营运能力的分析【外文翻译】.doc
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外文翻译
原文
Operationabilityanalysis
MaterialSource:
China'ssecuritiesnets05/17/2006Author:
Techever
Operationabilityfullyutilizeexistingresourcestocreatesocialwealthability,canbeusedtoevaluatetheenterprisetoitsownresourcesutilizationandoperatingactivitiesability.Itsessenceistoasfewaspossibleresourcesoccupationshortturnovertime,produceasmanyproducts,createasmanysalesrevenue,andtoachievethisgoal,wemustimproveenterprise'soperationabilitylevel.Operationabilityistheassetsoftheenterpriseturnaroundtomeasuretheefficiencyoftheutilizationofassetsenterprises.Theindexreflectsassetsturnoverratehaveinventoryturnover,liquidassetsturnoverrate,totalassetturnover.Thefasterturnaroundspeed,itshowsthattheenterpriseofassetsintobusinesslinks,formingthefasterthecycleofrevenueandprofitmoreshort,businessefficiencyishigher.Operationabilityreferstotheenterpriseassetturnoveroperationability,usuallycanusetotalassetturnover,fixedassetturnover,flowassetturnover,inventoryturnoverandaccountsreceivableturnoverthesefivefinancialratiostoenterprises'operatingcapacityforlayeredanalysis.
Operationabilityanalysiscanhelpinvestorsunderstandenterprisebusinessconditionsandoperatingmanagementlevel.Withoursuningelectricequipment(BBS)(market,forexample,002024)tointroducehowtoenterprise'sinvestorsoperatingcapabilityanalysis.Totalassetturnoveristoshowenterprisesalesincomeandtotalassetsoftheratioofaveragebalance.Suning2004salesrevenuefor91.1billionyuan,averagetotalassetsof14millionyuan;2005salesincomeincreasedto160.4billionyuan,theaveragetotalassetsisincreasedby2.3times,reached31.9millionyuan.Duetothegrowingrateoftotalassetsthanthesalesincomeincrease,totalassetturnoverdownto5bylead.
Therateofdeclinein2005withsuningopenedthenewmassaredirectlyrelated.Inordertocompletethe"nationalclothnets"thestrategicpattern,suningin2005at65,anewstorenewlanded20cities,andtheoriginallogistics,servicesystemofradiationradiusislimited,sosuningtomakeslotsofmanagementplatform,inordertosupporttheconstructionoftheurbanconstructioninthesameafterotherstoresoflogisticsandmanagement.Thismakessuningexpansionstrategyinitialcostofrelativelyhigh.
Currentassetsturnoverisenterprise'ssalesincomeandliquidityratioofaveragebalance.Throughthisratioanalysis,wecanfurtherunderstandingofenterpriseintheshorttermoperationabilitychanges.Fromstatementsthatsuning2005salesincomenearly1.6billionyuan,growthrate,whiletheaverageflowratereachedmorethandoubledassets.Theliquiditydidn'tbringthesamemarginlargeincreaseofsalesincomegrowth,socurrentassetsturnoverin20047.36droppedbythe20055.61,explaintheefficiencyintheuseofsuningliquidassetsdeclined.
Fixedassetturnoverismainlyusedforanalysisoffixedassetssuchasfactorybuildings,equipment,theratiooftheutilizationefficiencyofthehigherandhigher,explainutilization,managementlevel,thebetter.Ifthefixedassetturnovercomparedwithindustryaveragelow,thenexplainingenterpriseoffixedassetsutilizationislow,mightaffecttheenterpriseprofitability.Itreflectsenterpriseassetutilizationdegree.
Fixedassetturnoverratio=salesrevenue/averagenetvalueoffixedassets
Theaveragenetvalueoffixedassets=(initialequity+finalequity)voting2
Enterpriseinsidecertainperiodadvocatebusinesswuincomewithaveragenetcurrentassetsratiooftotalassetutilization,isappraiseenterpriseanotherimportantindexes.Itreflectstheenterpriseliquidassetsturnoverratefromenterpriseallassets,liquidityofthestrongestincurrentassetsAngleofenterpriseassetsutilizationefficiency,inordertofurtheranalyzethequalityofenterpriseassetsrevealsacousticsmajorfactor.Currentassetsturnovermeanscertainperiodforayear)(usuallythemainbusinessincomeandtotalmigrantassetsratiooftheaveragebalance.therefore,canthroughtoinventoryturnoverandaccountsreceivablefurtheranalysisofflowassetturnoverratiochanges.Suninginstocksalesprimarily,therefore,accountsreceivableaccountedforonlytheliquidity,andinventory50%4.75%.
Inventoryturnoverreferstoenterprisesandinventorycostofsalesaveragebalanceratio.Forrealestateindustryinventoryturnoverisaverykeyindicators,realestateindustryisveryspecial.Usually,inventoryturnoveristhesoonerthebetter,andrealestateindustryinventoryquantitybigger,theslowertheturnoverthatthestrengthofthecompanyisthemoreabundant.Otherindustry'sinventoryturnoverforsixorseventimesayearofgenerallevel,incontrast,intherealestatei