其于财务视角的企业商业模式研究厦门大学课程

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,其于财务视角的企业商业模式研究厦门大学课程,2012,年,4,月,15,日,从财务视角看企业的商业模式,基于财务视角的企业商业模式研究,Assessment On Business Model,From Financial Prospective,Wu Shinong,Management School,Xiamen University,厦门大学吴世农,目 录,一、基于财务视角的企业商业模式评价框,二、盈利能力,盈利模式,三、现金创造能力,现金创造模式,四、价值创造能力,价值创造模式,五、风险控制能力,风险控制模式,六、增长能力,成长模式,七、案例分析*,厦门大学吴世农,明星企业,的财务特征,创造利润,Make Profit,创造现金,Create Cash,创造价值,Create Value,控制风险,Control Risk,维续成长,Maintain Growth,五好生,一、基于财务视角的企业商业模式评价框架,厦门大学吴世农,二、创造利润,Make Profit,1,、毛利,2,、营业利润,3,、息税前利润（,EBIT,）,4,、税前利润,5,、税后利润,损,益,表,营业收入,销售利润率,总资产,资产利润率,资本：权益和投入资本,资本利润率,厦门大学吴世农,销售利润率,资产利润率,资本利润率,1.,毛利率,=,毛利,/,营业收入,1.ROA-1,=,营业利润,/,总资产,1.ROE,=,税后利润,/,权益,2.,营业利润率,=,营业利润,/,营业收入,2.ROA-2,=EBIT/,总资产,2.,投入资本净利润率,=,税后利润,/,投入资本,3.EBIT,利润率,=/,营业收入,3.ROA-3,=EBIT(1-T)/,总资产,3.,税前,ROIC,=EBIT/,投入资本,4.,销售净利润率,=,税后利润,/,营业收入,4.ROA-4,=,税后利润,/,总资产,4.,税后,ROIC,=EBIT(1-T)/,投入资本,主要的盈利能力指标,厦门大学吴世农,分解影响企业盈利能力、财务风险和经营风险、自我可持续增长率等关键指标的影响因素，从而综合判断企业的经营业绩、存在问题和财务健康状况。,EAT EBIT,销售收入,EBT,投入资本,EAT,ROE= - = - - - - -,权益 销售收入 投入资本*,EBIT,权益,EBT,*,通常使用平均投入资本，即（期初投入资本,+,期末投入资本）,/2,。在此若将“投入资本”更换为“总资产”，则结果是“总资产周转率”。,销售盈,利能力,资本（产）使用效率,财务费用支付程度,财务杠杆效应,税负,效应,经营性,竞争优势,财务性,竞争优势,税惠,优势,盈利能力指标,ROE,的影响因素分析,厦门大学吴世农,ROE,及其,影响因素指标,2005,2006,2007,2008,国美,苏宁,国美,苏宁,国美,苏宁,国美,苏宁,ROE,41.51%,31.87%,17.99%,25.25%,11.24%,32.94%,12.63%,25.75%,EBIT/,销售收入,4.45%,3.62%,4.07%,4.48%,3.05%,5.36%,2.84%,5.47%,销售收入,/,投入资本,9.60,12.76,3.58,7.62,3.06,8.43,3.69,5.59,投入资本,/,权益,1.00,1.07,1.32,1.09,1.34,1.03,1.43,1.02,税前利润,/EBIT,1.09,0.95,1.06,0.98,1.18,1.04,1.18,1.08,税后利润,/,税前利润,0.89,0.68,0.88,0.70,0.76,0.68,0.72,0.77,2005-2008,年苏与国美的,ROE,分解分析,厦门大学吴世农,为何自,2006,年以来，苏宁的,ROE,一直高于国美？,ROE,苏宁、国美,EBIT,利润率比较分析,苏宁、国美投入资本周转率比较分析,苏宁、国美杠杆水平比较分析,苏宁、国美,EBT/EBIT,比值比较分析,厦门大学吴世农,苏宁的,EBIT,利润率高于国美,苏宁的资本周转速度快于国美,苏宁的财务杠杆低于国美,苏宁的,EBT/EBIT,低于国美,苏宁、国美税负比较分析,1,、,2005-2008,年，苏宁的,EBIT,利润率,呈现上升，国美呈现下降；至,2008,年，苏宁的,EBIT,利润率大大超过国美；即苏宁的销售盈利能力较强。,2,、,2005-2008,年，苏宁和国美的投入,资本周转次数均呈现下降；国美下降,后企稳，苏宁继续在下降；但,2008,年，苏宁的投入资本周转次数仍高于国美，,即苏宁的投入资本使用效率较高。,3,、自,2006,年，国美的投入资本,/,权益,始终高于国美，即国美的财务杠杆较高。,4,、国美的,EBT/EBIT,始终高于苏宁，即,其,OPM,战略和资本运营能力较强。,5,、,2005-2007,年苏宁各年的实际税赋比国美高，但,2008,年，国美的实际税赋比苏宁高。,实际上，国美,ROE,低于苏宁最主要的原因,：一是,国美的,EBIT,利润率远低于苏宁，而,EBIT,利润率低于苏宁的主要原因在于其销售成本较高；二是国美的投入资本周转次数较低！,厦门大学吴世农,2007,年前，苏宁税赋高于国美,2008,年后，苏宁税赋低于国美,厦门大学吴世农,财务数据,2007,2008,2009,2010,苏宁,国美,苏宁,国美,苏宁,国美,苏宁,国美,总资产,12529349,25506861,18924089,28666299,28729180,31629142,39873607,35986547,流动资产,10837143,11202293,15393211,20410135,23692246,20877716,32335925,23380857,现金存款证券,5402537,11058640,9019763,10493852,15767605,11374481,20156408,13663809,应收款,146743,220698,155762,139839,232013,157140,730507,334369,预付款,1018155,1755115,1051937,1798177,1014903,1543120,1844665,2073968,存货,3979906,5132897,4730377,5428268,5617603,6002975,7900722,7308712,长期资产,1692206,6589513,3530879,8256164,5036934,10751427,7537682,12605690,总负债,8468527,17690333,11953989,19119947,16710528,21377892,22988420,22717721,流动负债,8461208,15567744,11934605,15663669,16598702,17914812,22626594,20115943,短期贷款,208000,514665,148000,235000,78000,260000,158895,225000,应付款,7901692,13337787,10832023,13693751,14866086,14631184,20059326,16406385,预收款,204087,1613063,233314,1734918,230807,1679828,335306,1824757,长期负债,7320,2122589,19384,3456278,111826,3463080,361827,2601778,长期贷款,0,0,0,0,0,0,0,0,有息负债,208000,514665,148000,235000,78000,260000,158895,225000,权益,4060822,7816529,6970100,9546352,12018652,10251250,16885187,13268826,投入资本,4268822,8331194,7118100,9781352,12096652,10511250,17044082,13493826,2007-2010,年苏宁与国美的主要财务数据（千元）,厦门大学吴世农,财务数据,苏 宁,国 美,2007,2008,2009,2010,2007,2008,2009,2010,营业收入,40152371,49896709,58300149,75504739,42478523,45889257,42667572,50910145,营业成本,34346740,41334756,48185789,62040712,38383276,41381223,38408042,44991355,销售费用,2985538,4780468,5192356,6809109,3547907,4487131,4352350,5114303,管理费用,493581,784521,912093,1250311,686740,828028,845235,1165138,财务费用,(88162),(223290),(172924),(360769),(230872),(228899),7760,102782,营业利润,2250060,2964374,3875032,5431948,1802708,1943762,1703529,2705654,EBIT,2153196,2727583,3753443,5041275,1297225,1304950,1840269,2612314,EBITDA,2371213,3107402,4214274,5563359,1562670,1610832,2194904,2953899,税前利润,2241358,2950873,3926367,5402044,1528097,1533849,1832509,2509532,所得税,718190,690945,937872,1296536,360262,435156,406310,547878,税后利润,1523168,2259928,2988495,4105508,1167835,1098693,1426199,1961654,（,1-T,）,68%,76%,77%,72%,76%,78%,76%,78%,财务数据,苏 宁,国 美,2007,2008,2009,2010,2007,2008,2009,2010,经营净现金,3496476,3819141,5554942,3881336,2560723,3610360,(174706),3873179,筹资净现金,(141008),2023693,2773655,123450,5490327,(2213645),3467333,(3101965),投资净现金,(1357593),(2450316),(1897078),(5660872),(3142291),(4514568),(293841),(552935),当年增减,1997875,3392518,6431519,(1656086),4908759,(3117853),2998786,218279,年末现金,7465293,10574232,20960978,19351838,6269996,3051069,6029059,6232450,厦门大学吴世农,盈利能力,2007,2008,2009,2010,苏宁,国美,苏宁,国美,苏宁,国美,苏宁,国美,营业利润率,5.60%,4.24%,5.94%,4.24%,6.65%,3.99%,7.19%,5.31%,EBIT,利润率,5.36%,3.05%,5.47%,2.84%,6.44%,4.31%,6.68%,5.13%,销售净利润率,3.79%,2.75%,4.53%,2.39%,5.13%,3.34%,5.44%,3.85%,ROA,12.16%,4.58%,11.94%,3.83%,10.40%,4.51%,10.30%,5.45%,税后,ROIC,34.28%,11.90%,29.35%,9.56%,23.62%,13.63%,22.48%,15.13%,ROE,37.51%,14.94%,32.42%,11.51%,24.87%,13.91%,24.31%,14.78%,营业成本比例,85.54%,90.36%,82.84%,90.18%,82.65%,90.02%,82.17%,88.37%,销售费用比例,8.69%,9.24%,11.57%,10.84%,10.78%,11.33%,10.98%,11.37%,管理费用比例,16.53%,19.36%,16.41%,18.45%,17.57%,19.42%,18.36%,22.78%,财务费用比例,-17.86%,-33.62%,-28.46%,-27.64%,-18.96%,0.92%,-28.85%,8.82%,ROE,及其影响因素指标,2007,2008,2009,2010,苏宁,国美,苏宁,国美,苏宁,国美,苏宁,国美,ROE,37.51%,14.94%,32.42%,11.51%,24.87%,13.91%,24.31%,14.78%,EBIT/,销售收入,5.36%,3.05%,5.47%,2.84%,6.44%,4.31%,6.68%,5.13%,销售收入,/,总资产,3.20,1.67,2.64,1.60,2.03,1.35,1.89,1.41,总资产,/,权益,3.09,3.26,2.72,3.00,2.39,3.09,2.36,2.71,税前利润,/EBIT,1.04,1.18,1.08,1.18,1.05,1.00,1.07,0.96,税后利润,/,税前利润,0.68,0.76,0.77,0.72,0.76,0.78,0.76,0.78,厦门大学吴世农,三、创造现金,Create Cash,现,金,流,量,表,1,、经营净现金,2,、投资净现金,3,、筹资净现金,4,、当期增,/,减现金,5,、期初结余现金,6,、期末结余现金,实际经营净现金,营业收入,销售创现率,总资产,资产创现率,资本：权益和投入资本,资本创现率,应得经营净现金,获现率,=,实际经营净现金,/,应得经营净现金,应得经营,NCF=,净利润,+,折旧,+,摊销,+,利息,厦门大学吴世农,现金分析与管理的重要指标,现,金,创,造,能,力,1,获现率,实际经营净现金,/,应得经营净现金,其中：应得经营净现金,【,净利润折旧摊销利息,】,+,（资产减值）,实际经营净现金,+(,应收票据,-,应付票据,),应得经营净现金,2,销售创现率,税后经营净现金,/,营业收入,销售商品和提供服务的现金收入,/,营业收入,3,净利润现金含量,税后经营净现金,/,净利润,4,总资产创现率,税后经营净现金,/,平均总资产,5,投入资本创现率,税后经营净现金,/,平均投入资本,6,权益资本创现率,税后经营净现金,/,平均权益资本,偿债能力,1,利息保障倍数,EBIT/,当期应付利息,(,税后经营净现金,-,折旧,-,摊销,)/,当期应付利息,2,本息保障倍数,EBITDA/(,当期应付利息,+,当期应付本金,),税后经营净现金,/(,当期应付利息,+,当期应付本金,),实际经营净现金受应收票据与应付票据差额的影响！,厦门大学吴世农,公 司,EPS,每股,经营性,净现金,利润的现金保障程度,折旧和摊销的现金保障程度,利息的现金保障程度,OPM,战略形成的现金,A,2.0,1.0,NO,NO,NO,NO,B,1.5,1.5,YES,NO,NO,NO,C,1.0,1.5,YES,YES,YES,NO,D,0.8,1.5,YES,YES,YES,YES,现金与利润的关系,衡量企业利润的质量和竞争优势,其中：每股折旧和摊销,0.3,元；每股利息,0.2,元。,在经营过程中，创造多少现金？现金偿还债务的能力高低？,销售创现率,=,？资产创现率,=,？投入资本创现率,=,？,权益资本创现率,=?,现金的利息（本息）保障倍数,=,？,OPM=,Other Peoples Money,厦门大学吴世农,2007,年茅台成功提价,营业利润率上升,谁是酒王,茅台,vs.,五粮液？,每股指标,五粮液,贵州茅台,2004,2005,2006,2007,2008,2004,2005,2006,2007,2008,EPS(,元,),0.31,0.29,0.43,0.387,0.477,2.09,2.37,1.59,3.00,4.03,每股经营净现金,0.30,0.46,0.49,0.440,0.520,2.48,3.59,2.23,1.85,5.56,厦门大学吴世农,财务数据（万元）,五粮液,茅台,年 份,2010,年,2009,年,2010,年,2009,年,营业收入,115.41,111.29,116.33,96.70,营业利润,60.70,46.06,71.61,60.81,利润总额,60.70,40.06,71.62,60.81,净利润,45.62,34.67,53.40,45.53,归属股东的净利润,43.95,32.45,50.51,43.23,经营净现金,77.03,60.54,62.01,42.24,总资产,286.74,208.49,255.86,197.70,货币资金,141.35,75.46,128.89,97.43,总负债,103.07,62.68,70.38,51.18,有息负债,0,0,0,0,权益资本,183.66,145.80,70.38,51.18,归属股东权益,181.01,142.75,183.99,144.66,基本,EPS,（元,/,股）,1.158,0.855,5.35,4.57,每股经营净现金（股,/,元）,2.029,1.595,6.570,4.480,加权,ROE,（,%,）,26.68%,24.95%,30.91%,33.51%,营业利润率（,%,）,52.6%,41.4%,61.6%,62.9%,销售净利润率（,%,）,39.5%,31.2%,45.9%,47.1%,厦门大学吴世农,厦门大学吴世农,四、创造价值,Create Value,价,值,1.MVA=,市场增加值,2.EVA=,经济增加值,=,经济利润,EVA,营业收入,销售创值率,总资产,资产创值率,资本：权益和投入资本,资本创值率,1.EVA=,调整净利润,-,（权益资本*,股东预期收益率）,2.EVA=EBIT(1-T)-,投入资本*,加权平均资本成本,(WACC),EVA,=,超额利润,厦门大学吴世农,Why AIGs EVA is Negative, but MVA is Positive?,厦门大学吴世农,EVA= EBIT(1-T) (,投入资本,WACC),=,（,EBIT1-T/,投入资本）,-WACC,投入资本,=,（税后,ROIC-WACC,）,投入资本,营业利润率,=EBIT/,销售,ROIC=EBIT/,投入资本,资本周转率,=,销售,/,投入资本,税收效应,=,（,1-T,）,ROIC-WACC,税后债务成本,=Kd,（,1-T,） 负债比例,MVA,预期权益成本,=Ke,权益比例 或,EVA,经济政治社会环境,市场结构 增长率的支持,环境和程度,核心竞争力,ROIC WACC:,创值企业,ROIC WACC:,损值企业,税后,ROIC,WACC,厦门大学吴世农,公司要提高,EVA,的五大手段,提高经营利润率：降低销售成本、销售费用和管理费用；,加快投入资本周转速度：加强应收账款和存货管理，提高,二者的周转速度；提高现有长期资产的使用效率；降低投入,资本；使用无息负债；,减少实际税率：争取享受税惠政策、合理延迟纳税；,适度、平衡增长：确定合理、长期、可持续的、有效或高效的,增长速度，有助于降低筹资成本；,降低,WACC,：尽量寻求低成本的资本，并合理利用负债，降,低加权平均资本成本。,厦门大学吴世农,格力,EVA,指标分解,2005,2006,2007,2008,2009,税后,ROIC,19.31%,20.67%,27.03%,30.64%,29.64%,有息负债,/,投入资本,11.89%,6.32%,0.54%,0.06%,5.05%,债务资本成本,Kd,4.46%,4.68%,5.11%,5.98%,4.25%,1-T,83.17%,82.71%,90.25%,82.78%,86.73%,权益,/,投入资本,88.11%,93.68%,99.46%,99.94%,94.95%,无风险收益,3.37%,3.14%,3.66%,5.74%,3.73%,风险溢价,8.30%,8.30%,8.30%,8.30%,8.30%,BETA,0.95,0.95,0.95,0.95,0.95,权益资本成本,Ks,11.26%,11.03%,11.55%,13.63%,11.62%,WACC,10.36%,10.57%,11.51%,13.62%,11.21%,ROIC-WACC,8.95%,10.10%,15.52%,17.02%,18.43%,平均投入资本（万元）,300693,337926,472989,672979,960688,EVA(,万元,),26917.4,34120.9,73419.4,114542,177012,School of Management, Xiamen University,2005-2009,年期间，格力电器的税后,ROIC,始终大于,WACC,，因此是创值企业，且创值能力越来越强！,School of Management, Xiamen University,美的,EVA,指标分解,2005,2006,2007,2008,2009,税后,ROIC,18.08%,19.54%,31.48%,23.25%,23.71%,有息负债,/,投入资本,11.53%,12.41%,13.93%,20.89%,12.65%,债务资本成本,Kd,4.46%,4.68%,5.11%,5.98%,4.25%,1-T,91.24%,96.63%,88.81%,88.35%,91.32%,权益,/,投入资本,88.47%,87.59%,86.07%,79.11%,87.35%,无风险收益,3.37%,3.14%,3.66%,5.74%,3.73%,风险溢价,8.30%,8.30%,8.30%,8.30%,8.30%,BETA,0.95,0.95,0.95,0.95,0.95,权益资本成本,Ks,11.26%,11.03%,11.55%,13.63%,11.62%,WACC,10.43%,10.22%,10.57%,11.88%,10.64%,ROIC-WACC,7.65%,9.32%,20.91%,11.37%,13.07%,平均投入资本（万元）,418594,480321,620538,850005,1146020,EVA(,万元,),32035.4,44775.5,129759,96631.2,149826,2005-2009,年期间，美的电器的税后,ROIC,始终大于,WACC,，因此是创值企业，但创值能力呈现上升后下降的态势！,厦门大学吴世农,厦门大学吴世农,产品单价,100,单位产品,变动成本,单位产品,固定成本,单位产品,财务费用,单位产品,税收净利,单,位,产,品,贡,献,毛,益,可见,：在单价扣除单位产品变动成本后，（,1,）固定成本比重越大，企业承担财务费用和贡献所得税及利润的能力越低，故其经营风险越大；反之越小；（,2,）财务费用比重越大，贡献所得税及利润的能力越低，故其财务风险越大，反之越小。,五、风险控制,Control Risk,School of Management, Xiamen University,指标,格力,04,格力,05,格力,06,格力,07,格力,08,格力,09,总成本,1,354,476,1,778,545,2,527,468,3,633,540,3,940,718,3,932,044,固定成本*,414948,548094,773436,1109834,1206363,120977,变动成本,939,528,1,230,456,1,754,033,2,523,707,2,734,354,2,722,287,财务费用,-3,825.36,8,829.45,-444.11,-974.22,8,499.54,-9,702.19,经营杠杆,15.42,12.44,8.14,7.51,5.32,4.65,财务杠杆,0.88,1.231,0.100,0.99,1.00,0.97,总杠杆,13.61,15.25,8.12,7.46,5.49,4.52,指标,美的,04,美的,05,美的,06,美的,07,美的,08,美的,09,总成本,1,854,433,2,054,202,2,018,874,3,325,188,4,297,083,4,436,611,固定成本*,583930,648967,633812,1036913,1339858,1390271,变动成本,1,270,502,1,405,235,1,385,061,2,288,275,2,957,226,3,046,340,财务费用,5,893.99,13,158.28,13,913.90,29,095.29,48,141.00,22,244.58,经营杠杆,9.89,9.41,7.46,6.36,6.72,5.77,财务杠杆,1.10,1.21,1.17,1.18,1.26,1.08,总杠杆,10.87,11.35,8.69,7.48,8.46,6.25,*根据家电行业估算，固定成本,=,折旧,+,摊销,+(,营业成本,+,经营费用,+,管理费用,-,折旧,-,摊销）*,30%,厦门大学吴世农,厦门大学吴世农,控制风险的主要手段,控制经营风险的主要手段,控制固定成本,1,、规模经济,扩大规模,2,、维续增长,淘汰落后,业务，投入成长型业务,3,、整合投资,节约投资,控制财务风险的主要手段,控制财务费用,1,、适度负债,降低资本成本,2,、多元化融资,降低资本成本,经营风险,财务风险,经营风险引发财务风险？,财务风险引发经营风险？,控制固定成本，提高,EBIT,，实际上帮助控制财务风险！,厦门大学吴世农,六、维续成长,Maintain Growth,1.,三大指标同步增长,（,1,）销售增长 （,2,）利润增长 （,3,）经营,NCF,增长,年份,营业收入,税后利润,经营净现金,厦门大学吴世农,厦门大学吴世农,厦门大学吴世农,指标名称,2004,2003,2002,2004/2003,2003/2002,经营活动产生的现金流量净额,-660.34,500.97,972.16,-231.81,-48.47,投资活动产生的现金流量净额,-291.42,-299.58,-87.24,-2.73,243.40,筹资活动产生的现金流量净额,364.15,253.90,-537.29,43.42,-147.26,现金及现金等价物净增加值,-589.33,452.47,347.36,-230.25,30.26,厦门大学吴世农,2,、自我可持续成长能力,期末的权益资本,-,期初的权益资本,自我可持续增长率,(g) = -,期初的权益资本,当期留存收益,= -,期初的权益资本,留存收益 净利润,=-,-=,留存收益比例 ,ROE,净利润 权益资本,EBIT,销售收入,EBT,投入资本,EAT,其中：,ROE=- - - - -,销售收入 投入资本,EBIT,权益,EBT,提高一个公司自我可持续增长率,(g),的关键,:,(1),提高,ROE;,(2),提高留存收益比例。,反映企业使用留存收益及其配套债务资本所能实现的增长速度,厦门大学吴世农,预计销售增长率 资金状况 财务政策,15%,资金短缺,g = ROE,留存收益比例,= 20% 50%=10%,5%,资金剩余,预计销售增长率 资金状况 财务政策,增加负债,减少分红,增发新股,减少负债,增加分红,回购股份,注意：动态看，若,公司资金短缺，但,仍有结余现金，其,可以通过调整资产,结构,使用结余,现金使之成为物质,资产，解决其资金,短缺问题！,School of Management, Xiamen University,厦门大学吴世农,指标,公司,2005,2006,2007,2008,2009,ROE,格力,19.14%,22.18%,27.36%,29.62%,32.14%,美的,17.19%,19.11%,31.74%,23.07%,25.11%,留存收益比,格力,57.45%,100.00%,71.43%,82.14%,67.74%,美的,59.02%,58.82%,58.33%,81.48%,89.69%,可持续增长率,格力,11.00%,22.18%,19.54%,24.33%,21.77%,美的,10.15%,11.24%,18.51%,18.80%,22.52%,销售增长率预测,格力,25,25,25,25,25,美的,25,25,25,25,25,资金状态,格力,短缺,略短缺,短缺,略短缺,短缺,美的,短缺,短缺,短缺,短缺,短缺,格力电器和美的电器可持续增长率分解分析,根据行业预测，家电在十一五期间的增长速度在,25,左右。因此，,（,1,）,2005-2009,年，格力属于“资金短缺型”或“资金略短缺型”企业。这主要是虽然其,ROE,上升，但分红比例呈现上升趋势，二留存收益比例呈现下降趋势，加上市场需求呈现增长所致。,（,2,）,2005,2009,年，美的属于“资金短缺型”企业。这主要是因为虽然美的,ROE,呈现上升，且留存比例也上升，推动其自我可持续增长率上升。但由于市场需求增长较快，因此仍为资金短缺。,厦门大学吴世农,财务数据（亿元）,格力,美的,年 份,2010,年,2009,年,2010,年,2009,年,营业收入,608.07,426.37,745.59,472.78,营业利润,27.46,29.75,25.56,25.19,净利润,42.76,29.13,31.27,18.48,调整净利润,40.27,27.56,29.56,18.21,经营净现金,6.16,94.5,54.46,20.55,总资产,656.04,515.3,420.54,316.57,货币资金,151.66,229.05,58.02,38.55,总负债,519.52,408.77,256.71,189.29,流动负债,49.68,40.84,251.88,188.59,短期有息债,19,9.61,7.29,5.34,长期借款,18.54,0,3.93,0,长期债务,19.17,0.38,4.83,0.703,权益资本,136.52,106.53,163.83,127.28,归属股东权益,133.02,99.7,123.36,89.06,EPS,1.52,1.03,1,0.82,调整,EPS,1.43,0.98,0.92,0.82,每股,NCF,0.22,5.03,1.75,0.99,加权,ROE,36.51%,33.48%,29.54%,28.81%,调整,ROE,34.75%,31.69%,27.93%,28.40%,格力和美的,2009,2010,主要财务数据比较,成长能力之比？,厦门大学吴世农,七、结论,这些企业为什么“成功”？,美 国,中 国,类 型,Wal-mart,、百安居,苏宁、国美,大卖场连锁经营,Apple,、,Microsoft,茅台、五粮液,技术和产品优势,Dell,格力,专业化,+,规模,+,渠道,-,中国移动、中国石油,中国工商银行等,垄断,真正的,五好生,厦门大学吴世农,请大家记住：成功的企业财务管理的,五字经,（,1,）,Profitability,提高,盈利,能力,（,2,）,Cash Creation,增强,现金,创造能力,（,3,）,Value Creation,增强,价值,创造能力,（,4,）,Risk Control,提高,风险,控制能力,（,5,）,Growth,维护,成长,能力,价值管理是核心，但利润、现金、风险和成长是价值的驱动因素！,提问和回答,Question & Answer,厦门大学管理学院吴世农,