时代万恒财务分析

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1、时代万恒财务分析2011级管理学院工商管理（2）班小组成员：王丽娟201114090205张小龙201114090225陈丽影201114090231-12-目录1.财务能力分析································21.1偿债能力分析··································21.2营运能力分析··································21.3盈利能力分析··································31.4发展能力分析························

2、··········42.财务趋势分析································52.1比较财务报表··································52.2比较财务比率··································82.3比较百分比财务报表····························92.4图解法········································93.-12-财务综合分析··································103.1财务比率综合评分

3、法····························103.2杜邦分析法····································11数据来源：东方财富网凤凰财经网和讯网1.财务能力分析1.1偿债能力分析短期偿债能力分析向前<<变动日期>>向后2012-09-302012-06-302012-03-312011-12-31-12-流动比率1.06971.06630.99991.0060速动比率0.64060.52820.32950.4030现金比率0.00000.00000.00000.0000流动资产率58.442756.903053.70175

4、8.0251由流动比率、速动比率等指标分析初步得出时代万恒短期偿债能力不强的结论。长期偿债能力分析向前<<变动日期>>向后2012-09-302012-06-302012-03-312011-12-31股东权益比率41.505441.295042.599038.9658资产负债率58.494658.705057.401061.3042产权比率140.9328142.1599134.7473156.6351利息保障倍数2.94682.07470.51732.4628资产负债率与股东权益比率分析：一个企业股东权益比率越大，负债比率越小，企业的财务风险越小，偿还长期债务的能

5、力就越强。由此可知时代万恒的长期偿债能力不强。产权比率分析：产权比率又称资本负债比率，一般以2为警戒线，时代万恒的产权比率明显高于正常值，说明其长期财务状况不容乐观，债权人贷款的安全没有保障，企业财务风险高。利息保障倍数分析：利息保障倍数反映企业的经营所得支付债务利息的能力。由以上数据可知时代万恒公司可以保证用经营所得来按时按量支付债务利息。1.2运营能力分析向前<<变动日期>>向后2012-09-302012-06-302012-03-312011-12-31应收账款周转率5.66523.88421.396111.074存货周转率2.01321.00220.2981

6、2.9651固定资产周转率0.00000.00000.00000.0000存货周转天数178.8198359.20971207.6484121.4124流动资产周转率0.00000.00000.00000.0000流动资产周转天数0.00000.00000.00000.0000应收账款周转率分析：由上表可以看出时代万恒公司应收账款周转率今年从第一季度开始逐渐增加，但仍然不太高。该公司应收账款变现速度和管理效率不高，但是比第一季度有所好转。存货周转率分析：由表和上图可以断定，时代万恒公司近年来存货周转率较低，公司的销售能力一般，运营资金占用在存货上的数量较多，企业的资产

7、流动性较差，可能存在库存管理不力的问题，但考虑到近年来经济不景气，又出现通货膨胀，在这种情况下，时代万恒公司可能为了降低存货采购成本而提高存货储备量，在这种情况下存货周转率降低是一种正常现象。运营能力指标12-09-3012-06-3012-03-3111-12-3111-09-3011-06-3011-03-3110-12-3110-09-30总资产周转率(次)0.720.400.131.160.760.490.241.450.91-12-应收账款周转天数(天)47.6646.8564.4732.5148.7451.8442.4724.4133.2