完整版营运能力的分析外文翻译

1、外文译原文Operation ability analysisMaterial Source: Chinas securities nets 05/17/2006Author:TecheverOperation ability fully utilize existing resourcesto create social wealth ability, can be used to evaluate the enterprise to its own resources utilization and operating activities ability. Its essenceis t

2、o 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 utilizat

3、ion 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, busin

4、ess 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 capacity fo

5、r 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 turn

6、over 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 assetsis increased by 2.3 times, reached 31.9 milli

7、on 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 new sto

8、re 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 expansion

9、 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 income ne

10、arly 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 assetsturnover in 2004 7.36 dropped by the 2005 5.61, explain the efficiency in the use of su ning liquid asset

11、s 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, then

12、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 assets The average net value of fixed assets = (initial equity + final equity) vo

13、ting 2 Enterprise 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 in cur

14、rent assets Angle of enterprise assets utilization efficiency, in order to further analyze the quality of enterprise assets reveals acoustics major factor. Current assetsturnover means certain period for a year) (usually the main business income and total migrant assets ratio of the average balance.

15、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 inventory

16、 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 of the

17、 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 power

18、ful 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 days

19、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 decreasedobviously, explai

20、n 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 conver

21、ted 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 believe that

22、 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 money and g

23、oods, 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, and li

24、quidity 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 the ente

25、rprise use of the capital and capital normal turnover.On real estate enterprise operation ability of financial analysis framework can mainly from three aspects: building managementability index, accounts receivable turnover and working capital turnover rate. In these three respects based on real est

26、ate 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 operation of th

27、e managers do provide quantitative basis for decision-making and analysis methods.Through the case analysis can be found that, becausethe influence of assets turnover rate, total assets yield level but not necessarily advocate business wu income consistent with gross margin. And commercial real esta

28、te 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 materials proc

29、essing income also can achieve 75% gross margin. From the trend, the incomes of the three companies are in growth state gross margin. But becausethe operating cash flow is low, the efficiency high profit margins of the lujiazui and cofco real estate but show low on total assets.Three real estate ent

30、erprise 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 is different.

31、 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, real estate

32、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.译文营运水平的分析资料来源：中国证券网05/17/2006 Techever营运水平是充分利用

33、现有资源创造社会财富的水平,可以用来评价企业对其拥有资源的利用程度和营运活动水平.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,就必须要提升企业的营运水平水平.营运水平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,说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水平,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

34、务比率来对企业的营运 水平进行逐层分析.营运水平分析可以帮助投资者了解企业的营业状况和经营治理水平.我们以苏宁电器行情,论坛002024为例,向投资者介绍如何进行企业的营运水平分 析.总资产周转率是指企业的销售收入与总资产平均余额的比率.苏宁2004年销 售收入为91.1亿元,平均总资产为14亿元；2005年销售收入增加到160.4亿元, 平均总资产更是增长了 2.3倍,到达31.9亿元.由丁总资产的增长幅度超过了销 售收入的增长幅度,总资产周转率由6.49下降到5.该比率的下降与苏宁在2005年大规模开张新店有直接的关系.为了完成“全 国性布网的战略格局,苏宁在2005年新开门店65家,新登

35、陆了 20多个城市, 而原先的物流、效劳体系的辐射半径有限,因此苏宁要进行大量的治理平台的建 设,以此来支撑以后在同一个城市建设其他卖场的物流和治理.这使得苏宁扩张 战略的初始本钱相对较高.固定资产周转率主要用丁分析对厂房、 设备等固定资产的利用效率,比率越 高,说明利用率越高,治理水平越好.如果固定资产周转率与同行业平均水平相 比偏低,那么说明企业对固定资产的利用率较低,可能会影响企业的获利水平.它反响了企业资产的利用程度.固定资产周转率=销售收入/平均固定资产净值固定资产平均净值=期初净值+期末净值专企业一定时期内主营业务收入净额同平均流动资产总额的比率,是评价企业资产利用率的另一重要指标

36、.它反映了企业流动资产的周转速度,是从企业全部资产中流动性最强的流动资产角度对企业资产的利用效率进行分析,以进一步揭示音响企业资产质量的主要因素.流动资产周转率是指一定时期一般为一年的 主营业务收人与全部流动资产平均余额的比值.通过这个比率的分析,我们可以进一步了解企业短期内营运水平的变化. 从报表中看出,苏宁2005年销售收入近 160亿元,增长幅度到达42.9%,而平均流动资产增加了一倍以上.流动资产的大 量增加没有带来同样幅度的销售收入的增长,因此流动资产周转率由2004年的 7.36下降到2005年的5.61,说明苏宁流动资产的利用效率有所下降.存货和应收账款是流动资产的主要组成局部,因此,可以通过对存货周转率 和应收账款进一步分析流动资产周转率的变化. 苏宁以现货销售为主,因此,应收 账款仅占流动资产的4.75%,而存货占50%.存货周转率指的是企业的销售本钱与存货平均余额的比率.存货周转率对丁 房地产行业是一个非常关键的指标,房地产行业是比较特殊的.通常的来说存货 周转是越快越好,而房地产行业的存货量越大、周转的速度越慢那么说明公司的实 力越雄厚.其他行业的存货周转率一般为每年六七次的水平,相反,在房地产行 业一年大概一二次,如果一年存货周转率在六七次的公司对丁房地产行业来说是 极小的公司,有实力的大房地产股,存货周转率都是很低的,由