代写企业研究报告资产负债表的结构分析
The structure of the balance sheet analysis
The balance sheet is in response to a particular date of assets, liabilities and owners' equity accounting statements. On the balance sheet for the overall analysis, the purpose is to grasp the enterprise at a specific date financial situation picture.
First of all, you can check the business assets, liabilities, owners' equity total. The balance sheet is to" assets = Liabilities + equity" formula prepared, so the total count can be inferred according to the assets liabilities and owners' equity total count, the asset of the enterprise total number can roughly reflect the enterprise scale size.
In addition, if we know the industry average assets, also can infer that the enterprises in the same industry position.
Secondly, can check the current assets, assets, liabilities, owners' equity, the total number of large projects. The total number of relevant projects can be seen in the total assets and liabilities and owner's equity in the proportion of the total, which to some extent know the liquidity of enterprise assets, liabilities, liquidity and corporate debt management degree.
Again, can be further observed all the assets, liabilities, owners' equity in total assets, liabilities and owners' equity in the proportion of the total. According to the proportion, can list the percentage of balance sheet, which can understand the enterprise fund distribution, understand the enterprise financing source channel. This helps to further analysis and found the problem, further improvement of enterprise capital structure.
If the enterprises in recent years the balance sheet, it can calculate the assets, liabilities, owners' equity project amount and the percentage change in the amount of change. Through all the assets, liabilities, owners' equity project amount change, can reflect the enterprise in recent years the financial situation change situation, which helps to predict the future financial situation change trend; and through all the assets, liabilities, owners' equity project amount of percentage changes, can reflect the project of enterprise change in financial position affects the size of the project itself and the magnitude of change, also helps to predict the future financial situation change trend.
In short, through the statement of assets and liabilities of the overall analysis, can generally understand the status of assets, the burden of debt, equity and other financial status. If the need for further understanding of enterprises the ability to repay short-term debt and financial flexibility, understand the company's capital structure and long-term solvency and other details, you need to use the trend analysis method, ratio analysis, concrete analysis.
1. The asset structure
Capital structure, liquidity and asset mainly reflect the structural relationship between percentage, reflect the assets structure is an important indicator of the current assets ratio, the calculation formula is as follows:
Liquidity ratio = current assets / total assets turnover
On the asset structure analysis, can help us from macroscopical angle grasp the industry characteristics, characteristics and technical equipment level of management.
Current assets accounted for the total assets proportion is higher, the daily production and business activities more important. For example, in the enterprise product market demand and expand the scale of operation period, enterprises into the current production and business activities of the funds than other companies, other times devoted much. When the enterprise is in the period of vigorous development, the enterprise management is very important. The indicator is also be divided by industry and trade is an important indicator of. Generally speaking, textile, metallurgical enterprises of the index in 30% ~ 60% between, commercial wholesale enterprises high amounts to 90% above.
The business enterprise's current assets are often larger than the non-current assets, but the industrial situation is just the opposite. As a Jiangsu market company limited December 31, 2005 liquid assets 56020000 yuan, 40660000 yuan for the structural property. And a Henan Company Limited (in the industry ) from current assets of 239220000 yuan, 179440000 yuan for the structural property.
In the same industry, current assets, long-term investment proportion reflect the characteristics of the business. Current assets and liabilities of enterprise with higher stability is poor, but more flexible; and the structure of assets and liabilities accounted for a greater proportion of enterprises with thicker, but change difficult to adjust. Long term investment of higher company, higher risk.
Intangible assets and fixed assets depreciation rate reflect the company's new product development capability and level of technical equipment. Intangible assets of enterprises, the development of innovative ability; and the depreciation of fixed assets, a higher proportion of enterprises, the upgrading of technology quickly.
Through the analysis of asset structure, we can see the characteristics of the industry, operating characteristics and technical equipment characteristic.
2. The debt structure
Debt structure, is mainly the total liabilities and owners' equity, long-term liabilities and owner's equity proportion relationship. On the debt structure analysis, the main funds owned enterprises should make clear the debt rate and debt rate.
Own capital debt rate is the total equity and liabilities ( i.e. current liabilities and long-term liabilities ) ratio, also called enterprise investment safety coefficient, used to measure the investor to debt repayment guarantee degree. The index also reflects an enterprise self-financing capacity. That is:
Its own funds to debt ratio = total liabilities ( Current Liabilities + long-term liabilities total amount ) / capital ( equity )
Its own funds and liabilities rate is large, the creditor have safeguard more small, access to bank loans less ( or banks to withdraw loans more difficult ). Enterprises of raw materials suppliers are also very concerned about this indicator, it is determined that payment, payment basis. Its own funds and liabilities rate is low, shareholders and corporate outside third party the confidence to the enterprise is more sufficient, but if the capital debt rate is too low, explained that the enterprise did not make full use of its own funds, and has great potential for development. Is generally believed that 1 : 1 most ideal, i.e.:
Total liabilities ( current liabilities long-term liabilities + ) = total capital amount ( equity )
Long term liabilities and owners' equity ratio, known as the company's operating liabilities rate. That is:
Debt ratio = total long-term debt / total stockholders equity
Through long-term debt to raise the funds needed for the structural property is a way. But long-term liabilities is too large, interest expense is very high, once the enterprise is immersed in management predicament, such as loans Shoubu Hui, liquidity conditions, long-term debt becomes the enterprise burden. While the use of its own funds to invest in enterprises structural funds, there is no such ills. Therefore, operating liabilities rate reflects enterprise debt structure independence and stability, is generally believed that 1 : 3 or 1: 4 reasonable. The higher the ratio of Enterprise Independence worse, a lower ratio of enterprise financing source stability is better.
3. The industry assets and liabilities structure rationality evaluation
Enterprise assets and liabilities of the reasonable structure, but also because of technical level, market development degree of the different conditions and change. For example, at present in our country the capital market is underdeveloped condition, reasonable debt management rate tended to be lower than the level of foreign counterparts; for example, between our country enterprise to comply with the contract, payment concept is not strong, capital debt rate below the level of foreign countries is a more reasonable. Therefore these indexes a reasonable value is relative, adjustable.
These data gaps between each industry is relatively great, in enterprise financial analysis and evaluation, should be based on different industries, using different numerical indicators, in order to draw meaningful conclusions.
We put the assets or liabilities structure consistent with or close to the industry reasonable structure data business known as assets or liabilities of more rational structure of the enterprise. And rational assets and liabilities structure corresponding to the current assets ratio, capital debt rate and debt rate value are known as the rational flow of assets rate, reasonable capital debt rate and reasonable operating in debt rate.
According to the enterprises and local industry rational assets and liabilities structure numerical deviation, we will enterprise during the reporting period is divided into the following condition:
( 1) according to the current assets to total assets ratio of current assets rate is higher than the rational flow of assets rate of division, more companies known as the business development assets structure of enterprises, the rational flow of assets rate lower than the enterprises with more called business shrinking assets structure of enterprises.
( 2) according to its own capital debt rate is higher than the reasonable division, own capital debt rate more enterprises as investment safety liabilities structure enterprises, below a reasonable capital debt rate more companies known as the potential for hair debt structure of enterprise.
( 3 ) /according to the operation in debt rate differentiate, reasonable operating in debt rate higher than many companies known as the independent enterprises, below reasonable operating in debt rate more companies known as the independent enterprises.
资产负债表是总括反映企业在某一特定日期资产、负债和所有者权益的会计报表。对资产负债表进行总体分析，其目的就在于从总体上把握企业在特定日期财务状况的全貌。
首先，可以核对企业资产、负债、所有者权益的总额。由于资产负债表是以“ 资产= 负债+ 所有者权益” 的公式编制而成，因此根据资产总计数即可推知负债和所有者权益总计数，企业的资产合计数大致可以反映出企业经营规模的大小。
代写企业研究报告另外，如果知道企业所在行业的平均资产的情况，还可以推知该企业在同行业中所处的地位。
其次，可以核查流动资产、非流动资产、负债、所有者权益等大项目的合计数。通过这些合计数可以看出有关项目在资产总额与负债和所有者权益总额中所占的比重，从而可以一定程度地了解企业资产的流动性、负债的流动性以及企业负债经营的程度等。
再次，可以进一步观察各项资产、负债、所有者权益分别在资产总额、负债与所有者权益总额中所占的比重。根据有关的各项比重，可以列出百分比资产负债表，从而可以了解企业资金的分布状况，了解企业资金来源的渠道。这样有助于进一步分析和发现问题，进一步改善企业的资金结构。
如果有该企业近几年的资产负债表，则可以计算各资产、负债、所有者权益项目的金额变动及金额变动百分比。通过各个资产、负债、所有者权益项目的金额变动，可以反映出企业在近几年内财务状况变动的情况，从而有助于预测企业未来财务状况变化的趋势；而通过各个资产、负债、所有者权益项目的金额变动百分比，则可以反映出各项目对企业财务状况变化影响的大小以及各项目自身变化的幅度，同样有助于预测企业未来财务状况变化的趋势。
总之，通过资产负债表的总体分析，可以大致了解企业所拥有的资产状况、企业所负担的债务、所有者权益等财务状况。而如果需要进一步了解企业偿还短期债务的能力和财务弹性，了解企业的资本结构和长期偿债能力等详细情况，则需要使用趋势分析法、比率分析法等作具体分析。
1 资产结构
资产结构，主要反映流动资产和结构性资产之间的比例关系，反映资产结构的一个重要指标是流动资产率，其计算公式为：
流动资产率= 流动资产/ 额资产总额
对资产结构的分析，可帮助我们从宏观角度上掌握企业所在行业的特点、经营管理特点和技术装备水平。
流动资产占资产总额的比例越高，企业的日常生产经营活动越重要。比如在企业产品市场需求旺盛或扩大经营规模的时期，企业投入当期生产经营活动的资金要比其他企业、其他时期投入的多。当企业处于蓬勃发展时期时，企业的经营管理就显得非常重要。该指标也是进行行业划分和行业比较的重要指标。一般地讲，纺织、冶金企业该指标在30％～60％之间，商业批发企业可高达90％以上。
商业企业的流动资产往往大于非流动资产，而化工业的情况却恰恰相反。如江苏某商场股份有限公司2005年12月31日的流动资产为5 602 万元，结构性资产为4 066 万元。而河南某股份有限公司（以化工业为主）同期的流动资产为23 922万元，结构性资产为17 944万元。
在同一行业中，流动资产、长期投资所占的比重反映出企业的经营特点。流动资产和负债较高的企业稳定性差，却较灵活；而那些结构性资产和负债占较大比重的企业底子较厚，但转变调整比较困难。长期投资较高的企业，风险较高。
无形资产增减和固定资产折旧快慢反映企业的新产品开发能力和技术装备水平。无形资产多的企业，开发创新能力强；而那些固定资产折旧比例较高的企业，技术更新换代快。
通过对资产结构的分析，就能看出行业特点、经营特点和技术装备特点。
2 负债结构
负债结构，主要是负债总额与所有者权益、长期负债与所有者权益之间的比例关系。对负债结构的分析，主要应弄清企业自有资金负债率和负债经营率。
自有资金负债率是所有者权益和负债总额（即流动负债加长期负债）的比率，也叫企业投资安全系数，用来衡量投资者对负债偿还的保障程度。该指标也反映企业自负盈亏能力的大小。即：
自有资金负债率= 负债总额（流动负债+ 长期负债）/ 资本总金额（所有者权益）
自有资金负债率越大，债权人所得到的保障越小，获得银行贷款的可能性越小（或者说银行收回贷款的难度就越大）。企业的原材料供应商也很关心这一指标，它是确定付款方式、付款期限的依据。自有资金负债率越低，股东及企业以外第三方对企业的信心就越足，但如果自有资金负债率过低，说明企业没有充分利用自有资金，发展潜力还很大。一般认为1 ∶1 最理想，即：
负债总额（流动负债+ 长期负债）= 资本总金额（所有者权益）
长期负债和所有者权益之比，称为企业的负债经营率。即：
负债经营率= 长期负债总额 / 所有者权益总额
通过长期负债来筹集结构性资产所需的资金是一条途径。但长期负债过大，利息支出很高，一旦企业陷入经营困境，如贷款收不回、流动资金不足等情况，长期负债就变成企业的包袱。而使用自有资金投资企业的结构性资金，就没有这种弊病。因此，负债经营率反映企业负债结构的独立性和稳定性，一般认为1 ∶3 或1 ∶4 较为合理。比率越高说明企业独立性越差，比率越低说明企业的资金来源稳定性越好。
3各行业资产和负债结构合理性评价
企业资产和负债的合理结构，也因技术水平、市场发育程度等条件的不同而改变。比如在我国目前资金市场还欠发达的情况下，合理的负债经营率往往低于国外同行的水平；再比如我国企业之间遵守合同、按期付款的观念还不很强，自有资金负债率低于国外水平也是比较合理的。因此这些指标的合理数值是相对的、可调整的。
各行业之间这些数据的差距也是比较巨大的，在进行企业的财务分析和评价时，应根据不同行业，运用不同的指标数值，才能得出有意义的结论。
我们把资产或负债结构符合或接近行业合理结构数据的企业称为资产或负债结构比较合理的企业。与合理资产和负债结构相对应的流动资产率、自有资金负债率和负债经营率数值分别称为合理流动资产率、合理自有资金负债率和合理负债经营率。
根据企业与其所在行业合理资产和负债结构数值的偏离程度，我们将企业在报告期的状况划分为以下几种情况：
（1 ）按流动资产占总资产的比率即流动资产率划分，高于合理流动资产率较多的企业称为业务发展型资产结构企业，低于合理流动资产率较多的企业称为业务萎缩型资产结构企业。
（2 ）代写企业研究报告按自有资金负债率划分，高于合理自有资金负债率较多的企业称为投资不安全负债结构企业，低于合理自有资金负债率较多的企业称为潜力待发型负债结构企业。
（3 ）按负债经营率划分，高于合理负债经营率较多的企业称为不独立经营企业，低于合理负债经营率较多的企业称为独立经营企业。