營運(yùn)能力的分析

外文翻譯原文OperationabilityanalysisMaterialSource:China'ssecuritiesnets05/17/2006Author:TecheverOperationabilityfullyutilizeexistingresourcestocreatesocialwealthability,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/averagenetvalueoffixedassetsTheaveragenetvalueoffixedassets=(initialequity+finalequity)voting2Enterpriseinsidecertainperiodadvocatebusinesswuincomewithaveragenetcurrentassetsratiooftotalassetutilization,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.譯文營運(yùn)能力的分析資料來源：中國證券網(wǎng)05/17/2006作者：Techever營運(yùn)能力是充分利用現(xiàn)有資源創(chuàng)造社會財(cái)富的能力，可以用來評價(jià)企業(yè)對其擁有資源的利用程度和營運(yùn)活動能力。其實(shí)質(zhì)是要以盡可能少的資源占用，盡可能短的周轉(zhuǎn)時(shí)間，來產(chǎn)生出盡可能多的產(chǎn)品，創(chuàng)造出盡可能多的銷售收入，而要實(shí)現(xiàn)這個(gè)目的，就必須要提高企業(yè)的營運(yùn)能力水平。營運(yùn)能力是以企業(yè)各項(xiàng)資產(chǎn)的周轉(zhuǎn)速度來衡量企業(yè)資產(chǎn)利用的效率。反映資產(chǎn)周轉(zhuǎn)速度的指標(biāo)有存貨周轉(zhuǎn)率、流動資產(chǎn)周轉(zhuǎn)率、總資產(chǎn)周轉(zhuǎn)率。周轉(zhuǎn)速度越快，表明企業(yè)的各項(xiàng)資產(chǎn)進(jìn)入經(jīng)營環(huán)節(jié)的速度越快，形成收入和利潤的周期就越短，經(jīng)營效率就越高。營運(yùn)能力指的是企業(yè)資產(chǎn)的周轉(zhuǎn)運(yùn)行能力，通?？梢杂每傎Y產(chǎn)周轉(zhuǎn)率、固定資產(chǎn)周轉(zhuǎn)率、流動資產(chǎn)周轉(zhuǎn)率、存貨周轉(zhuǎn)率和應(yīng)收賬款周轉(zhuǎn)率這五個(gè)財(cái)務(wù)比率來對企業(yè)的營運(yùn)能力進(jìn)行逐層分析。營運(yùn)能力分析可以幫助投資者了解企業(yè)的營業(yè)狀況和經(jīng)營管理水平。我們以寧電器（行情，論壇）（002024）為例，向投資者介紹如何進(jìn)行企業(yè)的營運(yùn)能力分析。總資產(chǎn)周轉(zhuǎn)率是指企業(yè)的銷售收入與總資產(chǎn)平均余額的比率。寧2004年銷售收入為91.1億元,平均總資產(chǎn)為14億元；2005年銷售收入增加到160.4億元,平均總資產(chǎn)更是增長了2.3倍,達(dá)到31.9億元。由于總資產(chǎn)的增長幅度超過了銷售收入的增長幅度，總資產(chǎn)周轉(zhuǎn)率由6.49下降到5。該比率的下降與寧在2005年大規(guī)模開新店有直接的關(guān)系。為了完成“全國性布網(wǎng)”的戰(zhàn)略格局，寧在2005年新開門店65家，新登陸了20多個(gè)城市,而原先的物流、服務(wù)體系的輻射半徑有限，因此寧要進(jìn)行大量的管理平臺的建設(shè)，以此來支撐以后在同一個(gè)城市建設(shè)其他賣場的物流和管理。這使得寧擴(kuò)戰(zhàn)略的初始成本相對較高。固定資產(chǎn)周轉(zhuǎn)率主要用于分析對廠房、設(shè)備等固定資產(chǎn)的利用效率，比率越高，說明利用率越高，管理水平越好。如果固定資產(chǎn)周轉(zhuǎn)率與同行業(yè)平均水平相比偏低，則說明企業(yè)對固定資產(chǎn)的利用率較低，可能會影響企業(yè)的獲利能力。它反應(yīng)了企業(yè)資產(chǎn)的利用程度。固定資產(chǎn)周轉(zhuǎn)率=銷售收入/平均固定資產(chǎn)凈值固定資產(chǎn)平均凈值=（期初凈值+期末凈值片2企業(yè)一定時(shí)期主營業(yè)務(wù)收入凈額同平均流動資產(chǎn)總額的比率,是評價(jià)企業(yè)資產(chǎn)利用率的另一重要指標(biāo)。它反映了企業(yè)流動資產(chǎn)的周轉(zhuǎn)速度，是從企業(yè)全部資產(chǎn)中流動性最強(qiáng)的流動資產(chǎn)角度對企業(yè)資產(chǎn)的利用效率進(jìn)行分析，以進(jìn)一步揭示音響企業(yè)資產(chǎn)質(zhì)量的主要因素。流動資產(chǎn)周轉(zhuǎn)率是指一定時(shí)期（一般為一年）的主營業(yè)務(wù)收人與全部流動資產(chǎn)平均余額的比值。通過這個(gè)比率的分析，我們可以進(jìn)一步了解企業(yè)短期營運(yùn)能力的變化。從報(bào)表中看出，寧2005年銷售收入近160億元,增長幅度達(dá)到42.9%,而平均流動資產(chǎn)增加了一倍以上。流動資產(chǎn)的大量增加沒有帶來同樣幅度的銷售收入的增長，因此流動資產(chǎn)周轉(zhuǎn)率由2004年的7.36下降到2005年的5.61,說明寧流動資產(chǎn)的利用效率有所下降。存貨和應(yīng)收賬款是流動資產(chǎn)的主要組成部分，因此，可以通過對存貨周轉(zhuǎn)率和應(yīng)收賬款進(jìn)一步分析流動資產(chǎn)周轉(zhuǎn)率的變化。寧以現(xiàn)貨銷售為主，因此，應(yīng)收賬款僅占流動資產(chǎn)的4.75%,而存貨占50%。存貨周轉(zhuǎn)率指的是企業(yè)的銷售成本與存貨平均余額的比率。存貨周轉(zhuǎn)率對于房地產(chǎn)行業(yè)是一個(gè)非常關(guān)鍵的指標(biāo)，房地產(chǎn)行業(yè)是比較特殊的。通常的來說存貨周轉(zhuǎn)是越快越好，而房地產(chǎn)行業(yè)的存貨量越大、周轉(zhuǎn)的速度越慢則說明公司的實(shí)力越雄厚。其他行業(yè)的存貨周轉(zhuǎn)率一般為每年六七次的水平，相反，在房地產(chǎn)行業(yè)一年大概一二次，如果一年存貨周轉(zhuǎn)率在六七次的公司對于房地產(chǎn)行業(yè)來說是極小的公司，有實(shí)力的大房地產(chǎn)股，存貨周轉(zhuǎn)率都是很低的，因?yàn)橐３执罅康耐恋貎?，土地儲備就是他的存貨，建成的房子未形成銷售都屬于資產(chǎn)圍，要依靠這些實(shí)現(xiàn)銷售。存貨周轉(zhuǎn)狀況也可以用存貨天數(shù)來表示，即表示存貨周轉(zhuǎn)一次所需要的時(shí)間,天數(shù)越短，說明存貨周轉(zhuǎn)越快。寧2004年存貨周轉(zhuǎn)率為15.