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1 Abstract of the paper on the analysis of the company's financial situation;

In this paper, a variety of financial statement analysis methods are used to analyze the solvency, operating ability and profitability of Linfen Iron and Steel Company. I think the company's asset structure needs to be improved, with poor solvency, high financial risk and average operating ability; Have a certain ability of sustainable growth, and the comprehensive financial situation is average.

Key words:

Financial analysis, solvency, operational ability, profitability, growth ability.

I. Current situation of the industry

Due to the uncertainty and instability of the external economy, coupled with the continuous increase of domestic inflationary pressure, domestic steel production is released at a high level, and the growth rate of downstream demand for steel slows down. Under the general situation of oversupply and outstanding financial attributes, the domestic steel market is characterized by frequent fluctuations, and the downstream industries are growing steadily. The demand for steel is relatively strong, but as the lifeblood of the national economy, the steel industry accounts for a large proportion of GDP. At present, the integration of steel industry seems to be a prelude and a good direction.

China's steel production capacity is seriously in excess of demand. In the case of blocked exports, we can only increase infrastructure investment to stimulate domestic demand. On the other hand, steel mills will gradually reduce the production capacity of general materials and gradually develop into high-quality and high-quality varieties. Only in this way can we achieve a balance of production capacity and then enter a benign development. The steel industry must unite to integrate resources and eliminate backward production capacity.

Second, the solvency analysis

2. 1 Short-term solvency analysis (index analysis, factor analysis)

2. 1. 1 exponential analysis

As can be seen from the table

(1) current ratio: the current ratio of 20 10 is only 0.34, and the short-term solvency is weak, while 20 1 1 year gradually increases, and 20 1 1 year increases by 65438+. However, compared with the industry, the company's liquidity ratio is better than the industry in 20 12 years, and the company's solvency is acceptable, but the overall solvency is poor.

(2) Quick ratio: The higher this indicator is, the stronger the ability of the enterprise to repay current liabilities, while the quick ratio of the enterprise for three years is around 0. 13, with little change, and the short-term solvency is poor, indicating that each yuan of current liabilities can only be paid with small quick assets. Compared with the industry, although the industry quick ratio is also less than 1, it is close to 65433.

(3) Cash ratio: It shows a downward trend, with 201decreasing by 0.03 compared with 20 10 and 20 1 1 2 decreasing by 0.03. The company's cash ratio is too low and its direct solvency is poor.

2. 1.2 factor analysis

In the past three years, the company's assets have been increasing, but the extent is small, and its liabilities are also increasing. However, the proportion of inventory assets has increased greatly, and the speed of realizing inventory is low, which seriously affects the quick ratio, so the quick ratio is low and the solvency is not good, while the monetary funds have a downward trend, resulting in a very low cash ratio and poor short-term solvency.

2.2 Long-term solvency analysis (index analysis, factor analysis)

As can be seen from the table:

(1) Asset-liability ratio: It was around 0.60 in all three years, and it decreased by 0.02 in 20 12 years, but it was not significant and was basically high. Each yuan of liabilities is only guaranteed by lower assets, which indicates that the company is more inclined to rely on liabilities when purchasing assets, with poor long-term solvency and high financial risks.

(2) Shareholder's equity ratio: the sum with the asset-liability ratio is 65,438+0, indicating that the asset-liability ratio is large, the equity ratio is small, the debt repayment guarantee is low, and the company's financial risk is high.

(3) Equity multiplier: the reciprocal of the shareholders' equity ratio, 20 1 1 the highest, and 20 12 decreased by 0. 12, which reduced the dependence on debt and increased the solvency, but the overall value was quite large, indicating that the more fully the company utilized its debt, the worse its solvency, and its financial situation.

(4) Equity ratio: 20 1 1, as high as 1.7, indicating that the company used financial leverage but increased the company's financial risk, while 20 12 decreased by 0.06, indicating that the risk of financial structure was reduced and the ability of shareholders' equity to bear the debt risk was improved, but overall it was high.

factor analysis

The company has a large amount of liabilities, and it uses long-term liabilities to obtain leverage and tax avoidance effects. However, the proportion of shareholders' equity is small, the range of assets changes is small, the long-term solvency is low, and it faces huge financial risks.

Third, the analysis of operational capacity

3. 1 analysis of operational capability index

Table 3- 1 operational capability indicators

As can be seen from the table:

(1) The turnover rate of accounts receivable: 20 1 1 year decreased by 22.06 compared with 201year, the turnover rate decreased, and the speed of realizing accounts receivable decreased, but it increased by 365,438 in 201year. But compared with industries, there is a big difference between 20 10 and 20 12, and the difference between 20 1 1 is relatively small. However, from the perspective of the industry, the company's accounts receivable management efficiency is not high, and the company's operational ability needs to be improved.

(2) Inventory turnover rate: 20 1 1 increased by 1.39 compared with 20 10, which improved the turnover rate, accelerated the liquidation speed of the company's inventory, improved the utilization efficiency of inventory, and enhanced the liquidity and quality of current assets, 20165433. However, compared with the industry, they are all larger than the industry, indicating that the company's operating ability in the industry is better, but the high inventory turnover rate is not necessarily good. It may be caused by the company raising the sales price under the condition that the inventory cost remains unchanged.

(3) Turnover rate of current assets: 20 1 1, an increase of 0.98 compared with 20 10, indicating that the company's current assets management and utilization effect is good and the company's operating efficiency is improved. Recently, the company's solvency and profitability have been enhanced, but 20 12 has declined, indicating that the operating efficiency has declined.

(4) Turnover rate of fixed assets: it has increased year by year for three consecutive years, and the increase rate is greater than 0.2, which has achieved steady growth, indicating that the company's fixed assets are well utilized and relatively sufficient, providing more and more production and operation results, giving full play to the efficiency of asset utilization, and the company's operational capacity is slowly improving.

(5) Total assets turnover rate: In the past three years, it has shown an upward trend year by year, and the total assets turnover rate has accelerated. The company's operating efficiency has been improved and its profitability has been enhanced, but compared with the industry, it is slightly lower than the industry, and its operating ability in the industry is general, which needs to be improved.

3.2 Analysis of operational capability factors

The company's operating income has increased greatly, and the turnover rate of fixed assets and total assets has also increased year by year. The turnover rate of inventory and current assets is unstable, which is lower than the industry level, indicating that there are problems in inventory management, and accounts receivable and inventory have an impact on the turnover rate of current assets. In a word, the company's operating ability has developed on the whole, but it still has strength.

Fourth, profitability analysis.

4. 1 profitability index analysis

As can be seen from the table:

(1) Gross sales margin: 20 1 1 increased by 0.2 1 compared with 20 10. After deducting operating costs from the company's operating income, the company's operating ability was enhanced, while 20 1 1 decreased compared with 2065438.

(2) Operating profit rate: It has been declining for three consecutive years, indicating that the proportion of operating profit to operating income has decreased, and the company's profitability has weakened. However, the year-on-year average level of the industry is only 20 10 higher than the industry, indicating that the profitability is still relatively good, while 20 1 12 is obviously lower than the industry, indicating the company's profitability.

(3) Net profit from sales: 20 1 1 decreased by 0.63 compared with 20 10, and the degree of decrease increased when 20 1 1.26 compared with 201,and the profitability of the company tended to weaken.

(4) return on total assets: Compared with 20 1 10, the total asset turnover rate increased by 0.22, because the total asset turnover rate was accelerated, the profit rate before interest and tax was increased, the asset utilization efficiency was improved, and the profitability was enhanced. However, 20 12 dropped sharply, indicating that there was something wrong with the asset turnover rate, which was one year lower than the industry average.

(5) Return on net assets: 20 1 1 reached the highest level, with the strongest capital appreciation ability, more shareholders' equity profits and strong profitability, but 20 12 decreased by 2.5 1, which was affected by the decline in net profit, but was seriously lower than the industry, indicating that the company had higher profitability.

4.2 Profitability Quality Analysis

The company's profits mainly come from the main business, net non-operating income and expenditure, and investment income, among which the main business income is the most important. Through the comprehensive analysis of the company's indicators and profit structure, the company's profits mainly come from the main business income, which is relatively stable, but all indicators are declining, fluctuating and unstable. In addition, compared with the industry, it is at a disadvantage, indicating that the company's profitability is of poor quality and needs further improvement and innovation.

Verb (abbreviation of verb) conclusion

According to the analysis of financial statements, we can see that Linfen Iron and Steel Company is developing in a good direction in recent years.

20 14 is the first year to fully implement the spirit of the 18th CPC National Congress, and it is also a crucial year for Lingang to actively respond to various challenges and strive to achieve sustained health and transformation and development. In 20 14, the company will focus on the central task of turning losses into profits and transformation and development, emancipate its mind, keep pace with the times, strengthen its confidence, face difficulties, and promote and realize the sustained, healthy and transformation and development of enterprises.

refer to

Hung Yue. Analysis of financial statements [M]. Beijing: Renmin University of China Press, 2009+00.

[2] Pei Qinshu. Analysis of financial accounting reports [M]. Beijing: Beijing Normal University Press, 20 1 1. 10.

[3] Zhang Xianzhi, Chen Youbang. Financial analysis [M]. Dalian: Dongbei University of Finance and Economics Press, 2004.

[4] Fang Jing. Analysis of the problems existing in the company's financial statements and countermeasures [J]. Finance and Economics (Academic Edition) 20 10(5).

[5] Zhou Yujiao. Comprehensive case of corporate financial statement analysis [J]. Accounting of Chinese township enterprises, 20 10( 1).

Abstract of two articles about the analysis of the company's financial situation

Water conservancy construction is a major event related to the national economy and people's livelihood. Because the construction scale of water conservancy projects is generally large and the investment cycle is relatively long, most water conservancy projects are government-led projects. Water conservancy construction covers a wide range, covering flood control, irrigation, drainage, power generation, transportation and other aspects. Therefore, water conservancy construction plays a great role in China's construction. However, water conservancy administrative institutions also have many defects, such as irregular and lax fund management and control. This paper discusses the risks and restrictive measures in financial management of water conservancy institutions, aiming at further strengthening the financial management of water conservancy institutions to meet the needs of social development, hoping to provide some reference for peers.

key word

Water conservancy institutions; Financial management; Current situation; Restrictive measures

First, the status quo of financial management of water conservancy institutions and the main reasons

China has successively issued relevant policies on financial management, and the requirements for financial management of water conservancy institutions are becoming more and more strict. Although the financial management of water conservancy institutions is gradually keeping pace with the national financial reform, the level of financial informatization is also gradually improving, and the financial system is gradually improving, and efforts are made to improve the professional quality of financial personnel. The financial management of water conservancy institutions has gradually adapted to the requirements of social development, but there are many types of water conservancy institutions, both public welfare and production and operation. Due to the different financial systems formulated and implemented by various water conservancy institutions, the ways of financial management and operation are also different, especially in some water conservancy institutions with the integration of government and enterprise, the property rights are vague and the powers are chaotic, which leads to the inability to clearly define the unit assets, which brings difficulties to accounting and complicates financial management. Therefore, in the process of financial management of water conservancy institutions, there are still some reasons, such as weak internal control consciousness, imperfect revenue and expenditure management and financial management system, which are mainly manifested as follows:

1, the financial management system needs to be improved.

The imperfect internal financial management system will affect the effective financial management of water conservancy institutions. Although many units have formulated financial management systems, the scope involved is often very limited, which is not in line with the actual situation of the units, or they do not attach importance to the construction of financial management systems, or lack necessary measures and strategies in the process of implementing management, resulting in financial management being in a passive position and unable to give full play to the corresponding management functions of the financial department.

2. The level of budget management needs to be improved.

The effect of budgeting management directly affects financial management. The main reason for the current budget management is that the budget management is relatively narrow, and all items that should be included in the budget management are not included. In the implementation of the prepared budget, the implementation is not enough. When compiling the budget of water conservancy projects, it should be compiled according to the zero-based budget strategy to ensure the accuracy and scientificity of budget preparation. Lack of comprehensive and coordinated budget management makes it difficult to flexibly limit the use of funds, thus making budget implementation more passive.

3. Normative reasons for the management of fixed assets

The fixed assets owned by water conservancy projects are often huge, and the workload of counting fixed assets is relatively large, which is easily ignored by some water conservancy institutions. Long-term failure to organize fixed assets inventory will cause confusion in fixed assets management. At the same time, due to the irregular management of fixed assets, there may be cases where fixed assets are not put into storage immediately after bookkeeping, resulting in the fact that the actual situation is inconsistent with the financial book accounting. There is also a lack of necessary restraint mechanism among various departments of water conservancy institutions, and the effectiveness of supervision and restraint is weakened.

4. The financial management and supervision system of water conservancy institutions is not perfect.

The financial management department of water conservancy institutions has strict budget and large quota limit, which leads to many applications from budget departments or units. The Ministry of Finance often has to deal with applications and has no time for budget management and asset management. Moreover, there is not much energy to seriously supervise the flow of funds and the implementation of financial supervision is not enough, which makes the financial management and supervision of water conservancy institutions not fully developed.

Two, the risk types of financial management of water conservancy institutions

The work of water conservancy units plays a very important role in national economic construction. There are many types of water conservancy institutions in China, including administrative units with certain government functions and enterprise units with the nature of production and operation. The ultimate goal of investment in water conservancy institutions is to improve people's livelihood and social benefits. Due to the large scale of water conservancy projects, the projects are generally funded by the state, and the investment is risky. The main risk types of water conservancy construction investment include the loss of state-owned assets and high project cost. Therefore, we need to improve the financial management level of water conservancy institutions, reduce investment risks and ensure the effective use of state-owned assets.

Three, the financial management of water conservancy institutions constraints

1, improve financial revenue and expenditure management

Strengthen the financial revenue and expenditure examination and approval system, and strictly examine and approve the process, so as to make each fund use clear and the project clear. In terms of large-scale projects, the forms of approval and payment should be strictly implemented, and the publicity system should be adopted to accept supervision. For operating water conservancy enterprises, they must accept the supervision of third parties such as water conservancy administrative departments, audit departments and the public. The revenue of water conservancy institutions should be earmarked, accounted for in special accounts and managed in a unified budget, and the corresponding revenue management system and supervision and management system should be established.

2, improve the financial information system of water conservancy institutions.

At present, in the financial management of water conservancy institutions, constructing and perfecting an efficient, scientific and complete financial information system can not only improve the financial management level of water conservancy institutions, but also provide valuable reference for financial expenditure. Establish and improve the financial management information system, complete the data collection and docking, make the data inclusive and communicate with each other, and ensure a more comprehensive and objective analysis of the financial situation of water conservancy institutions in the process of financial management.

3. Establish and improve the state-owned assets management system.

Establishing and perfecting the management system of state-owned assets in water conservancy institutions can effectively prevent the loss of funds, improve the efficiency of the use of state-owned assets and reduce the state financial expenditure. Clarify the ownership of property rights of water conservancy institutions, carry out unified budget management, establish and improve the management system of state-owned assets of units, and realize the scientific, regular and institutionalized management of state-owned assets.

4. Strengthen the construction of accounting team and improve the quality of financial personnel in water conservancy institutions.

Financial management of water conservancy institutions is a job with high professional skills and wide knowledge. Therefore, it is necessary to continuously strengthen the training of financial personnel in water conservancy institutions and establish a high-quality and high-ability accounting team. The financial personnel of water conservancy institutions should not only master the theory of finance and auditing, but also be very familiar with the laws and regulations of the national economy in order to deal with the causes encountered in financial work and improve their ability to solve problems. Water conservancy institutions can regularly organize internal training exchanges, sum up the reasons encountered in the work, and share work experience. Cultivate the self-study ability of financial personnel, let financial personnel actively participate in financial work, provide rational suggestions for leadership decision-making, and do a good job in financial management.

Four. conclusion

The more the economy develops, the more important the water conservancy construction is. As an important part of the Twelfth Five-Year Plan of China, water conservancy construction involves all aspects and benefits thousands of households. Therefore, only by ensuring the effective function of the water conservancy department, supervising the effective use of funds in the water conservancy department and establishing an effective internal control mechanism can the fundamental interests of the country and the people be effectively protected. The financial management of water conservancy administrative institutions is the basis to guarantee these fundamental interests. Strengthening financial management and safeguarding people's interests is an effective way to avoid risks and establish the image of the government, and it is also the development requirement under the conditions of socialist market economy. As water conservancy financial auditors, it is not only the requirement of socialist market economy, but also the requirement of water conservancy institutions' own development to establish and improve the financial management system and strengthen the awareness of internal control.

[References]

[1] Yang Chengyun. Reflections on the causes of financial management reform in administrative institutions [J]. China Management Informatization, 20 14(09).

[2] Sun Chao, Sun Shuyu. Problems and countermeasures of financial management in water conservancy institutions. Water science and technology and economy, 20 12, (8).

[3] Xu Yaocheng. Prevention and control of financial risks in water conservancy infrastructure projects [J]. Inner Mongolia Science and Technology and Economy, 20 1 1( 15).

[4] Zhang Yili. Analysis on the causes of financial management in water conservancy institutions. Finance and Economics, 20 1 1, (8).

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