外文翻译
原文
Operation ability analysis
Material Source China＇s securities nets 05172006 AuthorTechever
Operation 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 enterprise＇s 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) to introduce how to enterprise＇s 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 911 billion yuan average total assets of 14 million yuan 2005 sales income increased to 1604 billion yuan the average total assets is increased by 23 times reached 319 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 the national cloth nets thestrategic 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 support the construction of the urban construction in the same after other stores of logistics and management This makes su ning expansion strategy initial cost of relatively high
Current assets turnover is enterprise＇s sales income and liquidity ratio of average balance Through this ratio analysis we can further understanding of enterprise in the short term operation ability changes From statements that su ning 2005 sales income nearly 16 billion yuan growth rate while the average flow rate reached more than doubled assets The liquidity didn＇t bring the same margin large increase of sales income growth so current assets turnover in 2004 736 dropped by the 2005 561 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 equipment the ratio of the utilization efficiency of the 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 the enterprise profitability It reflects enterprise asset utilization degree
Fixed asset turnover ratio sales revenueaverage 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 the main business income and total migrant assets ratio of the average balancetherefore can through to inventory turnover and accounts receivable further analysis of flow asset turnover ratio changes Suning in stock sales primarily therefore accounts receivable accounted for only the liquidity and inventory 50 475
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 the turnover that the strength of the company is the more abundant Other industry＇s inventory turnover 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 as the company is tiny companies with a powerful real estate stocks inventory turnover are very low because 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 salesInventory turnover condition can also be expressed with inventory namely said days once inventory turnover the time required that the shorter days the faster inventory turnover Suning 1505 inventory turnover in 2004 for 2005 this ratio dropped to 1033 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 excess
Accounts receivable turnover refers to the enterprise certain period income and accounts receivable credit average balance ratio It reflects the company obtained the account receivable from the right to withdraw money can be converted into cash needed the length of time Accounts receivable turnover can be used to estimate the accounts receivable converted speed and management efficiency Recovery quickly can save money also shows that enterprise credit situation is good not easy loss of bad happened Generally believe that the higher the turnover of the goodThis index measure enterprise accounts receivable into cash speed Because credit sales income can＇t easily get in practice used more sales income is calculated alternative credit 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 income data obtained by receivable turnover is very high In general the higher the ratio of enterprises that enterprise collection receivable and the faster can reduce the loss of bad and liquidity strong enterprise＇s shortterm solvency will also strengthen in some extent could compensate for the current ratio low adverse impact If the enterprise receivables turnover is too low then explaining enterprise collection receivable inefficient or credit policy very loose affect the enterprise use of the 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 enterprises＇ operating capability evaluation This paper puts forward the analysis framework of general applicability for real estate enterprises and other enterprises in the operation of the managers do provide quantitative basis for decisionmaking and analysis methods
Through the case analysis can be found that because the influence of assets turnover rate total assets yield level but not necessarily advocate business wu income consistent with gross margin And commercial real estate and industrial real estate residential real estate than sex where profit margins so vanke＇s sales income margin increased year by year but despite highest when still about 41 but the lujiazui and the 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 But because the 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 property turnover rate sex than commercial real estate 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 But in recent 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
营运力分析
资料源：中国证券网 05172006 作者：Techever
营运力充分利现资源创造社会财富力评价企业拥资源利程度营运活动力实质少资源占短周转时间产生出产品创造出销售收入实现目必须提高企业营运力水营运力企业项资产周转速度衡量企业资产利效率反映资产周转速度指标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项资产进入营环节速度越快形成收入利润周期越短营效率越高营运力指企业资产周转运行力通常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应收账款周转率五财务率企业营运力进行逐层分析
营运力分析帮助投资者解企业营业状况营理水苏宁电器(行情坛)(002024)例投资者介绍进行企业营运力分析
总资产周转率指企业销售收入总资产均余额率苏宁2004年销售收入911亿元均总资产14亿元2005年销售收入增加1604亿元均总资产更增长23倍达319亿元总资产增长幅度超销售收入增长幅度总资产周转率649降5
该率降苏宁2005年规模开张新店直接关系完成全国性布网战略格局苏宁2005年新开门店65家新登陆20城市原先物流服务体系辐射半径限苏宁进行量理台建设支撑城市建设卖场物流理苏宁扩张战略初始成相较高
固定资产周转率分析厂房设备等固定资产利效率率越高说明利率越高理水越果固定资产周转率行业均水相偏低说明企业固定资产利率较低会影响企业获利力反应企业资产利程度
固定资产周转率 销售收入 均固定资产净值
固定资产均净值(期初净值+期末净值)÷2
企业定时期营业务收入净额均流动资产总额率评价企业资产利率重指标反映企业流动资产周转速度企业全部资产中流动性强流动资产角度企业资产利效率进行分析进步揭示音响企业资产质量素流动资产周转率指定时期(般年)营业务收全部流动资产均余额值通率分析进步解企业短期营运力变化报表中出苏宁2005年销售收入160亿元增长幅度达429均流动资产增加倍流动资产量增加没带样幅度销售收入增长流动资产周转率2004年736降2005年561说明苏宁流动资产利效率降
存货应收账款流动资产组成部分通存货周转率应收账款进步分析流动资产周转率变化苏宁现货销售应收账款仅占流动资产475存货占50
存货周转率指企业销售成存货均余额率存货周转率房产行业非常关键指标房产行业较特殊通常说存货周转越快越房产行业存货量越周转速度越慢说明公司实力越雄厚行业存货周转率般年六七次水相反房产行业年概二次果年存货周转率六七次公司房产行业说极公司实力房产股存货周转率低保持量土储备土储备存货建成房子未形成销售属资产范围实现销售存货周转状况存货天数表示表示存货周转次需时间天数越短说明存货周转越快苏宁2004年存货周转率15052005年率降1033相应存货周转天数24天延长35天存货变现速度明显降说明苏宁存销售力降者存货量问题
应收账款周转率指企业定时期赊销收入应收账款均余额率反映公司取应收账款权利收回款项转换现金需时间长度应收账款周转率估计应收账款变现速度理效率回收迅速节约资金说明企业信状况易发生坏账损失般认周转率愈高愈该指标衡量企业应收账款转变现金速度赊销收入容易取实务中采销售收入代赊销收入进行计算苏宁顾客消费者钱货两清方式进行交易赊销收入占应收账款例销售收入数出应收账款周转率非常高般说企业该项率越高说明企业催收账款速度越快减少坏账损失资产流动性强企业短期偿债力会增强定程度弥补流动率低利影响企业应收账款周转率低说明企业催收账款效率太低信政策十分宽松会影响企业资金利率资金正常周转
房产企业营运力财务分析框架三方面构建：营力指标应收账款周转率营运资金周转速度三方面基础结合房产企业特点选取适财务指标房产企业营运力进行分析评价文提出分析框架具普遍适性房产企业行业企业理者做关营运决策时提供量化分析思路
通案例分析发现资产周转速度影响总资产收益率水未必营业务收入毛利率致商业产工业产相住宅性产利润率较低万科销售收入毛利率逐年增长高时41％左右陆家嘴土批租收入毛利率高达80％中粮产料加工收入毛利率达75％趋势三家公司项收入毛利率处增长状态营运资金周转效率低毛利率高陆家嘴中粮产反表现出较低总资产收益率
三家房产企业营运力存着问题营运资金周转速度缓慢营运力企业营规模差异均会造成房产企业存货周转速度营运资金周转速度住宅性产周转速度商业产工业产更快万科存货周转速度明显快陆家嘴中粮产规模较周转速度接万科年土价格持续涨房产企业纷纷通量囤延长项目开发周期等方式获更高利润率前国房产企业均存着存货量周转速度慢弊病
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原文
Operation ability analysis
Material Source China＇s securities nets 05172006 AuthorTechever
Operation 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 enterprise＇s 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) to introduce how to enterprise＇s 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 911 billion yuan average total assets of 14 million yuan 2005 sales income increased to 1604 billion yuan the average total assets is increased by 23 times reached 319 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 the national cloth nets thestrategic 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 support the construction of the urban construction in the same after other stores of logistics and management This makes su ning expansion strategy initial cost of relatively high
Current assets turnover is enterprise＇s sales income and liquidity ratio of average balance Through this ratio analysis we can further understanding of enterprise in the short term operation ability changes From statements that su ning 2005 sales income nearly 16 billion yuan growth rate while the average flow rate reached more than doubled assets The liquidity didn＇t bring the same margin large increase of sales income growth so current assets turnover in 2004 736 dropped by the 2005 561 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 equipment the ratio of the utilization efficiency of the 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 the enterprise profitability It reflects enterprise asset utilization degree
Fixed asset turnover ratio sales revenueaverage 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 the main business income and total migrant assets ratio of the average balancetherefore can through to inventory turnover and accounts receivable further analysis of flow asset turnover ratio changes Suning in stock sales primarily therefore accounts receivable accounted for only the liquidity and inventory 50 475
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 the turnover that the strength of the company is the more abundant Other industry＇s inventory turnover 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 as the company is tiny companies with a powerful real estate stocks inventory turnover are very low because 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 salesInventory turnover condition can also be expressed with inventory namely said days once inventory turnover the time required that the shorter days the faster inventory turnover Suning 1505 inventory turnover in 2004 for 2005 this ratio dropped to 1033 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 excess
Accounts receivable turnover refers to the enterprise certain period income and accounts receivable credit average balance ratio It reflects the company obtained the account receivable from the right to withdraw money can be converted into cash needed the length of time Accounts receivable turnover can be used to estimate the accounts receivable converted speed and management efficiency Recovery quickly can save money also shows that enterprise credit situation is good not easy loss of bad happened Generally believe that the higher the turnover of the goodThis index measure enterprise accounts receivable into cash speed Because credit sales income can＇t easily get in practice used more sales income is calculated alternative credit 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 income data obtained by receivable turnover is very high In general the higher the ratio of enterprises that enterprise collection receivable and the faster can reduce the loss of bad and liquidity strong enterprise＇s shortterm solvency will also strengthen in some extent could compensate for the current ratio low adverse impact If the enterprise receivables turnover is too low then explaining enterprise collection receivable inefficient or credit policy very loose affect the enterprise use of the 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 enterprises＇ operating capability evaluation This paper puts forward the analysis framework of general applicability for real estate enterprises and other enterprises in the operation of the managers do provide quantitative basis for decisionmaking and analysis methods
Through the case analysis can be found that because the influence of assets turnover rate total assets yield level but not necessarily advocate business wu income consistent with gross margin And commercial real estate and industrial real estate residential real estate than sex where profit margins so vanke＇s sales income margin increased year by year but despite highest when still about 41 but the lujiazui and the 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 But because the 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 property turnover rate sex than commercial real estate 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 But in recent 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
营运力分析
资料源：中国证券网 05172006 作者：Techever
营运力充分利现资源创造社会财富力评价企业拥资源利程度营运活动力实质少资源占短周转时间产生出产品创造出销售收入实现目必须提高企业营运力水营运力企业项资产周转速度衡量企业资产利效率反映资产周转速度指标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项资产进入营环节速度越快形成收入利润周期越短营效率越高营运力指企业资产周转运行力通常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应收账款周转率五财务率企业营运力进行逐层分析
营运力分析帮助投资者解企业营业状况营理水苏宁电器(行情坛)(002024)例投资者介绍进行企业营运力分析
总资产周转率指企业销售收入总资产均余额率苏宁2004年销售收入911亿元均总资产14亿元2005年销售收入增加1604亿元均总资产更增长23倍达319亿元总资产增长幅度超销售收入增长幅度总资产周转率649降5
该率降苏宁2005年规模开张新店直接关系完成全国性布网战略格局苏宁2005年新开门店65家新登陆20城市原先物流服务体系辐射半径限苏宁进行量理台建设支撑城市建设卖场物流理苏宁扩张战略初始成相较高
固定资产周转率分析厂房设备等固定资产利效率率越高说明利率越高理水越果固定资产周转率行业均水相偏低说明企业固定资产利率较低会影响企业获利力反应企业资产利程度
固定资产周转率 销售收入 均固定资产净值
固定资产均净值(期初净值+期末净值)÷2
企业定时期营业务收入净额均流动资产总额率评价企业资产利率重指标反映企业流动资产周转速度企业全部资产中流动性强流动资产角度企业资产利效率进行分析进步揭示音响企业资产质量素流动资产周转率指定时期(般年)营业务收全部流动资产均余额值通率分析进步解企业短期营运力变化报表中出苏宁2005年销售收入160亿元增长幅度达429均流动资产增加倍流动资产量增加没带样幅度销售收入增长流动资产周转率2004年736降2005年561说明苏宁流动资产利效率降
存货应收账款流动资产组成部分通存货周转率应收账款进步分析流动资产周转率变化苏宁现货销售应收账款仅占流动资产475存货占50
存货周转率指企业销售成存货均余额率存货周转率房产行业非常关键指标房产行业较特殊通常说存货周转越快越房产行业存货量越周转速度越慢说明公司实力越雄厚行业存货周转率般年六七次水相反房产行业年概二次果年存货周转率六七次公司房产行业说极公司实力房产股存货周转率低保持量土储备土储备存货建成房子未形成销售属资产范围实现销售存货周转状况存货天数表示表示存货周转次需时间天数越短说明存货周转越快苏宁2004年存货周转率15052005年率降1033相应存货周转天数24天延长35天存货变现速度明显降说明苏宁存销售力降者存货量问题
应收账款周转率指企业定时期赊销收入应收账款均余额率反映公司取应收账款权利收回款项转换现金需时间长度应收账款周转率估计应收账款变现速度理效率回收迅速节约资金说明企业信状况易发生坏账损失般认周转率愈高愈该指标衡量企业应收账款转变现金速度赊销收入容易取实务中采销售收入代赊销收入进行计算苏宁顾客消费者钱货两清方式进行交易赊销收入占应收账款例销售收入数出应收账款周转率非常高般说企业该项率越高说明企业催收账款速度越快减少坏账损失资产流动性强企业短期偿债力会增强定程度弥补流动率低利影响企业应收账款周转率低说明企业催收账款效率太低信政策十分宽松会影响企业资金利率资金正常周转
房产企业营运力财务分析框架三方面构建：营力指标应收账款周转率营运资金周转速度三方面基础结合房产企业特点选取适财务指标房产企业营运力进行分析评价文提出分析框架具普遍适性房产企业行业企业理者做关营运决策时提供量化分析思路
通案例分析发现资产周转速度影响总资产收益率水未必营业务收入毛利率致商业产工业产相住宅性产利润率较低万科销售收入毛利率逐年增长高时41％左右陆家嘴土批租收入毛利率高达80％中粮产料加工收入毛利率达75％趋势三家公司项收入毛利率处增长状态营运资金周转效率低毛利率高陆家嘴中粮产反表现出较低总资产收益率
三家房产企业营运力存着问题营运资金周转速度缓慢营运力企业营规模差异均会造成房产企业存货周转速度营运资金周转速度住宅性产周转速度商业产工业产更快万科存货周转速度明显快陆家嘴中粮产规模较周转速度接万科年土价格持续涨房产企业纷纷通量囤延长项目开发周期等方式获更高利润率前国房产企业均存着存货量周转速度慢弊病
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