商务英语偿债能力分析毕业论文2.0

1、北京理工大学珠海学院2020届本科生毕业论文Solvency Analysis of Vanke Group Solvency Analysis of Vanke GroupAbstractIn recent years, real estate companies have developed rapidly, and the real estate industry has become an important pillar to support the development of our national economy. If it is too hot in investing

2、the real estate industry the continuous rise in housing prices will generate a lot of economic bubbles, and then trigger an economic crisis; if the investment is depressed, it will lead to an increase in the unemployment rate, which is not conducive to driving consumption and promoting economic deve

3、lopment. Therefore, we must pay close attention to the development of the real estate industryAs we all know, the real estate industry has the characteristics of long investment cycles and large capital requirements. In order to maintain corporate development and exert financial leverage, real estat

4、e companies often have more debt, which has led to a high debt ratio in the real estate industry. Once the corporate capital chain Breakup, companies will fall into the crisis of mergers and acquisitions and bankruptcy. Coupled with the current unclear outlook of real estate, the analysis of the com

5、panys debt repayment ability by listed real estate companies is of vital importance to the companyThis article elaborates on the theory and basic concepts of solvency in theory, and then introduces in detail the specific indicators of enterprises in analyzing solvency. After giving a brief explanati

6、on of Vankes enterprises, the author uses various debt repayment indicators to analyze Vankes long-term and short-term solvency from 2010 to 2018, finds out the influencing factors that reduce Vankes solvency, and then proposes solutions to improve Vankes solvency.Keywords: solvency,solvency indicat

7、ors,ratio,Vanke 万科集团偿债能力分析摘 要近年来，房地产企业发展迅速，房地产行业已经成为支撑我国国民经济发展的重要支柱。房地产业如果投资过热，房价持续上涨产生大量经济泡沫，进而引发经济危机；如果投资萧条，会导致失业率上升，不利于带动消费，促进经济发展。因此，我们要对房地产业的发展保持高度关注。众所周知，房地产行业存在投资周期长，资金需求量大的特点，为维持企业发展，发挥财务杠杆作用，房地产企业往往存在较多负债，这就导致了房地产行业的高负债率现象，一旦企业资金链断裂，企业将陷入被并购和破产的危机。加之目前房地产前景的不清晰，房地产上市公司对公司偿债能力的分析对企业至关重要。这篇文章

8、从理论上阐述了偿债能力的理论和基本概念，再详细介绍企业在分析偿债能力的具体指标。在对万科企业进行简单阐述后，运用各项偿债指标对万科2010-2018年的长期和短期偿债能力进行分析，找出降低万科偿债能力的影响因素，再根据影响因素提出问题的解决办法，以期望可以为万科提高偿债能力做出些许贡献。 关键词：偿债能力；偿债指标；比率；万科ContentsAbstractI摘 要IIContentsIIIIntroduction11 The Concept of Debt Playing Ability32 The Analysis of solvency indicators42.1 Short term

9、 and long term solvency42.1.1 Short term solvency indicators42.1.2 Long term solvency indicators53. Solvency Analysis of Vanke73.1 Vanke Profile73.2 Indicators Analysis of Vanke83.2.1. Short Term Indicators83.2.2. Long Term Indicators123.3. Improvement Measure163.3.1 Improve Asset Quality163.3.2 Opt

10、imizing the Capital Structure163.3.3 Restructure Liabilities173.3.4 Improve Profitability173.3.5 Formulating a reasonable debt repayment plan173.3.6. Business Diversification18Conclusion19References20Acknowledgments21IIIIntroductionWith the continuous change of business concepts and business conscio

11、usness, investors, operators and creditors have become more and more concerned about the companys solvency. Solvency is the ability of an enterprise to repay its debts. By analyzing the companys ability to pay debts, the company can reveal the financial status, financial risks, and fund raising capa

12、bilities of an enterprise, and provide reference values for corporate financial management activities. Under the background of strengthened market regulation and financial supervision, real estate companies have large debt maturities, large external financing scales, and high financing costs. Theref

13、ore, the solvency of real estate listed companies is closely related to their operating performance, and their solvency seriously affects their survival and development. Especially the long-term debt solvency of enterprises， Investors can judge the potential safety and profitability of their investm

14、ent in the enterprise through the information reflected by long-term debt solvency. Creditors will pay more attention to the research on the companys solvency due to their immediate interests. Only the company has a guarantee of strong solvency, the creditors principal can be recovered in full and o

15、n time, and the due interest can be collected on time. Through the analysis of long-term solvency, business operators can find out the problem of corporate capital structure. Then business operators can quickly adjust the problems, and optimize the capital structure. It can also reveal how the finan

16、cial risk assumed by the enterprise is analyzed by analyzing the long-term debt-paying ability of the enterprise, predict the development prospect of the enterprise, and the Investment activities provide some reference value Scholars at home and abroad have done a lot of researches on corporate debt

17、 repayment ability. According to the theory of bankruptcy costs, in order to avoid debt risks, senior executives of real estate listed companies will reduce the debt financing ratio of enterprises. Blindly reducing the debt financing ratio sometimes does not avoid risks, but will accelerate the bank

18、ruptcy of enterprises. Theoretical research on the analysis of capital financing structure, using the fixed-effect panel analysis method, analyzes that the capital financing structure of Chinas listed companies is the main factor affecting the companys solvency.This article intends to explain the ch

19、aracteristics of Chinas real estate industry. Based on the relevant theories of solvency, analyze specific indicators of solvency, and take Vanke as an example to analyze relevant financial data of Vanke enterprises over the years. According to the current ratio, quick ratio and The cash ratio analy

20、zes the short-term solvency of the company. It analyzes the long-term solvency of the company based on indicators such as asset-liability ratio, equity ratio, equity multiplier, interest protection multiple and capital turnover rate, and tries to propose solutions to improve Vankes solvency. Through

21、 the study of this article, I hope that the improvement of the solvency of the real estate industry of domestic listed companies will be functional for referenc, so that it can ultimately help business operators to make production decisions, shareholders and potential investors investment and divest

22、.1 The Concept of Debt Paying Ability Debt-paying ability refers to the ability of an enterprise to repay long-term and short-term debt with its assets. The ability of an enterprise to pay cash and repay debt is the key to an enterprises healthy survival and development. The ability of a company to

23、pay its debts is an important indicator of its financial status and operating ability. Solvency is the ability of an enterprise to repay its debts due or guarantee, including the ability to repay short-term and long-term debt. The ability of a company to repay its debts is, statically speaking, the

24、ability to pay off its debts with its assets; dynamically speaking, it is its ability to pay its debts using its assets and the revenue generated by its business processes.2 The Analysis of solvency indicators2.1 The overview of short term and long term solvencySolvency can be divided into short ter

25、m and long term.Short term solvency means the debt need to pay limited in one year. Short-term solvency refers to the ability of an enterprise to repay its current liabilities with current assets, which reflects the ability of an enterprise to pay its obligations as it matures on a daily basis. For

26、creditors, the enterprise should have great solvency to ensure the safety of his capital. In this safe situation, creditors can receive interest and principal on schedule. For investors, if the short-term solvency of the enterprise occurs problems, the management of enterprises will spend a lot of e

27、nergy to raise funds to meet the debt repayment, but also increase the difficulty of enterprise financing. It may affect the profitability of enterprise.long term solvency is the debt with a maturity more than one year. Long-term solvency refers to the ability of an enterprise to bear debt and guara

28、ntee the ability to repay debt. The measure of long-term solvency of enterprises mainly depends on whether the capital structure of enterprises is reasonable, stable, and the long-term profitability of enterprises. The main indicators of long-term solvency are: asset-liability ratio, equity ratio, i

29、nterest protection multiple. The analysis of long-term solvency is an important issue that is of great significance to creditors, investors, operators and all people related to the enterprise.2.2 The Analysis of Short Term and Long Term Indicators2.2.1 Short term solvency indicators Short term solve

30、ncy always measured by next indicators. For example:(1) Current ratio = current assets / current liabilitiesIt is the ability of current assets to change into cash for debt repayment before short-term debts mature. The higher the ratio is, the stronger the companys short-term debt paying ability wil

31、l be, and vice versa. However, the current ratio is not as high as possible. Although a high ratio indicates a strong short-term solvency, it also reflects the large amount of current assets in corporate assets, and the existence of idle funds leads to low efficiency in the use of funds and affects

32、profitability.(2) Quick ratio = quick assets / current liabilities = (current assets-inventory) / current liabilitiesThe higher the ratio is, the stronger the short-term debt repayment ability of the enterprise will be. The quick ratios measure standard is 1. When the ratio is less than 1, the enter

33、prises debt repayment risk is high. When the ratio is greater than 1, the enterprises debt repayment risk is low. It is most appropriate when the ratio is equal to 1. And the different between current ratio and quick ratio is that the quick ratio cancel the inventory as the current assets to repay e

34、nterprises debt. Because inventory can not be changed into cash quickly, if the inventory cant be sold, it is not useful to debt paying.(3) Cash flow debt ratio = net cash flow / current liabilitiesThis ratio calculates the solvency directly by companys cash. The larger the ratio, the more net cash

35、flow the company generates in daily production, and it means the stronger the companys ability to repay debts. However, if this indicator is too large, the companys net cash flow will accumulate and it will not be able to make full use of liquid funds, which will result in idle funds and lower profi

36、tability.2.2.2 Long term solvency indicators (1) Asset-liability ratio = total debt / total assetsThis ratio reflects the ability of a company to pay its debts with its total assets at the time of bankruptcy and liquidation. It indicates how much of the companys total assets will be raised through d

37、ebt. This indicator is a comprehensive indicator for evaluating the companys debt level. At the same time, it is an indicator to measure the companys ability to use creditors funds for operating activities, and it also reflects the security of creditors loans. The smaller the ratio is, the stronger

38、the companys long-term debt repayment ability will be. It always not higher than 0.5, and the internationally considered ratio of 0.6 is more appropriate. The smaller the index, the better for creditors, but for business owners, companies do not make full use of financial leverage.(2) Equity ratio =

39、 total debt /equityIt used to reflect the degree of protection of the owners rights and interests to creditors. The total assets equals equity plus debt. The equity shows the capital structure of the company. If this indicator is less than 1, it means this companys assets are more from shareholders

40、investment. If it is more than 1, it indicates that the assets are more accumulated by borrowing money from creditors. The smaller the ratio, the less debt the company owed, it means the stronger of solvency.(3) Interest protection multiple = profit before interest/interest= (total profit + interest

41、) / interest.The shareholders equity ratio should be moderate. If the equity ratio is too small, it means that the company is over-indebted, which can easily weaken the companys ability to resist external shocks. Too large equity ratio means that the company has not actively used financial leverage

42、to expand its business scale.3. Solvency Analysis of Vanke3.1 Vanke ProfileVanke Real Estate (stock code: 000002) was established in May 1984. It entered the real estate industry in 1988 and was listed on the Shenzhen Stock Exchange in 1991. It is currently the leading leader of Chinese residential

43、development enterprises. Vanke has three major urban agglomerations (the Pearl River Delta, the Yangtze River Delta, and the Bohai Rim) as its main bases, and covers the central and western regions. In 1991, after Vanke Real Estate was listed on the Shenzhen Stock Exchange, its excellent business gr

44、owth level and humanized management mechanism have been highly recognized by investors. Vanke has won several awards such as the Best Corporate Governance Award and Best Investor Relations in international authoritative media evaluations.After years of active exploration and exploration, Vanke has g

45、radually become a leader in the real estate industry. Vanke Real Estate has become the first well-known trademark in the country, and its competitive advantage has been further highlighted. The companys multiple brand series such as Four Seasons Flower City and Golden Home have been unanimously love

46、d and praised by our customers. At the same time, the Scenario Garden House series launched by the company won the first invention patent in Chinas real estate industry. Vankes property system has also been in the leading position in the industry, and passed the first batch of ISO9002 quality system

47、 certification. Vanke established the first customer relationship organization in the industry, to facilitate better communication and feedback with customers, actively improve customer satisfaction, and strive for better quality.Vanke adhering to the concept of holding the bottom line, refusing to

48、be tempted, and serving customers with professional capabilities, through transparent and standardized enterprise systems and professional development models, excellent corporate governance has won a good reputation for the company, and has won customers for seven consecutive years the title of Chin

49、as Most Admired Enterprise with satisfaction, willingness of employees and welcome of partners.3.2 Indicators Analysis of Vanke3.2.1. Short Term Indicators(1) Current ratio = current assets / current liabilitiesOn the whole, Vankes current ratio remained above 1 in 2010-2018, and overall it has suff

50、icient solvency. In 2018, the industry average of the real estate ratio was 1.86, and the industrys highest was 7.40, but the higher, the better. In general, it is appropriate for the current ratio of the real estate industry to be about 2. In 2018, Vanke ranked 113 in the industry comparison, with

51、a current ratio of 1.15, and its short-term solvency performance was average. According to the analysis of the above table, the flow rate changed greatly around 2011. Comprehensive analysis is likely to be affected by the international situation in 2011 and related to the regulation of real estate b

52、y the domestic government. The overall industry development situation is not optimistic, and the profitability of enterprises has declined. As a result, the current assets are reduced and the solvency is weakened. From 2011 to 2018, Vankes current assets and current liabilities continued to grow. Du

53、e to the large amount of funds required for corporate land acquisition and real estate construction projects, the real estate sales repayment period is long, the company has a large amount of revenue accounts, and less cash is available in the account. Corporate debt management does not increase the

54、 debt ratio, and the growth rate of debt is higher than that of assets, resulting in a gradual decrease in the current ratio and a further weakening of debt serviceability.(2) Quick ratio = quick assets / current liabilities = (current assets-inventory) / current liabilitiesThe quick ratio is a supp

55、lementary indicator of the current ratio, and the companys short-term solvency evaluation is more accurate. In the real estate industry, the houses to be sold are used as inventory, which directly affects the sales revenue of the enterprise. In general, the more houses a real estate company has for

56、sale, the larger the inventory ratio will be and a large amount of inventory is difficult to be realised quickly. If only the flow rate indicator is used, it is easy for an enterprise to overestimate its solvency. Combining the current ratio, we can find that Vankes current ratio is three times the

57、quick ratio, which indicates that Vanke has a large inventory, mainly houses for sale.From 2011 to 2017, with the social and economic development, the growing consumer groups in the market, and the use of corporate economies of scale, Vankes profitability continued to increase, the proportion of inventories in current assets steadily decreased, and the quick ratio increased steadily. In 2017-2018, with the domestic market becoming saturated and the impact of a series of