What are the contents of the financial analysis system?

What are the contents of the financial analysis system? At present, the construction of enterprise financial analysis system mainly starts from four aspects: profitability, operational ability, solvency and development ability.

1. Profitability analysis

Profitability refers to the ability of an enterprise to earn profits in a certain period of time. Profitability analysis is the focus of enterprise financial analysis, mainly the analysis of profit rate, including asset profitability analysis and operating profitability analysis. The main indicators are return on net assets, return on total assets, operating profit rate and cost profit rate.

2. Operational capacity analysis

Management ability is the role that an enterprise plays in achieving its goals under the constraints of the external market environment through the combination of internal means of production and human resources. The strength of asset operation ability depends on the turnover speed of assets, that is, the ratio of asset output to asset occupation. Operational capacity analysis includes operational capacity analysis of current assets, non-current assets and total assets. The main indicators are accounts receivable turnover rate, inventory turnover rate, current assets turnover rate, fixed assets turnover rate, total assets turnover rate and so on.

3. Solvency analysis

Solvency is the ability of an enterprise to repay its own debts. The analysis of solvency is restricted by the debt composition of enterprises and the assets needed for debt repayment, and is usually divided into short-term solvency analysis and long-term solvency analysis. The main indicators are current ratio, quick ratio, cash ratio and asset-liability ratio.

4. Analysis of enterprise development ability

Development ability is the development trend and potential of enterprises' future production and operation activities. Compared with profitability, operational ability and solvency, the analysis of development ability is more comprehensive and sufficient, which is the comprehensive embodiment of the first three. The main indicators include sales growth rate, net profit growth rate and asset growth rate.

For financial personnel, how to efficiently sort out and analyze financial data, use effective analysis results to help enterprises locate and avoid potential risks is a senior requirement for financial managers in the new era.

The indicator system of financial analysis includes which financial analysis indicators convey financial information and explain financial activities and results in a concise form and with data as the language. The financial indicators established here are different from the national assessment regulations for enterprise work. It involves a wide range of financial activities of enterprises, including a large number of indicators, while the assessment indicators stipulated by the state focus on key points and selectively stipulate some indicators, which are divided into external analysis index system and internal analysis index system.

The contents of enterprise financial analysis include:

A. content of external analysis. Analysis of enterprise's solvency; Analysis of enterprise profitability; Efficiency analysis of enterprise assets utilization: analysis of social contribution ability; Analysis of comprehensive strength of enterprises.

B. Internal analysis content. In addition to the above external analysis, it also includes: enterprise financing analysis; Enterprise investment analysis.

In addition, internal analysis should also include: analysis of the implementation of enterprise operating budget; Analyze the financial situation and the reasons for financial performance.

C. thematic analysis. With the development of market economy, enterprises will encounter many new situations and problems. Enterprises and external information users can choose specific materials and contents according to their own characteristics and combined with specific goals, and conduct some targeted thematic analysis.

For example, the company's financial information quality analysis, capital asset structure optimization analysis and so on.

D. Talking about the relationship between financial analysis and related disciplines.

With the deepening of market economy reform, the reform of China's accounting discipline system has also entered a new stage, from the financial accounting dispute in the early 1980s to two disciplines, which is the inevitability of theoretical development. The combination of disciplines is due to the change of environment and the development of history, which is the objective law of scientific development. From the 20th century to the 1990s, there was a weak voice in the accounting forum that financial analysis should be independent. Now, the discussion on this topic is more and more heated, and it seems that due to the gradual improvement of market mechanism and competition mechanism, financial analysis must be understood independently. Then, what is the position of the independent financial analysis discipline in many accounting disciplines, including what content, and what is the relationship with its original subsidiary disciplines? This is not a simple subtraction problem, but a long selection and screening process.

1 internal analysis index system.

The setting of internal index system is mainly to meet the needs of enterprise internal management, which can be flexibly set according to the characteristics of the industry and the special needs of management, and its content is quite extensive.

Generally speaking, it can be set from financing and investment.

1. 1 enterprise financing analysis.

Under the market economy system, enterprises need to raise funds by themselves, so financing analysis has become an important part of enterprise financial analysis. In the financing analysis, we should first analyze the capital demand of the enterprise, and then analyze the future financial situation and profitability of the enterprise; Third, analyze the capital cost and financing risk of enterprises; Finally, determine a reasonable financing plan and negotiate with the fund suppliers to make the financing activities of enterprises go smoothly. You can set indicators such as financing structure ratio and capital cost ratio.

1.2 enterprise investment analysis.

Enterprises should first analyze the feasibility of investment activities and provide basis for investment decision-making, which is the focus of investment analysis; Secondly, the investment activities should be analyzed to control the investment scale and improve the investment efficiency; Finally, the investment activities are analyzed afterwards to evaluate the investment effect and performance, and provide the basis for enterprises to improve their investment decisions in the future. When analyzing investment, enterprises generally need to consider financial factors such as time value of capital, risk value of investment, capital cost and cash flow. In the investment stage, in order to investigate the feasibility of the investment scheme, we can set the internal rate of return, set the investment rate of return, investment payback period and other indicators to investigate the investment income.

2 external analysis index system.

2. 1 corporate solvency.

The solvency analysis of an enterprise refers to the ability of an enterprise to repay its debts. Through its analysis, we can reveal the financial risks of enterprises. According to the length of repayment period, it can be divided into short-term solvency and long-term solvency.

2. 1. 1 Short-term solvency refers to the ability of an enterprise to pay its current liabilities with current assets. For people who need external information, it is very important to set this indicator. This indicator is also very important for enterprises. Short-term solvency mainly depends on the size of working capital and the speed of realizing assets.

In addition, the indicators of available bank loans, long-term assets to be realized, solvency reputation, unrecorded contingent liabilities, liabilities caused by guarantee liabilities, and pending lawsuits also have an impact on it. Short-term solvency usually sets the following indicators: current ratio; Rapid or acid test ratio; Cash ratio.

2. 1.2 Long-term solvency refers to the ability of an enterprise to repay long-term debts with assets or services. The long-term solvency is analyzed because the profits of enterprises are closely related to them. When analyzing the long-term solvency, we must pay attention to the profitability of enterprises. This is because the cash inflow of an enterprise ultimately depends on the profits that can be obtained, and the cash outflow ultimately depends on the costs that must be paid. In addition, the ratio of debt to capital is also extremely important. There are many factors that affect the long-term solvency of enterprises, except assets, liabilities and shareholders' equity. There are also factors such as long-term lease, guarantee responsibility and contingent projects. The long-term solvency indicators are: the multiple of earning interest; Asset-liability ratio; Proportion of property rights; Tangible net debt ratio

2.2 Enterprise asset utilization efficiency analysis.

Asset utilization efficiency refers to the analysis of the utilization efficiency and turnover of all or part of the assets of an enterprise. The purpose of enterprise management is to make effective use of various assets and obtain the maximum profit. Profits mainly come from operating income, and enterprises must rely on assets and use assets to obtain operating income. The faster the asset turnover rate, the higher its efficiency and the greater its profit. Does the enterprise overinvest in various assets? Is it because of the shortage of equipment that the output is insufficient? Is there a decrease in profits due to idle assets? All these problems are concerned by business managers, investors, creditors and other related people. Through the analysis of asset utilization efficiency, we can evaluate whether the business income of an enterprise maintains a reasonable relationship with various operating assets and examine the efficiency of the enterprise in using various assets. The indicators of asset utilization efficiency are: inventory turnover rate; Accounts receivable turnover rate; Turnover rate of current assets; Turnover rate of fixed assets; Total assets turnover rate.

2.3 Profitability analysis.

Profitability analysis refers to the analysis of enterprise profitability and profit distribution. It is the comprehensive performance of enterprise's financial structure and operating performance. The purpose of enterprise management is to make the enterprise profitable, so that its operation and scale will continue to grow and develop.

All information users are concerned about the profitability of enterprises. Investors care about the profits earned by enterprises and attach importance to the analysis of profits, because their investment returns are paid from them. If the company is listed on the stock market, the increase of corporate profits can also make the stock market price rise, thus enabling investors to gain capital gains. For creditors, profit is an important source of the company's solvency. * * * The relevant departments are concerned about the micro and macro economic benefits and the reliability of various taxes and fees. For enterprise managers, through the analysis of profitability, we can evaluate and judge the operating results of enterprises, analyze the reasons for changes, sum up experiences and lessons, and continuously improve the profitability of enterprises. It is a concentrated expression of managers' operating performance and management efficiency. For employees, it is a source of rich remuneration and funds, which can ensure the stability of work. It is also an important guarantee for the continuous improvement of collective welfare facilities.

The analysis index of enterprise profitability can be formulated from two aspects: general enterprises and listed companies. The profitability indicators of general enterprises are: sales profit rate; Cost-expense profit rate; Profit rate of total assets; Capital profit rate; Profit rate of equity. In addition to the above indicators, listed companies can also use the following indicators: earnings per share; Dividend per share; Price-earnings ratio; Return on shareholders' equity; Dividend payment rate; Ratio of retained profits.

2.4 Analysis of social contribution ability.

Social contribution ability is to measure the contribution level of enterprises to the country or society from the perspective of the country or society. The goal of an enterprise is to maximize profits. However, as enterprises in socialist countries, it is not enough to pursue the economic benefits of individual enterprises unilaterally, but also to include their contributions to society. Profitable enterprises can be measured by realizing profits and taxes, but it is not applicable to some enterprises that mainly reflect social benefits. Therefore, the social contribution rate and social accumulation rate designed for this purpose can reflect the contribution of enterprises to the country and society from both economic and social benefits.

2.5 Comprehensive financial capacity analysis.

The analysis of comprehensive financial ability is based on the nature and trend of the overall changes in the financial and operating conditions of enterprises.

The above indicators reflect the financial situation of the enterprise from one side, which has certain one-sidedness and limitations. They must be systematically integrated and analyzed. Its indicators include the return on net assets in DuPont model and the actual score value of scoring comprehensive analysis method.

What external analysis does the external financial analysis index system have?

1 solvency of the enterprise.

The solvency analysis of an enterprise refers to the ability of an enterprise to repay its debts. Through its analysis, we can reveal the financial risks of enterprises. According to the length of repayment period, it can be divided into short-term solvency and long-term solvency.

1. 1 Short-term solvency refers to the ability of an enterprise to pay its current liabilities with its current assets. For people who need external information, it is very important to set this indicator. This indicator is also very important for enterprises. Short-term solvency mainly depends on the size of working capital and the speed of realizing assets.

1.2 Long-term solvency refers to the ability of an enterprise to repay long-term debts with assets or services. The long-term solvency is analyzed because the profits of enterprises are closely related to them. When analyzing the long-term solvency, we must pay attention to the profitability of enterprises. This is because the cash inflow of an enterprise ultimately depends on the profits that can be obtained, and the cash outflow ultimately depends on the costs that must be paid. In addition, the ratio of debt to capital is also extremely important.

2. Analysis of enterprise asset utilization efficiency.

Asset utilization efficiency refers to the analysis of the utilization efficiency and turnover of all or part of the assets of an enterprise. The purpose of enterprise management is to make effective use of various assets and obtain the maximum profit.

3 Profitability analysis.

Profitability analysis refers to the analysis of enterprise profitability and profit distribution. It is the comprehensive performance of enterprise's financial structure and operating performance. The purpose of enterprise management is to make the enterprise profitable, so that its operation and scale will continue to grow and develop.

What are the prerequisites of DuPont's financial analysis system? From the perspective of enterprise performance evaluation, DuPont analysis method only contains financial information, which can not fully reflect the strength of enterprises and has great limitations. Therefore, the prerequisite of DuPont's financial analysis system is that enterprises are greatly influenced by financial information.

What are the basic contents of enterprise financial analysis? The basic content of enterprise financial analysis: (1) short-term solvency analysis; (2) capital structure analysis; (3) Analysis of operating efficiency; (4) Profitability analysis; (5) Analysis of stock investment income related to stock market price.

What are the commonly used financial analysis systems (such as DuPont analysis)? This is the so-called financial evaluation, which starts with the analysis of the financial risks of enterprises, evaluates the factors such as capital risk, business risk, market risk and investment risk faced by enterprises, so as to monitor and evaluate the risks of enterprises, and formulate corresponding feasible long-term and short-term risk control strategies according to their causes and processes, so as to reduce or even eliminate risks and make enterprises develop healthily and sustainably.

Enterprise financial evaluation method

1. DuPont analysis method

Dupont's financial analysis system uses the method of target management to link the relationship between financial ratios, that is, there is a hierarchical relationship between financial ratios, and the superior financial ratio becomes the management goal of the subordinate financial ratio, and the subordinate financial ratio is the means to realize the superior financial ratio. Through the analysis of the relationship between ratios and their mutual influence, we can comprehensively and intuitively reflect the relationship between the financial conditions of enterprises, make a reasonable judgment on the financial conditions of enterprises, and find the crux of enterprise management with the help of the analysis of other related information, so DuPont financial analysis method is of great significance to the comprehensive financial analysis of enterprises.

Advantages of (1) DuPont analysis system.

The existing DuPont financial analysis system takes the return on net assets as the core index, organically combines the solvency, asset operation ability and profitability, decomposes them layer by layer, and gradually deepens them to form a complete analysis system, which intuitively and clearly reflects the financial situation of enterprises.

(2) The shortcomings of DuPont analysis system.

Dupont's financial analysis system also has some defects: first, it can't reflect the economic and technical indicators of enterprises; Second, it does not fully meet the requirements of maximizing the wealth of corporate shareholders; Third, all the data used come from the balance sheet, income statement and profit distribution table, which does not reflect the cash flow of the enterprise at all; Fourth, it is impossible to analyze the impact on the overall financial situation of enterprises and meet the needs of enterprises to strengthen internal management.

2. Cash flow assessment methods

Cash flow refers to the cash flow or cash flow status of an enterprise, which is an objective description of cash inflow, outflow and difference caused by certain economic activities in a certain accounting period according to the cash basis.

The cash flow evaluation method is mainly analyzed through the relevant contents of the cash flow statement. Mainly includes: cash flow structure analysis, solvency analysis, profitability analysis, enterprise future development scale potential analysis.

Cash flow usually reflects the cash inflow and outflow of enterprises in a certain period of time, which can neither reflect the marketing situation of enterprises nor reflect the assets and liabilities of enterprises. We should analyze the changes of cash flow from the combination of cash flow statement, balance sheet and income statement, pay attention to the combination of process and result, and pay attention to the combination of vertical comparative analysis and horizontal comparative analysis.

3.EVA financial evaluation method

EVA is the abbreviation of economic added value, which means economic added value and economic profit in Chinese. EVA is equal to after-tax operating net profit minus all capital costs, including debt and equity. It analyzes the growth of corporate wealth from the perspective of economics. EVA is a concept of economic profit, which is the biggest difference between EVA and traditional performance evaluation indicators.

The adoption of EVA financial evaluation method is helpful to the transformation of business philosophy, the management to increase the investment in R&D expenses, the realization of the company's sustainable development and the establishment of an effective incentive and restraint mechanism. However, there are management defects in this method, which limits its application scope and is operable when adjusting the project.

Dupont's financial analysis system is based on the return on net assets, which is decomposed into several financial indicators. By analyzing the influence of the change of each decomposition index on the return on net assets, this paper reveals the profitability of Penguin and the reasons for its change.

The relationship between the four important indicators of DuPont system;

Return on net assets = net interest rate of total assets * equity multiplier

= net operating profit rate * total assets turnover rate * equity multiplier

In which: operating net profit rate = net profit/operating income.

Total assets turnover rate = operating income/average total assets

Equity multiplier = total assets/total owner's equity

= 1/( 1- asset-liability ratio)

The answer of traditional financial analysis system ×

According to DuPont's financial analysis system, net interest rate = net interest rate of assets × equity multiplier = net interest rate of assets /( 1- asset-liability ratio). Only under the premise that the net interest rate of assets is constant and greater than 0, the statement that "the higher the debt level of enterprises, the greater the net interest rate of equity" is correct.

How is the financial analysis system and content construction in China? The first financial analysis summarizes the theory of financial analysis; Financial analysis information base; Procedures and methods of financial analysis Part II Financial report analysis and balance sheet analysis; Income statement analysis; Analysis of cash flow statement; Analysis of Statement of Changes in Owners' Equity

What are the similarities and differences between DuPont financial analysis system and the improved DuPont financial analysis system? Same: ROE is the core ratio;

Difference: The latter distinguishes between operating assets and financial assets, operating liabilities and financial liabilities, and profits and losses from operating activities and financial activities.