营运能力的分析【外文翻译】.doc

外文翻译
原文
Operation ability analysis
Material Source: China's securities nets 05/17/2006 Author:Techever
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 91.1 billion yuan, average total assets of 14 million yuan; 2005 sales income increased to 160.4 billion yuan, the average total assets is increased by 2.3 times, reached 31.9 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 1.6 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 7.36 dropped by the 2005 5.61, 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 revenue/average 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 balance.therefore, 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% 4.75%.
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 sales.Inventory 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 15.05 inventory turnover in 2004 for 2005, this ratio dropped to 10.33. 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 good.This 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 short-term 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 decision-making 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
营运能力的分析
资料来源：中国证券网 05/17/2006 作者：Techever
营运能力是充分利用现有资源创造社会财富的能力，可以用来评价企业对其拥有资源的利用程度和营运活动能力。其实质是要以尽可能少的资源占用，尽可能短的周转时间，来产生出尽可能多的产品，创造出尽可能多的销售收入，而要实现这个目的，就必须要提高企业的营运能力水平。营运能力是以企业各项资产的周转速度来衡量企业资产利用的效率。反映资产周转速度的指标有存货周转率、流动资产周转率、总资产周转率。周转速度越快，表明企业的各项资产进入经营环节的速度越快形成收入和利润的周期就越短，经营效率就越高。营运能力指的是企业资产的周转运行能力,通常可以用总资产周转率、固定资产周转率、流动资产周转率、存货周转率和应收账款周转率这五个财务比率来对企业的营运能力进行逐层分析。
营运能力分析可以帮助投资者了解企业的营业状况和经营管理水平。我们以苏宁电器(行情,论坛)(002024)为例,向投资者介绍如何进行企业的营运能力分析。
总资产周转率是指企业的销售收入与总资产平均余额的比率。苏宁2004年销售收入为91.1亿元,平均总资产为14亿元；2005年销售收入增加到160.4亿元,平均总资产更是增长了2.3倍,达到31.9亿元。由于总资产的增长幅度超过了销售收入的增长幅度,总资产周转率由6.49下降到5。
该比率的下降与苏宁在2005年大规模开张新店有直接的关系。为了完成“全国性布网”的战略格局,苏宁在2005年新开门店65家,新登陆了20多个城市,而原先的物流、服务体系的辐射半径有限,因此苏宁要进行大量的管理平台的建设,以此来支撑以后在同一个城市建设其他卖场的物流和管理。这使得苏宁扩张战略的初始成本相对较高。
固定资产周转率主要用于分析对厂房、设备等固定资产的利用效率，比率越高，说明利用率越高，管理水平越好。如果固定资产周转率与同行业平均水平相比偏低，则说明企业对固定资产的利用率较低，可能会影响企业的获利能力。它反应了企业资产的利用程度。
　固定资产周转率 =销售收入 /平均固定资产净值
　固定资产平均净值=(期初净值+期末净值)÷2
企业一定时期内主营业务收入净额同平均流动资产总额的比率,是评价企业资产利用率的另一重要指标。它反映了企业流动资产的周转速度,是从企业全部资产中流动性最强的流动资产角度对企业资产的利用效率进行分析,以进一步揭示音响企业资产质量的主要因素。流动资产周转率是指一定时期(一般为一年)的主营业务收人与全部流动资产平均余额的比值。通过这个比率的分析,我们可以进一步了解企业短期内营运能力的变化。从报表中看出,苏宁2005年销售收入近160亿元,增长幅度达到42.9%,而平均流动资产增加了一倍以上流动资产的大量增加没有带来同样幅度的销售收入的增长,因此流动资产周转率由2004年的7.36下降到2005年的5.61,说明苏宁流动资产的利用效率有所下降。
存货和应收账款是流动资产的主要组成部分,因此,可以通过对存货周转率和应收账款进一步分析流动资产周转率的变化。苏宁以现货销售为主,因此,应收账款仅占流动资产的4.75%,而存货占50%。
存货周转率指的是企业的销售成本与存货平均余额的比率。存货周转率对于房地产行业是一个非常关键的指标，房地产行业是比较特殊的。通常的来说存货周转是越快越好，而房地产行业的存货量越大、周转的速度越慢则说明公司的实力越雄厚。其他行业的存货周转率一般为每年六七次的水平，相反，在房地产行业一年大概一二次，如果一年存货周转率在六七次的公司对于房地产行业来说是极小的公司，有实力的大房地产股，存货周转率都是很低的，因为要保持大量的土地储备，土地储备就是他的存货，建成的房子未形成销售都属于资产范围，要依靠这些实现销售。存货周转状况也可以用存货天数来表示,即表示存货周转一次所需要的时间,天数越短,说明存货周转越快。苏宁2004年存货周转率为15.05,而2005年这一比率下降到10.33。相应地,存货周转天数由24天延长到35天。存货变现速度的明显下降,说明苏宁可能存在销售能力下降或者存货过量的问题。
应收账款周转率指的是企业一定时期内赊销收入与应收账款平均余额的比率。它反映公司从取得应收账款的权利到收回款项转换为现金所需要时间的长度。应收账款周转率可以用来估计应收账款变现的速度和管理的效率。回收迅速既可以节约资金,也说明企业信用状况好,不易发生坏账损失。一般认为周转率愈高愈好。该指标用来衡量企业的应收账款转变为现金的速度。由于赊销收入不容易取得,在实务中多采用销售收入替代赊销收入进行计算。苏宁的顾客主要是个人消费者,以钱货两清的方式进行交易,赊销收入占应收账款的比例很小,所以用销售收入数据得出的应收账款周转率非常高。一般说来,企业的该项比率越高,说明企业催收账款的速度越快,可以减少坏账损失,而且资产流动性强,企业的短期偿债能力也会增强,在一定程度上可以弥补流动比率低的不利影响。若企业应收账款周转率过低,则说明企业催收账款的效率太低或信用政策十分宽松,会影响企业资金利用率和资金的正常周转。
对房地产企业营运能力的财务分析框架可以主要从三个方面构建：经营能力指标、应收账款周转率和营运资金周转速度。在这三个方面的基础上结合房地产企业特点，选取适当的财务指标就可以对房地产企业的营运能力进行分析评价。本文提出的分析框架具有普遍适用性，为房地产企业以及其他行业企业的管理者在做有关营运决策时提供量化的依据和分析思路。
通过案例分析可以发现，由于资产周转速度的影响，总资产收益率水平却未必与主营业务收入毛利率一致。与商业地产和工业地产相比，住宅性地产的利润率较低，因此万科的销售收入毛利率尽管逐年增长，但最高时仍不过41％左右，而陆家嘴的土地批租收入毛利率可高达80％，中粮地产的来料加工收入毛利率也能达到75％。从趋势来看，三家公司各项收入的毛利率都处于增长状态。但由于营运资金周转效率过低，毛利率高的陆家嘴及中粮地产反而表现出较低的总资产收益率。
三家房地产企业的营运能力却存在着一个共同的问题，即营运资金周转速度过于缓慢。营运能力的不同以及企业经营规模的差异均会造成房地产企业存货周转速度以及营运资金周转速度的不同。住宅性地产的周转速度要比商业地产及工业地产更快，因而万科的存货周转速度明显快于陆家嘴，中粮地产由于规模较小，其周转速度接近于万科。但由于近年来土地价格的持续上涨，房地产企业纷纷通过大量囤地、延长项目开发周期等方式获得更高的利润率。因而当前我国房地产企业均存在着存货量大、周转速度慢的弊病。　松开的记忆，飘落的莫名的尘埃，像起伏的微风，拂过脑海，留下一份情愁。一条街，没有那些人，那些身影，却能来回徘徊穿梭。街，行走时，纵然漫长，漫长，有时只为听一颗流动的心的呓语。沉默，倔强，回望，忘记，记住，一切像断了的弦，有时希望生活简单就好，有时却又莫名的颓废其中。
　　有些路，只能一个人走；有些事，只能一个人去经历。粗读加缪、萨特的存在主义，它告诉我，人就是非理性的存在。光秃秃的枝桠、清寂的清晨、流动的阳光，飘落于心，或快意，或寂寥，映照心境，然而，有时却只属于那一刻。总之，一切只是心情。
　　人生的画面一幅幅地剪辑，最后拼凑出的是一张五彩斑斓的水彩画，有艳丽的火红色，凝重的墨黑以及一抹忧郁的天蓝色。人的记忆很奇特，那些曾经的过往，就像一幅幅的背景图，只有一个瞬间，却没有以前或以后。比如，只能记得某个瞬间的微笑，只能在记忆的痕迹寻觅某时刻骑着单车穿过路口拐角的瞬间，却都不知晓为何微笑，为何穿过街角。
　　一切，有时荒诞得像一场莫名情景剧。然而，这就是生活。
　　曾经的梦，曾经的痛，曾经的歌，曾经的热情相拥，曾经的璀璨星空。
　　也许，多年以后，再也见不到的那些人，和着记忆的碎片飘荡而来，曾经伴着我们走过春华秋实。天空蔚蓝，杜鹃纷飞，飞过季节，曾经萍水相逢，欢聚一堂，蓦然回首，唯歌声飘留。让人忆起《米拉波桥》里的诗句：夜幕降临，钟声悠悠，时光已逝，唯我独留。
　　人在天涯，绵绵的思绪随着微风飘浮，从布满礁石的心灵海滩上穿过千山万水，来到游荡的身躯里，刻下一篇篇笺章。而这，或许在多年以后，当再次翻动时，原以为什么都已改变，
　松开的记忆，飘落的莫名的尘埃，像起伏的微风，拂过脑海，留下一份情愁。一条街，没有那些人，那些身影，却能来回徘徊穿梭。街，行走时，纵然漫长，漫长，有时只为听一颗流动的心的呓语。沉默，倔强，回望，忘记，记住，一切像断了的弦，有时希望生活简单就好，有时却又莫名的颓废其中。
　　有些路，只能一个人走；有些事，只能一个人去经历。粗读加缪、萨特的存在主义，它告诉我，人就是非理性的存在。光秃秃的枝桠、清寂的清晨、流动的阳光，飘落于心，或快意，或寂寥，映照心境，然而，有时却只属于那一刻。总之，一切只是心情。
　　人生的画面一幅幅地剪辑，最后拼凑出的是一张五彩斑斓的水彩画，有艳丽的火红色，凝重的墨黑以及一抹忧郁的天蓝色。人的记忆很奇特，那些曾经的过往，就像一幅幅的背景图，只有一个瞬间，却没有以前或以后。比如，只能记得某个瞬间的微笑，只能在记忆的痕迹寻觅某时刻骑着单车穿过路口拐角的瞬间，却都不知晓为何微笑，为何穿过街角。
　　一切，有时荒诞得像一场莫名情景剧。然而，这就是生活。
　　曾经的梦，曾经的痛，曾经的歌，曾经的热情相拥，曾经的璀璨星空。
　　也许，多年以后，再也见不到的那些人，和着记忆的碎片飘荡而来，曾经伴着我们走过春华秋实。天空蔚蓝，杜鹃纷飞，飞过季节，曾经萍水相逢，欢聚一堂，蓦然回首，唯歌声飘留。让人忆起《米拉波桥》里的诗句：夜幕降临，钟声悠悠，时光已逝，唯我独留。
　　人在天涯，绵绵的思绪随着微风飘浮，从布满礁石的心灵海滩上穿过千山万水，来到游荡的身躯里，刻下一篇篇笺章。而这，或许在多年以后，当再次翻动时，原以为什么都已改变，
　松开的记忆，飘落的莫名的尘埃，像起伏的微风，拂过脑海，留下一份情愁。一条街，没有那些人，那些身影，却能来回徘徊穿梭。街，行走时，纵然漫长，漫长，有时只为听一颗流动的心的呓语。沉默，倔强，回望，忘记，记住，一切像断了的弦，有时希望生活简单就好，有时却又莫名的颓废其中。
　　有些路，只能一个人走；有些事，只能一个人去经历。粗读加缪、萨特的存在主义，它告诉我，人就是非理性的存在。光秃秃的枝桠、清寂的清晨、流动的阳光，飘落于心，或快意，或寂寥，映照心境，然而，有时却只属于那一刻。总之，一切只是心情。
　　人生的画面一幅幅地剪辑，最后拼凑出的是一张五彩斑斓的水彩画，有艳丽的火红色，凝重的墨黑以及一抹忧郁的天蓝色。人的记忆很奇特，那些曾经的过往，就像一幅幅的背景图，只有一个瞬间，却没有以前或以后。比如，只能记得某个瞬间的微笑，只能在记忆的痕迹寻觅某时刻骑着单车穿过路口拐角的瞬间，却都不知晓为何微笑，为何穿过街角。
　　一切，有时荒诞得像一场莫名情景剧。然而，这就是生活。
　　曾经的梦，曾经的痛，曾经的歌，曾经的热情相拥，曾经的璀璨星空。
　　也许，多年以后，再也见不到的那些人，和着记忆的碎片飘荡而来，曾经伴着我们走过春华秋实。天空蔚蓝，杜鹃纷飞，飞过季节，曾经萍水相逢，欢聚一堂，蓦然回首，唯歌声飘留。让人忆起《米拉波桥》里的诗句：夜幕降临，钟声悠悠，时光已逝，唯我独留。
　　人在天涯，绵绵的思绪随着微风飘浮，从布满礁石的心灵海滩上穿过千山万水，来到游荡的身躯里，刻下一篇篇笺章。而这，或许在多年以后，当再次翻动时，原以为什么都已改变，
　松开的记忆，飘落的莫名的尘埃，像起伏的微风，拂过脑海，留下一份情愁。一条街，没有那些人，那些身影，却能来回徘徊穿梭。街，行走时，纵然漫长，漫长，有时只为听一颗流动的心的呓语。沉默，倔强，回望，忘记，记住，一切像断了的弦，有时希望生活简单就好，有时却又莫名的颓废其中。
　　有些路，只能一个人走；有些事，只能一个人去经历。粗读加缪、萨特的存在主义，它告诉我，人就是非理性的存在。光秃秃的枝桠、清寂的清晨、流动的阳光，飘落于心，或快意，或寂寥，映照心境，然而，有时却只属于那一刻。总之，一切只是心情。
　　人生的画面一幅幅地剪辑，最后拼凑出的是一张五彩斑斓的水彩画，有艳丽的火红色，凝重的墨黑以及一抹忧郁的天蓝色。人的记忆很奇特，那些曾经的过往，就像一幅幅的背景图，只有一个瞬间，却没有以前或以后。比如，只能记得某个瞬间的微笑，只能在记忆的痕迹寻觅某时刻骑着单车穿过路口拐角的瞬间，却都不知晓为何微笑，为何穿过街角。
　　一切，有时荒诞得像一场莫名情景剧。然而，这就是生活。
　　曾经的梦，曾经的痛，曾经的歌，曾经的热情相拥，曾经的璀璨星空。
　　也许，多年以后，再也见不到的那些人，和着记忆的碎片飘荡而来，曾经伴着我们走过春华秋实。天空蔚蓝，杜鹃纷飞，飞过季节，曾经萍水相逢，欢聚一堂，蓦然回首，唯歌声飘留。让人忆起《米拉波桥》里的诗句：夜幕