中小型企業(yè)的償債能力分析_英文+中文

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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.中小型企業(yè)的償債能力分析摘要償債能力分析是企業(yè)財務報表中的一個很重要的因素，是表明一個企業(yè)的財務靈活性以及償還債務的能力。對于中小企業(yè)來說，企業(yè)償債能力的強弱直接關系到企業(yè)的生死存亡，是企業(yè)生存以及健康發(fā)展的基本前提。了解中小企業(yè)的償債能力，對于中小企業(yè)有效籌集資金、建立合理的資本結(jié)構(gòu)無疑具有十分重要的意義。本文主要對中小企業(yè)償債能力進行分析，以增強中小企業(yè)應付經(jīng)營風險的能力。關鍵詞：中小企業(yè)；償債能力；經(jīng)營風險一、中小企業(yè)償債能力分析的意義償債能力是反映企業(yè)財務狀況和經(jīng)營能力的重要標志，適當?shù)呐e債經(jīng)營可以給企業(yè)帶來更多的財富，現(xiàn)代的中小企業(yè)也多是充分利用外來資金成本低的明顯優(yōu)勢，其全部資金來源包括自有資金和吸收的外來資金兩部分，并且將自有資金與外來資金結(jié)合在一起而實現(xiàn)企業(yè)的可持續(xù)經(jīng)營。當企業(yè)的投資回報率高于借入資金成本時，適當?shù)呐e債經(jīng)營能夠給公司的所有者帶來不少好處，比如財務杠桿效應以及“通貨膨脹效益” 。二、中小企業(yè)償債能力分析（一）短期償債能力分析的主要指標短期償債能力是企業(yè)償還流動負債的能力，短期償債能力的強弱主要取決于流動資產(chǎn)的流動性，通常可以通過一系列短期償債能力的指標來反映。短期償債能力主要通過企業(yè)的流動資產(chǎn)、速動資產(chǎn)、現(xiàn)金及經(jīng)營活動現(xiàn)金凈流量與流動負債的比值得出流動比率、速動比率、現(xiàn)金比率及經(jīng)營現(xiàn)金流量比率等來對中小企業(yè)的償債能力進行分析。比率的大小將決定中小企業(yè)償債能力的強弱，不但可以與同一行業(yè)的競爭對手進行比較，也可以通過自身的發(fā)展趨勢展開一系列地分析。但是中小企業(yè)短期償債能力分析已經(jīng)出現(xiàn)諸多缺陷，并不能夠反映企業(yè)的真實償債能力，比如計算指標時依據(jù)的口徑不統(tǒng)一；短期償債能力指標都是靜態(tài)指標，分析的是中小企業(yè)這一靜態(tài)時點上的償債能力，并不能夠準確地反映出企業(yè)在下一個期末的潛在償債能力；比如中小企業(yè)下一個期間的勞務收入帶來的現(xiàn)金流入會增強企業(yè)的償債能力，或者中小企業(yè)帶來的費用支出會大大地降低企業(yè)的償債能力，而由于上述指標的局限性，這些都沒有得到體現(xiàn)。因此，在分析時都需要考慮這些因素。（二）長期償債能力分析的主要指標中小企業(yè)長期償債能力主要通過企業(yè)財務會計報表中的相關數(shù)據(jù)來對權(quán)益與資產(chǎn)之間的關系進行分析，分析不同權(quán)益之間的內(nèi)在關系，分析權(quán)益與收益之間的關系，計算出相關的比率來評價中小企業(yè)的長期償債能力，衡量中小企業(yè)償債能力的指標有很多，比如資產(chǎn)負債比率、產(chǎn)權(quán)比率及利息保障倍數(shù)等等。資產(chǎn)負債率=負債總額資產(chǎn)總額，是衡量中小企業(yè)負債水平以及風險程度高低的重要性標志，這個比率越高，表明企業(yè)償還債務的能力越差，否則，這個比率越低，則表明企業(yè)償還債務的能力越強。產(chǎn)權(quán)比率=負債 /股東權(quán)益，表明債權(quán)人貸款如期償還的保障程度和安全性、企業(yè)財務風險的大小，與資產(chǎn)負債比率一樣都是用于分析和評價企業(yè)長期償債能力的，不過它們之間還是存在差別的，產(chǎn)權(quán)比率的實質(zhì)是將借入資金(負債)與自有資金(所有者權(quán)益) 進行比較，側(cè)重于揭示債務資本與權(quán)益資本之間的相互關系，表明的是財務結(jié)構(gòu)的風險性，以及所有者權(quán)益對償債風險的承受能力。利息保障倍數(shù)=（利潤總額 +利息費用）/ 利息費用，表明企業(yè)經(jīng)營所得支付債務利息的能力。利息保障倍數(shù)太低，表明企業(yè)支付利息的能力越弱，否則，利息保障倍數(shù)太低，表明企業(yè)支付利息的能力越強。三、中小企業(yè)企業(yè)償債能力分析的影響因素（一）中小企業(yè)償債能力分析中固有的局限性1歷史成本計價的局限。2.分析指標不能夠真實客觀地反映企業(yè)在過去一段時間內(nèi)真正的償債能力。3.現(xiàn)如今的償債能力分析是一種靜態(tài)性分析，而非動態(tài)性分析。企業(yè)的資產(chǎn)、負 4.現(xiàn)有的償債能力分析假設基礎存在問題。5.分析指標中并沒有將企業(yè)的現(xiàn)金流量考慮其中是影響償債能力的一個關鍵性因素。6.現(xiàn)有指標缺乏從質(zhì)量角度對資產(chǎn)進行分析，尤其是對流動資產(chǎn)的分析。7.現(xiàn)有的償債能力分析存在過度重視定量分析而忽視定性分析的現(xiàn)象。（二）影響中小企業(yè)償債能力的外部因素要想對企業(yè)的償債能力進行真實地了解，除真實了解報表上提供的數(shù)字資料之外，還要注意一些影響影響中小企業(yè)償債能力的外部因素。由于中小企業(yè)現(xiàn)有的償債能力分析存在著一定的局限性。因此對報表使用者來說，在評價一個企業(yè)的償債能力時，首先必須對企業(yè)有一個比較全面地了解，應結(jié)合企業(yè)的償債能力指標，比如獲利能力、現(xiàn)金流量等等從不一樣的觀點以及角度對其進行分析，只有這樣才能反映出企業(yè)的實際償債能力。四、提高企業(yè)償債能力的對策（一）優(yōu)化資產(chǎn)結(jié)構(gòu)處于正常生產(chǎn)經(jīng)營狀態(tài)的中小企業(yè)，其資產(chǎn)總額總是遠遠大于負債總額的，但由于受到種種因素的影響，比如資產(chǎn)的變現(xiàn)能力快慢以及難易等等，導致償債能力產(chǎn)生強弱差異，因此要加強內(nèi)部管理，提升資產(chǎn)使用效率，才能大大地提升中小企業(yè)的實際償債能力。加強對存貨的核算與管理，存貨過多會占用企業(yè)的資金，降低資金周轉(zhuǎn)的速度，存貨變現(xiàn)能力較差，直接導致企業(yè)償債能力呈下降趨勢，因此要減少在產(chǎn)品，擴大銷售產(chǎn)成品，降低原材料庫存。加強對應收賬款的管理，嚴格控制費用支出，同時加快應收賬款回收的速度，結(jié)合客戶不一樣的需要分別制定科學合理的應收賬款政策，謹防企業(yè)的應收賬款過大。中小企業(yè)管理者在取得長期投資時，應要先對他們進行認真地預測以及分析，要根據(jù)自身的實力而定，避免盲目投資。購置固定資產(chǎn)時要與企業(yè)的實際需求緊密聯(lián)系，防止固定資產(chǎn)閑置過多，要充分利用資金。（二）制定合理的償債計劃企業(yè)事先應制定合理科學的償債計劃，才能夠為企業(yè)創(chuàng)造一個良好的信用環(huán)境，避免償債引起的風險。（三）重視外部環(huán)境對企業(yè)償債能力的影響由于企業(yè)的經(jīng)營活動是在一定的環(huán)境中下進行的，這些環(huán)境因素包括國家宏觀行業(yè)政策、信用環(huán)境、金融市場、通貨膨脹等都在與企業(yè)的生存發(fā)展存在密切的關系，為了適應企業(yè)外部環(huán)境的變化，使得企業(yè)生產(chǎn)經(jīng)營活動能夠適應發(fā)展的需要。因此，在對企業(yè)的償債能力做出分析評價時，要對外部環(huán)境因素對企業(yè)履行償債義務的影響引起充分地重視，必須關心處在不同經(jīng)營環(huán)境之下的企業(yè)，會采取什么樣的財務政策，從而對企業(yè)財務狀況以及生產(chǎn)經(jīng)營活動將會產(chǎn)生什么樣的影響。