司早在破产前五年的现金流量净额已经出现了负数，虽然有高额的利润，公司的现金不能支付巨额的生产性支出与债务费用，最后导致“成长性破产”。
因此现金流量分析对企业具有举足轻重的作用。在全球金融危机的大环境下，谁手中拥有“现金”谁就能在这场危机中活下来。
以往在对企业的发展能力来做评价时，两大指标是利润和收入。但由于利润的计量方法可以被人为地操纵，再加上有些企业为了增加利润，会相应减少产品开发研究费用，这些费用的削减只会影响企业的长远利益。
现金流量则弥补了这些不足。在全球不景气的大环境下，现金的流动性就是决定企业运行速度的最重要的因素。而通过现金流量的管理，就可以使企业保持良好的现金流动性，提高现金的使用效率，从而将企业的资金及时地转化为生产力，提高企业的竞争力。
自由现金流量非常重要
当前，财务分析的教科书大多关注的是经营活动产生的现金流量，而经营活动产生的现金流量固然重要，并不代表企业可自由支配的现金流，因为企业首先要保证自己为持续经营而进行必要投资的前提下，才能把钱用于还本付息、为股东派发股利。我的看法是，自由现金流量有被忽视的重大意义。
代写文章自由现金流量则可反映企业总体支付能力，股权现金流量可以真实反映企业实际支付能力。两个指标综合反映了企业自身的支付能力及给予企业利益相关者的回报能力，是企业发展潜力的综合体现。因此，中国联通在其2003年计划工作会议上，就已经明确将企业自由现金流量作为对分公司发展进行考核的重要指标。
对经营规模变动不大，而且是资本密集型的企业而言，自由现金流的最简单计算公式是经营活动产生的现金流量减去企业用于更新、改造固定资产所需投入的现金流量。