《营运能力的分析【外文翻译】》.docx

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外文翻译

原文

Operationabilityanalysis

MaterialSource:

China'ssecuritiesnets05/17/2006 Author:

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,intherealestateindustryayearaboutasecond,ifinsixorseventimesayearinventoryturnoverforrealestateindustryasthecompanyistinycompanies,withapowerfulrealestatestocks,inventoryturnoverareverylow,becausemustkeepalotoflandreserves,landreserveishisinventory,thehousesbuiltyetformsalesbelongtoassetsrange,dependontheseachievesales.Inventoryturnoverconditioncanalsobeexpressedwithinventory,namelysaiddaysonceinventoryturnoverthetimerequiredthattheshorterdays,thefasterinventoryturnover.Suning15.05inventoryturnoverin2004for2005,thisratiodroppedto10.33.Accordingly,inventoryturnoverdaysfrom24daysextendedto35days.Inventoryliquidationspeeddecreasedobviously,explainsuningsalesabilitymayexistproblemsdownorinventoryexcess.

Accountsreceivableturnoverreferstotheenterprisecertainperiodincomeandaccountsreceivablecreditaveragebalanceratio.Itreflectsthecompanyobtainedtheaccountreceivablefromtherighttowithdrawmoney,canbeconvertedintocashneededthelengthoftime.Accountsreceivableturnovercanbeusedtoestimatetheaccountsreceivableconvertedspeedandmanagementefficiency.Recoveryquicklycansavemoney,alsoshowsthatenterprisecreditsituationisgood,noteasylossofbadhappened.Generallybelievethatthehighertheturnoverofthegood.Thisindexmeasureenterpriseaccountsreceivableintocashspeed.Becausecreditsalesincomecan'teasilyget,inpracticeusedmoresalesincomeiscalculatedalternativecreditincome.Suningcustomersismainlyindividualconsumertobothclearofmoneyandgoods,tradingonthebasisoftheaccountreceivablecreditincomeproportionisverysmall,sothesalesincomedataobtainedbyreceivableturnoverisveryhigh.Ingeneral,thehighertheratioofenterprisesthatenterprisecollectionreceivableandthefaster,canreducethelossofbad,andliquiditystrong,enterprise'sshort-termsolvencywillalsostrengthen,insomeextentcouldcompensateforthecurrentratiolowadverseimpact.Iftheenterprisereceivablesturnoveristoolow,thenexplainingenterprisecollectionreceivableinefficientorcreditpolicyveryloose,affecttheenterpriseuseofthecapitalandcapitalnormalturnover.

Onrealestateenterpriseoperationabilityoffinancialanalysisframeworkcanmainlyfromthreeaspects:

buildingmanagementabilityindex,accountsreceivableturnoverandworkingcapitalturnoverrate.Inthesethreerespectsbasedonrealestateenterprisecombiningthecharacteristics,theselectionoftheappropriatefinancialindexonrealestateenterprises*operatingcapabilityevaluation.Thispaperputsforwardtheanalysisframeworkofgeneralapplicability,forrealestateenterprisesandotherenterprisesintheoperationofthemanagersdoprovidequantitativebasisfordecision-makingandanalysismethods.

Throughthecaseanalysiscanbefoundthat,becausetheinfluenceofassetsturnoverrate,totalassetsyieldlevelbutnotnecessarilyadvocatebusinesswuincomeconsistentwithgrossmargin.Andcommercialrealestateandindustrialrealestate,residentialrealestatethansexwhereprofitmargins,sovanke'ssalesincomemarginincreasedyearbyyear,butdespitehighestwhenstillabout41%,butthelujiazui,andthelandisprovidedincomecanbeashighas80%grossmargin,cofcopropertyofmaterialsprocessingincomealsocanachieve75%grossmargin.Fromthetrend,theincomesofthethreecompaniesareingrowthstategrossmargin.Butbecausetheoperatingcashflowislow,theefficiencyhighprofitmarginsofthelujiazuiandcofcorealestatebutshowlowontotalassets.

Threerealestateenterpriseoperationsinthereisacommonproblem,namelytheworkingcapitalturnoverrateistooslow.Operationabilityoftheenterpriseofthescaleofoperationsanddifferentdifferencewererealestateenterprisecancauseinventoryturnoverrateandworkingcapitalturnoverrateisdifferent.Residentialpropertyturnoverratesexthancommercialrealestateandindustrialrealestate,sovankefastertheinventoryturnoverfasterthanlujiazui,cofcopropertybecausesmallinscale,theturnoverrateclosetoYuWanKe.Butinrecentyearsduetolandpricescontinuetorise,realestateenterpriseshavebeenthroughalotofstore,extendtheprojectdevelopmentperiodandsoonthewaytogettingthehigherprofitmargin.Thusthecurrentrealestateenterprisesinourcountrytherearealargeamountofinventoryturnover,slowills.

译文

营运能力的分析

资料来源：

中国证券网05/17/2006作者：

Techever

营运能力是充分利用现有资源创造社会财富的能力，可以用来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占用，尽可能短的周转时间，来产生出尽可能多的产品，创造出尽可能多的销售收入，而要实现这个目的，就必须要提高企业的营运能力水平。

营运能力是以企业各项资产的周转速度来衡量企业资产利用的效率。

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营环节的速度越快，形成收入和利润的周期就越短，经营效率就越高。

营运能力指的是企业资产的周转运行能力,通常可以用总资产周转率、固定资产周转率、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来对企业的营运能力进行逐层分析。

营运能力分析可以帮