财务分析论文之浅谈财务综合评价
财务分析的综合评价分析
财务分析的综合评价分析引言概述：财务分析是指通过对企业财务数据的采集、整理和分析，评估企业的经营状况和发展潜力，匡助投资者、管理层和其他利益相关者做出决策。
综合评价分析是财务分析的重要环节，通过综合考虑企业的财务指标、经营风险和市场竞争力等因素，对企业的整体状况进行评估和分析。
本文将从四个方面详细阐述财务分析的综合评价分析。
一、财务指标的综合评价1.1 资产负债表分析：通过分析企业的资产负债状况，包括资产结构、负债结构和权益结构等，评估企业的偿债能力和财务稳定性。
1.2 利润表分析：通过分析企业的收入、成本和利润等指标，评估企业的盈利能力和经营效益。
1.3 现金流量表分析：通过分析企业的经营、投资和筹资活动对现金流量的影响，评估企业的现金流量状况和经营能力。
二、经营风险的综合评价2.1 行业竞争力分析：通过对行业竞争格局、市场份额和市场增长率等因素的分析，评估企业在行业中的竞争地位和市场前景。
2.2 盈利能力稳定性分析：通过分析企业的盈利能力的稳定性、波动性和增长性等指标，评估企业的盈利能力的可持续性和发展潜力。
2.3 经营风险分析：通过分析企业的经营风险，包括市场风险、信用风险和运营风险等，评估企业的经营风险承受能力和应对能力。
三、财务指标与经营风险的综合评价3.1 财务杠杆分析：通过分析企业的财务杠杆比率，评估企业的财务风险和资本结构合理性。
3.2 盈利能力与市场竞争力的综合评价：通过综合考虑企业的盈利能力和市场竞争力，评估企业的竞争优势和市场地位。
3.3 现金流量与经营风险的综合评价：通过综合考虑企业的现金流量状况和经营风险，评估企业的现金流量风险和经营能力。
四、综合评价的应用与局限性4.1 应用范围与目标：综合评价可以应用于投资决策、融资决策和经营决策等方面，匡助决策者全面了解企业的财务状况和经营潜力。
4.2 数据可靠性与局限性：综合评价需要依赖企业提供的财务数据，数据的可靠性和准确性对评价结果的影响较大，同时评价结果也受到评价方法和模型的局限性影响。
财务分析的综合评价分析
财务分析的综合评价分析一、引言财务分析是指通过对企业财务数据的搜集、整理、分析和解释，对企业的经营状况、盈利能力、偿债能力和发展潜力等进行评价和分析的过程。
综合评价分析是在财务分析的基础上，综合考虑各个方面的因素，对企业的财务状况进行综合评价和分析，为企业的决策提供参考依据。
二、财务分析指标1. 资产负债表分析资产负债表是反映企业在某一特定日期上的资产、负债和所有者权益的情况。
通过对资产负债表的分析，可以评估企业的偿债能力、资产结构和财务稳定性。
关键指标包括资产负债率、流动比率、速动比率等。
2. 利润表分析利润表是反映企业在一定时期内的经营收入、成本和利润情况。
通过对利润表的分析，可以评估企业的盈利能力和经营效益。
关键指标包括销售毛利率、净利润率、营业利润率等。
3. 现金流量表分析现金流量表是反映企业在一定时期内的现金流入和流出情况。
通过对现金流量表的分析，可以评估企业的现金流量状况和经营活动的现金收支情况。
关键指标包括经营活动现金流量净额、投资活动现金流量净额、筹资活动现金流量净额等。
三、综合评价分析方法1. 横向分析横向分析是将企业的财务数据按照时间顺序进行比较，分析同一指标在不同时间点上的变化情况。
通过横向分析，可以评估企业的财务状况的发展趋势和变化情况。
2. 纵向分析纵向分析是将企业的财务数据按照各个指标进行比较，分析不同指标在同一时间点上的差异情况。
通过纵向分析，可以评估企业在同一时间点上的财务状况和相对优势。
3. 比率分析比率分析是通过计算和比较各种财务指标的数值，评估企业在不同方面的财务状况。
常用的比率包括偿债能力比率、盈利能力比率、运营能力比率等。
通过比率分析，可以评估企业在不同方面的表现，并与同行业的平均水平进行比较。
四、案例分析以某公司为例，进行综合评价分析。
1. 资产负债表分析根据资产负债表数据，该公司的资产负债率在过去三年中保持稳定，为40%左右，说明该公司的资产负债状况较为健康。
财务分析中的综合评价
财务分析中的综合评价综合评价是财务分析的重要环节之一，它通过对财务指标、财务比率和财务报表的综合分析，对一个企业的经营状况和财务状况进行全面、客观的评估。
本文将从不同角度探讨财务分析中的综合评价。
一、财务指标的综合评价财务指标是衡量企业财务状况的重要指标，包括营业收入、净利润、总资产、净资产等。
综合评价财务指标时需要考虑多个因素，如行业比较、历史趋势、企业规模等。
首先，行业比较是综合评价财务指标的重要依据之一。
将企业的财务指标与同行业企业进行比较，可以了解企业在行业中的相对位置。
例如，若一家企业的销售额较同行业企业低，但利润率更高，则说明该企业运营效率较高。
因此，在综合评价财务指标时，与行业平均水平进行比较是非常有意义的。
其次，历史趋势也是综合评价财务指标的重要考量因素。
分析企业财务指标在不同时间段的变化趋势，可以揭示出企业的发展动态。
例如，若一家企业的净利润在过去几年持续增长，说明该企业具备较好的盈利能力和发展潜力。
因此，在综合评价财务指标时，对企业财务指标的变化趋势要有深入的分析。
最后，企业规模也会对综合评价财务指标产生影响。
规模较大的企业通常具备更强的资源配置和市场竞争能力，因此在财务指标上也往往表现更好。
在综合评价财务指标时，需要将企业规模因素纳入考虑范围，以提高评价的客观性和准确性。
二、财务比率的综合评价财务比率是衡量企业财务状况和经营能力的重要指标，包括流动比率、速动比率、资产负债率等。
综合评价财务比率时需要综合考虑多个指标之间的相互关系，以及与行业和历史数据的对比。
首先，财务比率的相互关系需要综合分析。
企业不同财务比率之间存在一定的关联性，例如，流动比率和速动比率反映了企业的流动性风险和偿债能力，两者之间存在较强的相关性。
在综合评价财务比率时，需要综合考虑不同指标之间的关系，以获取更全面的信息。
其次，与行业和历史数据对比是综合评价财务比率的重要依据之一。
将企业的财务比率与同行业平均水平进行对比，可以了解企业在行业中的相对优势与劣势。
财务分析报告论文学生(3篇)
第1篇摘要：本文以XX公司为例，通过对公司财务报表的分析，全面评估其财务状况、经营成果和现金流量情况。
通过对资产负债表、利润表和现金流量表的分析，揭示公司财务风险、盈利能力和偿债能力，为投资者、管理层和债权人提供决策依据。
关键词：财务分析；XX公司；盈利能力；偿债能力；财务风险一、引言财务分析是通过对企业财务报表的分析，揭示企业的财务状况、经营成果和现金流量情况，从而评估企业的经营状况和风险。
本文以XX公司为例，对其财务报表进行详细分析，以期为投资者、管理层和债权人提供决策依据。
二、XX公司概况XX公司成立于20XX年，主要从事XX行业的生产和销售。
公司成立以来，凭借良好的产品品质和完善的售后服务，在市场上取得了较好的口碑。
近年来，公司业务规模不断扩大，市场占有率逐年提高。
三、财务报表分析（一）资产负债表分析1. 资产结构分析根据XX公司2021年的资产负债表，公司总资产为XX亿元，其中流动资产占比较高，达到XX%。
具体来看，货币资金、应收账款和存货是公司流动资产的主要组成部分。
这说明公司在流动性方面表现良好，能够满足日常经营需求。
2. 负债结构分析XX公司2021年的负债总额为XX亿元，其中流动负债占比较高，达到XX%。
具体来看，短期借款、应付账款和预收账款是公司流动负债的主要组成部分。
这表明公司在偿债压力方面较大，需要加强现金流管理。
3. 所有者权益分析XX公司2021年的所有者权益为XX亿元，占公司总资产的比例为XX%。
这表明公司资本实力较强，有利于公司长期稳定发展。
（二）利润表分析1. 收入分析XX公司2021年的营业收入为XX亿元，同比增长XX%。
这表明公司主营业务发展良好，市场竞争力较强。
2. 成本分析XX公司2021年的营业成本为XX亿元，同比增长XX%。
成本控制方面，公司需进一步优化生产流程，提高资源利用率。
3. 利润分析XX公司2021年的净利润为XX亿元，同比增长XX%。
这表明公司盈利能力较强，具有较强的市场竞争力。
浅谈企业财务报表分析论文
浅谈企业财务报表分析论文浅谈财务报表分析的论文篇一摘要：伴随着我国社会经济的不断发展与进步，财务管理成为了企业可持续发展的重要保障。
近几年，财务制度在不断完善与中将财务报表分析的重要性不断体现，并逐渐成为优化各项财务信息的重要载体。
本文主要分析在企业财务管理中财务报表分析的内容、方法以及意义，并针对如何加强财务报表分析展开讨论，旨在实现我国企业财务管理工作的有序发展。
关键词：财务报表分析；企业；财务管理；应用当前我国社会经济快速发展，各企业之间竞争加剧，如何在激烈的社会竞争中立足成为企业所关注的内容。
其中在企业的发展中财务管理占据了重要地位，是关系到企业管理好与坏的重要指标，在新形势下企业需要积极提高财务管理的科学性与合理性，保证企业财务管理能够得到创新发展。
一、财务报表分析的基本概述（一）财务报表分析的主要内容所谓财务报表主要用来分析企业发展过程中的财务状况、盈利能力以及偿债能力，为实现企业财务管理起到十分重要的作用。
财务报表主要通过分析企业资产负债表、利润表、现金流量表获得企业过去、现在以及未来的基本信息。
因财务报表分析的目的不同，其内容需要从四个方面分析：第一是企业财务状况分析，是由企业资产、权益、现金流量所构成；第二是企业的偿债能力，从根本上反映企业财务状况。
第三是企业资产运营能力分析，主要包括总资产周转能力、流动资产周转能力的分析。
第四是企业盈利能力的分析。
（二）财务报表分析的主要方法企业财务报表分析中常用的方法主要包括比率分析法、比较分析法、趋势分析法、结构分析法、因素分析法、图表分析法与项目分析法。
通常的情况下，根据不同分析的目的和决策要求，财务分析要将这些分析方法综合运用在一起。
（三）财务报表分析的主要目的与作用财务报表分析主要是为信息的使用人提供准确的财务信息，财务报表分析的目的因使用报表的人的不同而有着明显的区别，主要表现在四点：第一是投资人可以对企业的资产现状以及盈利能力加以分析，从而决定是否需要投资；第二是债权人需要对贷款风险、报酬等方面分析，确定是否需要向企业实施贷款；第三是经营者为了改善财务决策与经营状况，需要对企业财务加以分析；第四是企业主管部门要清楚了解企业的纳税情况、职工的基本收入等。
年度财务报告分析论文(3篇)
第1篇摘要随着全球经济一体化的不断深入，企业财务报告作为反映企业经营状况和财务成果的重要文件，越来越受到投资者、债权人、监管机构等各方的关注。
本文以某上市公司为例，对其年度财务报告进行深入分析，旨在揭示其财务状况、经营成果和现金流量等方面的特点和问题，为投资者提供决策参考。
关键词：财务报告；年度分析；经营成果；现金流量；上市公司一、引言财务报告是企业对外披露财务状况和经营成果的重要途径，它对于投资者、债权人、监管机构等利益相关者了解企业运营状况具有重要意义。
通过对年度财务报告的分析，可以评估企业的盈利能力、偿债能力、运营效率和发展潜力。
本文以某上市公司为例，对其年度财务报告进行详细分析，以期揭示其财务状况和经营成果的特点及问题。
二、公司概况某上市公司成立于20XX年，主要从事XX行业的生产经营。
公司经过多年的发展，已经成为行业内的领军企业。
本文选取该公司20XX年度的财务报告作为分析对象。
三、财务报表分析1. 资产负债表分析（1）资产结构分析从资产负债表可以看出，该公司资产总额为XX亿元，其中流动资产占比较高，达到XX%，非流动资产占XX%。
流动资产主要包括货币资金、应收账款、存货等，表明公司具有较强的短期偿债能力。
非流动资产主要包括固定资产、无形资产等，反映了公司的长期发展潜力。
（2）负债结构分析该公司负债总额为XX亿元，其中流动负债占比较高，达到XX%，非流动负债占XX%。
流动负债主要包括短期借款、应付账款等，表明公司短期偿债压力较大。
非流动负债主要包括长期借款、应付债券等，反映了公司长期资金筹措情况。
2. 利润表分析（1）收入分析该公司20XX年营业收入为XX亿元，同比增长XX%，表明公司主营业务发展良好。
收入增长主要得益于市场需求增加和产品结构优化。
（2）成本费用分析20XX年，该公司营业成本为XX亿元，同比增长XX%，主要原因是原材料价格上涨和人工成本增加。
期间费用方面，销售费用、管理费用和财务费用分别为XX亿元、XX亿元和XX亿元，同比增长XX%、XX%和XX%，表明公司在费用控制方面存在一定问题。
财务分析的综合评价分析
财务分析的综合评价分析一、背景介绍财务分析是指通过对企业财务报表进行综合分析，评估企业的财务状况和经营绩效，为企业的决策提供参考依据。
综合评价分析是在财务分析的基础上，结合企业的行业特点和市场环境，对企业的财务状况进行全面评价和分析，以进一步了解企业的竞争力和发展潜力。
二、财务分析指标1. 资产负债表分析：通过分析企业的资产负债表，了解企业的资产结构、负债结构和净资产状况。
关注企业的资产负债比例、流动性和偿债能力等指标。
2. 利润表分析：通过分析企业的利润表，了解企业的收入来源、成本结构和盈利能力。
关注企业的销售收入增长率、毛利率和净利润率等指标。
3. 现金流量表分析：通过分析企业的现金流量表，了解企业的现金流入流出情况和经营活动的现金流量。
关注企业的经营活动现金流量净额、投资活动现金流量净额和筹资活动现金流量净额等指标。
三、综合评价分析方法1. 横向分析：将企业的财务数据按照时间序列进行比较，分析企业在不同时间段的财务状况和经营绩效的变化趋势。
可以通过计算财务指标的增长率或变动幅度，评估企业的发展速度和稳定性。
2. 纵向分析：将企业的财务数据按照不同财务指标进行比较，分析企业在同一时间点的财务状况和经营绩效的差异。
可以通过计算财务指标的比率或比例，评估企业的相对优劣。
3. 比较分析：将企业的财务数据与同行业或同类型企业进行比较，分析企业在行业内的竞争力和市场地位。
可以通过计算财务指标的行业排名或市场份额，评估企业的竞争优势和发展潜力。
四、综合评价分析案例以某电子科技公司为例，进行综合评价分析：1. 资产负债表分析：该公司的资产负债比例逐年下降，流动性较好，偿债能力较强。
2. 利润表分析：该公司的销售收入增长率呈现稳定增长，毛利率保持在行业平均水平，净利润率逐年提升。
3. 现金流量表分析：该公司的经营活动现金流量净额稳定增长，投资活动现金流量净额呈现下降趋势，筹资活动现金流量净额保持稳定。
综合评价分析结果显示，该电子科技公司在财务状况和经营绩效方面表现良好。
财务会计专业论文——浅谈企业财务分析及评价外文文献
FINANCIAL MANAGEMENT AND ANALYSIS OFFINANCIAL STATEMENTSAuthor(s): C. O. Hardy and S. P. MeechFinancial Management and Analysis is an introduction to the concepts,tools, and applications of finance. The purpose of this textbook is to communicate the fundamentals of financial management and financial analysis.This textbook is written in a way that will enable students who are just beginning their study of finance to understand financial decision-making and its role in the decision-making process of the entire firm.Throughout the textbook, you’ll see how we view finance.We see financial decision-making as an integral part of the firm’s decision-making, not as a separate function. Financial decision-making involves coordination among personnel specializing in accounting,marketing, and production aspects of the firm.The principles and tools of finance are applicable to all forms and sizes of business enterprises, not only to large corporations. Just as there are special problems and opportunities for small family-owned businesses(such as where to obtain financing), there are special problems and opportunities for large corporations (such as agency problems that arise when management of the firm is separated from the firm’s owners). But only fundamentals of financial management are the same regardless of the size or form of the business. For example, a dollar today is worth more than a dollar one year from today, whether you are making decisions for a sole proprietorship or a large corporation.We view the principles and tools of finance as applicable to firms around the globe, not just to U.S. business enterprises. While customs and laws may differ among nations, the principles, theories, and tools of financial management do not. For example, in evaluating whether to buy a particular piece of equipment, you must evaluate what happens to the firm’s future cash flows (How much will they be? When willthey occur? How uncertain are they?)whether the firm is located in the United States, Great Britain, or elsewhere. In addition, we believe that a strong foundation in finance principles and the related mathematical tools are necessary for you to understand how investing and financingdecisions are made. But building that foundation need not be strenuous. One way that we try to help you build that foundation is to present the principles and theories of finance using intuition, instead of with proofs and theorems. For example, we walk you through the intuition of capital structure theory with numerical and real world examples, not equations and proofs. Another we try to assist you is to approach the tools of finance using careful, step-by-step examples and numerous graphs.Financial Management and Analysis is presented in seven parts. The first two parts (Parts One and Two) cover the basics, including the objective of financial management, valuation principles, and the relation between risk and return. Financial decision-making is covered in Parts Three, Four, and Five where we present long-term investment management (commonly referred to as capital budgeting), the management of long-term sources of funds, and working capital management. Part Six covers financial statement analysis which includes financial ratio analysis, earnings analysis, and cash flow analysis. The last part (Part Seven) covers several specialized topics: international financial management, borrowing via structured financial transactions (i.e., asset securitization), project financing, equipment leasing, and financial planning and strategy.Logical structure,The text begins with the basic principles and tools, followed by long-term investment and financing decisions. The first two parts lay out the basics; Part Three then focuses on the “left side” of the balance sheet (the assets) an d the Part Four is the “right side” of the balance sheet (the liabilities and equity). Working capital decisions, which are made to support the day-to-day operations of the firm, are discussed in Part Five. Part Six provides the tools for analyzing a firm’s financial statements. In the last chapter of the book, you are brought back full-circle to the objective of financial management: the maximization of owners’ wealth.Graphical illustrations, Graphs and illustrations have been carefully and deliberately developed to depict and provide visual reinforcement of mathematical concepts. For example, we show the growth of a bank balance through compound interest several ways: mathematically, in a time-line,and with a bar graph.Applications,As much as possible, we develop concepts and mathematics using examples of actual practice. For example, we first present financial analysis using asimplified set of financial statements for a fictitious company. After you’ve learned the basics using the fictitious company, we demonstrate financial analysis tools using data from Wal-Mart Stores, Inc. Actual examples help you better grasp and retain major concepts and tools. We integrate over 100 actual company examples throughout the text, so you’re not apt to miss them. Cons idering both the examples throughout the text and the research questions and problems, you are exposed to hundreds of actual companies.Extensive coverage of financial statement analysis. While most textbooks provide some coverage of financial statement analysis, we have provided you with much more detail in Part Six of the textbook. Chapter 6 and the three chapters in Part Six allow an instructor to focus on financial statement analysis.Extensive coverage of alternative debt instruments. Because of the innovations in the debt market, alternative forms debt instruments can be issued by a corporation. In Chapter 15, you are introduced to these instruments. We then devote one chapter to the most popular alternative to corporate bond issuance, the creation and issuance of asset-backed securities.Coverage of leasing and project financing. We provide in-depth coverage of leasing in Chapter 27, demystifying the claims about the advantages and disadvantages of leasing you too often read about in some textbooks and professional articles. Project financing has grown in importance for not only corporations but for countries seeking to develop infrastructure facilities. Chapter 28 provides the basic principles for understanding project financing.Early introduction to derivative instruments. Derivative instruments (futures, swaps, and options) play an important role in finance. You are introduced to these instruments in Chapter 4. While derivative instruments are viewed as complex instruments, you are provided with an introduction that makes clear their basic investment characteristics. By the early introduction of derivative instruments, you will be able to appreciate the difficulties of evaluating securities that have embedded options (Chapter 9), how there are real options embedded in capital budgeting decisions ( Chapter14), and how derivative instruments can be used to reduce or to hedge the cost of borrowing (Chapter 15). Stand-alone nature of the chapters. Eachchapter is written so that chapters may easily be rearranged to fit different course structures. Concepts, terminology, and notation are presented in each chapter so that no chapter is dependent upon another. This means that instructors can tailor the use of this book to fit their particular time frame for the course and their students’preparation (for example, if students enter the course with sufficient background in accounting and taxation, Chapters 5 and 6 can be skipped). We believe that our approach to the subject matter of financial management and analysis will help you understand the key issues and provide the foundation for developing a skill set necessary to deal with real world financial problems.Introduction to Financial Management and Analysis Finance is the application of economic principles and concepts to business decision-making and problem solving. The field of finance can be considered to comprise three broad categories: financial management,investments, and financial institutions:Financial management. Sometimes called corporate finance or business finance, this area of finance is concerned primarily with financial decision-making within a business entity. Financial management decisions include maintaining cash balances, extending credit, acquiring other firms, borrowing from banks, and issuing stocks and bonds.Investments, This area of finance focuses on the behavior of financial markets and the pricing of securities. An investment manager’s tasks, for example, may include valuing common stocks, selecting securities for a pension fund, or measuring a portfolio’s performance.Financial institutions, This area of finance deals with banks and other firms that specialize in bringing the suppliers of funds together with the users of funds. For example, a manager of a bank may make decisions regarding granting loans, managing cash balances, setting interest rates on loans, and dealing with government regulations. No matter the particular category of finance, business situations that call for the application of the theories and tools of finance generally involve either investing (using funds) or financing (raising funds).Managers who work in any of these three areas rely on the same basic knowledge of finance. In this book, we introduce you to this common body of knowledge and show how it is used in financial decision- making. Though the emphasis of this book is financial management, the basic principles and tools also apply to the areas of investments and financial institutions. In this introductory chapter, we’ll consider the types of d ecisions financial managers make, the role of financial analysis, the forms of business ownership, and the objective of managers’ decisions. Finally, we will describe the relationship between owners and managers. FINANCIAL MANAGEMENTFinancial management encompasses many different types of decisions. We can classify these decisions into three groups: investment decisions, financing decisions, and decisions that involve both investing and financing. Investment decisions are concerned with the use of funds—the buying, holding, or selling of all types of assets: Should we buy a new die stamping machine? Should we introduce a new product line? Sell the old production facility? Buy an existing company? Build a warehouse? Keep our cash in the bank?Financing decisions are concerned with the acquisition of funds to be used for investing and financing day-to-day operations. Should managers use the money raised through the firms’ revenues? Should they seek money from outside of the business? A company’s operation s and investment can be financed from outside the business by incurring debts, such as though bank loans and the sale of bonds, or by selling ownership interests. Because each method of financing obligates the business in different ways, financing decisions are very important.Many business decisions simultaneously involve both investing and financing. For example, a company may wish to acquire another firm— an investment decision. However, the success of the acquisition may depend on how it is financed: by borrowing cash to meet the purchase price, by selling additional shares of stock, or by exchanging existing shares of stock. If managers decide to borrow money, the borrowed funds must be repaid within a specified period of time. Creditors (those lending the money) generally do not share in the control of profits of the borrowingfirm. If, on the other hand, managers decide to raise funds by selling ownership interests, these funds never have to be paid back. However, such a sale dilutes the control of (and profits accruing to) the current owners.Whether a financial decision involves investing, financing, or both, it also will be concerned with two specific factors: expected return and risk. And throughout your study of finance, you will be concerned with these factors. Expected return is the difference between potential benefits and potential costs. Risk is the degree of uncertainty associated with these expected returns.Financial AnalysisFinancial analysis is a tool of financial management. It consists of the evaluation of the financial condition and operating performance of a business firm, an industry, or even the economy, and the forecasting of its future condition and performance. It is, in other words, a means for examining risk and expected return. Data for financial analysis may come from other areas within the firm, such as marketing and production departments, from the firm’s own accounting data, or from financial information vendors such as Bloomberg Financial Markets, Moody’s Investors Serv ice, Standard & Poor’s Corporation, Fitch Ratings, and Value Line, as well as from government publications, such as the Federal Reserve Bulletin.Financial publications such as Business Week, Forbes, Fortune, and the Wall Street Journal also publish financial data (concerning individual firms) and economic data (concerning industries, markets, and economies), much of which is now also available on the Internet. Within the firm, financial analysis may be used not only to evaluate the performance of the firm, but also its divisions or departments and its product lines. Analyses may be performed both periodically and as needed, not only to ensure informed investing and financing decisions, but also as an aid in implementing personnel policies and rewards systems.Outside the firm, financial analysis may be used to determine the creditworthiness of a new customer, to evaluate the ability of a supplier to hold to the conditions of a long-term contract, and to evaluate the market performance of competitors.Firms and investors that do not have the expertise, the time, or the resources to perform financial analysis on their own may purchase analyses from companies that specialize in providing this service. Such companies can provide reports ranging from detailed written analyses to simple creditworthiness ratings for businesses. As an example, Dun & Bradstreet, a financial services firm, evaluates the creditworthiness of many firms, from small local businesses to major corporations. As another example, three companies—Moody’s Investors Service, Standard & Poor’s, and Fitch—evaluate the credit quality of debt obligations issued by corporations and express these views in the form of a rating that is published in the reports available from these three organizations.A.The Financial RatiosWe need to use financial ratios in analyzing financial statements.—The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency.We may make comparisons between items in the comparative financial statements as follows:1. Between items in the comparative balance sheeta) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilitiesb) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratioof cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period's statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this yearb) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding thatOur comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:I.Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle.2.Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financial ratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financial statements:I. Working-capital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio of cost of goods sold to merchandise inventory, i.e., the turn over of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payableIO. The ratio of inventory to accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2.The ratio of sales to intangible assets, i.e., the turnover of intangibles3.The ratio of annual depreciation and obsolescence charges to the assets against which depreciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. The ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investments to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.B.Technique of Financial Statement AnalysisAre the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain theactual financial condition at that date it is necessary to subtract the amount of the security issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratio affords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test of working-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like thetwo-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I:I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid and if the risks of changes in price are small.The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging theturnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turn over of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly. Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.。
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财务分析论文之浅谈财务综合评价
南京信息工程大学院财务管理专业南京210044
摘要：财务分析是以企业的财务报表和其他资料为基本，采用专门的分析工具和方法，从财务报表中寻找有用的信息，有效地寻求企业经营的财务状况变化的原因，从而对企业的财务状况、经营成果和现金流量进行综合与评价的过程。
本文从财务综合分析这一角度阐述财务分析于当今企业的重要之处，并且以光明家具有限公司为例，从该公司对自身财务状况分析方法的转变分析，并且以此为结果扩大分析范围，突出财务综合分析的作用。
关键词：财务综合分析，财务指标
概述国内外研究文献
企业存在的有两个很大的目的，一个是股东至上，另一个无疑就是寻找最大的利润。
而在现今社会，要评价一个企业的经营成果，我想不仅仅只是一个净利润指标就可以衡量的。
如今，无可置否的整个财务分析在企业经营活动之中所占的位置是很重要的。
但是如果只是单纯分析一个财务指标，这和仅用净利润分析公司经营成果又有什么区别呢？所以，在分析公司的财务状况之时要综合的分析财务状况。
因此，在评价一个企业或者公司之时，不管是对企业筹措资金活动的分析，投资项目动的分析，企业销售收入的分析，如何分配利润的分析，又或是对企业盈利能力的分析，经营活动能力的分析，偿还债务能力的分析等等之类的其他能力指标的分析。
我们都是在看其报表的基础上分析评价其结果。
但是，这样分析评价的缺陷是相当明显的。
清晰可见，这些结果只能反映某一方面的或者是企业在某一个环节上的财务状况的经营结果。
所以，我们所查看的分析结果都只是非常片面的，甚至有些事带有主观色彩的以及个人判断。
只有立足于全面的财务状况分析，我们所查看的指标才可能是全面的，我们也才可能站在全面的指标之上，综合分析财务状况。
国内外对于财务综合分析的研究是有很多的，当然对于财务综合分析研究的方法也是有很多的，并且是在不断研究之中，企业不断发展之中，相应的研究方法也是不断地完善的。
先纵观一下国内的相关的法律政策以及制度，首先是财政部于1993年颁布并且实施了《企业财务通知》，这份通知分别从企业偿还债务的能力，营运的能力，盈利的能力等其他方面对企业的财务状况进行综合的分析评价。
时隔两年，财政部再次颁布了有关企业经济效益评价的综合指标。
这个体系把投资人、债权人以及给予社会的贡献这三个方面联系企业，综合评价企业的效益问题。
21世纪初，业界对于财政部发布的的《国有资本金效绩评价规则》开会研究，直至后来修改定案。
从此，分析一个企业的经营状况如何让、财务综合状况有了更加完善的分析体系以及分析指标。
说到国外，美国经济学家于1930年提出通过了企业与外部环境之间的关系对企业的财务分析，战略管理和业务知识做出综合评价。
1959年，马丁提出了一套包括公司的社财务政策，公司的生产效率，公司的社会贡献等等在内的指标分析体系，以此对企业的财务状况进行分析评价。
理论研究结论
现如今，谈及企业的财务综合评价，你是不是还是手足无措呢？我想在细细的了解财务综合评价的方法之后，你是不会有这样的困扰的。
毫无疑问，在综合分析评价之时，是有很多方法可供选择地。
但是具体是采用何种方法，具体是从哪个指标入手，我想这是需要具体分析的，主要的是还是要看企业分析的目的是侧重于分析哪一方面的内容，想要得到哪种经营信息。
但是，我们必须要注意到这样分析指标的一个弊端。
在我们单方面分析之时，我们只注意到了局部，而忽视了整体，我们是不能从单方面的指标看到企业的综合财务状况的。
案例分析
企业经济活动之初并不是综合分析财务指标的，一般都是单方面某一指标，或者侧重于其中之一的指标。
然而，这种分析方法的缺陷是显而易见。
以光明家具有限公司为例来具体说一说综合分析的重要性。
1995年之前，光明家具公司资产的增长率，销售收入的增长率以及利润的增长率都是处于稳定的增长之中。
但是，无疑1995年的最后一个季度是一个转折点，企业的销售额没有增加，反而处于下降趋势。
虽然当时的销售增长率为百分之三十八，但是在那时市场已经处于饱和阶段，公司想要通过提高销售价格弥补成本的方法遇到了困难。
到了1996年公司的库存很明显是不断上升的。
到了1997年市场在持续萧条，但是此时公司仍在继续增加生产量，到了1997年第四季度的时候，公司已经积压了大量的存货。
即使是外行人，在这个时刻都可以看出企业面临着非常严重的挑战。
于是，公司签订了一个扩建工厂的合同。
但是此项目预计在1998年2月需要额外投资100万元，所以光明公司计划通过短期贷款的方式进行筹资，然后在用新工厂获得的利润对债务进行还本付息。
这个时候也是一种契机，1998年住房制度改革人民在乔迁的时候，总是会淘汰一部分用旧了的家具，然后添置一些新家具。
这个消息无疑给了光明家具公司一个翻盘的机会。
公司预测在1998年的时候会营业成本会增加百分之八，并且采取一系列措施将企业产品的流动性增强。
从光明家具产发现问题之初，企业的财务主管并没有从整体的财务状况进行分析，只是单方面的从销售额度与营业成本，生产成本之间权衡，想要通过增加销售额度弥补成本这种望梅止渴的办法来解决问题。
这种类似于饮鸩止渴的方法无疑只能从表面上解决问题，但是根本的主要矛盾依旧是存在无法忽视的。
表面的创伤好医治，但是内部真正开始腐坏的地方却很难发现。
也正是因为这样，才错过了解决问题，找到面对家具市场疲软的对策，以至于后来企业陷入更加危急的境地。
不过幸运的是，在企业意识的问题的严重性之时，政府住房制度的改革，给光明家具公司创造了一个可以翻身的机会。
总所周知，机会是不能等人的，只有光明公司自身意识到并抓住机会才行。
但是在这个契机的面前，公司要面临着一个危机，就是货币资金不足的问题，如果要通过短期贷款的方式筹集资金，公司就要承担高达百分之十六的贷款利率，这无疑大大增加了光明公司的财务风险。
值得庆幸的是，光明公司在这种情况之下，并没有慌乱了阵脚，而是理性分析的公司现有的财务状况，并综合分析评价公司的财务水平，希望可以做出正确的决策。
于是光明公司根据1997年的财务报表以及相关标准值，计算出了一系列公司的综合经济指数，从全局的角度具体综合的分析公司的财务状况。
并且做出了在当时的情况之下，最恰当只合适的决策。
从光明家具有限公司可以看出，在一家公司，一家企业进行决策分析之时，要考虑到的因素真的是有很多很多的。
不是仅仅只是单纯的分析盈利能力，运营能力，偿债能力等等能力就可以做出正确的决策的。
相反的，如果只是简简单单的分析单一的指标，而不是综合分析评价财务状况，很有可能会做出不利于公司发展的错误的决策。
在这里我也不是过分夸大的宣传强调财务综合分析的重要性，而是告诉提醒分析财务状况的人，
不可以忽视财务综合分析。
我只是一个学生，但是仅仅是作为一个学生，我就已经知道以后要作为一个企业的财务分析人员，是不能从单方面的指标分析整个企业的财务状况，综合的分析一个企业的财务状况会影响到一个的企业未来的前景规划甚至是自身的存亡。
一个企业的经营决策是何等重要，我想这肯定是不需要我来叙述的。
当然在对企业财务进行综合分析评价之时，不能仅仅立足于企业的现状以及企业历史资料，只有自身是不能进步的，只有有强大的竞争对手，才能使企业不断创新，不断强大。
这就是说，在企业进行自我分析评价之时，不能忘记要与同行业之间进行分析评价，从别的企业上，吸取失败的教训，学习仿效成功的经验。
企业的各项经济活动之间关系是相互影响的，然而单方面的研究某一财务活动，经常会出现比较片面的结论，只有通过企业的财务综合分析，才会得出正确的结论。
综合结论
财务综合分析不仅仅简单的只是对于企业本身有着非常重要的意义，对于投资者甚至是整个社会，都有着非常重要的意义。
财务综合分析可以从不同的层次、不同的角度反映企业的经营活动的成果，企业的财务综合状况以及企业活动的现金净流量。
在现阶段，毫无疑问，企业自身的经营活动变得日益复杂，并且在全球化的今天社会资本流动当然也是全球化，更加凸显了财务综合分析在当今社会其不可超越的重要的地位。
随之而来的，怎样科学有效的建立财务综合分析体系也一并成为了财务分析界探讨的热门话题。
随着社会日益发展各种的需要，财务综合分析对企业进行绩效评价和企业多方使用者的信息需求都有重大的意义。
看我国，市场经济的不断发展，企业投资也逐渐的表现为多元化多方向舵层次的特点。
当然，文化素质的不断提高，让理性的消费者的数量越来越多，致使企业之间的竞争也是越来越激烈。
这样的一个经济背景之下，怎样才能使企业立于不败之地，怎样才能使企业在如此激烈的竞争中生存下来并且不断强大，这俨然成为当今时代探讨的焦点。
在这样的一个环境之下，我想如何分析企业财务状况已经成为了企业可以致胜，在众多竞争对手之中可以胜出的关键之一了。
只有灵活的运用财务分析手段，财务综合分析评价，以达到企业的目的，帮助企业规划未来，优化发展。
参考文献
【1】张先治，《财务分析（第四版）》，东北财经大学出出版社，P293—P365
【2】张先治，现代财务分析程序与方法体系重构，2002（04）。