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 enterprise's solvency analysisAbstractSolvency analysis is a very important factor in a company's financial statements, is the ability that an enterprise's 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 enterprise's 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 enterprise's 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, can't 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 enterprise's solvency, or small and medium-sized enterprise to bring the cost of spending will greatly reduce the enterprise's 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 enterprise's ability to repay debt, otherwise, the lower the ratio, suggests that the stronger the enterprise's 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 (owner's equity), focuses on revealing the relationship between debt capital and equity capital, that is the risk of financial structure, as well as the owner's equity to debt risk to bear ability. The multiple of interest safeguard = (profit + interest expense)/interest expense, shows that the enterprise management's ability to pay debt interest. The multiple of interest safeguard is too low, shows that the enterprise's ability to pay interest on the weaker, otherwise, the multiple of interest safeguard is too low, that the stronger the firm's 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. Today's solvency analysis is a kind of static state analysis, rather than a dynamic analysis. Enterprise's 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 enterprise's 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 enterprise's 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 enterprise's 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 enterprise's 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(cái)務(wù)報(bào)表中的一個(gè)很重要的因素，是表明一個(gè)企業(yè)的財(cái)務(wù)靈活性以及償還債務(wù)的能力。對(duì)于中小企業(yè)來說，企業(yè)償債能力的強(qiáng)弱直接關(guān)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(duì)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(duì)中小企業(yè)償債能力進(jìn)行分析，以增強(qiáng)中小企業(yè)應(yīng)付經(jīng)營風(fēng)險(xiǎn)的能力。關(guān)鍵詞：中小企業(yè)；償債能力；經(jīng)營風(fēng)險(xiǎn)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(cái)務(wù)狀況和經(jīng)營能力的重要標(biāo)志，適當(dāng)?shù)呐e債經(jīng)營可以給企業(yè)帶來更多的財(cái)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(shí)現(xiàn)企業(yè)的可持續(xù)經(jīng)營。當(dāng)企業(yè)的投資回報(bào)率高于借入資金成本時(shí)，適當(dāng)?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(cái)務(wù)杠桿效應(yīng)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(biāo)短期償債能力是企業(yè)償還流動(dòng)負(fù)債的能力，短期償債能力的強(qiáng)弱主要取決于流動(dòng)資產(chǎn)的流動(dòng)性，通?？梢酝ㄟ^一系列短期償債能力的指標(biāo)來反映。短期償債能力主要通過企業(yè)的流動(dòng)資產(chǎn)、速動(dòng)資產(chǎn)、現(xiàn)金及經(jīng)營活動(dòng)現(xiàn)金凈流量與流動(dòng)負(fù)債的比值得出流動(dòng)比率、速動(dòng)比率、現(xiàn)金比率及經(jīng)營現(xiàn)金流量比率等來對(duì)中小企業(yè)的償債能力進(jìn)行分析。比率的大小將決定中小企業(yè)償債能力的強(qiáng)弱，不但可以與同一行業(yè)的競爭對(duì)手進(jìn)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(shí)償債能力，比如計(jì)算指標(biāo)時(shí)依據(jù)的口徑不統(tǒng)一；短期償債能力指標(biāo)都是靜態(tài)指標(biāo)，分析的是中小企業(yè)這一靜態(tài)時(shí)點(diǎn)上的償債能力，并不能夠準(zhǔn)確地反映出企業(yè)在下一個(gè)期末的潛在償債能力；比如中小企業(yè)下一個(gè)期間的勞務(wù)收入帶來的現(xiàn)金流入會(huì)增強(qiáng)企業(yè)的償債能力，或者中小企業(yè)帶來的費(fèi)用支出會(huì)大大地降低企業(yè)的償債能力，而由于上述指標(biāo)的局限性，這些都沒有得到體現(xiàn)。因此，在分析時(shí)都需要考慮這些因素。（二）長期償債能力分析的主要指標(biāo)中小企業(yè)長期償債能力主要通過企業(yè)財(cái)務(wù)會(huì)計(jì)報(bào)表中的相關(guān)數(shù)據(jù)來對(duì)權(quán)益與資產(chǎn)之間的關(guān)系進(jìn)行分析，分析不同權(quán)益之間的內(nèi)在關(guān)系，分析權(quán)益與收益之間的關(guān)系，計(jì)算出相關(guān)的比率來評(píng)價(jià)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(biāo)有很多，比如資產(chǎn)負(fù)債比率、產(chǎn)權(quán)比率及利息保障倍數(shù)等等。資產(chǎn)負(fù)債率=負(fù)債總額／資產(chǎn)總額，是衡量中小企業(yè)負(fù)債水平以及風(fēng)險(xiǎn)程度高低的重要性標(biāo)志，這個(gè)比率越高，表明企業(yè)償還債務(wù)的能力越差，否則，這個(gè)比率越低，則表明企業(yè)償還債務(wù)的能力越強(qiáng)。產(chǎn)權(quán)比率=負(fù)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(cái)務(wù)風(fēng)險(xiǎn)的大小，與資產(chǎn)負(fù)債比率一樣都是用于分析和評(píng)價(jià)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(shí)質(zhì)是將借入資金(負(fù)債)與自有資金(所有者權(quán)益) 進(jìn)行比較，側(cè)重于揭示債務(wù)資本與權(quán)益資本之間的相互關(guān)系，表明的是財(cái)務(wù)結(jié)構(gòu)的風(fēng)險(xiǎn)性，以及所有者權(quán)益對(duì)償債風(fēng)險(xiǎn)的承受能力。利息保障倍數(shù)=（利潤總額 +利息費(fèi)用）/ 利息費(fèi)用，表明企業(yè)經(jīng)營所得支付債務(wù)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(qiáng)。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(jì)價(jià)的局限。2.分析指標(biāo)不能夠真實(shí)客觀地反映企業(yè)在過去一段時(shí)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(dòng)態(tài)性分析。企業(yè)的資產(chǎn)、負(fù) 4.現(xiàn)有的償債能力分析假設(shè)基礎(chǔ)存在問題。5.分析指標(biāo)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(gè)關(guān)鍵性因素。6.現(xiàn)有指標(biāo)缺乏從質(zhì)量角度對(duì)資產(chǎn)進(jìn)行分析，尤其是對(duì)流動(dòng)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(duì)企業(yè)的償債能力進(jìn)行真實(shí)地了解，除真實(shí)了解報(bào)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(duì)報(bào)表使用者來說，在評(píng)價(jià)一個(gè)企業(yè)的償債能力時(shí)，首先必須對(duì)企業(yè)有一個(gè)比較全面地了解，應(yīng)結(jié)合企業(yè)的償債能力指標(biāo)，比如獲利能力、現(xiàn)金流量等等從不一樣的觀點(diǎn)以及角度對(duì)其進(jìn)行分析，只有這樣才能反映出企業(yè)的實(shí)際償債能力。四、提高企業(yè)償債能力的對(duì)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(yuǎn)遠(yuǎn)大于負(fù)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(dǎo)致償債能力產(chǎn)生強(qiáng)弱差異，因此要加強(qiáng)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(shí)際償債能力。加強(qiáng)對(duì)存貨的核算與管理，存貨過多會(huì)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(dǎo)致企業(yè)償債能力呈下降趨勢，因此要減少在產(chǎn)品，擴(kuò)大銷售產(chǎn)成品，降低原材料庫存。加強(qiáng)對(duì)應(yīng)收賬款的管理，嚴(yán)格控制費(fèi)用支出，同時(shí)加快應(yīng)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(xué)合理的應(yīng)收賬款政策，謹(jǐn)防企業(yè)的應(yīng)收賬款過大。中小企業(yè)管理者在取得長期投資時(shí)，應(yīng)要先對(duì)他們進(jìn)行認(rèn)真地預(yù)測以及分析，要根據(jù)自身的實(shí)力而定，避免盲目投資。購置固定資產(chǎn)時(shí)要與企業(yè)的實(shí)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(jì)劃企業(yè)事先應(yīng)制定合理科學(xué)的償債計(jì)劃，才能夠?yàn)槠髽I(yè)創(chuàng)造一個(gè)良好的信用環(huán)境，避免償債引起的風(fēng)險(xiǎn)。（三）重視外部環(huán)境對(duì)企業(yè)償債能力的影響由于企業(yè)的經(jīng)營活動(dòng)是在一定的環(huán)境中下進(jìn)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(guān)系，為了適應(yīng)企業(yè)外部環(huán)境的變化，使得企業(yè)生產(chǎn)經(jīng)營活動(dòng)能夠適應(yīng)發(fā)展的需要。因此，在對(duì)企業(yè)的償債能力做出分析評(píng)價(jià)時(shí)，要對(duì)外部環(huán)境因素對(duì)企業(yè)履行償債義務(wù)的影響引起充分地重視，必須關(guān)心處在不同經(jīng)營環(huán)境之下的企業(yè)，會(huì)采取什么樣的財(cái)務(wù)政策，從而對(duì)企業(yè)財(cái)務(wù)狀況以及生產(chǎn)經(jīng)營活動(dòng)將會(huì)產(chǎn)生什么樣的影響。