专业会计英语论文.doc

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1、CorporateFinanceAssignment(AnalysisreportofHaier)name：class:accounting123number：1、CompanyintroductionHaierwasincorporatedin1984,entrepreneurshipin26years,insistonentrepreneurshipandinnovationspirit,createworldfamousbrandfromashakybusinesshasbecomeaglobalcollectivesmallfact

2、oryownsmorethan70,000employees,2010turnover1357billionyuanofglobalizationgroupcompany."Haier"hasbecomethefirstbrandforglobalwhitegoods,andwasNewsweek(Newsweekwebsitenamedastheworldtopteninnovativecompany.2、Financialratios(1)Short-termsolvencyCurrentratio:（currentassets）/(c

3、urrentliabilities).Thehigheroftheratio.thericherofafirm’scapitalturnoverandthestrongerofthefirm’ssolvency.Currentratioisafirm’srepresentativeindicatortoevaluatethesolvency.Theworld’suniversallyacknowlegedcriterionis2:1Quickratio:(currentassets-inventory)/(currentliabilitie

4、s).It’sameasureofacompany’sliquidityandabilitytomeetitsobligations.Thegeneralcriterionis1:1(2)long-termsolvencyTotaldebtratio:(totalassets-totalequlity)/(totalassets).Forthecreditors,Thehigherofthefirm’stotaldebtratio,themoreliabilitiesithasanditmayhaveahighpotentialprofit

5、margin,butatthesametime,theyhaveahighloanrisktotakeon.(3)AssetManagement,orTurnover,MeasuresInventoryturnover:(costofgoodssold)/inventory.Thefasterthsturnoveris,thestrongertheliquiditywillbe,sohighinventoryturnoverratioshowsthatthefirmisabletochangedirectionsquickly.Receiv

6、ableturnover:sales/(accountsreceivable).Itrepresentstheabilitythatthecompanyreceivingtheirpayment.Themanagementefficiencyisgoodwhentheratioishigh.Totalassetsturnover:Sales/(totalassets).Itmeasureshowefficientacompanyuseitsassets.(4)ProfitabilityMeasuresProfitmargin:(netinc

7、ome)/sales.ItmeasureshowmuchthecompanycanearnperdollarROA：(Netincome)/(totalassets).ItgivestheideathathowefficientthemanagementisatusingitsassetstogenerateearningsROE:(Netincome)/(totalequity).Itmeasuresacompany’sprofitabilitybyrevealinghowmuchprofitacompanygenerateswithth

8、emoneyofshareholdershaveinvested.(5)MarketValueMeasuresPrice-earningsratio:(pricepershare