If two companies achieve the same profit share in a certain fiscal year, does this mean that they have the same profitability? The answer is no, because the assets of the two companies may not be the same, or even very different. Another example is that a company achieved a profit after tax of 6,543,800 yuan in 2000. Obviously, such accounting data alone can only explain the profitability of the company in a specific accounting period, and it is still unable to make the most effective economic decision for the report users. However, if the after-tax profit of the company 1999 is 600,000 yuan and that of 1998 is 300,000 yuan, the profit development trend of the company in recent years may be obtained, so that users of financial statements can obtain more effective economic information from the outside. If we analyze the accounting data of the company in the past three years, more main information will be clearly hidden outside the financial statements. It can be seen that the use of financial statements has certain limitations and can only reflect the profit level, financial situation and capital flow of enterprises in a certain period. In order to obtain more useful information for economic decision-making, report users must use systematic analysis methods to evaluate the past and present operating results, financial status and capital flow of enterprises on the basis of financial statements and other financial materials. Based on this, we can predict the future business prospects of enterprises, thus making future goals and making the best economic decisions.
In order to accurately reveal the main relationship between various accounting data and comprehensively reflect the operating performance and financial status of enterprises, financial statement analysis skills can be summarized into the following four categories: horizontal analysis; Escape analysis; Trend percentage analysis; Financial ratio analysis.
First, one of the financial statement analysis skills: horizontal analysis
The premise of horizontal analysis is to prepare comparative accounting statements by comparing the previous and later periods, that is, to arrange the data of accounting statements of enterprises in parallel for several years, and set two columns of "absolute amount deletion" and "percentage deletion" to reveal the changes of absolute amount and percentage deletion of each accounting item during the comparison period. Below, take ABC Company as an example for analysis (see the table below).
Comparative profit analysis and profit distribution table;
ABC Company compares the profit statement and profit distribution statement Amount Unit: Yuan.
Item 20065438+0 Percentage reduction of annual absolute reduction in 2002 (%)
Sales revenue 7655000 9864000 2209000 28.9
Less: cost of sales 50090062320001223000 24.4
Gross sales profit 2646000 3632000 986000 37.7
Less: sales expenses of 849,000 65,438+05,000 46,338+0.
Administrative expenses 986000103000 217000 22.0
Earnings before interest and tax 811000110400293036.30388+0
Less: financial expenses 28000 30000 2000 7. 1
EBT 783000 1074000 29 1000 37.2
Less: income tax 317000 483000166000 52.4
After-tax profit 466000 591000125000 26.8
The undistributed profit at the beginning of the year is1463000173410027118.53.
Plus: this year's net profit is 46600059100012500026.8.
Profit available for distribution1929000232510039610020.54
Less: legal surplus reserve fund 46600591001250026.8 is withdrawn.
Withdraw statutory public welfare fund 23300 29550 6250 26.8
Preferred stock dividend
Cash dividend125000150000 25000 20.0
Undistributed profit1734100 2086450 352350 20.32
① In 2002, the sales revenue of ABC Company increased by 2,209,000 yuan compared with the previous year, with a decrease rate of 28.9%.
In 2002, ABC Company's sales of Mao Lijiao 200 1 increased by 986,000 yuan and decreased by 37.7%. This means that the company has made some achievements in cost control.
③ In 2002, the company's sales expenses were greatly reduced, and the reduction rate was as high as 56. 1%. That will affect the simultaneous deletion and increase of the company's sales profit.
④ In 2002, ④ABC Company distributed a dividend of 654.38+0.5 million yuan, an increase of 20% over the previous year. The sharp reduction and increase of cash dividends are attractive to potential investors.
Second, the second skill of financial statement analysis: avoiding financial statement analysis
Horizontal analysis is actually a comparative analysis of the same items other than the accounting statements in different years; Escape analysis is the ratio analysis between the items in the accounting statements of the same year. Escape analysis also has a premise that financial statements must be prepared in the form of comparability, that is, the data of a major item (such as asset share or sales revenue) outside the accounting statements is taken as 100%, and then the balances of other items outside the accounting statements are arranged in the form of the percentage of that major item, thus revealing the relative significance of the data of various items outside the accounting statements outside the financial statements of enterprises. The financial statements prepared in this form can compare the operating and financial conditions of several enterprises of different sizes. Because the balance of each report item is converted into a percentage, there is still "comparability" between report items even if the scale of enterprises varies greatly. However, comparing different enterprises must have certain preconditions, that is, several enterprises must belong to the same industry, and the accounting methods and financial statement preparation procedures adopted must be roughly the same.
Still taking the income statement of ABC Company as an example, the analysis is as follows:
① The ratio of sales cost to sales revenue of ①ABC Company decreased from 65.4% in 200 1 year to 63.2% in 2002. It shows that the decrease of sales expense rate leads to the increase of the company's gross profit margin.
② The proportion of sales expenses of ②②ABC Company in sales revenue increased from11%in 2006 to 13.4% in 2002, an increase of 2.3%. That will lead to a decline in the company's operating profit margin.
③ The operating conditions analyzed by ③③ABC Company are as follows: In 2002, Mao Lijiao dropped by 37.3% in the previous year, and the secondary reason was that the company's sales increased by 28.9%, and the deletion range of sales exceeded the deletion range of sales expenses, which made the company's gross profit margin increase by 2.2%. However, compared with the rapid increase or decrease of the company's gross profit, the improvement of the company's net profit is not ideal. The reason is that the sales expenses are out of control, which makes the company's net profit unable to achieve synchronization.
Third, the third skill of financial statement analysis: trend percentage analysis
Trend analysis seems to be a horizontal percentage analysis, but it is different from the percentage deletion tips outside the horizontal analysis. Horizontal analysis is to compare the chain ratio, and trend analysis is to compare the corresponding data of some major items outside the financial statements for several consecutive years with percentages. This analysis method is very useful for prompting the changing trend of business activities and financial situation of enterprises in a few years. For trend analysis, firstly, a certain accounting year should be selected as the base year, then the balance of some major items outside the accounting statements of the base year should be set to 100%, and then the data of the same items outside the accounting statements of subsequent years should be listed according to the percentage of the number of items in the base year.
Next, the trend analysis technology is applied to the accounting statements of ABC Company 1999-2002 to understand the development trend of the company.
Prepare the following table according to the accounting statements of ABC company.
ABC Company 1999-2002 Partial Indexed Financial Data
Project 1999 (%) 2000 (%) 200 1 (%) 2002 (%)
Monetary fund100189 451784
The consulting share is100119158 227.
Sales revenue100107116148.
Sales share100109125129.
Net profit 100 84 63 162
From the relevant data in the annual accounting statements of ABC Company 1999-2002, we know that the cash amount of ABC Company is being cut, which has increased nearly eightfold in three years! On the one hand, the company's abundant cash shows that the company's solvency is strengthened; On the other hand, it also means that the opportunity cost of the company will be greatly reduced. If a large amount of cash is invested in the capital market, it will bring considerable investment income to the company. In addition, the company's sales revenue has increased year after year, especially in 2002, the company's sales volume has increased by almost 50% compared with the base year, which shows that the company's promotion work in that year was effective. However, the increase or decrease of sales revenue is lower than the increase or decrease of cost, which makes the company's net profit decrease in 2000 and 200 1, and that situation is being controlled in 2002. However, from the perspective of company split, from 1999 to 2002, the company's asset share more than doubled, and 127% was deleted. In contrast, the company's operating performance is not satisfactory. Even in the best year of 2002, the company's net profit only increased by a little more than half compared with the base year. That shows that ABC's asset utilization efficiency is not high, and the company still has great potential in production and operation.
Fourth, the fourth skill of financial statement analysis: financial ratio analysis
Financial ratio analysis is the sinking of financial statement analysis. Financial ratio analysis is an analytical skill that divides two related accounting data and uses the obtained financial ratio to represent the positive logical relationship between different items outside the same accounting statement or between related items in different accounting statements. However, it is very limited to calculate various financial ratios. More importantly, the calculated financial ratio should be compared and analyzed in multiple dimensions to help users of accounting statements accurately evaluate the business performance and financial situation of enterprises, so as to adjust the investment structure and business decisions in time. A remarkable feature of financial ratio analysis is to standardize the economic information transmitted by the financial data of enterprises of different sizes. On the contrary, due to this feature, horizontal and industry standards can be compared among enterprises. For example, International Business Machines Corporation (IBM) and Apple are well-known enterprises that produce and sell computers in the United States. Judging from the sales and profits outside the accounting statements of those two companies, IBM is many times higher than Apple. But generally speaking, it doesn't make much sense to compare shares, because IBM's asset share is nearly twice as large as the latter. Therefore, the comparison of absolute numbers should give way to the comparison of relative numbers, and financial ratio analysis is a relative relationship analysis skill, which can be used as an effective tool to evaluate and compare the operation and financial situation of two enterprises with very different scales. Financial ratio analysis can be divided into the following four categories according to different settlement points: ① liquidity analysis or short-term solvency analysis; ② Financial structure analysis, also known as financial leverage analysis; (3) Analysis of the enterprise's operational capacity and profitability; (4) Analysis of stock investment income related to dividends and stock market.
1. Analysis of short-term solvency. Any enterprise must have enough cash on hand to recover all kinds of expenses and debts due if it wants to maintain general production and business activities, and the goals that can best reflect the short-term solvency of enterprises are current ratio and quick ratio. (1) current ratio is the ratio of all current assets to current liabilities, that is, current ratio = current assets ÷ current liabilities; (2) Quick ratio is the ratio of current liabilities to the balance of current assets after deducting inventory and prepaid expenses, that is, quick ratio = quick assets ÷ current liabilities. Quick ratio is a stricter indicator than current ratio, which is often used together with current ratio to more accurately evaluate the ability of enterprises to pay short-term debts. Generally speaking, the current ratio is 2: 1, and the quick ratio is 1: 1, which shows that the short-term solvency of enterprises is strong, but it cannot be generalized. In fact, no two companies are the same in all aspects. For one enterprise, the financial ratio shows a serious problem, but for another enterprise, it may be quite satisfactory.
2. Financial structure analysis. The rationality and stability of ownership structure can usually reflect the long-term solvency of enterprises. When an enterprise finances its assets through fixed financing means, it is considered to be using financial leverage. In addition to the managers and debtors of enterprises, the owners and potential investors of enterprises are also very concerned about the use of financial leverage, because the return on investment is affected by the use of financial leverage. The financial ratios that measure the use of financial leverage or reflect the ownership structure of enterprises mainly include: (1) asset-liability ratio (%) = (debt share/asset share) × 100%. Generally speaking, the smaller the ratio, the stronger the long-term solvency of the enterprise; This ratio is too high, indicating that the financial risk of enterprises is greater, and the ability of enterprises to sink new debts will be limited. (2) Equity multiplier = asset share ÷ equity share. Undoubtedly, the higher the multiple, the higher the financial risk of the enterprise. (3) Equity-debt ratio (%) = (debt share ÷ owner's equity share) × 100%. The lower the target, the stronger the long-term solvency of the enterprise and the higher the degree of protection of the debtor's rights and interests. On the contrary, it shows that enterprises use higher financial leverage. (4) Earned interest multiple = earnings before interest and tax/interest expense. This goal is not only the premise of enterprise debt management, but also the main symbol to measure the long-term solvency of enterprises. In order to maintain the general solvency, the multiple of earning interest should be at least greater than 1, and the higher the multiple, the stronger the long-term solvency. Generally speaking, debtors want the lower the debt ratio, the better. The low debt ratio means that the debt repayment pressure of the enterprise is small, but the low debt ratio means that the enterprise lacks vitality and the ability to use financial leverage is low. However, if the debt ratio of enterprises is too high, the heavy interest burden will make enterprises overwhelmed.
3. Analysis of enterprise operation efficiency and profitability. One of the main goals of enterprise financial management is to realize the optimal allocation of internal capital flow. Operating efficiency is a major aspect to measure the overall operating ability of an enterprise, which affects its profitability. Profitability is a matter of great concern to all parties inside and outside the enterprise, because profit is not only the capital flow for investors to get investment income and debtors to get interest, but also the main capital guarantee for enterprises to maintain expanded reproduction. The higher the efficiency of enterprise's asset utilization, it means that it can obtain higher economic benefits with the minimum investment. The financial objectives reflecting the asset utilization efficiency and profitability of enterprises mainly include: (1) accounts receivable turnover rate = net credit sales ÷ average net accounts receivable; (2) inventory turnover rate = cost of goods sold ÷ average inventory; (3) Turnover rate of fixed assets = net sales ÷ net value of fixed assets; (4) Asset turnover rate = net sales ÷ average asset share; (5) Gross profit margin = (net sales-cost of sales) ÷ net sales ×100%; (6) Operating profit rate = operating profit ÷ net sales ×100%; (7) Return on investment = net profit ÷ average asset share × 100% (sub-asset turnover × net interest rate of operating profit); (8) Return on net assets = net profit ÷ shareholders' equity × 100% (return on investment × equity multiplier). The above eight goals are all anti-goals. The higher the value, the higher the asset utilization efficiency of the enterprise, which means that higher economic benefits can be obtained with the minimum investment.
4. Market test analysis of stock investment income. Although the market price of listed companies' stocks is very important for investors' decision-making. However, it is not enough to make the best decision outside dozens of listed companies only by relying on the information provided by the stock market price for potential investors. Because the number of shares issued by different listed companies, the net profit realized by the company and the amount of dividends distributed are not necessarily the same, investors must analyze the market price of the company's shares and the relevant information provided by the financial statements in order to calculate the financial ratio that shareholders and potential investors are very concerned about. These financial ratios are the main financial information to help investors evaluate and judge the advantages and disadvantages of different listed companies. The market test ratio reflecting the return on stock investment mainly includes:
① Net income per share of common stock = (net income after tax-preferred stock dividend) ÷ Number of issued common stock. Usually, the expansion of the company's business scale, the deletion and increase of expected profits will make the company's stock market price rise and fall. Therefore, ordinary investors are very interested in the company's reported net income per share, which is considered to be the main goal of evaluating the operating performance of an enterprise and the operating conditions of different enterprises.
(2) P/E ratio = current price per share ÷ net income per share of common stock. Generally speaking, the price-earnings ratio of companies with good business prospects and promising prospects tends to increase; Companies with few development opportunities and dim business prospects have low P/E ratios. P/E ratio is the main index widely used to evaluate the value of a company's stock. Especially for some potential investors, it can be used to analyze the future development prospects of listed companies and compare them among different companies in order to finally make investment decisions.
(3) Dividend rate = amount of dividends distributed by the company ÷ amount of after-tax net profit of the company × 100%. Similarly, companies that pay dividends per share 1 yuan, some pay dividends when the profits are rich, and some pay dividends desperately when the profits are tight. Therefore, the dividend payment rate can better measure the company's dividend payment ability. Investors invest their own funds in companies, hoping to get higher returns, while stock returns include dividend income and capital gains. For investors who have always been steady and turned a blind eye to long-term interests, they hope that the company will pay less dividends at present, use the net income for reinvestment within the company, expand reproduction, and keep the company's profits growing at a high speed. The company's strength and status are enhanced, its competitiveness is improved, and its development prospects are promising. The company's share price rose steadily, fell steadily, and shareholders gained capital gains. But for other investors who make a living from dividend income, they are not willing to bet on the future price trend of the company's stock with the current dividend income, and they prefer the company to pay dividends regularly in order to be a reliable and stable income flow.
(4) Dividend market value ratio = dividend amount per share ÷ current market price of shares × 100%. On the one hand, this goal reminds shareholders of the dividend yield of their stocks; On the other hand, it also shows investors the opportunity cost of selling their stocks or giving up investing in those stocks and turning to other investments.
⑤ Net assets per share = common equity ÷ number of issued common shares. The higher the amount of net assets per share, the stronger the internal accumulation of the company, even if the company is in recession. In addition, outside the process of purchase or merger, the book value per share of common stock and the current market price are the main factors that must be referred to when estimating the value of the purchased or merged enterprise.
6. The ratio of stock price to net assets = current market price per share/net assets per share. The high ratio indicates that the company's stock price is high. This goal is to analyze the company's asset value from the perspective of stocks, focusing on obtaining the share value of the remaining property distribution when the company is dissolved.
⑦ Ratio of share price to cash flow = current market price per share ÷ (net profit+old fee) ÷ Number of ordinary shares issued. This ratio shows that people are buying and selling stocks at several times the cash flow per share. The lower the ratio, the lower the company's share price; On the contrary, it shows that the company's share price is on the high side.
In short, a large number of economic cases in recent years tell us that there are more and more cases in which enterprises cheat investors by whitewashing financial statements. For users of financial statements, it is difficult to obtain useful financial information if they only browse the superficial figures without using analytical skills and tools, and sometimes they are even misled by accounting data and blinded by superficial illusions. With the deepening of China's market economic system reform, foreign countries will face international competitors after joining the WTO. The era of taking advantage of the wolf to enter the room has arrived, and mergers and personal investments between enterprises are becoming more and more common. As long as the users of financial statements are reading financial statements and analyzing the financial data published by enterprises with analytical skills, more financial information useful for economic decision-making can be obtained from the outside.