现金支付能力的分析
Cash payment ability analysis
1. Payment ability meaningThe ability to pay, is refers to the enterprise in addition to the use of cash to repay the debt, cash to pay for various other expenses, such as the purchase of raw materials, packaging, low value consumption goods and commodities and other goods, payment of wages, payment of taxes, payment of all operating expenses, on domestic investment, foreign investment, investor dividend payment ( profit ).Enterprise ability to pay for business operators and investors to have very important sense. For the operator of the enterprise, enterprise ability to pay is to make its financing and investment decision is the most important basis. If the business is current the management activity cash income and investment activities, cash income, in the period after the payment of debts is not enough to cover the business activities of the various expenses, so enterprises must pass the borrowing of short-term loans and other means to raise short-term funds to meet the needs of production and business activities; if the enterprise this period and later period to obtain cash income in the repayment of debts and meet the business activities of the various expenses and still has certain profit, so we can consider for domestic investment and foreign investment, in order to promote the continuous development of enterprises; if the enterprise this period and later period cash income is not sufficient to meet the investment needs, but after investment is finished there will be enough repayment of funds investment, then we can consider the borrowing of long-term loans, issuance of bonds and other means to raise long-term funds to invest in this period; if the enterprise to obtain cash income in pay off debt, to meet the operating activities, investment activities after spending spending is still a large surplus cash, or cash to meet the current after spending even though there aren't many surplus, but over the years accumulated cash balance is still large, in this Case of enterprise can make dividend ( profit ) decision, in return for investors, boost the confidence of investors. Similarly, for investors, if the enterprise ability to pay is very strong, every year to meet the expenses to pay a certain amount of dividend ( profit ), so investors can be in a relatively short period of time to recover the investment cost, the confidence to the enterprise will be enhanced; conversely, if the enterprise ability to pay is not strong, even if the enterprise carrying on the lucrative, prospect is good, many investors, especially those who are eager to recover the investment cost investors will lose confidence, business, and invested elsewhere, or require the enterprises use of internal investment or foreign investment projects in the payment of a dividend, thus affecting the development of enterprises.
2. Paying ability analysisPayment capacity analysis, mainly through the current business to obtain cash income, especially in the business activities of the cash, and cash expenditures to compare.Enterprises will be the period management activity obtained cash income and enterprise this period the debts, the business activities of the expenditures were compared, it can be determined which can be used for investment and payment of a dividend in cash. As mentioned before, income obtained by enterprises, first of all should be used to pay off debts, and then can be used to meet the expenses. Enterprises in the period of payment of debts, the daily expenses, in the statement of cash flows through a portion of the financing activities of cash flow under the " cash paid for debts"," distribution of dividends, profit or interest paid" project to reflect; another part of the operating expenses various items, such as" buy goods, receive services paid cash"," tax payments"," pay to the workers and for workers paid cash " and other projects to reflect. In addition, if the enterprise the investment made cash income, this part of income can be added to the business activities in cash income, so, will enterprises current obtain cash income and repayment of a debt payment business activities, the expenditure of balance, namely the enterprise can be used for investment and dividend ( cash profit ).If the enterprise of this period can be used to investment, dividend ( profit ) cash is greater than 0, explained that the enterprise current management activity cash income plus investment activity to obtain cash income is sufficient to pay the debts and daily management expenditures, there can be a part of the balance for the investment and distribution of dividends; conversely, if the enterprise can for investment, dividend ( profit ) cash is less than 0, the current business operation activities cash income and cash from investing activities do not earn enough to pay the debt of the enterprise and business activities of the daily expenses, through fundraising activities to make up for this deficiency, not to mention for investment activities and distribution of dividends ( profit ).In many cases, the repayment of loans, bonds of principal and interest include a part of this period, the period of borrowing borrowing of principal and interest or the issue, this period to pay the principal and interest.On the basis of the above analysis, we adopt the trend prediction method, prediction of future enterprise annual operating activities cash income, investment activities, cash income, operating expenses, repayment of loans, bonds and cash payments, can predict the future of the annual payment ability for the enterprise thereby, make financing and investment decision-making provide a basis. In this respect, the enterprise managers to have be richly endowed by nature conditions, i.e. they grasp the enterprises in normal operating conditions of the expenses, the basic situation due to repay principal amount, and can conveniently predict enterprise future cash payment ability.
1支付能力的含义
英语行业分析报告，所谓支付能力，是指企业除了用现金偿还债务外，用现金来支付其他各项开支的能力，如购买原材料、包装物、低值易耗品和商品等货物，支付职工工资，支付税金，支付各种经营费用，对内投资，对外投资，支付投资者股利（利润）等。
企业的支付能力对于企业的经营者和投资者具有十分重要的意义。对于企业的经营者来说，企业的支付能力是其作出筹资和投资决策的最重要的依据。如果企业当期所取得的经营活动的现金收入以及投资活动的现金收入，在偿付本期债务后不足以支付经营活动的各项支出，那么企业必须通过举借短期借款等方式筹集短期资金以满足生产经营活动的需要；如果企业本期及以后各期取得的现金收入在偿还债务和满足经营活动的各项开支之后还能有一定的盈余，那么企业就可以考虑进行对内投资和对外投资，以促进企业的不断发展；如果企业本期及以后各期的现金收入不足以满足投资的需要，但投资完成后将有足够的资金偿还投资，则企业就可以考虑通过举借长期借款、发行债券等方式筹集长期资金以进行投资；如果企业本期取得的现金收入在偿还完债务，满足了经营活动的支出、投资活动的支出后仍有较大的现金盈余，或者当期现金收入在满足各项支出后虽然没有很多盈余，但历年积存的现金余额仍然很大，在这种情况下企业就可以作出分配股利（利润）的决策，以回报投资者，增强投资者的信心。同样，对于投资者来说，如果企业支付能力很强，每年都能在满足各项开支后支付一定量的股利（利润），那么投资者就能在较短时间内收回投资成本，对企业的信心就会增强；反之，如果企业支付能力不强，即使企业账面上获利颇丰，前景良好，许多投资者，特别是那些急于收回投资成本的投资者，也会对企业失去信心，而将资金投往别处，或者要求企业搁置对内投资或对外投资项目以发放股利，从而影响企业的发展。
2支付能力的分析
支付能力的分析，主要是通过企业当期取得的现金收入，特别是其中的经营活动的现金收入，和现金的各项开支相比较来进行的。
将企业本期经营活动所取得的现金收入和企业本期所偿还的债务、企业经营活动发生的各项支出进行对比，就可以确定可用于投资和发放股利的现金。如前所述，企业取得的收入，首先要用来偿还债务，然后才能用来满足各项开支。企业在本期内偿还的债务，支付的日常开支，在现金流量表中一部分通过筹资活动的现金流量项目下“偿还债务所支付的现金”、“分配股利、利润或偿付利息所支付的现金”项目进行反映；另一部分通过经营活动的现金支出各个项目，如“购买商品、接受劳务支付的现金”、“支付的各项税费”、“支付给职工和为职工支付的现金”等项目进行反映。另外，如果企业本期有投资活动所取得的现金收入，就可以将这部分收入加入到经营活动的现金收入中去，这样，将企业当期取得的现金收入与偿还债务、支付经营活动各项支出相抵后的余额，即为企业可用于投资和分配股利（利润）的现金。
如果企业本期可用于投资、分配股利（利润）的现金大于0，说明企业当期经营活动的现金收入加上投资活动取得的现金收入就足以支付本期的债务和日常经营活动的支出，可以有一部分余额用于投资和分配股利；反之，如果企业可用于投资、分配股利（利润）的现金小于0，则说明企业当期经营活动的现金收入加上投资活动的现金收入不足以支付企业的债务和经营活动的日常开支，需要通过筹资活动来弥补这方面的不足，更不用说用于投资活动和分配股利（利润）了。
在许多情况下，企业在本期偿还的借款、偿付的债券本金和利息中包括了一部分本期借入、本期偿还的借款本金和利息或者本期发行、本期偿付债券的本金和利息。
在上述分析的基础上，我们采用趋势预测方法，预测企业未来年度的经营活动的现金收入，投资活动的现金收入，经营活动的现金支出，偿还借款、债券的现金支出等，即可预测企业未来年度支付能力，从而为企业作出筹资和投资决策提供依据。在这方面，企业的经营者拥有得天独厚的条件，即他们掌握企业在正常生产经营条件下各项开支的基本情况、未来年度到期需要偿还的债务本息额等，因而能方便地预测到企业未来的现金支付能力。