外文翻译
原文
麦其土司Operation ability analysis Material Source: China.s curities nets 05/17/2006 Author:Techever Operation ability fully utilize existing resources to create social wealth ability, can be ud to evaluate the enterpri to its own resources utilization and operating activities ability. Its esnce is to as few as possible resources occupation short turnover time, produce as many products, create as many sales revenue, and to achieve this goal, we must improve enterpri's operation ability level. Operation ability is the asts of the enterpri turnaround to measure the efficiency of the utilization of asts enterpris. The index reflects asts turnover rate have inventory turnover, liquid asts turnover rate, total ast turnover. The faster turnaround speed，it shows that the enterpri of asts into business links, forming the faster the cycle of revenue and profit more short, business efficiency is higher. Operation ability refers to the enterpri ast turnover operation ability, usually can u total ast turnover, fixed ast turnover, flow ast turnover，inventory turnover and accounts receivable turnover the five financial ratios to enterpris' operating capacity for layered analysis.
Operation ability analysis can help investors understand enterpri business conditions and operating
management level. With our su ning electric equipment (BBS) (market, for example，002024) lo inlroduce how to enterpri's investors operating capability analysis. Total ast turnover is to show enterpri sales income and total asts of the ratio of average balance. Suning 2004 sales revenue for 91.1 billion yuan, average total asts of 14 million yuan; 2005 sales income incread to 160.4 billion yuan, the average total asts is incread by 2.3 times, reached 31.9 million yuan. Due to the growing rate of total asts than the sales income increa, total ast turnover down to 5 by lead.
杂剧
The rate of decline in 2005 with suning opened the new mass are directly related. In order to complete I he "national cloth nets" thcstratcgic pattern, suning in 2005 at 65，a new store new landed 20 cities, and the original logistics, rvice system of radiation radius is limited, so su ning to makes lots of management platform，in order to support the construction of the urban construction in the same after other stores of logistics
and management. This makes su ning expansion strategy initial cost of relatively high.
Cunent asts lumover is enterpri's sales income and liquidity ratio of average balance. Through ihis ratio analysis, we can further underslanding ol. enterpri in ihe short term operation ability chan
ges. From statements that su ning 2005 sales income nearly 1.6 billion yuan, growth rate, while the average flow rate reached more than doubled asts. The liquidity didn't bring the same margin large increa of sales income growth, so current asts turnover in 2004 7.36 dropped by the 2005 5.61, explain the efficiency in the u of su ning liquid asts declined.
Fixed ast turnover is mainly ud for analysis of fixed asts such as factory buildings, equipmenl, the ratio of the ulili/alion elllciency of ihe higher and higher, explain utilization, management level, the better. If the fixed ast turnover compared with industry average low, then explaining enterpri of fixed asts utilization is low, might affect ihe enterpri profitability. It reflects enterpri ast utilization degree. Fixed ast turnover ratio = sales revenue/average net value of fixed asts The average net value of fixed asts = (initial equity + final equity) voting 2 Enterpri inside certain period advocate business wu income with average net current asts ratio of total ast utilization, is apprai enterpri another important indexes. It reflects the enterpri liquid asts turnover rate from enterpri all asts, liquidity of the strongest in current asts Angle of enterpri asts utilization efficiency, in order to further analyze the quality of enterpri asts reveals acoustics major factor. Current asts turnover means certain period for a year) (usually ihe main business income and total migrant asts ratio of the average balance.therefore, can through to inventory turn
over and accounts receivable further analysis of How ast turnover ratio changes. Suning in stock sales primarily, therefore, accounts receivable accounted for only the liquidity, and inventory 50% 4.75%.
产假多久Inventory turnover refers to enterpris and inventory cost of sales average balance ratio. For real estate industry inventory turnover is a very key indicators, real estate industry is very special. Usually, inventory turnover is the sooner the better, and real estate industry inventory quantity bigger, the slower I he turnover that the strength of the company is the more abundant. Other industry's inventory lumover for six or ven times a year of general level, in contrast, in the real estate industry a year about a cond, if in six or ven times a year inventory turnover for real estate industry as
the company is tiny companies, with a powerful real estate stocks, invcnlory turnover
arc very low, bccau must keep a lot of land rerves, land rerve is his inventory, the hous built yet form sales belong to asts range，depend on the achieve sales.Inventory turnover condition can also be expresd with inventory, namely said days
once inventory turnover the time required that the shorter days, the faster inventory lurnover. Suning
15.05 inventory turnover in 2004 丨or 2005, ihis ratio dropped to 10.33. Accordingly, inventory turnover days from 24 days extended to 35 days. Inventory liquidation speed decread obviously, explain suning sales ability may exist problems down or inventory cxcess.
Accounts receivable lurnover refers to the enterpri certain period income and accounts receivable credit average balancc ratio. Il reflects the company obtained the account receivable from the right to withdraw money, can be converted into cash needed the length of lime. Accounls receivable turnover can be ud to estimate the accounts receivable converted speed and managcmcnl efficiency. Recovery quickly can save money, also shows that enterpri credit situation is good，nol easy loss of bad happened. Generally believe that the higher the turnover of the good.This index measure enterpri accounts receivable into cash speed. Becau credit sales income can't easily get, in practicc ud more sales income is calculatcd alternative crcdit income. Suning customers is mainly individual consumer to both clear of money and goods, trading on the basis of the account receivable credit income proportion is very small, so the sales incomc data obtained by receivable turnover is very high. In general, ihe higher the ralio of enterpris lhal enlerpri col I eel ion receivable and ihe faster, can reduce the loss of bad, and liquidity strong, enterpri's short-term solvency will also strengthen, in some extent could compensate for the currenl ratio low adver imp
act. If ihe enterpri rcceivablcs turnover is too low, then explaining enterpri collection receivable inefficient or credit policy very loo, affect ihe enterpri u of ihe capital and capital normal turnover.
On real estate enterpri operation ability of financial analysis framework can mainly from three aspects: building management ability index, accounts receivable turnover and working capital turnover rate. In the three respects bad on real estate enterp ri combining the characteristics, the lection of the appropriate financial index on real estate enterpris1 operating capability evaluation. This paper puts forward the analysis framework of general applicability, for real estate enterpris and other enterpris in ihe operation ol. the managers do provide quantilative basis for decision-making and analysis methods.
Through the ca analysis can be found lhat, becau the influence of asts turnover rate, total asts yield level but not necessarily advocate business wu income con si stenl wilh gross margin. And commercial real estate and industrial real estale, residential real estate than x where profit margins, so vanke’s sales incomc margin incread year by year, but despite highest when still about 41%, but the lujiazui, and ihe land is provided
income can be as high as 80% gross margin, cofco property of materials processing income also can achieve 75% gross margin. From the trend, the incomes of the three companies are in growth state gross margin. Bui becau ihe operating cash flow is low, the efficiency high profit margins of the lujiazui and cofco real estate but show low on total asts.
Three real estate enterpri operations in there is a common problem, namely the working capital turnover rate is too slow. Operation ability of the enterpri of the scale of operations and different difference were real estate enterpri can cau inventory turnover rate and working capital turnover rate is different. Residential properly turnover rale x than commercial real estale and industrial real estate, so vanke faster the inventory turnover faster than lujiazui, cofco property becau small in scale, the turnover rate clo to YuWanKe. Bui in recenl years due to land prices continue to ri, real estate enterpris have been through a lot of store, extend the project development period and so on the way to getting the higher profit margin. Thus the current real estate enterpris in our country there are a large amount of inventory turnover, slow ills.
译文
网络伤感情歌营运能力的分析
资料来源：中M证券M 05/17/2006 作者•： Techever
营运能力是允分利用现冇资源创造社会财富的能力，可以用來评价企业对其拥有资源的利用程度和营运活动能力。其实质是要以尽可能少的资源卩I用，尽可能短的周转时间，来产生出尽吋能多的产品，创造出尽吋能多的销售收入，而要实现这个fcl的，就必须要提卨企业的竹运能力水平。运能力是以企业各项资产的周转速度来衡M：企业资产利闷的效率。反映资产周转速度的指标有存货周转率、流动资产周转率、总资产周转率。周转速度越快，表明企业的各项资产进入经荇环节的速度越快，形成收入和利润的周期就越短，经营效率就越高。荇运能力指的是企业资产的周转运行能力，通常可以W总资产周转率、W定资产周转率、流动资产周转率、存货周转率和应收账款周转率这五个财务比率來对企业的荇运能力进行逐层分析。
营运能力分析可以帮助投资了解企业的汽业状况和经营管理水平。我们以苏宁电器(iM，M O (002024)为例，叫投资者介绍如何进行企业的营运能力分析。
总资产周转率•足指企业的销俦收入4总资产平均余额的比率。苏宁2004年销售收入为91.1亿元，平均总资产为14亿元；2005年销售收入增加到160.4亿元，平均总资产史足增长了 2.3倍，达到31.9亿元。山子总资产的增长幅度超过了销售收入的增长幅度，总资我是一个兵
史书
产周转率山6.49下降到5。
该比率的下降与苏宁在2005年大规模幵张新店有S接的艾系。为了完成“全国性布网”的战略格局，苏宁在2005年新开门店65家，新登陆了20多个城市，而原先的物流、服务体系的辐射半柃有限，因此苏宁耍进行大量的管理平台的建设，以此來支撑以后在同•个城市建设其他卖场的物流和管理。这使得苏宁扩张战略的初始成本相对较高。
闾矩资产周转率主耍用于分析对厂房、设备等W记资产的利用效率，比率越高，说明利用率越高，管理水平越好。如果W定资产周转率勺同行业平均水平相比偏低，则说明企业对固定资产的利用率较低，可能会影响企业的获利能力。它反应了企业资产的利用程度。
阑定资产周转率=销售收入/平均固定资产净值丨冉1定资产平均净值=(期初净值+期末净值K2 企业•定时期内主营业务收入净额同平均流动资产总额的比率，是评价企业资产利率的另• •里要指标。它反映了企业流动资产的周转速度，是从企业全部资产中流动性最强的流动资产角度对企业资产的利W效率进行分祈，以进•步揭示音响企业资产质ii的主要因素。流动资产周转率是指_ •定•时期(•般为•年)的主营业务收人4全部流动资产平均余额的比值。通过这个比率的分析，我们可以进•步了解企业短期内营运能力的变化。从报表屮希出，苏宁2005年钔售收入近160亿元，增长幅度达到42.9%，而平均流动资产增加了•倍以上。流动资产的大量增加没有带来同样幅度的钔售收入的增长，因此流动资产周转率山2004年的7.36下降到2005年的5.61，说明苏宁流动资产的利州效率打所下降^
翩翩起舞的意思
存货和应收账款足流动资产的主耍组成部分，因此，可以通过对存货周转率和应收账款进•步分析流动资产周转率的变化。苏宁以现货钔售为主，冈此，应收账款仅卩丨流动资产的4.75%，而存货山_ 50%o
存货周转率指的是企业的钔售成本与存货平均余额的比率。存货周转率对于
房地产行业足•个非常太键的指标，房地产行业足•比较特殊的。通常的來说存货周转是
越快越好，而房地产行业的存货鲎越大、周转的速度越慢则说明公司的实力越雄厚。
其他行业的存货周转率•般为每年六七次的水平，相反，在房地产行业一年大概•二次，
如果一年存货周转率在八七次的公司对丁•房地产行业来说是极小的公司，苻实力的大
房地产股，存货周转率都是很低的，闵为要保持大id：的I•.地储谷，丨：地储备就趟他的
存货，建成的房子未形成销ft都厲干资产范闹，要依釙这作实现钔售。存货周转状况
也吋以刖存货天数来农示，即表示存货周转• 次所需要的时间，天数越短，说明存货周
转越快。苏宁2004年存货周转率为15.05，而2005年这• •比率下降到10.33。相应地，
芳华剧情存货周转天数山24天延长到35天。存货变现速度的明显下降，说明苏宁讨能存在
钔ft能力下降或者存货过童的问题。
应收账款周转率指的是企业•记时期内赊钔收入与应收账款平均余额的比率。它
