金融研究方法.docx
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金融研究方法
ThecapitaloperationofMideainelectricalequipmentmarketresearch
1Abstract
ThisessayisabouttheelectricalequipmentcompanyandweselectedMideaasourmaincompanytoinvestigate.TheotherscompaniesforcomparisonisGree,KonkaandTCL.Wefindthesefourcompaniesannualstatementin2006to2009tocomparedtheirdata,andweselectedtheyearof2009asourbasedyear.Theessaycomparedtheyear'sdataandthefourcompany'sdata.
Ourpurposeistosurveytheelectricalequipmentmarketcapitaloperation.Weusemanyformulastocalculatethecompanyannualstatementdata,asthecashration,totaldebtration,equitymultiplier,inventoryturnover,receivablesturnovercurrentratio,quickratio,totalassetturnoverandreturnonassetsandreturnonequity.
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2Introductiontothecompany
Name
Introduction
MideaGroupwasestablishedin1968.NowitisoneofthelargestmanufacturingandexportationbasesofhouseholdappliancesinChina.MideaGroupcurrentlyhas70,000employees.Theirmarketingnetworkcoversalloverthenation,andtheyhaveadozenbranchesintheUnitedStates,Germany,Japan,HongKong,SouthKorea,CanadaandRussia.MajorproductsbyMideaGroupincludeair-conditioners,electricfans,electriccookers,refrigerators,microwaveovens,waterdispensers,washingmachines,electricheaters,dishwashers.
Website
3Explanationonthefinancialratios
3.1Short-termsolvency,orliquidity,ratios
CurrentRatio:
Aliquidity ratiothatmeasures acompany'sabilitytopayshort-termobligations.
QuickRatio:
Anindicatorofacompany'sshort-termliquidity. Thequickratiomeasures acompany's abilitytomeet itsshort-termobligationswith itsmostliquidassets.
CashRatio:
Theratioofacompany'stotalcashandcashequivalents toitscurrentliabilities. The cash ratioismostcommonlyusedasameasureofcompanyliquidity.Itcanthereforedetermineif,andhowquickly,thecompany canrepay itsshort-termdebt.
3.2Long-termsolvency,orfinancialleverage,ratios
TotalDebtRatio:
Aratiothatindicateswhatproportionofdebtacompanyhasrelativetoitsassets.Themeasuregivesanideatotheleverageofthecompanyalongwiththepotentialrisksthecompanyfacesintermsofitsdebt-load.
Equitymultiplier:
Thisratioshows acompany's totalassets perdollarofstockholders'equity.
3.3Assetutilization,orturnover,ratios
Inventoryturnover:
Aratioshowinghowmanytimes acompany's inventoryissoldandreplacedoveraperiod.
Receivableturnover:
Anaccountingmeasureusedtoquantifyafirm'seffectivenessinextendingcreditaswellascollectingdebts. Thereceivablesturnover ratioisanactivityratio, measuringhowefficientlyafirmusesitsassets.
Totalassetturnover:
Theamountofsalesgeneratedforeverydollar'sworthofassets.Itmeasures afirm'sefficiencyatusingitsassetsingeneratingsalesorrevenue-thehigherthenumberthebetter.
3.4Profitabilityratios
Returnonassets(ROA):
Anindicatorofhowprofitableacompanyisrelativetoitstotalassets. ROAgivesanidea astohowefficient managementis atusingitsassetstogenerateearnings.
Returnonequity(ROE):
Theamountofnetincome returned asapercentage ofshareholdersequity. Returnonequity measuresacorporation'sprofitability byrevealinghowmuch profitacompanygenerates withthemoneyshareholdershaveinvested.
4Calculationthefinancialratiosofthecompanyanddiscussbytechniquesoftime-trendanalysisandpeergroupanalysis.
4.1ThedifferentratiosinMideafromtheyear2006to2009.
4.1.1Short-termsolvency,orliquidity,ratios
ratio
2009年
2008年
2007年
2006年
currentratio
1.12
0.86
1.07
1.03
quickratio
0.82
0.54
0.48
0.49
cashratio
0.20
0.23
0.16
0.14
Currentratio,quickratioandcashratioasshort-termsolvencyratiosareintendedtoprovideinformationaboutMideacompany’sliquidity.
Fromthefirstblueline,it’scompare2007and2006thattheMideacompanyhadnosignificantincreaseinliquidityratio.It’salsosaidthatthecompany’sshort-solvencymaintainedstandards.In2008yearwhichwasaffectedbythefinancialcrisis,currentratiowas0.86(lessthan1),meanthatnetworkingcapitalisnegative.Whenin2009,itpeakedat1.12whichindicatesliquidity.
Inthesecondredline,from2006to2009,theMideacompany’squickratioremainedrelativelyincreasing.Althoughthecompany’liquiditywaslow,therewasagradualrisetrend.
Therewasafluctuationinthetrendofcashratiointhethirdgreenline.Inthisperiod,thecompanykeptarelativelylowcashratio,whichwasmeanthatanefficientuseofcashandothershort-termassets.
Inconclusion,thegraphshowsthatMideahasabetterliquidityandcanbeartheshort-termrisk.Besides,italsomayindicateangooduseofassets.
4.1.2Long-termsolvency,orfinancialleverage,ratios
ratio
2009年
2008年
2007年
2006年
totaldebtratio
0.60
0.69
0.67
0.72
equitymultiplier
1.67
3.21
3.06
3.57
Wecanseefromtheabovechart,Midea’stotaldebtratiogrowsslowlybutatalowerlevelin06-09year.Fromthecreditorposition,Midea’spossessesweakerdebt-repayingabilityandfinancialriskishigher,soenterprise'smainrisksundertakebythecreditor.09comparedwithpriorthreeyearsratiohadaslightdecline,andthefinancialrisklower.
Midea’sequitymultiplierhadasignificantdecreasethatthemixvalueabout1.9comparedwiththepastthreeyears.It’sexplainthatthecompany’ssolvencyimproved,financialriskreductionandowners’equityincreasedthebearabilityofdebt-repayingrisk.
Inotherwords,Midea’slong-termsolvencyratioismoreappropriate,managerscaneffectivelyuseofshareholders'moneytohelpshareholdersconductthelargescaleofoperationwithlessmoney.
4.1.3Assetutilization,orturnover,ratios
ratio
2009年
2008年
2007年
2006年
inventoryturnover
6.35
8.49
4.66
4.27
receivablesturnover
10.13
15.43
22.41
21.58
totalassetturnover
0.15
1.94
1.92
1.62
Inventoryturnoverisameasureoftheutilizationoftheinvestmentininventory.Thehigherthisratiois,themoreefficientlywearemanaginginventory.From2006to2007,theinventoryturnoverrateincreased.Thatmeantthefirmuseditsassetstogeneratesalesefficiently.Butfrom2007to2009,theinventoryturnoverratewasdecreased,themanaginginventorywaslessefficientlyandlessliquidity.
Receivablesturnovergivessomeindicationofhowfastwecansellproducts.From2006to2008,Media’sreceivablesturnoverweregrownsteady.Butin2009,thereceivablesturnoverisalittlefellback.ThatmeansMedia’sabilityofcollectingoutstandingcreditaccountandreloanedthemoneyisweaker
Movingawayfromspecificaccountslikeinventoryorreceivables,wecanconsiderthetotalassetturnover.In2006,thetotalassetturnoverofMediawaslow,butfrom2007to2009,thetotalassetturnoverwasretainedabout1.9.ItshowsthatMediauseditsassetstogeneratesalesefficientlyandintensively.
4.1.4Profitabilityratios
ratio
2009年
2008年
2007年
2006年
returnonassets
0.08
0.07
0.10
0.04
returnonequity
0.20
0.21
0.30
0.15
Thelinechartprovidestheinformationaboutreturnonassetsandreturnonequity.ThistworatiosshowtheprofitabilitymeasuresofMidea.Accordingtothechart,theoveralltrendbetween2006and2009increased.In2006,returnonassetswas0.041andreturnonequitywas0.15.ThehighestpointsofROAandROEwerein2007andthevalueofROAwas0.1andROEwas0.3.Afterthegrowthperiod,ROAandROEdroppedsignificantlybecauseofthefinancialcrisisin2008.ThevalueofROAincreasedto0.08,andROEwas0.20.ThehighvaluesofROAandROEmeansthatthehighabilityofprofit.So,in2007,Midea’sabilityofprofitwasthehighestbetween2006and2009.
4.2Thedifferentratiosindifferentfirmsin2009.
4.2.1Short-termsolvency,orliquidity,ratios
ratio
美的
格力
康佳
TCL
currentratio
1.12
1.04
1.24
1.27
quickratio
0.86
0.90
0.86
0.93
cashratio
0.20
0.23
0.08
1.56
Fromthechatabove,wecanseethattheCurrentRatioandQuickRatioofthefourcompaniesarearound.AlloftheirCurrentRatiosarehigherthan1whichmeansthatnetworkcapitalispositive,sotheyarehealthyfirms.WecanseethatTCLhavehigherratiosthantheotherthreecompanies,itmeansthatTCLhavebetterabilitytopayitsbillsovertheshortrunwithoutunduestress.In2009,MideahaveamiddlelevelofShort-TermSolvencyinthefourcompanies.TheseShort-TermSolvencyshowthatTCLhasthehighestabilityofcashflowinthefourfirmsin2009.
4.2.2Long-termsolvency,orfinancialleverage,ratios
ratio
美的
格力
康佳
TCL
totaldebtratio
0.6
0.79
0.57
0.72
equitymultiplier
1.67
4.84
3.3
3.59
Asitiswellknownthat,theequitymultiplierandtotaldebtratiobelongtothelong-termsolvencyorfinancialleverage,ratios,whichareintendedtoaddressthefirm’slong-runabilitytomeetitsobligations.
Fromthelinechartabove,wefindthatintheequitymultiplierpart,Mideafelltohitthelowestpointinthe4firms.Ontheotherhand,Greereachedapeak.ThatmeansGreehashigherfinancialleverageandit’srelying.
Inthetotaldebtratiopart,Greealsogotthehighestpoint,andKonkatookthelowest.Thetotaldebtratioallofthefirmsarelessthan1,thatindicatesthatthe4firmshavemoreassetsthandebet.So,Greehasastrongerabilitytomeetitsobligationsinthelong-runthantheother3firmsduringtheyear2009.
4.2.3Assetutilization,orturnover,ratios
ratio
美的
格力
康佳
TCL
inventoryturno