万科 财务管理分析数据.docxVIP

市场营销 1 班 2010177148 黄腾飞 万科 Data from 2011-06-30 Part Two: Financial statements analysis of your selected company 1. What is financial statement analysis? Its show trends and relationships. These also help predict the future, show weaknesses, strengths. The ratios usually are compared to other companies within the industry and industry average to see where the company stands. Calculate the following financial ratios for your selected company: 2. (1)Liquidity ratios: ① Current ratio=Current assets/Current liabilities=1.4472 ② Quick ratio (Acid-test)= .4543 (2)Financial leverage ratios: Debt- to- Equity ratio=61/5780748.26=3.514299 Debt-to- total assets ratio=77.8482 Total debt to total capitalization=0(3)Coverage ratios: Interest coverage= 54利息覆盖率又 称利息覆盖倍数，是衡量公司产 生的税前利润能否支付当期利 息的指 标。 公式为： EBITDA （ 即未计利息、税项、折旧及摊销前 的利润 ） ÷利息支出 利息覆盖率基 本上是一个风险提示指标，特别是在公司经历业绩低谷 ，自由现金流脆 弱的时期更为 关键，它可以说明公司是否 还有能力支付利息以避免偿债风 险，以及是 否还有融资能 力来扭转困境。显然，该比率低 于 1 公司情况就已经 很危急了 ,说明公 司产生的利润 连支付银行利息都不够。事实上，当 该比率低于 1.5 时，就要引起投资 者的警惕。该 指标中的利息支出可以在财务报 表附注中的财务费用明细中找 到. (4)Activity ratios: Receivable turnover= 15.15 Receivable Average collection period=11.88 Inventory turnover= 0.07 Payable turnover=/ Payable in days=/ Total assets turnover=0.96 (5)Profitability ratios Gross profit margin=0.55 Net profit margin= 0.22 Return on investment=0.01 Return on equity=0.06 (6) Due Pont Approach ① Return on investment and the Due Pont approach Earning power = Sales profitability X Assets efficiency ROI = Net profit margin X Total assets turnover ① Return on equity and the Du Pont Approach Return on equity = Net profit margin X total asset turnover X Equity Multiplier Equity Multiplier = Total assets / shareholders’equity 3. Summary on all of the ratios by comparison internal and external 4. Is there any problem in your selected company? If so, in your opinion, is there any innovation of the ways or methods to solve the problems? From the point of view of corporate performance evaluation, t