营运能力的分析【外文翻译】.doc

1、外文翻译原文Operation ability analysisMaterial Source: Chinas securities nets 05/17/2006 Author:TecheverOperation 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

2、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 enterprises operation ability level. Operation ability is the assets of the enterprise turnaround to measure the efficiency of the util

3、ization 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, b

4、usiness 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 capacit

5、y 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 enterprises investors operating capability analysis. Total asset

6、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

7、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 ne

8、w 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 expa

9、nsion strategy initial cost of relatively high.Current assets turnover is enterprises 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 inco

10、me nearly 1.6 billion yuan, growth rate, while the average flow rate reached more than doubled assets. The liquidity didnt 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 liqui

11、d 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

12、, 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 assetsThe average net value of fixed assets = (initial equity + final equi

13、ty) voting 2Enterprise 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 i

14、n 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 ba

15、lance.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 inv

16、entory 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

17、of the company is the more abundant. Other industrys 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

18、 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

19、 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,

20、 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

21、 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 belie

22、ve that the higher the turnover of the good.This index measure enterprise accounts receivable into cash speed. Because credit sales income cant easily get, in practice used more sales income is calculated alternative credit income. Suning customers is mainly individual consumer to both clear of mone

23、y 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,

24、 and liquidity strong, enterprises 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 t

25、he 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

26、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 operati

27、on 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

28、 real estate and industrial real estate, residential real estate than sex where profit margins, so vankes 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 mate

29、rials 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 rea

30、l 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 i

31、s 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,

32、 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

33、：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