2.恒天海龙集团有限公司偿债能力分析(1)(1)(1)

恒天海龙集团有限公司偿债能力分析摘要目的：企业偿债能力是反映企业经营状况的一个重要因素，企业偿债能力分析也因而是企业财务管理中的重要职能，本文希望通过对恒天海龙集团偿债能力相关指标进行分析，进而提出完善企业偿债能力分析指标的方法，使企业偿债能力的分析更加科学可靠。方法：本研究从企业实际以及偿债能力指标的内涵出发，从盈利能力、营运能力以及现金流量等方面进行分析，并进行描述性统计，了解海龙集团近几年的发展趋势。结果：通过对企业偿债能力指标、盈利能力、营运能力及现金流量指标分析，得出近几年海龙集团发展遇到瓶颈期，企业偿债能力有所下降。结论：海龙集团的偿债能力还有待进一步提高。关键词：偿债能力；盈利能力；营运能力；现金流量表AbstractObjective:Toreflectthesolvencyofbusinessconditionsisanimportantfactor,solvencyanalysisisthereforeanimportantcorporatefinancialmanagementfunctions,thispaperhopethatthroughanalyzingtheDragonHengtianGroupsolvencymetrics,thenproposedimprovethesolvencyanalysisofindicatorsofwaystomakemorescientificanalysisofsolvencyandreliability.Methods:Inthisstudy,aswellastheactualcontentofcorporatesolvencyindicatorspointofview,beintermsofprofitability,operatingcapacityandcashflow,andotheranalysis,anddescriptivestatisticstounderstandthedevelopmenttrendoftheDragonGroupinrecentyears.Results:Theindexofsolvency,profitability,cashflowandoperatingcapacityindexanalysis,theDragonGroupinrecentyearsofdevelopmentbottleneck,solvencydeclined.Conclusion:DragonGroup'ssolvencyremainstobefurtherimproved.Keywords:solvency;profitability;operatingcapacity;CashFlow目录前言..................................................................................................................................................4一、企业偿债能力概述...................................................................................................................4二、影响企业偿债能力的因素.......................................................................................................5（一）企业的短期偿债能力指标及因素...............................................................................51.营运资金........................................................................................................................52.流动比率........................................................................................................................63.速动比率........................................................................................................................64.现金比率........................................................................................................................75.企业支付能力系数........................................................................................................7（二）长期偿债能力最新指标...............................................................................................81.资产负债率....................................................................................................................82.产权比率........................................................................................................................9三、实证分析...................................................................................................................................9（一）以传统方法为基础的偿债能力分析...........................................................................91.短期偿债能力分析....................................................................................................102.长期偿债能力分析....................................................................................................11（二）以盈利能力为基础的偿债能力分析.........................................................................111.销售利息比率............................................................................................................122.利息费用保障倍数....................................................................................................12（三）以营运能力为基础的偿债能力分析.........................................................................121.应收账款周转率和周转天数....................................................................................122.存货周转率和周转天数............................................................................................13（四）以现金流量表为基础的偿债能力分析.....................................................................131.现金流量比率............................................................................................................142.现金流量利息保障倍数............................................................................................14四、指标评价.................................................................................................................................14（一）从传统方法角度.........................................................................................................14（二）从盈利能力角度.........................................................................................................15（三）从营运能力角度.........................................................................................................15（四）从现金流量角度.........................................................................................................15参考文献.........................................................................................................................................16前言由于企业偿债能力是反映企业经营状况的一个重要因素，企业偿债能力分析也因而是企业财务管理中的重要职能，在企业偿债能力分析中比较常用的方法是以资产负债表、现金流量表为根据,计算流动比率、速动比率、现金比率和资产负债率等一系列比率指标并与有关评价标准进行比较来评价企业偿债能力的强弱[1]。这种分析企业偿债能力的方法是较为常用的，但是从效果上而言还存在着一定的缺陷，而且从当前我国的企业偿债能力分析来看也存在着一些问题，这些问题都就会降低企业偿债能力分析的真实性与