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外文翻译原文Operation ability analysis Material Source: China.s securities nets 05/17/2006Author:TecheverOperation ability fully utilize existing resources to create social wealth ability, can be used to evaluate the enterprise to its own resources utilization and operating activities ability. Its essence is to as few as possible resources occupation short turnover time, produce as many products, create as many sales revenue, and to achieve this goal, we must improve enterprises operation ability level. Operation ability is the assets of the enterprise turnaround to measure the efficiency of the utilization of assets enterprises. The index reflects assets turnover rate have inventory turnover, liquid assets turnover rate, total asset turnover. The faster turnaround speed, it shows that the enterprise of assets into business links, forming the faster the cycle of revenue and profit more short, business efficiency is higher. Operation ability refers to the enterprise asset turnover operation ability, usually can use total asset turnover, fixed asset turnover, flow asset turnover,inventory turnover and accounts receivable turnover these five financial ratios to enterprises operating capacity for layered analysis.Operation ability analysis can help investors understand enterprise business conditions and operating management level. With our su ning electric equipment (BBS) (market, for example,002024) lo inlroduce how to enterprises investors operating capability analysis. Total asset turnover is to show enterprise sales income and total assets of the ratio of average balance. Suning 2004 sales revenue for 91.1 billion yuan, average total assets of 14 million yuan; 2005 sales income increased to 160.4 billion yuan, the average total assets is increased by 2.3 times, reached 31.9 million yuan. Due to the growing rate of total assets than the sales income increase, total asset turnover down to 5 by lead.The rate of decline in 2005 with suning opened the new mass are directly related. In order to complete I he national cloth nets thcstratcgic pattern, suning in 2005 at 65, a new store new landed 20 cities, and the original logistics, service system of radiation radius is limited, so su ning to makes lots of management platform,in order to supportthe construction of the urban construction in the same after other stores of logisticsand management. This makes su ning expansion strategy initial cost of relatively high.Cunent assets lumover is enterprises sales income and liquidity ratio of average balance. Through ihis ratio analysis, we can further underslanding ol. enterprise in ihe short term operation ability changes. From statements that su ning 2005 sales income nearly 1.6 billion yuan, growth rate, while the average flow rate reached more than doubled assets. The liquidity didnt bring the same margin large increase of sales income growth, so current assets turnover in 2004 7.36 dropped by the 2005 5.61, explain the efficiency in the use of su ning liquid assets declined.Fixed asset turnover is mainly used for analysis of fixed assets such as factory buildings, equipmenl, the ratio of the ulili/alion elllciency of ihe higher and higher, explain utilization, management level, the better. If the fixed asset turnover compared with industry average low, then explaining enterprise of fixed assets utilization is low, might affect ihe enterprise profitability. It reflects enterprise asset utilization degree. Fixed asset turnover ratio = sales revenue/average net value of fixed assets The average net value of fixed assets = (initial equity + final equity) voting 2 Enterprise inside certain period advocate business wu income with average net current assets ratio of total asset utilization, is appraise enterprise another important indexes. It reflects the enterprise liquid assets turnover rate from enterprise all assets, liquidity of the strongest in current assets Angle of enterprise assets utilization efficiency, in order to further analyze the quality of enterprise assets reveals acoustics major factor. Current assets turnover means certain period for a year) (usually ihe main business income and total migrant assets ratio of the average balance.therefore, can through to inventory turnover and accounts receivable further analysis of How asset turnover ratio changes. Suning in stock sales primarily, therefore, accounts receivable accounted for only the liquidity, and inventory 50% 4.75%.Inventory turnover refers to enterprises and inventory cost of sales average balance ratio. For real estate industry inventory turnover is a very key indicators, real estate industry is very special. Usually, inventory turnover is the sooner the better, and real estate industry inventory quantity bigger, the slower I he turnover that the strength of the company is the more abundant. Other industrys inventory lumover for six or seven times a year of general level, in contrast, in the real estate industry a year about a second, if in six or seven times a year inventory turnover for real estate industry asthe company is tiny companies, with a powerful real estate stocks, invcnlory turnoverarc very low, bccause must keep a lot of land reserves, land reserve is his inventory, the houses built yet form sales belong to assets range,depend on these achieve sales.Inventory turnover condition can also be expressed with inventory, namely said days once inventory turnover the time required that the shorter days, the faster inventory lurnover. Suning 15.05 inventory turnover in 2004 丨or 2005, ihis ratio dropped to 10.33. Accordingly, inventory turnover days from 24 days extended to 35 days. Inventory liquidation speed decreased obviously, explain suning sales ability may exist problems down or inventory cxcess.Accounts receivable lurnover refers to the enterprise certain period income and accounts receivable credit average balancc ratio. Il reflects the company obtained the account receivable from the right to withdraw money, can be converted into cash needed the length of lime. Accounls receivable turnover can be used to estimate the accounts receivable converted speed and managcmcnl efficiency. Recovery quickly can save money, also shows that enterprise credit situation is good,nol easy loss of bad happened. Generally believe that the higher the turnover of the good.This index measure enterprise accounts receivable into cash speed. Because credit sales income cant easily get, in practicc used more sales income is calculatcd alternative crcdit income. Suning customers is mainly individual consumer to both clear of money and goods, trading on the basis of the account receivable credit income proportion is very small, so the sales incomc data obtained by receivable turnover is very high. In general, ihe higher the ralio of enterprises lhal enlerprise col I eel ion receivable and ihe faster, can reduce the loss of bad, and liquidity strong, enterprises short-term solvency will also strengthen, in some extent could compensate for the currenl ratio low adverse impact. If ihe enterprise rcceivablcs turnover is too low, then explaining enterprise collection receivable inefficient or credit policy very loose, affect ihe enterprise use of ihe capital and capital normal turnover.On real estate enterprise operation ability of financial analysis framework can mainly from three aspects: building management ability index, accounts receivable turnover and working capital turnover rate. In these three respects based on real estate enterprise combining the characteristics, the selection of the appropriate financial index on real estate enterprises1 operating capability evaluation. This paper puts forward the analysis framework of general applicability, for real estate enterprises and other enterprises in ihe operation ol. the managers do provide quantilative basis for decision-making and analysis methods.Through the case analysis can be found lhat, because the influence of assetsturnover rate, total assets yield level but not necessarily advocate business wu income con si stenl wilh gross margin. And commercial real estate and industrial real estale, residential real estate than sex where profit margins, so vankes sales incomc margin increased year by year, but despite highest when still about 41%, but the lujiazui, and ihe land is provided income can be as high as 80% gross margin, cofco property of materials processing income also can achieve 75% gross margin. From the trend, the incomes of the three companies are in growth state gross margin. Bui because ihe operating cash flow is low, the efficiency high profit margins of the lujiazui and cofco real estate but show low on total assets.Three real estate enterprise operations in there is a common problem, namely the working capital turnover rate is too slow. Operation ability of the enterprise of the scale of operations and different difference were real estate enterprise can cause inventory turnover rate and working capital turnover rate is different. Residential properly turnover rale sex than commercial real estale and industrial real estate, so vanke faster the inventory turnover faster than lujiazui, cofco property because small in scale, the turnover rate close to YuWanKe. Bui in recenl years due to land prices continue to rise, real estate enterprises have been through a lot of store, extend the project development period and so on the way to getting the higher profit margin. Thus the current real estate enterprises in our country there are a large amount of inventory turnover, slow ills.译文营运能力的分析资料来源:中M证券M 05/17/2006作者: Techever营运能力是允分利用现冇资源创造社会财富的能力,可以用來评价企业对其 拥有资源的利用程度和营运活动能力。其实质是要以尽可能少的资源卩I用,尽可 能短的周转时间,来产生出尽吋能多的产品,创造出尽吋能多的销售收入,而要 实现这个fcl的,就必须要提卨企业的竹运能力水平。运能力是以企业各项资产 的周转速度来衡M:企业资产利闷的效率。反映资产周转速度的指标有存货周转 率、流动资产周转率、总资产周转率。周转速度越快,表明企业的各项资产进入 经荇环节的速度越快,形成收入和利润的周期就越短,经营效率就越高。荇运能 力指的是企业资产的周转运行能力,通常可以W总资产周转率、W定资产周转率、 流动资产周转率、存货周转率和应收账款周转率这五个财务比率來对企业的荇运 能力进行逐层分析。营运能力分析可以帮助投资了解企业的汽业状况和经营管理水平。我们以 苏宁电器(iM,MO (002024)为例,叫投资者介绍如何进行企业的营运能力分 析。总资产周转率足指企业的销俦收入4总资产平均余额的比率。苏宁2004年销 售收入为91.1亿元,平均总资产为14亿元;2005年销售收入增加到160.4亿元, 平均总资产史足增长了 2.3倍,达到31.9亿元。山子总资产的增长幅度超过了销 售收入的增长幅度,总资产周转率山6.49下降到5。该比率的下降与苏宁在2005年大规模幵张新店有S接的艾系。为了完成“全 国性布网”的战略格局,苏宁在2005年新开门店65家,新登陆了 20多个城市, 而原先的物流、服务体系的辐射半柃有限,因此苏宁耍进行大量的管理平台的建 设,以此來支撑以后在同个城市建设其他卖场的物流和管理。这使得苏宁扩张 战略的初始成本相对较高。闾矩资产周转率主耍用于分析对厂房、设备等W记资产的利用效率,比率越 高,说明利用率越高,管理水平越好。如果W定资产周转率勺同行业平均水平相 比偏低,则说明企业对固定资产的利用率较低,可能会影响企业的获利能力。它 反应了企业资产的利用程度。阑定资产周转率=销售收入/平均固定资产净值 丨冉1定资产平均净值=(期初净值+期末净值K2 企业定时期内主营业务收入净额同平均流动资产总额的比率,是评价企业 资产利率的另 里要指标。它反映了企业流动资产的周转速度,是从企业全部 资产中流动性最强的流动资产角度对企业资产的利W效率进行分祈,以进步揭 示音响企业资产质ii的主要因素。流动资产周转率是指_ 定时期(般为年)的 主营业务收人4全部流动资产平均余额的比值。通过这个比率的分析,我们可以 进步了解企业短期内营运能力的变化。从报表屮希出,苏宁2005年钔售收入近 160亿元,增长幅度达到42.9%,而平均流动资产增加了 倍以上。流动资产的大 量增加没有带来同样幅度的钔售收入的增长,因此流动资产周转率山2004年的 7.36下降到2005年的5.61,说明苏宁流动资产的利州效率打所下降存货和应收账款足流动资产的主耍组成部分,因此,可以通过对存货周转率 和应收账款进步分析流动资产周转率的变化。苏宁以现货钔售为主,冈此,应收 账款仅卩丨流动资产的4.75%,而存货山_ 50%o存货周转率指的是企业的钔售成本与存货平均余额的比率。存货周转率对于房地产行业足个非常太键的指标,房地产行业足比较特殊的。通常的來说存货 周转是越快越好,而房地产行业的存货鲎越大、周转的速度越慢则说明公司的实 力越雄厚。其他行业的存货周转率般为每年六七次的水平,相反,在房地产行 业一年大概二次,如果一年存货周转率在八七次的公司对丁房地产行业来说是 极小的公司,苻实力的大房地产股,存货周转率都是很低的,闵为要保持大id:的 I.地储谷,丨:地储备就趟他的存货,建成的房子未形成销ft都厲干资产范闹,要 依釙这作实现钔售。存货周转状况也吋以刖存货天数来农示,即表示存货周转 次所需要的时间,天数越短,说明存货周转越快。苏宁2004年存货周转率为15.05, 而2005年这 比率下降到10.33。相应地,存货周转天数山24天延长到35天。 存货变现速度的明显下降,说明苏宁讨能存在钔ft能力下降或者存货过童的问 题。应收账款周转率指的是企业记时期内赊钔收入与应收账款平均余额的比 率。它反映公司从取得应收账款的权利到收冋款项转换为现金所需要时间的长 度。应收账款周转率吋以州來佔计应收账款变现的速度和管理的效率。丨丨收迅速 既w丨以节约资金,也说明企业信用状况好,不易发生坏账损失。般认为周转率愈 高愈好。该指标用来衡it企业的应收账款转变为现金的速度。山丁赊销收入不容 易取得,在实务中多采州钔售收入替代赊销收入进行计算。苏宁的顾客主要是个 人消费者,以钱货两淸的方式进行交易,赊钔收入山应收账款的比例很小,所以用 销售收入数据得出的应收账款周转率非常高。般说來,企业的该项比率越高, 说明企业催收账款的速度越快,可以减少坏账损失,而H.资产流动性强,企业的短 期偿债能力也会增强,在-记程度上丨以弥补流动比率低的不利影响。若企业应 收账款周转率过低,则说明企业催收账款的效率太低或信用政策十分宽松,会影 响企业资金利用率和资金的正常周转。对房地产企业营运能力的财务分析框架可以主要从三个方面构建:经营能力 指标、应收账款周转率和营运资金周转速度。在这三个方而的基础上结合房地产 企业特点,选取适内的财务指标就可以对房地产企业的荇运能力进行分析评价。 本文提出的分析框架具有普遍适用性,为房地产企业以及其他行业企业的管理析 在做有关营运决策时提供挝化的依据和分析思路。通过案例分析可以发现,山于资产周转速度的影响,总资产收益率水平却末 必与主营业务收入毛利率致。与商业地产和工业地产相比,住宅性地产的利润 率较低,冈此力科的销售收入毛利率尽管逐年增长,但iri高时仍不过41 %左右, 而陆家嘴的丨:地批和收入毛利率可高达80%,屮粮地产的来料加丨.收入毛利率 也能达到75%。从趋势來看,三家公司各项收入的毛利率都处丁增长状态。但山于营运资金周转效率过低,毛利率高的陆家嘴及屮粮地产反而表现出较低的总 资产收益率。二家房地产企业的营运能力却存在着个共同的问题,即营运资金周转速度 过于缓慢。营运能力的不同以及企业经营规模的差笄均会造成房地产企业存货周 转速度以及穴运资金周转速度的不同。住宅性地产的周转速度要比商业地产及:1: 业地产更快,W而万科的存货周转速度明敁快于陆家嘴,屮粮地产山丁规模较小, 其周转速度接近丁万科。ffl山丁近年来土地价格的持续h涨,房地产企业纷纷通 过大量网地、延长项y开发周期等方式获得吏髙的利润率。闽而当前我w房地产 企业均存在着存货童大、周转速度慢的弊病-
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