Discount assessment, stock investment compensation is positive and risk, and the risk is large, and it is also vice versa. In view of this, the price of some kind of stock must be considering the two. One of the most sensitive problems is the inflation related to the rising prices and the currency depreciation. The same 10 yuan can buy more things than now, in other words, "the existing 10 yuan is more valuable than the 10 yuan money". In general, the situation is true. The course of economic development in the world's developed countries shows that inflation is inevitable. It is based on this fact that modern finance has produced a new name - "present value", which is another important concept other than the profit (reward) and the risk of risk. This concept is not based on the importance of stock investment assessments, and the proportion, this profit, profit margin is analyzed. In fact, when the above ratio analysis is used, in addition to considering the relationship between compensation and risk, it must pay attention to the analysis of "present value". The so-called "present value" refers to the interests of the future or loss of the future to the current value to compare, thus making rational decisions. For example, suppose the two, B is also a fundamental investment stock with 2000 yuan. A type of stock is a newly issued stock, and it is required to be available after two years. B stocks have been listed, the market price is higher than the face value (50 yuan A shares), 100 yuan for each share, the new shares are cheap, so buy 40 shares of the A type of stock; B but believes that A enterprise is new The shared company, its stock may be listed for 2 years, and it can only receive dividends during this period, and there is no difference in price, so I decided to buy 20 stocks to seek the price profit. Here, A will apparently focus on long-term investment, waiting for development. But B felt that the future is not as determined, and two years later, the A kind of stock is listed and the price has risen, but the price is already high, who knows whether the share price increase can exceed the inflation rate? It is better to invest in the market, and there is a chance to see the difference in 2 years. The two old enterprises have more stable, and it is possible to relatively high (due to retained income). The above two investors, if the concept of the present value is more comprehensive. If we make the following assumptions are more obvious. Two stocks, the market price is 120 yuan A shares, buy A shares, more than 15 yuan per year within three years; if you purchase B stock, the third year can only receive 45 yuan dividend. Through the factors of inflation, the factors of inflation are considered. Three years later, 45 yuan obviously cannot be 15 yuan per year in three years, inevitably smaller than the annual total of 15 yuan per year. That is to say, when assessing a certain stock price, you must also join the concept of present value; The so-called folding method is to take advantage of a certain discount rate, put the company's future profit or shareholders' futuristic cash dividend as the present value, this present value is the price of stocks. The use of discounting is actually not well grasped, there are two main problems. First of all, is it used to use the company's profit or shareholder dividend as a discount? Some stock value analysis theory held the previous view, because the value of stocks (book value or intrinsic value) mainly depends on the company's profit and not dividend; and most stock value analysis theory holds a later view, the reason is Investors invest in stocks, if it is not speculative, the main expectations are dividends. In fact, this also involves the aforementioned understanding of the proportion and this profit who seems more important to investors.
Here is only a method of dividend the object here. Second, how do I determine the discount rate when using the folding method? It is generally believed that the ratio of discount rate depends mainly on the size of some stock risk and the high low expected reward. The greater the risk, the higher the rate of return, the higher the discount rate; it is, the smaller the risk, the lower the expected returns, the lower the discount rate of cash dividends. In other words, the discount rate should be equal to the expected compensation rate of similar venture capital. The expected compensation rate can be obtained by the securities market. The discount price of each common stock of a company is V0. The value of the T period is VT. The amount of cash dividends received by the total shareholder at the end of the T period share is DT, the discount rate is k, then the folding formula of each ordinary stock value is : V0 = D11 K D2 (1 K) 2 ... DH (1 K) h = σHT = 1DT (1 K) T is, ordinary stock value is equal to the discount price of each common stock , Equal to the sum of the present value of the division of dividends. Based on this form, no matter the time of investors holding ordinary stocks, it is still possible to calculate the discount value of the ordinary shares in a few years. Since the folding object of the above formula is a future expected cash dividend, this folding method is also called dividend mode. Net asset magnification general investors often pay attention to the stock price of the price-earnings ratio, and ignore the attention of the net asset magnification. In fact, the net asset magnification is also an important indicator of stock valuation, especially important risk indicators. The calculation formula of the net asset magnification is n = net assets per share per share. The larger the mother (net assets per share), the smaller the investment risk. The world famous Wang'an computer company announced bankruptcy protection due to non-good operations. However, due to its years of operation, the outlets are all over the world, the net asset value is high, so after bankruptcy, after the asset assessment, and Dongshan will rise, investors have not received much losses, it is really a "thin camel than Ma Qiang". Taking my country's Shanghai stock market as an example, the Shanghai Index fell to 400 points in 1992, "electric vacuum" stock price is only 4 yuan, and its net assets have been measured by 3.75 yuan per share in the interim financial statements. Shenzhen shareholders who have been invested: "It is the conclusion of it today, where it is not lost," bold disk, driving the general trend. The stock market has always been "the price of P / E rats is in the past, the net asset magnification is the bottom of the next ·." Of course, a listed company that has a huge development potential, regardless of their profitability and net assets grow very quickly, but for a company that tends to be saturated, its net asset magnification is particularly important. From a sense, when the market is slight, the net asset magnification should be the most important indicator of the share price assessment. Since the stock price is close to the net asset value, that is, n≤1, the stock also truly enters the investment and speculative. From the perspective of investment, the value of shareholders' equity is the net asset value, and the financial data is already guaranteed. From the perspective of speculative, general net assessment value is lower than the distribution price, once the trend rebounds, it is easier to break through the duration.
Investment Remuneration Rate Investment Remuneration is reflecting the compensation ratio obtained from the actual investment from the actual investment, which is also an important indicator of the assessment of stock prices and investment decisions. The formula of the investment returns is as follows: Investment reward rate = stock final value - original investment amount dividend income in the above formula, the final value of stocks, refers to the current market price of some stock; the original investment is stock original Value, refers to the amount of capital incorporated when purchasing stocks; dividend income does not refer to dividend, dividend income. For example, a shareholder purchased some kind of stock is 100 yuan, the present value is raised to 105 yuan, dividend (or dividend) income is 30 yuan, known from the above formula, currently, the stock's investment reward rate is 0.35, ie 35%. The investment reward rate has certain practical significance in calculating investment compensation and assessing the share price. For example, an investor invests 10,000 yuan in some stock last year, selling only 9500 yuan this year. This investor may consider etching because it has lost 500 yuan. However, since it should also be added with dividend income such as 750 yuan, the tax, commission is not considered, and it is actually a profit of 250 yuan. Therefore, from the general perspective, investment in this stock is still income. Calculated with the above formula, the investment reward rate of this stock is 0.25, which is 25%. Dividend payment rate dividends, also known as dividends earnings, interest rate, and is also generally widely used to measure the stock price. The so-called profit margin does not refer to the profitability of the issuing company, but refers to investors to evaluate investment funds, which can obtain the percentage rate of interest, that is, according to market price, investors actually obtain profitability. The formula of the profit rate is as follows: dividend payability = per share price × 100% of the company, the stock market price increase, the interest rate is low, because the stock price has risen, and the increase in raising is limited; while in low grade, calculation, Its profit margin is higher. The calculation of interest rates can only be used as a reference because the amount of stock prices is much more than the stock price is affected by various intrinsic and external factors. In a normal investment environment, it is necessary to calculate interest rates as investment. However, in an abnormal investment environment, for example, long-term continued inflation, the calculation of interest rates is meaningless, because in this case, the continuous increase in stock prices is natural trend. A little experienced investor will use this formula to calculate the investment interests that it may be obtained.
Price stock interest rate price stock interest rate is also called this ratio. Price profitability (principal ratio) is the result of the earnings per share of each stock. However, the general investor is not easy to get the information on the one hand, and on the other hand, because of the more concern for each dividend, the calculation of the proportion is not as practical than this ratio. The formula of this proportion is as follows: Price stock interest rate = Different points per stock per stock share and Boabidity are: the focus of this benefits in the earnings per share, the focus of this profit at each dividend. Frequent investors from the issuing company's financial report, will always find the profitability of each share than per share. This is because in accordance with the provisions of the profits, the provision is also available in accordance with the provisions of the provisions, and some companies have also proposed a part as a special bonus, and then distributed to shareholders with the balance as a dividend, dividend ( dividend). Therefore, the amount of dividends per share is always less profitable per share. From this ratio to measure the share price, the relationship between the interest rate environment is still inseparable, while the standard of interest environment is usually based on the bank storage rate and government issuance of government issuance. According to the US, Japan and other experts, the stock of the stock should be normal 8 times and 10 times, but must be limited in the normal environment, and in the inflation environment, the multiplication of this proportion Inevitably improve. The United States is more than 80 times higher due to inflation, currency depreciation, stock price increase, and stocks. Therefore, the calculation of this Liber is also as compared to calculation, can only be used as a reference to the stock price. Price profit margin price profitability is also known as the price profitability, stock price earnings ratio, price-earning ratio, earning ratio, this ratio, also referred to as PAE value. The calculation formula is as follows: Price profitability = earnings per share per share, each stock price refers to the average market price or listed stock per share of a certain period, the average price of each share is the same, the payment of the closing price per share; The last year's post-tax profit or expected daily profit. This ratio reflects the expectations of investors 'future profitability, the higher the ratio, the more optimistic investors' expectations of stocks, and it is not. The reason is that the stock price will increase accordingly because the investor is expected to be large about the company's future profit. This ratio increases accordingly. Generally speaking, those rapidly developing companies, this ratio is relatively high, and the ratio of the company that develops is low. According to this ratio, investors can also expect the company's earnings growth. In addition, this ratio is also an important tool for the value of international measuring investment. The lower the ratio, that is, the higher the investment value. For example, it is assumed that some stock is currently 120 yuan per share, and the average daily profit is 20 yuan, and the result is 6 times. In other words, invested in such stocks, you must invest 6 yuan to get a profit of 1 yuan. In turn, if the above ratio is 3 times, the profit is unchanged for each stock, and the investor needs to invest 60 yuan. Of course, this analysis can only be used as a reference, and there is no absolute significance, because it also involves the difference between speculation and investment, as well as the development of the company. When calculating this ratio, you must compare the current interest rate standard before you can determine whether to be an advantageous investment. In addition, when using this ratio to measure the stock price, a variety of different stocks should be considered separately, and at any time, how many times is the reasonable investment. US securities investment experts pointed out: 10 to 1, 10 to 1, is a recognized standard ratio, but recently, it is considered that this magnification is too high, not a sound investment. At present, the US financial community believes that this magnification is, better. Since this ratio is multiplied by the price per share of each share, it can be obtained from the price of stocks.
How does the stock valuation principle assess the value of some stock? There is no unified standard in this regard, it is difficult to have a unified standard. In general, we can use the stock value of stocks, but the value of the ticket is often far from the actual market price of stocks. The same is the same as the theoretical market value of stocks. In the stock market operation, people often use the following ratios as an indicator of stock valuation. Comparative analysis method comparative analysis is also called trend analysis, it is mainly analyzed by analyzing various types of various types in financial statements, especially compared to another or several periodic comparisons to judge a company The evolution trend of financial status and business performance and changes in the status in the same industry. The purpose of comparative analysis is: determining the main reasons for the change of financial status and operational results; determining whether the development trend of financial status and operating results is good for investors; predicting the company's future development trend. The comparative analysis is generally seen in dynamic analysis, which is also an important means of financial analysis based on dynamic analysis. The comparative analysis is roughly the following four categories: (1) longitudinal comparison 1. The longitudinal comparison of absolute values is a longitudinal comparison of the absolute value, which is directly compared to the size of the subject absolute value in the financial statement, achieving the purpose of understanding the relationship between the subjects. Please see the table below, the numbers in the table are assumed. A company 1988, 1989, 1990 profit and loss table (unit: 10,000 yuan)
1988 year 1990 sales revenue 600 600 660 780 Sales cost 432 462 530.4 Sales Maori 168 198 249.6 Business expenses 93 112.2 140.2 Operating purity 75 85.8 109.2 Interest costs 6.6 7.26 9.2 Tax pre-tax profit 68.4 78.54 100 income tax 20.52 25.92 36 post-tax profit 47.88 52.62 64
Vertical look, you can initially understand the relationship between A company three 85.8 annual operations and the relationship between the subjects in the table, which is the result of the difference analysis method. However, due to the defect of the difference analysis method, the longitudinal comparison method of the absolute value is difficult to display the relationship between the subjects, thus analyzing the longitudinal comparison of the percentage of time. 2. The longitudinal comparison of the percentage of longitudinal comparison is a percentage of the percentage of each subject to the same table, and a number of special projects on the table is 100%. The special project, in the balance sheet for total assets or total shareholders' equity, in the profit and loss form for sales income; divide other subjects, respectively, other percentages of other subjects can be obtained. The report on the report on the report is called a common specific report. Obviously, the common specific report is the application of ratio analysis. In the longitudinal comparison of percentages, investors can clearly see the relationship between a subject and the total number of tables, or the important position of the subject in the table and the importance of the subject is importance. For example, from each asset accounting for the percentage of total assets, it can be seen that the relative importance of mobile assets and fixed assets can also see how much proportion of total assets is raised from short-term creditors, long-term creditors and shareholders. From the table, a common ratio of aggravation and loss tables in the three years of company can be calculated. Vertical look, you can see the sales cost, business expense, interest fees, income tax and other percentages, and can also see the sales gross profit margin, business pure interest rate, pre-tax profit rate, and post-tax profitability. From the table, you can clearly understand the reasons for the increase in profits every year, mainly due to the increase in sales revenue and the decrease in sales costs. Although the percentage of longitudinal comparison makes up for the shortcomings of the absolute value, it is inevitable that it only knows that the relative proportion of a certain subject is, and it is inevitable that there is a certain amount of a certain amount of discipline. Because the base is different, the same number has different percentages, and the same hundred points also represent different numbers. In the table in 1988 and 1989 interest payment rates and post-tax profit margins were the same, but due to different sales revenue, the interest expenses represented, and the profitable profit was different. Similarly, due to the difference in the base, the absolute value of small percentages may be larger than the absolute value of the large percentage. For example, a company sales revenue last year is 5 million, and the profit marrow is 500,000. The sales profit margin is 10%. This year's sales revenue is 10 million. The profit margin is 800,000. Small, but the profit is much larger than last year. It can be seen that two longitudinal comparison methods must be combined to make up for their insufficient. 3. Synthetic comparison of absolute values and percentage is in the same statement, that is, the absolute number is listed, and the percentage is listed to facilitate a comprehensive longitudinal comparison. The following table is the result of the above two tables, due to the relationship, abandonment of 1988 profit or loss. The reason is to continue. Transverse comparison analysis can make up for this insufficient, and effectively predict a certain number of subjects or ratios, and there are three ways that are commonly used in horizontal comparison: 1. Directly in comparative financial statements is the most simple transverse comparison of each subject in the comparative financial statements and common specifications of the aforementioned subjects. In these two tables, it can be seen that the absolute amount of each subject is growing year by year. In addition to the sales cost, the proportion of sales revenue is declining year by year, and the other is basically increasing year by year, so I can know that A company has been three years. The income is in good condition, the prospect is bright. 2. The lateral comparison of the ring ratio, that is, when the lateral comparison is performed lateral comparison, the next time a certain subject or ratio is compared to a certain subject or ratio in the previous phase, and then obtains the lower period of growth in the previous period.
There are two calculation methods: one is to reduce the post-number of post-numbers in two neighborhoods in a subject or ratio, and the resulting results are expressed in a percentage, and the results are intuitive and used. Difference analysis method. The calculation formula is: a ring-ratio growth rate = lower number - the previous digital previous period number × 100% Another method is to obtain the previous period (ie, the ring ratio development speed), the previous period a certain subject or ratio is 100, In addition to the number of a certain subject or ratio of a certain number of subjects or ratios, the number of quotients derived from 100, which is the next index. The next index minus 100, which is the next period. Growth rate. Since each period is all previously periodic (100), the solid content is the ring ratio index. The calculation formula is as follows: The increase rate increase rate = (ring ratio index -100) × 100% = [(next time a certain subject or ratio one subject or ratio × 100%) - 100] × 100% 1988 is 100,1989 The annual absolute value (52.62b47.88 × 100) and percentage (7.98% B7.98% × 100) were 109.9 and 100, the absolute value (64b52.62 × 100) and percentage (8), respectively (8. 2% B7.98 × 100) is 121.63 and 102.76, respectively. Others can be pushed according to this class. It can be seen from the absolute value bar, although the absolute value of sales in 1989 increased by 6.94% over 1988, 1990 increased by 14.81% from 1989, but relative to sales revenue and post-tax profit In terms of absolute growth rate, the growth rate of sales cost is much lower; the profit of taxation after 1990 can increase by 21.63% from 1989, one of important reasons, is not to grow with sales income. .
In other words, sales costs are relatively reduced relative to sales income in 1990. It is more clearly seen from the percentage column that the sales cost of sales in sales is declined year by year. It fell 2.78% in 1989 (100-97.22 × 100%), 1990 It also fell 2.86% (100-97.14 × 100) than 1989, further proves that the pre-sales cost is the conclusion of the importance of profit growth after taxation. The reason why the profit margin after 1989 was not improved in 1988, one of why is the percentage of income tax increased, reaching 14.91%. 3. The lateral comparison of the base growth rate is about a certain period of a certain period of time as a base, and the number of times after the subject or ratio is compared to the base period, and then obtains the growth rate of the base period. There are also two calculations: First, the number of times will be reduced in the period, and the growth amount of each period is obtained, and the resulting results are expressed in a percentage, respectively, respectively, the growth rate of each period. . The calculation formula is as follows: The alkyd growth rate = the reporting period Digital-Basic Number Basic Basic Number × 100% Another method is obtained by obtaining a base index (a base development speed), that is, the number of a certain account or ratio as a base index 100, will be subsequently The number of periods of the subject is divided by the base period of the subject or the ratio by 100, thereby derived the index value of each period and the base period comparison, and the album index minus 100 is 100%, which is the growth rate of the base period. .
Its calculation formula is as follows: periodic growth rate = (orthodial index -100) × 100% = [report period digital base period × 100) -100] × 100% From the table, the absolute value of sales cost in 1989 is 1988 The year has increased by 6.94%, and 1990 was increased by 22.78% from 1988, but the percentage of sales costs fell by 2.76% in 1988, 1990 decreased by 1988. 56%. The comparison table can see the comparison of the ring ratio and the comparison of the album index, which has more clear analyzes and predicts a subject or ratio of the development status, the cause and its future development trend, and the somework is The index is based on a certain fixed period, and the ring ratio index is based on a period of time. (3) Standard comparison investors should set an objective standard in advance, and then the company's related financial data is compared to this standard to seek objectively evaluation and analysis. The company's financial status and management level. The comparison of commonly used in financial analysis is: based on the company's financial budget goals, with the standards of the same industry, with the actual completion of the company in the past, the average ratio is standard. 1. Compare financial budget goals with the company's financial budget is the financial plan target. By comparing this year's financial performance value and the target value of the financial budget, the completion of the financial budget can be calculated, the intensity is expected to complete, and there is a correct evaluation of financial status and operational efficiency of enterprises; Judging the correctness and advancement of enterprise financial budget goals, and analyze the management level of enterprises. Here, the financial budget goals can be effective as comparison, depending on the scientific and practicality of the financial budget plan, otherwise, this standard will lose its meaning. 2. Comparing the company's previous digital comparison to compare the company's related financial data to its historical data, it is to determine whether the financial situation of the company has improved, whether the operational performance has improved. Taking the number of numbers in the past, it is generally based on the company's characteristics, the company's financial history, and identifies the best historical indicators to compare this year. By comparing the development trend and development speed of financial indicators, reflecting the level of the company's management level and helps to find the company's management management. As a comparison criterion, the company's best historical indicators, fundamentally, it is a longitudinal comparison of the company's own, and it is often difficult to fully explain the actual level of the company's finance and operation if it is not combined with horizontal analysis of the financial statements of the same industry.
For example, assuming that the company has increased by 10% higher than the best year, the results seem good, but if the average increase in profit after the year of the industry is 15%, the other conditions are constant, It can only be explained that the company's operation is not working and the competitiveness is weakened. 3. Compared with the recognized average ratio standard, in the case of other conditions constant, the company's reporting period is compared to the publicly recognized general ratio standards in society, and it can be judged from the advantages and disadvantages of the company. For example, it is generally considered that the flow ratio should be at 2: 1 or more, the speed ratio should be at 0.5: 1 or more, and the fixed ratio should be below 2: 1, and the liability ratio should be below 3: 1, and the property ratio should be over 25% or more. If the company's flow ratio, the speed ratio and the property ratio are lower than the above average recognized standards, and the fixed ratio and debt ratio are higher than the above standards, but there is no other special case, and the financial ratio is in general. In poor state, there is a problem with the financial structure. Use socially recognized average ratios to analyze, remember to pay attention to the hard sleeve. 4. Comparing with the same industry, it is about to compare the company's financial status and operational level compared to the average or optimal number in the same industry. From it can see the company's advanced (backward) level and its gap, which is the potential and improve the company. Operating management level indicates the direction. Compared with the peer digital standard, it is a real horizontal comparison, or effectively makes it up for the defects compared to the company's financial plan, compared to historical data. However, since different companies often have all differences in operating scale, business structure, geographic environment, accounting methods, etc., some analyzes are sometimes lost to comparability. Therefore, when compared to the peer digital standard, it is necessary to pay attention to the unparalleled factor so that the accuracy of the analysis is compared. The above four standards compare, each has a long and short, and investors should combine them in accordance with the specific situation when conducting stock investment analysis. (4) Comprehensive comparison 1. Comprehensive comparison of ratios index The so-called comprehensive ratio index is from all financial ratios from the company, and several important ratios are selected, respectively, in addition to several standard ratios in the base period, the average resulting index. This ratio index has a comprehensive nature, which can see how many changes in the overall situation of the company's operations and finances are compared to the overall rate ratio index 100 of the base period. The following is a company as an example. We select five main ratios of equity remuneration, sales profit margin, speed ratio, bond business ratio, accountable ratios, and list the five ratios of 1988 to 1990, respectively. See the table below. With the ratio index, it is necessary to pay attention to the selection of the same ratio, the right size is determined to seek objective, truly reflecting a certain ratio in the company's business and financial position. In practical use, due to the difference in analysts, the ratio and weight size of the selected person is often different, resulting in different ratios of the ratio index, which is the main defect in the comparison of the ratio index. 2. Comprehensive comparison on the chart is or through coordinates, or through radar graphs, compare changes in the development of subjects or ratios, and thus see the overall development trend of financial status and operational results. It is limited to the space, so it is slightly.
The ratio analysis method ratio analysis is to compare each other in the same period of financial statements, the ratio, the ratio is evaluated, and the company's business activities and the company's current and historical conditions are the most financial analysis. Basic tools. However, this method also has limitations, highlighting: ratio analysis is static analysis, difficult to analyze dynamics; ratio analysis is historic data, not absolutely reliable for future forecasting; ratio analysis used data for books Numerical, difficult to reflect the impact of price levels, etc. Therefore, when using this method, first, it is necessary to pay attention to organically linked to a comprehensive analysis, and can not see some or a certain ratio; the other is to pay attention to the business situation of the company, can't look at Analysis of financial status; third is to combine various analytical methods. This will understand the company's history, current situation, and a more detailed analysis of the future. Due to the purpose of financial analysis, various analysts include the focus of creditors, management authorities, government agencies, etc. also different. As the stock investor, it is mainly to master and use the four types of ratio, which means that the company's profitability ratio, solvency ratio, growth capacity ratio, and turnover capacity ratio are four major financial ratios. The meaning of various ratios and the role in financial analysis are described below. The data is picked up as much as possible. (1) The ratio of analytical companies that profitability ratio commonly used: 1. Asset returns, also known as investment profit margin, refers to the pure profit available per 100 yuan per 100 yuan, its formula is; asset remuneration rate = total amount of profit average assets × 100%, the average asset amount = The total assets of the assets total assets of the final assets are b2. Asset remuneration rate is to measure the company's effectiveness of the company's effectiveness of all investment resources. The higher the ratio, it indicates that the company is good at using assets, but in turn, the asset utilization effect is poor. According to the form, A company's asset compensation rate is 64b2050 = 3.12%, that is, each investment of 100 yuan, earnings 3.12 yuan. Due to the additional shareholders, other creditors, such as banks, and investors of corporate bonds, etc., in addition to the profitability of all payingants, should include interest costs for payment creditors.
The adjustment of asset returns is: asset remuneration rate = total amount of profit margin interest expenses × 100% take A Company as an example, the adjusted asset compensation rate is: (64 9.2) B2050 = 3.57% 2. Capital compensation rate, namely net income and shareholders' equity ratio, total rate of profit and capital, calculation formula: Capital compensation rate = total amount of profit (net income) Capital (shareholder equity) × 100% Capital compensation rate is used Measuring the company's indicators for operating results from all capital. The higher the ratio, the higher the utilization efficiency of the company's capital, and the capital has not been fully utilized. One of the conditions in the stock trading market, stock publicly launched, is that the company must reach a certain ratio within recent years. For example, the Taiwan Stock Exchange stipulates that the capital payment rate is less than 6%, its stock is not available; the capital compensation rate is between 6% to 8%, and its stock can only be listed as a second type of listing; Only a company with more than 8% of capital compensation rates, and its stocks can be prevailed for the first type of listing stock. Taking A as an example, its capital returns is 64b700 = 9.14%, which is at a high level. 3. Equity remuneration rate. Its calculation formula is: equity remuneration rate = post-tax profit dividend × 100% from equity remuneration rates, can observe the company's ability to distribute dividends. This ratio is high, then the company allocates the natural high, but in turn, this ratio is low. If you don't use the retained revenue, the distribution of dividends is naturally low. Taking A as an example, its share capital compensation rate is 64b600 = 10.67, and the distribution of dividends are naturally high. 4. Shareholders' equity remuneration rate, also known as net value returns, refers to the investors of ordinary stocks entrusted the company's administrators to apply their funds. Its calculation formula is: shareholders' equity remuneration rate = post-tax profit-priority stock shareholders equity × 100% this ratio, which can measure the size of the registration rate of ordinary stocks, and thus the most stock investor cares. This ratio can also be used to detect the size of a company's product profit and sales revenue, the higher the ratio, and the greater the product profits, it will not. Taking A as an example, its shareholders' equity remuneration rate is (64-8) B700 = 8%.
5. The rate of dividend payment, that is, the ratio of dividends and stock prices, which indicate that the company's shareholders can achieve profitability. Its computational formula is: dividend payment rate = $ 100% per share per share is taken as an example, and its ordinary share capital is 4.5 million yuan, assuming 20 yuan per share, a total of 225,000 shares; 1990 The annual ordinary stock divisions are 420,000 yuan, divided by 225,000 shares available per stock to 1.87 yuan. It is assumed that its ordinary stock per share is 40 yuan, and the dividend remuneration is equal to 1.87 yuan divided by 40 yuan to 4.67%. 6. The value of each shares, that is, the total shareholder's equity and the total number of stock issuings. The calculation formula is: the value per share value = total shareholders' equity (priority ordinary stocks) can be seen that the account value per share is compared to each stock value, it can see the quality of the business. Usually the business condition is good, financially sound, its book value must be higher than the value of each stock; the account value is increased year by year, indicating that the company's capital structure is getting more and more. Of course, the account value per share is only the value of the stock value of the company's shareholders' shareholders, rather than the value of the shareholder's share from the company. Taking A Company as an example, its shareholders' equity is 7 million yuan, and the ordinary share share is 225,000 shares. It is assumed that its priority stocks are also 20 yuan, and the priority share capital is 1.5 million yuan, then a total of 7.5 Wan shares. A company's book value is 700b (7.5 22.5) = 23.33 yuan, it is clear that its book value per share is higher than that of the ticket value (20 yuan). 7. Earnings per share. The calculation formula is as follows: Earnings per share = post-tax profit - priority dividend's general shares passed the analysis of earnings per share, but investors can not only understand the company's profitability, but also predict the dividends of each stock and dividend growth, and according to This determines the value of each common stock. Taking A Company as an example, the difference between the post-tax profit and the priority dividend is 560,000 yuan, and the number of ordinary shares is 225,000 shares, according to the formula, the earnings per share is 2.4 yuan. 8. Price profit ratio, referred to as profit.
The calculation formula is as follows: Price profit ratio = stock price Earnings per share by analyzing this ratio, investors can predict the growth of the company's future profitability, and strive to find the price of stocks. 9. Ordinary profit margin. Its calculation formula is as follows: Ordinary profit margin = common stock value per share value × 100% This ratio is an important parameter in investors in comparing various investment opportunities. The higher the profit rate of each share, the better the quality of the company's stock, the profitability is also high, the greater the attraction of investors. 10. The price returns is the countdown of ordinary profit margins. Its calculation formula is as follows: Price Retaining Rate = General Share Mourners General Shares The smaller the amount of book value per share, the greater the profitability of the company, the better the quality of stocks. 11. Dividend distribution rate, also known as dividend payment rate, calculation formula is as follows: dividend distribution rate = cash dividend - Priority dividend dividend profit - priority dividend dividend 12. Sales profit margins, refers to the sales profit available per 100 yuan in the sales revenue. The calculation formula is: sales profit margin = post-tax profit sales income × 100% this ratio is high, which means the strength of the company profitability. According to the above formula, the sales profit margin of Company A can be obtained is 64b780 = 8.2%. 13. Business ratio. Calculation formula is a business ratio = business cost sales revenue = sales cost business expense sales income × 100% In this rate analysis, the company's business efficiency, because the difference between business ratio and 100% is open during business Gain and loss. If this ratio of a company exceeds 100%, the loss status is displayed, the smaller this ratio, the higher the company's pure profit, the stronger profitability. Taking A as an example, its business cost is 6.708 million yuan (530.4 140.4), which is calculated according to the formula, its business ratio is 670.8b780 = 86%, which can be seen that A company is well operating. Others such as sales gross profit margins, operated pure profit margins, etc. (2) The compensation capacity of the compensation capacity compare company includes short-term solvency and long-term solvency. Reflecting the short-term solvency, the ratio of the company's assets is converted into cash to repay short-term debt capacity, the main flow ratio, the speed ratio, and the composition ratio of the flow assets. Reflecting long-term solvency, ie the ratio of the company's repayment of long-term debt capacity has mainly shareholders' equity to liability ratio, debt ratio, bond business ratio, property ratio, fixed assets to long-term debt ratio. The following is described below. 1. The flow ratio, also known as the operating capital ratio, is the most common index of the company's short-term solvency.
The calculation formula is as follows: Flow ratio = the greater the rate of flow assets flow liabilities, the stronger the company's short-term solvency, and indicates that the company has sufficient working capital; contrary, it means that the company's short-term solvency is not strong. adequate. General financially sound companies, its mobile assets should be much higher than the flow liabilities, at least less than 1: 1, generally considered greater than 2: 1. Taking A as an example, its ratio is 1540b850 = 1.81: 1. However, for companies and shareholders, it is not the higher the rate. The flow ratio is too large, and it does not necessarily indicate that the financial condition is good, especially due to the excessive flow rate, which is too large, and the flow rate is too large, and it is unfavorable to finance, which is generally considered to exceed 5: 1, then It means that the company's assets have not been taken out. If the flow ratio is combined with the operational funds, it helps to observe the future solvency capacity. For example, the flow rate of Company A is 1.81: 1, and its operating fund is 6.9 million yuan. It is assumed that the B company has a liquid asset of 18 million yuan, and the liquidity debt is 11.1 million yuan, and its operating fund is also 6.9 million yuan, but Its flow ratio is only 1.62: 1. Obviously, A company is better than B companies in short-term solvency. From this example, it can be seen that the ratio analysis can help compensate for the defects of the difference analysis. 2. The quick rate, but also known as acidic test ratio, is an indicator for measuring the company's expiration clearing capacity. The calculation formula is: the speed ratio = the meaning of the quick asset current liabilities Quick assets has been introduced in the difference analysis method. Investors can be found by analyzing the speed ratio, and to know the ability of the company to obtain a short-term debt in a very short time. It is generally believed that the speed ratio is at least 0.5: 1, and if it is maintained at 1: 1, the safety of the flow liabilities is more secure. Because, when this ratio reaches 1: 1, even if the company's capital turnover is difficult, the immediate solvency is not affected. According to the form, the speed ratio of the company in 1990 is 1070b850 = 1.26:1. That is, a 1.26-speed speed asset can be bonded to each of the company's liquidity liabilities. 3. Mobility asset composition ratio. Its computational formula is: Mobility asset composition ratio = Total analysis of total flow assets Flow assets is to understand the investment amount occupied by each liquid asset: compensate for the lack of flow ratios, and achieve content of the test flow assets the goal of.
The above three ratios mainly involve the short-term solvency of the company. The various ratios described below mainly involve long-term solvency. The company's long-term solvency is strong, not only related to investors' safety, but also related to the company's expansion business capabilities. 4. Shareholders' equity on liability ratio. Its calculation formula is: shareholder equity on liability ratio = total shareholder equity debt × 100% This ratio indicates how much self-owned capital is compensated, that is, the proportion of capital accounted for liabilities. The larger the ratio, the more the company has a strong capital, the total debt is small, and the creditor's creditor is more secure; the company's liability is, the more financially caught the crisis, and it may be unable to repay the debt. Taking A as an example, this ratio is 700b1500 = 46.7%, that is, 46.7 yuan from the liability, 46.7 yuan self-funded, indicating that the company's credit is more secure. 5. Debt ratio. This ratio is the countdown of the above ratio. It indicates how much liabilities are absorbed every 1 yuan of capital, which is the same as the above-based ratio, that is, shareholder equity is the same. Its calculation formula is: Depending on the ratio of debt ratio = total shareholder equity analysis, you can measure the size of the company's long-term solvency, because liabilities are fixed responsibility, regardless of company profit, should pay interest, due to the expiration must be repaid . The maximum limit of the debt ratio is generally considered to be 3: 1. However, it must be clear that the liability ratio is not necessarily beneficial to investors, because the company's own capital is compared to liabilities, just maintaining a certain level is enough to protect the company's credit. This ratio is too low to indicate that the company's debt operation capacity needs to be enhanced. Taking a company as an example, its liability ratio is 1500b700 = 2.14, that is, the company has a total of 2.14 yuan of liabilities every 1 yuan. 6. The bond business ratio. This ratio indicates that the company's total assets, the creditor's investment amount is: the calculation formula is: the bond business ratio = net total assets of the liabilities × 100% In the above formula, the total debt is the net debt, the net asset It is the net total assets to reduce the net amount of accumulated depreciation. For example, a company's liabilities are 15 million yuan, with a total net asset of 22 million yuan, and its bond business ratio is 68.18%, that is, 68.18 yuan per 100 yuan is a debt. Using this ratio can be used to identify the company's ability to expand its capacity and analyze the application of shareholders' equity. The higher the capacity of the company, the greater the capacity of the company, and the equity of shareholders can be fully utilized. However, the bond operation must undertake certain risks.
If the operation is smooth, although this ratio has undertakes a big risk, there is also a chance to get more profits, bring more benefits to shareholders; contrary, if the operation is not good, the interest of lending will be compensated by shareholders. When the liabilities are too much to pay interest or principal, it may be competed or reorganized by the creditor. It can be seen that when conducting debt management decisions, the company must weigh the weighing and consumption in the increase of the increase in profits, and should be transferred to the market situation and the smoothness of the business situation. In Japan, this ratio is generally more than 80%. 7. The property ratio, that is, the capital rate. Its calculation formula is: Property Right Right Ratio × 100% of shareholder equity × 100% This ratio indicates that the proportion of shareholders' equity in total assets is the ratio of the ratio of the bond business ratio. The higher the property rights ratio, the greater the proportion of the company's own capital, thus the overcompapership of its asset structure, the stronger the long-term solvency. It is generally believed that property rights ratios (self-owned capital rates) must reach more than 25%, and the company's finance is a key. Taking A as an example, its bond business ratio is 68.18%, and its property ratio is 31.82%. 8. The fixed ratio. Its calculation formula is: fixed ratio = shareholder equity fixed asset × 100% This ratio shows how many of the company's fixed assets are purchased from capital, and is used to detect whether the company's fixed assets are over-expanded and expanded. The higher the ratio, the more financial structure of the company. It is generally considered that the at least 100%. If this ratio is less than 100%, the company is either capital or is excessively expanded. The excess expansion of fixed assets will make reduction of the liquidity of the assets, which affects future solvency. Taking A as an example, its fixed asset is 6.6 million yuan, capital is 7 million yuan, and the fixed ratio is 106.1%. 9. Fixed assets on long-term debt ratio. Its calculation formula is: fixed assets for long-term debt ratio = fixed assets long-term liability × 100% This ratio can indicate how many fixed assets available for long-term borrowings can also indicate the extent of long-term creditors' rights security. For the general company, fixed assets, especially as a mortgage guarantee, should maintain certain proportions with long-term liabilities as a guarantee of liabilities. It is generally believed that this ratio can at least 100%, the more it is, the more you can guarantee the rights of long-term creditors. Otherwise, it indicates that the company's financial presence is not perfect, and it also shows that the company's property mortgage has reached the maximum, and it must be another financing channel.
Taking A as an example, its fixed assets are 6.6 million yuan, long-term liabilities are 6.5 million yuan, which is 101.5%. 10. Interest coverage ratio. Its computational formula is: Interest guarantee multiple = interest cost advance earning interest fee This ratio can be used to test the ability of the company to pay interest. The higher the interest guarantee multiple, the more security of the interests that the creditor can receive, but it is otherwise. Taking A as an example, its interest cost is 92,000 yuan, and the earnings before tax is 1 million yuan. According to the above formula, it is understood that the company's interest guarantee multiple is 11.87 times. (3) The growth capacity ratio growth capacity ratio can be used to identify the company's ability to expand its business. The above solvency ratio can also be used to identify the company's ability to expand its business in a certain sense. Because security is the basis, growth of growth, the company's solvency ratio is reasonable, and the financial structure is sound, and it is possible to expand the operation. Operate. As for the bond business ratio, fixed assets for long-term debt ratio, the growth rate ratio indicator outside the company. The company's bond business ratio is high. On the one hand, the credit is high, and the creditor is happy to invest it, and the company rely on more funds to expand more funds. And if fixed assets are high for long-term debt, it also shows that there is still a long-term borrowing more long-term debt for extended operations. It is mainly: 1 reflecting the ratio of the internal expansion business capabilities of the company. Profit remaining rate. Its calculation formula is: Profit remaining rate = post-tax profit - After the interest rate, the profit of interest is indicated by the company's tax profit (earnings), how much is available for retained benefits and expanded operations. The higher the ratio, the more the company has attached great importance to the development of the company, and it will not affect the future development of the company. The lower the rate, the lower the company's operations, and you have to use more profits to make up for losses, or dividends Too many, the development potential is limited. Taking A Company as an example, its post-tax profit is 640,000 yuan, and the dividend of dividend is 500,000 yuan, and the profit remaining rate is 21.88%. 2. The re-investment rate is also known as the internal growth ratio. Its calculation formula is as follows: Return rate = post-tax profit shareholder equity × shareholder profit - dividend payment shareholder earnings = Capital Remuneration × shareholder profit retention rate This ratio indicates that the company has re-investment in its surplus to support the company's growth. The shareholder profit retention rate is the difference between shareholders 'profitability dividend payment and shareholders' profitability. Shareholders' profits refer to the product of earnings and ordinary stock issuance per share, in fact, the net income of ordinary stocks. The higher this ratio, the stronger the company's expansion of the business; Taking A as an example, its capital remuneration rate is 9.14%, and the shareholder's profit retention rate is 98.66%, and its re-investment rate is 9.01%.
(4) The ratio of turnover capacity ratio turnover ability is also known as the activity capacity ratio, which is an indicator of the company's operating effect. The molecules are usually sold income or sales costs, and denominates are constructed in an asset subject. 1. Account turnover rate. Its calculation formula is the account turnover rate = sales revenue (periodic receivable final accounts) B2 = sales revenue average accounts receivable Since the receivable refers to sales revenue that did not get cash, This ratio can be used to identify whether the company receivables is reasonable and the payment efficiency is high. This ratio is the total number of turnover accounts. If the number of days in the year is 365 days, it will be required to pay the accounts for a week, that is, the account will be converted to the average of the time required for the account. Its algorithm is: the average time required for receivables is the time = annual number of days, the number of days should be received, the higher the turnover rate, the shorter the number of days required once a week, indicating that the company is, the faster, the more The smaller the old account and the priceless account included in the column will. Conversely, the turnover rate is too small, and the number of days required once a week is too long, indicating that the company's receivable is too slow and the management lack of efficiency of receivables. Taking A as an example, its sales revenue at the end of the 90s is 7.8 million yuan, accounting of 1.9 million yuan, and the holiday is RMB 1.7 million, and the average balance of its receivables is 180 Ten thousand yuan, calculated by the above formula, the turnover rate of 4.3 times, that is, the average number of revolves of the account will be 4.3 times per year, and the number of days required for a week is about 84 days. 2. Inventory turnover. Its calculation formula is: inventory turnover rate = sales cost (periodic in stock final inventory) B2 = sales cost average commodity inventory inventory is to sell and achieve profits, and thus the company's inventory and sales must maintain a reasonable ratio. Inventory turnover is measuring indicators that measure the weakness of the company's sales capacity and whether inventory is too much or short. The higher the ratio, the faster the inventory turnover speed, the stronger the company's ability to control the inventory, the larger the profit margin, the smaller the amount of operational funds in the stock. Conversely, it indicates that there are too many inventories, which not only makes it back, affecting the liquidity of the assets, but also increases the storage cost and product loss, outdated. Taking A as an example, its sales cost is 5304,000 yuan, and the final stock is 3 million yuan. The time inventory is 2 million yuan, then the average inventory balance is 2.5 million yuan. According to the formula, it is understood that the company inventory turnover rate is 2.12 times. 3. Fixed asset turnover rate. Its calculation formula is: fixed asset turnover = sales income average fixed asset amount This ratio represents the number of turnover of fixed assets throughout the year, and is used to identify the utilization efficiency of the company's fixed assets. The higher the ratio, the faster the fixed asset turnover speed, the less the fixed assets;
Of course, this ratio is not the higher, too high, indicating that the fixed assets will reduce the service life of fixed assets. According to the formula, we can find a fixed asset turnover rate of A, ie 780b660 = 1.18 (times) 4. Capital turnover rate, also known as the net value turnover rate. Its calculation formula is: Capital turnover rate = this ratio of the average amount of equity of sales income shareholders can analyze whether the funds investing in shareholders are fully utilized relative to sales turnover. The higher the ratio, the faster the capital turnover is, the higher the efficiency of the use. However, if the ratio is too high, the company has rely on the debt operation, that is, there is less capital. The lower the capital turnover rate, the worse the company's capital use efficiency. Taking A as an example, its capital turnover rate can be calculated from: 780b700 = 1.11 (times) 5. Asset turnover rate. Its calculation formula is as follows: Asset turnover = Total sales income assets This ratio is a metrology that measures the company's total assets to get fully utilized. The total asset turnover speed is slow, meaning the utilization efficiency of total assets. Taking A as an example, its asset turnover is 780b2200 = 0.36 (times)
The difference analysis method is also known as an absolute analysis method, refers to the analysis of the difference between the numbers. It is determined here to judge the financial status and operational results of the issued company by analyzing the size of the subject's absolute value in the financial statements. In financial analysis, it is mainly to analyze the size of the following value: net value = book value = shareholder equity = capital = total capital - total liability operation funds = flow assets - flow liabilities = (long-term liabilities capital) - fixed asset quick assets = Flow assets - (in stock prepaid fee) = cash bank deposit receivable payment ticket price securities issued dividend = (net income cumulative surplus this year) - (retained earning ) Revenue) General stock dividend = distribution dividend - priority stock dividend sales gross profit = sales revenue - sales cost business purity = sales gross profit - business expense = sales income - (sales cost business expense) Tax pre-tax earnings = (Business net profit business income ) - Outgoing expenditure profit marriage = pre-tax profit - income tax = net income of this year passed the difference analysis of the above values, investors can get a preliminary understanding of a company's financial situation and operating results. For example, operational funds are called operational funds, which is the funds of the company's daily cycle, indicating that the company can use in the short term, which can be changed within one year, which minus flow liabilities will be expired within a year. difference. The size of the operating fund is not only related to whether the company's operating activities can run normally, but also related to short-term solvency. From the above-mentioned A-C company, it can be obtained from the company's operating funds of 6.9 million yuan, namely: operational funds = mobile assets - flow liabilities = 1540-850 = 690 (10,000 yuan) or: = (long-term liabilities Capital) - Fixed Assets = (650 700) -660 = 690 (10,000 yuan) From the above analysis, it can be seen that the funds owned by Company A are relatively large. For example, the quick assets can be converted to cash immediately, which is immediately used to repay the flow of liquidity liabilities, including cash, bank deposits, payment, receivables and securities, etc., and commodity inventory and prepaid fees. It is not easy to convert to cash, and the liquidity is poor and is not a quick asset. Obviously, the size of the fast assets is related to the company's short-term liquidation capabilities.
From the above table, it can also be obtained from a company's quick asset of 10.7 million yuan, namely: quick asset = flow assets - (stock prepaid fee) = 1540- (300 170) = 1070 (10,000 yuan) Your number It is much greater than the liquidity liabilities, thereby initially understanding that the short-term clearing capacity of A company is guaranteed. The difference analysis method is only the first step in financial analysis. It does not explain the big or small to the extent of the value of the value, and cannot indicate how many or more funds is funds, which is the company's daily cycle, indicating that the company is in the short term. The net can be used in the net, that is, the difference in flow assets that can be changed within one year will subtract the difference in flow liabilities in the year. The size of the operating fund is not only related to whether the company's operating activities can run normally, but also related to short-term solvency. From the above-mentioned A-C company, it can be obtained from the company's operating funds of 6.9 million yuan, namely: operational funds = mobile assets - flow liabilities = 1540-850 = 690 (10,000 yuan) or: = (long-term liabilities Capital) - Fixed Assets = (650 700) -660 = 690 (10,000 yuan) From the above analysis, it can be seen that the funds owned by Company A are relatively large. For example, the quick assets can be converted to cash immediately, which is immediately used to repay the flow of liquidity liabilities, including cash, bank deposits, payment, receivables and securities, etc., and commodity inventory and prepaid fees. It is not easy to convert to cash, and the liquidity is poor and is not a quick asset. Obviously, the size of the fast assets is related to the company's short-term liquidation capabilities. From the above table, it can also be obtained from a company's quick asset of 10.7 million yuan, namely: quick asset = flow assets - (stock prepaid fee) = 1540- (300 170) = 1070 (10,000 yuan) Your number It is much greater than the liquidity liabilities, thereby initially understanding that the short-term clearing capacity of A company is guaranteed. The difference analysis method is only the first step in financial analysis. It does not explain the big or small to the extent of the obtained value, and it cannot be explained that the value is much better. And many values such as operating funds and fast assets are not bigger and better.
Therefore, it should also be combined with other analytical methods, otherwise, the purpose of financial analysis is not met. Analysis of the status of financial status is focused on the quality analysis of stock issuers; financial status analysis must focus on the analysis of stock issuance companies. Analysis of financial status is to analyze the company's financial statements to understand the company's financial status and operational effects, and in turn, understand the impact of changes in the stock prices in financial statements, and make investment judgments. According to the management regulations of stock issuance and transactions, issued companies should be reported and disclosed in financial statements. my country's securities transaction management law stipulates that stock issuance of the online or listed transaction should report to the Securities authority to submit the medium-term financial statements in the middle of each accounting year; at the end of each accounting year, At the end of the accounting firm and its certified public accountant visa, and announced to the public. For investors, there is a very important significance for the financial state of the issuing company, that is, the analysis of the financial statements. The financial statements mainly include the balance sheet and the profit and loss table. In fact, for example, from the balance sheet to understand the financial situation of the stock issuance in a certain date; from the profit and loss table, you can understand the business effect of the stock issuance during a certain period. In addition, the company usually list profit distribution tables is also launched for financial analysis. Some companies also list profit assignments. The format of the balance sheet has two types and vertical. Account type is to list the asset item in the left, liabilities, and shareholders' equity projects to balance the balance sheet. The following table is for this class. The format of the profit or loss table has a single step and multi-step. Multi-step is to calculate the company's net income: A company 1990 balance sheet (unit: 10,000 yuan) asset liabilities mobile assets: cash bank deposit value securities account payment accounts payment ticket payment fee other Total fixed assets: land house machinery equipment: depreciation fixed assets total assets total flow liability: account payment payable payment payable payable tax payable for other mobile assets totaling long-term debt debt total shareholder equity: share capital: preferred stock ordinary Sub-share capital Total statutory preparation of retained benefits: This year's net income accumulated earnings: the amount of deposits have been announced in the cash dividend, the total shareholder equity dividend, the total shareholder equity total liabilities shareholder rights from sales revenue Go to sales costs, draw gross profit; subtract business expenses from sales in Marriott, to draw business pure profits; business pure profit plus business income, minus business expenditure, result in earnings before tax payment; To cope with income tax, profit after tax, that is, the net income of the company. The above table is this class. A company 1990 profit and loss table (unit: 10,000 yuan) sales revenue sales cost sales gross profit business fees: salary depreciation fee sales fee management fee business expenses total business pure profit business outside income business out-of-time spending: Interest costs Other business exports Profit analysis financial statements after earnings income tax, mainly analyzing the company's returns, safety, growth, and turnover. Its main method has a difference analysis method, comparative analysis method and ratio analysis method.
Analysis of internal factors of operating conditions
The content of internal factors analysis is actually the company's quality assessment. In this regard, investors can identify the company's grade assessment according to the credit assessment agency. However, due to the grade assessment is not regular, the general investors need to dynamically analyze the quality of the issued company. (1) The size of the company's scale company (enterprise) is related to the average cost of its products, as the company's scale is too small, the average cost is high; the scale is expanded, the average is reduced; when it reaches moderate scale The average cost will drop to the lowest point. The reason is that on the one hand, the professional division of production has improved the production efficiency; on the other hand, it is possible to give full play to the production capacity of large equipment. For example, a medium-sized plant uses a boiler and a small plant impossible to use half, and the evaporation is equivalent to half of this boiler, and the price is not necessarily low. However, the company's scale is more than moderate scale continues to expand, but will increase the average cost. The reason is that the scale is excessively large, and the management is difficult, and the information is difficult, and the management efficiency has dropped. The company's moderate size is different in different industries. In addition, as technological progress and production factors, the standards, the standard, the standard, will also change. (2) The production factors judge the advantages and disadvantages of the production factors, mainly below: 1. The quality of employees. The inspection includes: (1) The number and quality of the employees are adapted; (2) the proportion of management personnel and workers; (3) the ratio of employees, resignation; (4) The source of new employees added Channel; (5) Whether employees' welfare status is good; (6) Whether the morale of employees is high; (7) Compared with the same industry, the average cultural level of employees; (8) How is employee per capita intellectual investment? 2. Production equipment level. The main investigations include: (1) Whether the production method is closely matched with production scale; (2) Whether the factory design, factory building structure, mechanical configuration adapt to production methods; (3) Does buildings and factory have expanded rooms; (4) Main machinery Partial depreciation; (5) How to process accuracy and speed; (6) whether mechanical equipment capacity is balanced; (7) Compared with the same industry, per capita fixed assets share, production equipment newness, microelectronics control production How is the proportion of equipment. Note: The amount of per capita fixed assets is: fixed asset net value B staff total production equipment is: Production equipment net value B production equipment original value microelectronic technology control production equipment as a proportion of production equipment: microelectronics control production equipment original value B production The original value of the device is 3. Company Technology Level.
Considering content mainly include: (1) Research, technical personnel, expertise; (2) Research costs, research equipment; (3) What is the research project in the past; (4) The cooperation of research plans and business plans (5) Research technicians account for all the proportion of all employees; (6) How is the technical economic development efficiency. Note: The development of technical and economic development is: implementation of new production value B technology development funds (3) Production process 1. Probative analysis. It mainly includes: (1) Changes in raw materials and wage levels and their impact on product costs; (2) The difficulty of raw materials procurement and its impact on the company's management; (3) The company's micro environmental changes Effects of sex and the company 's business management. 2. Production capacity is used. The main investigations are: (1) Changes in turnover. Among them, it mainly identifies turnover and reduction in the past three years; the increase is short of short-term or long-term; the increase or decrease is the common situation of the industry or the company's unique; increase or decrease, etc., etc. (2) Application of equipment. Among them, it is mainly identified whether the production capacity is fully utilized compared to the actual product; the reason is low in the company's internal or external; whether the production capacity can adapt to the changes in product specifications, and so on. 3. Production management status. Main investigation: (1) Does the production plan take into account the equipment, labor, raw materials, and other factors such as ordinary order, and funds, sales and balance; (2) Whether the production sector properly manages the quality, cost, delivery period of the plan Also reach standard. 4. Reference indicators compared to peers. Main: (1) Per capita output value: total number of net output value B employment; (2) Raw material utilization: total value of total industrial value B raw materials; (3) Energy utilization: Industrial GDP integrated energy consumption. (4) Product Structure 1. Product Lifecycle. Product lifecycle refers to a product from the overturned market to the whole process of stopping production, but also known as the life of the product.
Analyze the products produced by the enterprise in which stage of its life cycle, and investigate whether the enterprises at different stages will take the corresponding strategy, a problem that the future income of the enterprise must pay attention to. The product life cycle can be divided into four stages of the invested period, the growth period, the maturity period, and the recession. There are different characteristics in these four phases, and companies should take different strategies accordingly. (1) Investment period This is that the product is transferred to a small amount production and starting to launch the market. Since the customer has not been widely accepted, the sales volume growth is slow, and the investment is large, the actual cost is high, and there is almost no profit, sometimes even losses. At this stage, on the one hand, it is necessary to consider whether the product reaches the original technical standard, further improve the design, process, equipment, forming production capacity; on the other hand, do a good job in market forecasting and auditing, pay attention to advertising, do everything possible to open the product sales, special Pay attention to the demonstration role of early users. (2) The growth period is that the product is transferred to a batch production after the investment period is verified, which officially put into the market to expand the sales phase. Due to adoption of advertising and auditing activities, customers reflect good, sales volume growth, cost reduction, and increased profits. At this point, on the one hand, we must pay attention to market competition. Constantly improve product quality, performance, model, sample and create brand cards; establish product sales networks on the other hand, and actively expand market penetration, make product sales more widely. (3) Mature period This is when the growth rate of growth in growth has reached the peak, and it enters the stage of large-scale production and market sales. This stage is due to the early consumers already have this product, and the consumers continue to purchase, and the competition between the same product production enterprises has begun to exacerbate. The strategy of this period: On the one hand, it takes various measures to improve the product, implement floating prices, winning, stabilizing market share, on the other hand, and considering the development of new products. (4) During the recession, this is that the product has been economically aging, and there is a stage in the market that is eliminated. At this time, due to the further decline in competition, the sales of old products were sharply reduced due to new products, so that the profit of the company was further decline until it was unprofitable. Therefore, the enterprise should predict the coming of the recession period, stop the production of this product, sell the existing product, transfer funds and sales power to new products just put on the market. 2. Indicators with reference to the same industry. Mainly include: (1) Quality product proportion: high quality product output value B All industrial output value; (2) The proportion of new products account for the output value: the new product value B is all industrial output value. (5) Sales link 1. Accept the order situation. Mainly include content: (1) acceptance of order in the year and the end of the year; (2) accepting the degree of ordering, there is no contract; (3) accepting the order quantity and the production capacity is adapted; (4) Accept The order situation is appropriate to the raw material inventory; (5) accepting the order and delivery varies greatly and cost, there is no remedial method; (6) Whether the inventory is too much or too. 2. Sales process situation.
The main points of the inspection include: (1) Whether the existing sales path is appropriate and the company's capital burden is appropriate; (2) Existing sales organizations are strong in terms of regional distribution and credit comparison; (3) now Some sales management have no market investigation capabilities, the collection, analysis and feedback of market intelligence quickly, advertising cost spending and peers are horizontal, and so on. 3. Sales performance, main investment content: (1) Research product production and sales, if the difference is large, find out the reason; (2) Decompose sales into sales and sales unit price, study their movements and Comparison of peers; (3) sales, income, market share, etc. 4. Reference indicators compared to the same industry. Main: (1) Sales Income Profit Rate: This issue of sales profit B This sales revenue; (2) Product sales rate: total value of total sales products B year industrial output value. (6) Management level 1. Mainly inspect the content. These include: (1) managers' quality. Managers' quality analysis mainly includes decision-making capabilities and whether the nature of management departments is compatible, and so on. (2) Management organizational form. The basic form of the management organization has a straight-line organization, the organizational organization of the straight-line function system, the organization, and the matrix organization. Companies in different nature, scale should generally take corresponding organizational forms, otherwise it will affect management efficiency. (3) Business policy. It is mainly to transform from a simple production model. (4) Rules and regulations. Mainly refers to the formulation of the rules and regulations, whether the implementation should be practical to manage the management and operation of the entire company, whether it is practical. 2. Several comprehensive indicators compared to the same industry. Mainly: (1) Full staff labor productivity: annual industrial output value B All employee year end count; (2) fund output rate: annual industrial output value B (fixed asset net value fixed flow fund average balance); (3) Circular turnover: All-year product sales revenue B fixed flow fund average balance; (4) Yield value profit and taxation rate: (total profit sales tax) B industry total output value; (5) Profit growth rate: (this period achieves profit B base Analysis of external factors of implementing profit -1) × 100% operating conditions
(1) Industry in different industries has different business content, business characteristics. Accordingly, the strain capacity of different industries changes to external environment varies. In order to more accurately grasp the industry's industry, the development prospects of the stock issuing company are predicted, and it is generally always classified by the industry. 1. Classified by industry standards, generally include: (1) The first industry, the second industry, and the tertiary industry. This classification method is commonly used in national economic statistics. The usual division is: The first industry is a department that is labor-based on natural resources, such as agriculture, extracting industries, etc .; the secondary industry includes processing manufacturing and construction industries; the tertiary industry refers to the material production department and living for people Services of services, such as financial industry, insurance, scientific education, repair, catering, etc. This classification has certain reference significance for understanding the development sequence and development trend of different industries. In general, in the process of continuous improvement of social productivity, the order of the three industries is: After the first industry has a considerable development, the second industry has gradually developed; the development of the tertiary industry is to establish On the basis of the development of the first and second industries. But from the speed of development, the order has fallen. The development of the three industries in time and speed sequence is called the three industries, the sequential development and sequential acceleration law. (2) Labor, capital, technical intensive industry. This is divided by the degree of intensity in production according to the production factor. Labor-intensiveness refers to industries with less investment and simple equipment, and has more labor resources; capital-intensive refers to industries with more advanced investment, and has higher equipment; technical intensive refers to equipment advanced, intellectual labor Higher industry. In general, the per capita output value technology is intensive. In addition, these three types of industries have time series. In the process of continuous improvement of social productivity, it always begins with the development of labor-intensive industrial development; capital intensive development is gradually developed under the conditions of capital accumulation; then, the technology-intensive industry is gradually developed on the basis of science and technology. For labor-intensive industries, if there is insufficient labor or wages to rise, it has adversely affects its development. For capital intensive, except for the lack of production materials or prices, it must pay attention to whether the technical constitution and production equipment should be adapted. For technical intensive, if you engage in business activities of development, you have the characteristics of high income and high risk. (3) Long line, short-term industry. This is from national industrial policies to promote its development or limiting its development. For industries that restrict development in long-term industries or national industrial policies, the state will restrict directly or indirect regulatory means. For industries that develop in short-term industries or national industrial policies, the state has implemented a series of policy tilt, such as the increase in national investment, the guarantee of raw materials and energy, tax benefits, price adjustment, etc. In addition, the local government's policies have also have a more direct impact on certain industries in a particular region. (4) Chaoyang industry, sunset industry. This is a popular division of the entire industrial sector. The Chaoyang Industry refers to emerging industries developed with the new technology revolution, such as electronic, aerospace, new materials, etc. The sunset industry refers to some traditional industries such as cotton, coal, etc. This division has a certain reference value for the development of the forecasting enterprise, but it is not absolute, and must also be specifically analyzed according to the economic development conditions of different countries. 2. Classified by commodity forms, generally have the following: (1) Production materials, consumption information. Production materials and consumption materials must maintain a certain proportion during the social renewal process. When both proportional disorders, adjustments must be adjusted, thereby generating economic fluctuations.
The economic fluctuation of a country is different from the degree of impact on both. Generally speaking, the impact on production materials is more. When the economy is improved, the production of production materials is faster than the production of consumer materials; when the economic is not booming, the production of production materials is fast than the production of consumer materials. (2) essential, luxury. Needs mainly refer to survival needs; luxury goods refer to enjoyment. Divide the product into these two categories, the significance of its research is that their respective sales conditions are different when they change. Consumers need to be more stable to the former, and the demand for the latter changes very large. The stability and variation of its needs should take into account the price level of the product and the level of income of consumers. In addition, it is not absolute to divide the essential and luxury goods, and it should also be determined by the general improvement of living standards. 3. According to the needs of the product, there are generally the following: (1) domestic sales or export-oriented. Generally speaking, companies mainly selling products are better than those companies that can only be able to store products in terms of economic benefits, but this also considers the impact of various factors in the international market. That is to say, comparison, the company is more expensive and high risk coexistence. When investigating such companies, the ability of its strain ability is the content that must be concerned. (2) There is no seasonal demand. Generally speaking, the sales of products have a significant limitations in the funds raising and application of the product. For example, drinks, fur, electric fans and other consumption materials and cement, fertilizer, agricultural machinery, etc. have a large amount of volatility, and their production, sales, and capital flow flow are also concentrated in one period. When examining such companies, pay attention to whether the funds are raised and the use of its production characteristics. 4. Classified according to the type of production, generally have the following: (1) as the main production of the instructions or in accordance with the Guidance Plan. According to the company, the company is produced as the main company, generally said that the raw materials and product sales have guaranteed, but the product price is strict. Companies produced as the main company in accordance with the Guidance Program. This also determines the characteristics of the latter more risky and income. As for some companies that are fully produced in market regulation, it is of course more remarkable. For this kind of company, we must focus on market adaptability and strain ability. (2) "Consistent production" or partially produced. The whole process from raw material processing to finished product is completed, called "consistent production". If only part of the production process is partially produced. If it is a consistent production, it is convenient to manage (including quality management) and reduce costs, but if a production process is blocked, such as raw material supply, it will affect the production of production. If it belongs to some production, it can be relatively improved due to specialization. The production cost is reduced, but if the market demand is reduced, the loss will be relatively increased. (2) The position of the industry is higher in the industry, which means that the development of the entire industry has developed smoothly, and its development is more considerable; when the development of the industry is adversely, it will have a strong strain ability. The first company in the industry, usually has strong capital and higher technology, and there is also a high competitiveness in the market. However, judging the company's industry status, from dynamic, you must also pay attention to its real competitors and potential competitors. Because, a company's industry status is not absolute. (3) The operating conditions of economic nature issuance are not determined by their economic nature.
However, as far as the reform of my country's economic system is in reality, the country gives different policies to different economic nature, which will have an important impact on the operational status and expected benefits of issuing companies. For example, the country supports township enterprises in the past few years, so that township enterprises have developed rapidly; at present, national security national and medium-sized enterprises can expect that such companies will have a stable growth with the improvement of operating environment; this company will further attract foreign capital. The preferential policies announced by foreign investment will increase the income of foreign-related enterprises. (4) Prestige characteristics (also known as "directivity") pointing to feature means building a variety of enterprises based on what principles, so that there is a micro environment suitable for business development, which further reducing production and sales costs. . The point of view of the issuing company should generally pay attention to the following items: 1. Forte from the site and consumption location; 2. Supply problems of producing the required raw materials; 3. Infrastructure status; 4. Easy and water supply problems resolved; 5. The difficulty of the labor supply; 6. Participants from all walks of life support from all walks of life, and so on. In summary, corporate pointing features include raw materials pointing, market pointing, energy pointing, labor pointing, technical pointing, and more. In addition, different enterprises have different characteristics, and their directivity is also different. Most agricultural products, primary processing industries such as production sugar plants, rolling mills, coal mining plants, miners, etc. If the raw material is small, the product is inconvenient, generally should focus on consumption plant, such as sulfuric acid, glass plant, etc. The energy consumption should be selected near the energy power base, such as the electric stone factory, smelter, etc. Labor-intensive industries should consider the problem of labor prices. Technical intensive industries should consider more consideration of technical collaborative mating conditions include perfect accessibility industrial conditions and fast and convenient transportation, communications, etc. In the basic factors affecting the stock price, the issuance company's operating conditions and financial status are directly related to the book value of the stock and the theoretical value, the intrinsic value, therefore, the above condition should be the basic factor in the basic factor. To evaluate the value of stocks and make prudent investment decisions, we must respond to the operation and financial status of the issuing company.
Technical Factors of technical factors indicate the factors and psychological factors that affect the market in the market in short-term trends. (1) Market factors 1. Number of transactions. The number of stock trading is important indicators that reflect the activity of the market, which has a great impact on the share price trend. When the amount of trading is consistent with the stock price, the share price increases, the stock price fell transaction volume, indicating that the market trend is strong, the demand is greater than the supply. When the share price increased trading volume, the speculators believe that the market is strong, the demand is greater than the supply, so it is willing to buy stocks; when the stock price fell transaction volume, the holder is not willing to sell stocks. In turn, when the amount of trading is inconsistent with the stock price, the market trend is weak, and the supply is greater than demand. 2. means of transaction. The basic factors that lead to short-term fluctuations in stocks lies in the side focus of market trading methods: "When the" bullish force "is greater than" look down ", the buyers are more than soldiers, leading to the stock supply, and the stock price rises. Conversely, when "watching the power" is greater than the "bullish force", the sellers are more than buyers, stocks are too good, the stock price falls. The speculator is sold when the speculator is sold, thereby earning the difference profit, which in turn also affects the stock price fluctuations. The increase in the number of long (including buying empty) is caused by the market firm; the number of shorts (including the sale) is increased, indicating that the market is weak. 3. Transaction ingredients. Among the transaction members, the trading method of large households (institutional investors or strong funds) has significantly affected the stock price. Its massive purchase will promote the rise in the share price, which is a strong market; selling a large number of sold, will force the stock price to fall, showing the market weakness. When the big family is intended to control a company's management management right, it will acquire the company's stock, thus making the demand significantly increased, and the stock price rose. In Europe and the United States, there is a special stock public collector system for controlling another company, which is publicly bought in the cost of higher than the market price. In addition to large outdoor, the general short-term operation speculators live in most, the stock price is easy to fluctuate. 4. Market width. The so-called market width refers to the amount of the number of types and price decline in a certain day, the price increases, that is, the market is wide, the market is bullish; contrary, the price drop, the market width Small, the market is falling. Some people are habits to study the trend of stock markets. The fleet is a curve to the average of stocks that rises in each period and the decline of stock ratio. In 1973, when the Jones Industrial Average rose to the highest point of history, the fleet has successfully predicted the stock market will have a decline. 5. Peak low. If there is two or three heights of the same peak (upper resistance), it behaves as the weak market. The stock price cannot break through the resistance. The market may fall. Conversely, if there is two or three degrees of low (lower resistance), the fell curve is expressed as the market firm, the stock price cannot break through the resistance, and the market may be bullish. In addition, the emergence of new peaks or new low points can also help us understand the strength of the stock market. The new peaks and new low points refer to a peak or low point that has increased in certain shares, respectively. Generally speaking, when the number of stocks in the new peak is more than the new low, the market is strong, and the market may rise. Conversely, it indicates that the market is weak, the market may fall.
For example, September 11, 1986, the New York Stock Exchange's stock price decline is rapid, and the ratio of the new peak and new low in the day is 9:52. Most stock exchanges in the world have special reports on stock varieties reached a new peak and new low and low-point. 6. Artificial manipulation. Artificial Shares is difficult to avoid in the stock market, especially in the initial stage of the stock market, the listing of small stocks is small and the amount of trading is less, and the operating situation is more obvious. The main way of manipulating the stock price is: (1) monopoly. Big households are purchased with their huge funds: the market chips are reduced, then the share price, resulting in an atmosphere that the demand is increased, which is generally retakement, and then when the stock price reaches a quite peak, take the concealed means to sell them to hold the stock, so that High out. (2) Pressure. Daily sells a large number of stocks, increasing market chips, and releases unfavorable rumors, causing scrap toward panic, followed by selling, forming stock prices. Then, the big household is secretly acquired, so that it is as low as it is. It is also known as selling pressure. (3) Transfer. The transfer is also known as hedging, that is, the owner uses individuals who use different identities, open several accounts, take each other, repeatedly, to raise or lower the stock price to achieve the purpose of its manipulation. The manipulator only needs a little fee (commission) and tax. This method is more concealed, and even some securities self-business or both business are also engaged in such activities. (4) Rolling. That is, it is a long time to raise the stock, force the empty, and the big households do the stock price, causing an atmosphere. The air is afraid to rise, so that it is eager to make back, and have to operate the share price. (5) Sound East hits the West. Daguo chooses some market chips and easy to manipulate stocks, raise or lower stock prices, causing out the immersion to follow up. Then, the big household taking the opportunity to sell or buy other types of stocks to achieve their purpose of buying or sell stocks. (6) Distribute rumors. In order to promote the stock price to the direction of its own direction, deliberately manufacturing or spreading a rumor, promoting the stock price changes. (II) Changes in the psychological state of psychological factors will have a direct impact on the behavior of stock trading, causing stock prices. One of the important reasons why the stock price trend is unpredictable, and it is difficult to grasp the important cause of investors' psychological changes. For example, the greater the stock price, the stronger the intention of investors buy, thus driving the stock price continues to rise; the more the stock price is, the lower the intention of the investor's shareholding, thus accelerating the decline in the stock price. This is the so-called "buying and rising, do not buy" psychology in the stock market. The cost of stocks is also related to the patient's psychology. When most investors have some view of the stock price, it is difficult to insist on their own views, often as blind follow-up. This phenomenon also manifests as an investment atmosphere effect. The so-called investment atmosphere effect refers to the psychological, behavior of the stock trading, which affects the effectiveness of the stock price. Investment atmosphere effects often make investors to violate their original dealers, especially in the trading site. Many of the cases will cause investors' psychological changes, including some rumors or rumors, it is also easy to cause the tide of buying or selling, leading to a sharp plug in most stocks in some stocks or even stock markets. A city in a city in a world, many pedestrians hide from a bank's corridor to avoid rain.
