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Small and medium-sized enterprises solvency analysisAbstractSolvency analysis is a very important factor in a companys financial statements, is the ability that an enterprises financial flexibility and repay the debt. For small and medium enterprises, enterprise debt paying ability is directly related to the survival of enterprises, is the basic premise of enterprise survival and development. Understanding of the small and medium-sized enterprise debt paying ability, for small and medium-sized enterprises, effectively raising capital, is undoubtedly of great significance to establish the reasonable capital structure. This paper mainly analyzes the debt paying ability of small and medium enterprises, the ability to strengthen the small and medium-sized enterprise to deal with the operation risk.Key words: small and medium-sized enterprises; Debt paying ability; Management risk1.The meaning of small and medium-sized enterprise solvency analysis Debt paying ability is an important symbol of the enterprise financial position and operating ability, proper leverage can bring more wealth to the enterprise, the modern small and medium-sized enterprises (smes) are also make full use of foreign capital and low cost of obvious advantages, its full funding sources including its own funds and the absorption of foreign capital, and put their own capital and foreign capital together and achieve the sustainable management of the enterprise. When the return on investments higher than the cost of borrowing money, proper leverage can bring many benefits to the owners of the company, such as the financial leverage effect and benefit of inflation. 2.The small and medium-sized enterprise debt paying ability analysis (1)main indicators of short-term debt paying ability analysis Short-term debt paying ability is the enterprises ability to repay the current liabilities, the strength of the short-term debt paying ability mainly depends on current asset liquidity, usually through a series of indexes to reflect the short-term solvency. Short-term debt paying ability is mainly through the enterprise current assets, quick assets, cash and operating activities cash flows and current liabilities ratio of the current ratio, quick ratio, cash ratio and operating cash flow ratio and so on to analyze the small and medium-sized enterprises solvency. Ratio of the size will determine the strength of the small and medium-sized enterprise debt paying ability, not only can be compared with the same industry competitors, can also be the development trend of a series of analysis by itself. But small and medium-sized enterprise short-term debt paying ability analysis has many defects, cant reflect the reality of the enterprise debt paying ability, such as calculating the index according to the diameter is not uniform; Short-term solvency indicators are static indicators, is the analysis of the small and medium-sized enterprise debt paying ability, the static point does not accurately reflect the enterprise the next potential solvency of the final; Such as small and medium-sized enterprise labor income during the next bring cash inflows will enhance the enterprises solvency, or small and medium-sized enterprise to bring the cost of spending will greatly reduce the enterprises solvency, and due to the limitations of the above indicators, all of these. Therefore, all need to consider when analyzing these factors. (2) the major indexes of the long-term debt paying ability analysis Small and medium-sized enterprise long-term debt paying ability is mainly through the enterprise financial and accounting reports of the relevant data to analyze the relationship between the rights and interests and asset, analyze the internal relationship between different rights, analyzing the relationship between the rights and benefits, calculate the relevant ratio to evaluate the long-term debt paying ability of small and medium-sized enterprises, small and medium-sized enterprise solvency indicators can be measured in many, such as asset liability ratio, equity ratio and the multiple of interest safeguard and so on. Asset-liability ratio = total debt/total assets, it is to measure the importance of small and medium-sized enterprise debt levels and risk level, the higher the ratio, shows that the enterprises ability to repay debt, otherwise, the lower the ratio, suggests that the stronger the enterprises ability to repay debt. Property ratio = liabilities/shareholders equity, which indicates that the creditors of loans repayment guarantee degree and safety, the size of the enterprise financial risk, and asset debt ratio are used to analyze and evaluate enterprise long-term debt paying ability, but there are still differences between them, the essence of the equity ratio is borrowed money (debt) with its own funds (owners equity), focuses on revealing the relationship between debt capital and equity capital, that is the risk of financial structure, as well as the owners equity to debt risk to bear ability. The multiple of interest safeguard = (profit + interest expense)/interest expense, shows that the enterprise managements ability to pay debt interest. The multiple of interest safeguard is too low, shows that the enterprises ability to pay interest on the weaker, otherwise, the multiple of interest safeguard is too low, that the stronger the firms ability to pay interest. 3.The influence factors of enterprise solvency analysis of small and medium-sized enterprises (A) small and medium-sized enterprise debt paying ability analysis of the inherent limitations 1. The limitations of historical cost valuation. 2. Analysis indicators will not be able to objectively reflect the real business in the past a period of time the real solvency. 3. Todays solvency analysis is a kind of static state analysis, rather than a dynamic analysis. Enterprises assets, minus 4. Existing solvency analysis assumes that the existing problems. 5. Analysis indicators and there is no cash flow of the enterprise is considered which is a key influence factors of solvency. 6. Existing index lack of asset are analyzed from the Angle of quality, especially the analysis of the current assets. 7. Excessive emphasis on quantitative analysis of the existing solvency analysis and ignore the phenomenon of qualitative analysis. (B) of the external factors affecting small and medium-sized enterprise debt paying ability Want to truly understand the enterprises solvency, in addition to truly understand the digital data of the reports on offer, also note that some of the external factors influencing the debt paying ability of small and medium enterprises. Due to the small and medium-sized enterprise existing solvency analysis there are some limitations. So for statement users in evaluating the debt paying ability of an enterprise, must first to the enterprise has a more comprehensive understanding of, should be combined with the enterprises solvency indicators, such as profitability, cash flow and so on is never the same point of view and the Angle to analyze it, only in this way can reflect the actual solvency of the enterprise. 4.Improve enterprise debt paying ability countermeasure (a) optimize the assets structure The normal production and operation of the small and medium-sized enterprises, the total assets is always far greater than the total liabilities, but due to the influence of various factors, such as asset cashability speed and difficulty, and so on, caused the solvency strength differences, therefore, we must strengthen the internal management, promote efficient use of assets, to promote small and medium-sized enterprise actual solvency. To strengthen the accounting and management of inventory, inventory will take up too much of the enterprise funds, reduce the speed of capital turnover, inventory cashability is poorer, led directly to the enterprise debt paying ability is on the decline, thus to reduce the product, expand the sales of finished goods, reduce raw material inventory. Strengthen the management of accounts receivable, and strictly control expenses, accelerate the rate of accounts receivable recovery at the same time, According to the needs of customers is not the same as to make scientific and rational accounts receivable policy, beware of enterprise accounts receivable is too large. Small and medium-sized enterprise managers when making long-term investments, should be first to predict and seriously Analysis, to depend on own strength, avoid blind investment. Purchase of fixed assets is closely linked to the enterprise actual demand, to prevent too much idle fixed assets, should make full use of funds. (b) make reasonable repayment plan Enterprises should formulate reasonable scientific repayment plan in advance, can create a good credit environment for the enterprise, avoid the risk of insolvency cause. (c) pay attention to the influence of the external environment of enterprise debt paying ability Due to the business activities of enterprises was conducted in a certain environment next, these environmental factors including national macro policy, credit environment, financial markets, inflation in there is a close relationship with the enterprises survival and development, in order to adapt to the changing of the enterprise external environment makes the enterprise can adapt to the needs of the development of production and operation activities. As a result, the analysis and evaluation to enterprises solvency, to the external environmental factors influence on the enterprise to fulfill its obligations to the attention of the fully, must concern under different management environment of enterprises, will adopt what kind of financial policy, which as well as the production and business operation activities of enterprise financial situation will produce what kind of impact.中小型企业的偿债能力分析摘要偿债能力分析是企业财务报表中的一个很重要的因素,是表明一个企业的财务灵活性以及偿还债务的能力。对于中小企业来说,企业偿债能力的强弱直接关系到企业的生死存亡,是企业生存以及健康发展的基本前提。了解中小企业的偿债能力,对于中小企业有效筹集资金、建立合理的资本结构无疑具有十分重要的意义。本文主要对中小企业偿债能力进行分析,以增强中小企业应付经营风险的能力。关键词:中小企业;偿债能力;经营风险一、中小企业偿债能力分析的意义偿债能力是反映企业财务状况和经营能力的重要标志,适当的举债经营可以给企业带来更多的财富,现代的中小企业也多是充分利用外来资金成本低的明显优势,其全部资金来源包括自有资金和吸收的外来资金两部分,并且将自有资金与外来资金结合在一起而实现企业的可持续经营。当企业的投资回报率高于借入资金成本时,适当的举债经营能够给公司的所有者带来不少好处,比如财务杠杆效应以及“通货膨胀效益” 。二、中小企业偿债能力分析(一)短期偿债能力分析的主要指标短期偿债能力是企业偿还流动负债的能力,短期偿债能力的强弱主要取决于流动资产的流动性,通常可以通过一系列短期偿债能力的指标来反映。短期偿债能力主要通过企业的流动资产、速动资产、现金及经营活动现金净流量与流动负债的比值得出流动比率、速动比率、现金比率及经营现金流量比率等来对中小企业的偿债能力进行分析。比率的大小将决定中小企业偿债能力的强弱,不但可以与同一行业的竞争对手进行比较,也可以通过自身的发展趋势展开一系列地分析。但是中小企业短期偿债能力分析已经出现诸多缺陷,并不能够反映企业的真实偿债能力,比如计算指标时依据的口径不统一;短期偿债能力指标都是静态指标,分析的是中小企业这一静态时点上的偿债能力,并不能够准确地反映出企业在下一个期末的潜在偿债能力;比如中小企业下一个期间的劳务收入带来的现金流入会增强企业的偿债能力,或者中小企业带来的费用支出会大大地降低企业的偿债能力,而由于上述指标的局限性,这些都没有得到体现。因此,在分析时都需要考虑这些因素。(二)长期偿债能力分析的主要指标中小企业长期偿债能力主要通过企业财务会计报表中的相关数据来对权益与资产之间的关系进行分析,分析不同权益之间的内在关系,分析权益与收益之间的关系,计算出相关的比率来评价中小企业的长期偿债能力,衡量中小企业偿债能力的指标有很多,比如资产负债比率、产权比率及利息保障倍数等等。资产负债率=负债总额资产总额,是衡量中小企业负债水平以及风险程度高低的重要性标志,这个比率越高,表明企业偿还债务的能力越差,否则,这个比率越低,则表明企业偿还债务的能力越强。产权比率=负债 /股东权益,表明债权人贷款如期偿还的保障程度和安全性、企业财务风险的大小,与资产负债比率一样都是用于分析和评价企业长期偿债能力的,不过它们之间还是存在差别的,产权比率的实质是将借入资金(负债)与自有资金(所有者权益) 进行比较,侧重于揭示债务资本与权益资本之间的相互关系,表明的是财务结构的风险性,以及所有者权益对偿债风险的承受能力。利息保障倍数=(利润总额 +利息费用)/ 利息费用,表明企业经营所得支付债务利息的能力。利息保障倍数太低,表明企业支付利息的能力越弱,否则,利息保障倍数太低,表明企业支付利息的能力越强。三、中小企业企业偿债能力分析的影响因素(一)中小企业偿债能力分析中固有的局限性1历史成本计价的局限。2.分析指标不能够真实客观地反映企业在过去一段时间内真正的偿债能力。3.现如今的偿债能力分析是一种静态性分析,而非动态性分析。企业的资产、负 4.现有的偿债能力分析假设基础存在问题。5.分析指标中并没有将企业的现金流量考虑其中是影响偿债能力的一个关键性因素。6.现有指标缺乏从质量角度对资产进行分析,尤其是对流动资产的分析。7.现有的偿债能力分析存在过度重视定量分析而忽视定性分析的现象。(二)影响中小企业偿债能力的外部因素要想对企业的偿债能力进行真实地了解,除真实了解报表上提供的数字资料之外,还要注意一些影响影响中小企业偿债能力的外部因素。由于中小企业现有的偿债能力分析存在着一定的局限性。因此对报表使用者来说,在评价一个企业的偿债能力时,首先必须对企业有一个比较全面地了解,应结合企业的偿债能力指标,比如获利能力、现金流量等等从不一样的观点以及角度对其进行分析,只有这样才能反映出企业的实际偿债能力。四、提高企业偿债能力的对策(一)优化资产结构处于正常生产经营状态的中小企业,其资产总额总是远远大于负债总额的,但由于受到种种因素的影响,比如资产的变现能力快慢以及难易等等,导致偿债能力产生强弱差异,因此要加强内部管理,提升资产使用效率,才能大大地提升中小企业的实际偿债能力。加强对存货的核算与管理,存货过多会占用企业的资金,降低资金周转的速度,存货变现能力较差,直接导致企业偿债能力呈下降趋势,因此要减少在产品,扩大销售产成品,降低原材料库存。加强对应收账款的管理,严格控制费用支出,同时加快应收账款回收的速度,结合客户不一样的需要分别制定科学合理的应收账款政策,谨防企业的应收账款过大。中小企业管理者在取得长期投资时,应要先对他们进行认真地预测以及分析,要根据自身的实力而定,避免盲目投资。购置固定资产时要与企业的实际需求紧密联系,防止固定资产闲置过多,要充分利用资金。(二)制定合理的偿债计划企业事先应制定合理科学的偿债计划,才能够为企业创造一个良好的信用环境,避免偿债引起的风险。(三)重视外部环境对企业偿债能力的影响由于企业的经营活动是在一定的环境中下进行的,这些环境因素包括国家宏观行业政策、信用环境、金融市场、通货膨胀等都在与企业的生存发展存在密切的关系,为了适应企业外部环境的变化,使得企业生产经营活动能够适应发展的需要。因此,在对企业的偿债能力做出分析评价时,要对外部环境因素对企业履行偿债义务的影响引起充分地重视,必须关心处在不同经营环境之下的企业,会采取什么样的财务政策,从而对企业财务状况以及生产经营活动将会产生什么样的影响。
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