企业分析研究报告代写，企业自身发展能力的分析-The enterprise own development ability analysis
( 1) the enterprise own development ability meaning.
Ability of enterprise oneself development, is refers to the enterprise through their own production and business activities, with the formation of the internal funds and investment in the development of the ability. Enterprise development fund, mainly comes from the company's sales revenue and enterprises to reduce spending and saving money.
The enterprise is the amount of available funds of enterprise of real income and the actual expenditure of the enterprises is bad, really have their own development capacity. Enterprises can use the total amount of funds is in fact the enterprise truly possess ability to pay cash, is the enterprise ability to pay cash accumulated balance.
In the enterprise, and not all income will cause the enterprise funds increase, such as write-downs of bad debt write-off but not have been. Similarly, not all costs will cause the enterprise capital reduction, such as depreciation, fixed assets inventory surplus, but in carrying on the calculation of the expenditure reflects a reduction in profits, the actual project these deductions funding remains enterprises can independently use the funds.
Therefore, enterprises can employ capital total is equal to the profit plus depreciation, fixed assets inventory surplus, not bad debt reduction. Enterprise final self development ability is the enterprise available funds total amount, minus the new increase liquidity requirements, tax and year-end bonus after the funds for investment in the development of the ability, visible, bonus at the end of the year prior to dispensing is also available funds for the development of enterprises. From this point of view, corporate dividends less profit, enterprises will be used for self development ability is stronger. But listed in the joint-stock enterprises, enterprises to stock dividends is less, the enterprise is more difficult in the stock market to raise the necessary funds. Therefore, according to the stock market, determine an appropriate dividend ratio, the ratio can make enterprise stock appreciation, but also as far as possible to ensure their own development capacity.
( 2) the enterprise own development capacity calculation.
Ability of enterprise oneself development are calculated in two methods.
Methods: with the main business profit basis, plus the cash income of the income, is subtracted from the actual cause cash expenditure costs, i.e.:
The enterprise own development ability of profit of main business and other business income + financial investment income + non-business income + fixed assets inventory surplus and sold a net loss + depreciation + meter carries bad debts and other business expenses financial expenses - fixed assets inventory and sale net income - tax - recover without the occurrence of bad loans
Method two: with after-tax profit basis, with no actual expenses, less actual income, i.e.:
Ability of enterprise oneself development of after-tax profit + depreciation + fixed assets inventory surplus and sold a net loss + meter carries bad debts - fixed assets inventory and sale net income - recover without the occurrence of bad loans
( 3) the enterprise own development competence.
Companies use their own development capacity, mainly used for technical renovation, expansion of production, product upgrading and other investment activities, but also can be directly used in the production and management activities, in order to improve the capital structure or eliminating inharmonious factors of production management link. Enterprise of the future self development ability to invest in simple reproduction and expanded reproduction, is a current defined support for enterprises future expected profit risk activity. So the ability of enterprise oneself development use also is the enterprise investment project selection. If the investment recovery period is short, the estimated investment income is greater than the investment required expenditure, investment scheme is feasible. The choice of investment scheme usually use the investment profit rate and investment recovery period is two index.
( 4) the evaluation of enterprise development.
Enterprises through its own accumulated funds and from outside the enterprise raising funds, organize production and business activities of enterprises, to carry out normal expand market sales, expand the scale of production business, formed the development trend of the enterprise. Enterprise general development situation evaluation, is a very important work. The current business situation is for investors to make investment decision, but the enterprise obtains major breakthrough may also have enterprise situation, a breakthrough in the situation also occurs, should be dynamically from the overall study on prospects for the development of enterprises. The most important is to be normal financing development and blind financing development distinction. Blind financing development mainly to have two kind of situations:
First, if the enterprise production expanded in recent years and fund raising, the exponentially expanding production scale, financing may be blind. His blindness is: business management, organization of production capacity and technical ability is in hard short-term inside suit; the aggravation of the market competition and market capacity is limited and may make the decline in sales, profit is reduced.
Second, enterprise turn suddenly and their difference of industry of big industry, and no new industry production and management experience of financing. This kind of financing in enterprises underestimate the blindness of market competition and the social division of labor forms industrial structure adjustment difficulties, investment benefit in the short term it is difficult to achieve the desired level of.
Generally speaking, the enterprise development is divided into seven kinds of circumstances:
The balanced development.
Balanced development may also be referred to as the steady development, main show is:
Enterprises operating income growth rate higher than the rate of inflation.
Enterprise sales profits to pay management fees, financial costs, and there is a surplus of liquidity requirements for enterprise development and investment.
Company capital structure is reasonable, the financial cost of no more than a certain standard.
The rapid development of.
Rapid development of i.e. turnover growth is very rapid, and the accounts receivable and inventory is increasing, and after the two growth than the turnover of fast, enterprise operating funds demand increases, but the company does not have sufficient funds to meet the capital demand growth, thus causes the enterprise cash payment difficulty.
The uncontrolled development.
Uncontrolled development namely market demand growth is very rapid, the enterprise expected growth will continue, so that enterprises through loans to support this growth, working capital is negative. Once the market demand, production capacity has been expanded, fixed costs increase, enterprises have the sale is difficult, capital structure is extremely unreasonable and difficult to change, causing the development of out of control.
The balance development.
Company profit is very low, but lots of debt investment, working capital is working capital needs, also increase in great quantities, but corporate profits growth is slow. It is not balanced adventure development. Enterprise ego development capacity is very low, but a large number of borrowings.
The periodic development.
Enterprise development with economic cycle changes, such as the metallurgical industry, enterprises in the period of economic expansion develops very fast, better profitability, in low demand periods, profit drops, slow development. This kind of enterprise investment should be based on long-term development trends to be, avoid company fixed costs increase and get into trouble.
The slow development of.
Enterprise profit rate is low, there is no new production capacity, no new products enter the market, enterprises have been recovered, current assets and current liabilities are no growth. These enterprises to the competition is very sensitive, the investment of the enterprise and development without security.
The slow development of.
Enterprises to take the initiative to reduce investment, enterprise turnover growth slowed, but the company liquid assets is still growing. May is the enterprise product competitive ability to reduce, is also possibly the enterprise profit rate to reduce, to investment. Some enterprises often at this time by increasing foreign investment to solve.
Analysis of the development phase or state, is helpful for us to the financial indicators to make more accurate evaluation.
( 5) the ability of enterprise development sustainability evaluation.
The development of the enterprise depends on sustainability. Sustainable development of finance index analysis through trend analysis method or establishment of trend analysis to table. Daily for the analysis of enterprises' development ability of financial index to basically have the following:
The sales growth rate of this year sales growth year sale x 100%
The growth rate of net profit of the year net profit growth in net profit last year amount x 100%
The growth rate of total assets = total assets at the beginning of this year growth in total assets of X 100%
The rate of capital accumulation of the owners' equity increases at the beginning of the rights and interests of the owners of 100% x
The fixed assets into new rate of average net fixed assets of average fixed assets original value x 100%
The three annual return average growth rate of profit chain growth rate in recent three years
The three year average growth rate of capital in recent three years the rights and interests of the owners of chain growth rate
代写企业分析研究报告（1）企业自身发展能力的含义。
企业自身发展能力，是指企业通过自己的生产经营活动，用内部形成的资金而投资发展的能力。企业内部的发展资金，主要来源于企业的销售收入和企业降低开支而节约的资金。
企业可动用的资金总额是企业实际收入和实际支出之差，是企业真正拥有的自身发展能力。企业可动用的资金总额实际上也是企业真正拥有的现金支付能力，是企业现金支付能力的累计结存额。
在企业中，并不是所有的收入都会引起企业资金的增加，例如冲减已核销但未发生的坏账。同样，并不是所有的费用都会引起企业资金的减少，如折旧费用、固定资产盘亏等，只是在账面上计算的支出反映为利润的减少，实际这些项目扣减的资金仍是企业可自主使用的资金。
因此，企业可动用资金总额等于企业各项利润加折旧费、固定资产盘亏，减未发生的坏账。企业期末自身发展能力也就是企业可动用的资金总额，减去本期新增加的流动资金需求、上缴所得税和年终分红之后的资金用于投资发展的能力，可见，年终分红在分配之前也是企业可动用的发展资金。从这点来说，企业分红越少，企业将利润用于自我发展的能力就越强。不过在上市股份制企业，企业向股民分红越少，企业就越难在股市上筹集到所需的资金。因此，要根据股市行情，确定出一个恰当的分红比例，这个比例既让企业股票升值，又尽可能地保证自身发展能力。
（2）企业自身发展能力的计算。
企业自身发展能力的计算有两种方法。
方法一：以主营业务利润为基础，加上有现金收入的各项收入，减去实际引起现金支出的各项费用，即：
企业自身发展能力＝主营业务利润+其他业务收入+金融投资收入+营业外收入+固定资产盘亏和出售净损失+折旧费+计提坏账-其他业务支出-金融费用支出-固定资产盘盈和出售净收益-上缴所得税-收回未发生坏账
方法二：以税后利润为基础，加上不实际支出的费用，减去不实际收入的收入，即：
企业自身发展能力＝税后利润+折旧费+固定资产盘亏和出售净损失+计提坏账-固定资产盘盈和出售净收益-收回未发生坏账
（3）企业自身发展能力的运用。
企业运用自身发展能力，主要用于技术改造、扩大生产、产品换代等各项投资活动，也可直接运用于企业当前生产经营活动之中，以改善资金结构或消除生产经营环节的不协调因素。企业以未来实现的自我发展能力投资于简单再生产或者扩大再生产，是一种以当前确定的支出来换取企业未来预期获利的风险活动。因此企业自身发展能力的使用也就是对企业投资方案的选择。如果投资回收期短，预计投资收益大于投资所需的支出，投资方案就可行。投资方案的选择通常使用投资盈利率和投资回收期两项指标。
（4）企业发展的评价。
企业通过自身积累的资金和从企业外部筹集来的资金，组织企业的生产经营活动，开展正常的扩大市场销售、扩大生产规模等业务，形成企业的发展趋势。企业总体发展形势的评价，是一项很重要的工作。企业目前的处境是投资者做出投资决策的依据，但企业获得重大突破的可能也有，企业形势发生突破性变化的情况也常发生，应当动态地从总体上考察企业的发展前景。最主要的是要将正常的筹资发展和盲目的筹资发展区别开来。盲目筹资的发展主要有两种情况：
第一，如果企业生产规模连年扩大而又大举筹资，成倍扩大生产规模，则可能是盲目筹资。其盲目性在于：企业经营管理、生产组织能力和人员技术能力难以在短期内相适应；市场竞争加剧或市场容量有限而可能使销售下降、利润降低。
第二，企业突然转向与自己行业差别很大的产业，又没有新产业生产经营的经验而进行的筹资。这种筹资的盲目性在于企业低估了市场竞争和社会化分工所形成的产业结构调整的困难，投资效益短期内很难达到预期水平。
总的说来，企业发展分为七种情况：
①平衡发展。
平衡发展也可称为稳步发展，主要表现为：
企业营业收入增长率高于通货膨胀率。
企业销售利润能够支付管理费用、财务费用、流动资金需求并有盈余用于企业发展投资。
企业资金结构合理，财务费用不超过一定标准。
②过快发展。
过快发展即营业额增长很快，而存货和应收账款也相应增长，且后两项增长比营业额快，企业运营资金需求增加，但企业没有足够的资金来源来满足资金需求的增长，从而引起企业现金支付困难。
③失控发展。
失控发展即市场需求增长很快，企业预期增长将持续，因而企业通过借款来支持这种增长，营运资金为负。一旦市场需求减少，因生产能力已经扩大，固定费用支出增加，企业却发生销售困难，资金结构极不合理且难以转变，造成发展失控。
④负债发展。
企业盈利很低，却决定大量举债投资，营运资金为正，营运资金需求也大量增加，但企业利润增长缓慢。这是不平衡的冒险发展。企业自我发展能力很低，却有大量借款。
⑤周期性发展。
企业发展随经济周期的变化而变化，如冶金行业，企业在经济扩张时期发展很快，盈利较好，在需求不足时期，盈利下降，发展缓慢。这种企业的投资应以长期发展趋势来定，避免因企业固定费用增加而陷入困境。
⑥低速发展。
企业盈利率较低，没有新增生产能力，也没有新产品进入市场，企业投资已经收回，流动资产和流动负债均没有增长。这些企业对竞争很敏感，企业的投资与发展没有保障。
⑦慢速发展。
企业主动投资减少，企业营业额增长放慢，但企业流动资产仍有增长。可能是企业产品竞争能力降低，也可能是企业盈利率降低，难以再投资。有一些企业往往在此时靠增加对外投资来解决。
分析企业所处的发展阶段或状态，有利于我们对各项财务指标做出更准确的评价。
（5）企业发展能力可持续性评价。
企业的发展在于可持续性。可持续性发展的财务指标分析可以通过趋势分析法或编制趋势分析表来进行。日常用于分析企业发展能力的财务指标主要有以下几个：
①销售增长率＝本年销售增长额上年销售额×100%
②净利润增长率＝本年净利增长额上年净利额×100%
③总资产增长率＝本年总资产增长额年初资产总额×100%
④资本积累率＝本年所有者权益增长额年初所有者权益×100%
⑤固定资产成新率＝平均固定资产净值平均固定资产原值×100%
⑥三年利润平均增长率＝最近三年利润环比增长率
⑦三年资本平均增长率＝最近三年所有者权益环比增长率