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偿债能力是指企业偿还各种到期债务的能力，它是企业财务分析的一个重要方面，可以揭示企业的财务风险。企业管理者、债权人和股权投资者都十分重视企业的偿债能力分析。偿债能力分析主要分为短期偿债鞥里分析和长期偿债能力分析。
短期偿债能力分析-----指企业偿付流动负债的能力。流动负债是将在1年内或超过1年的一个营业周期内需要偿付的债务，这部分负债对企业的财务风险影响较大，如果不能及时偿还。就可能是企业陷入财务困境，面临破产倒闭的危险。long time no e什么意思
流动比率在2:1左右合适，高时说明企业偿还流动负债的能力较强，流动负债得到偿还的保障较大。但是过高时，可能是企业滞留在流动资产上的资金过多，影响企业的盈利能力。（同时加强对企业现金流量的考察）
survival速动比率在1:1时比较合适，它撇开了变现能力较差的存货，越高，说明企业的短期偿债能力越强。
现金比率可以反映企业的直接偿付能力，高时说明有较好的支付能力，对偿付债务是有保障的；但过高时可能意味着企业拥有过多的盈利能力较低的现金类资产，企业的资产未能得到有效地运用。（使用时，需要考虑未来一个会计年度影响经营活动的现金流量变动的因素）
长期偿债能力分析-----企业偿还长期债务的能力。它便于债权人和投资人全面了解企业的偿债能力及财务风险。
资产负债率反映企业的资产总额中有多大的比例是通过举债而得到的，反映企业偿还债务的综合能力。过高时，企业偿还债务的能力越差，财务风险越大。一般而言，处于高速成长时期的企业，其资产负债率可能会高一些，这样，所有者会得到更多的杠杆利益。它高于1，说明企业资不抵债，有濒临倒闭的危险。
perfume是什么意思偿债保障比率反映了用企业经营活动产生的现金流量净额偿还全部债务所需的时间（债务偿还期），一般认为，经营活动产生的现金流量是企业长期资金的主要来源，它越低，说明企业偿还债务的能力越强。
利息保障倍数反映了企业的经营所得支付债务利息的能力，若这个比率太低，说明企业难以保证用经营所得来按时按量支付债务利息，这会引起债权人的担心。一般来说，企业的利息保障倍数至少要大于1，否则，就难以偿付债务及利息，若长此以往，甚至会导致企业破产倒闭。性与爱作文
该企业的流动比率由2009年的1.18增长到2010年的1.31，更加接近于2:1; 速动比率也由0.84上升到1.11，而现金比率从0.36增加到0.38，现金流量比率由0.036上升到0.069。由这些数据来看，该企业的流动资产和流动负债的比率较低，总资产中流动负债占的比率较大，同时流动资产中不能及时变现的资产，例如存货，所占的比率也稍大；而同时经营活动中产生的现金流量净额过少，和流动负债的比还没有达到0.05。由此可以看出，该企业的短期偿债能力较弱，流动负债过大，企业的财务风险也较大。另一方面，该企业的流动资产、现金和经营活动产生的现金流量净额从2009到2010之间在不断上升，这说明该企业的短期偿债能力在逐年增强，流动负债所占的比例和企业的财务风险都在不断降低。
该企业的资产负债率由2009年的0.62增长到2010年的0.67，股东权益比率由0.38降低到0.33，产权比率由1.62增加到2.08，偿债保障比率由33.23减少到23.37，而利息保障倍数从4.14降低到3.54.从这些数据来看，该企业的负债总额在资产总额中所占的比例较高，资产总额中超过一半来源于负债，而股东权益仅仅有0.4不到；同时该企业用企业经营活动产生的现金流量净额偿还全部债务所需的时间（债务偿还期）过长，大近一月之久；利息保障倍数较高。由此看出，该企业的资产总额中负债总额所占比例过大，股东权益相对较小，这可能是由于该企业处于发展期；虽然从该企业的偿债保障倍数来看，该企业的偿债
还债能力较弱，但它的利息保障倍数很高，说明该企业能够及时偿还债务利息，不会引起债务人的担心。另一方面，从2009年到2010年的变化来看，该企业的负债总额占资产总额的比重在渐渐上升，股东权益在下降，支付债务利息的倍数也在降低。
the apprentice
SWOT分析：
1. In 2009, KEC entered into a collaborative agreement with Fast Trans SRL in Romania regarding the construction of an asmbly and distribution plant. The plant became fully operational in February 2011. The affiliate then asmbles the vehicle from the kit, adds some local components, and then distributes to the European market.
2．KEC has one R&D plant bad at its main manufacturing facility in Kunming. It has been in operation since company formation in 2001 but has not been successful in being first to market on any new product. It is poorly funded and inadequately staffed.
3. Both manufacturing plants are operating with out of date and ageing production equipment.
4. Both manufacturing plants are adopting traditional costing instead of activity-bad costing when costing and pricing products.（如何解释？）
5. The industry standard for receivable ttlement days was 65 days and 60 days for 2009 and 2010 respectively.
6. The industry standard for inventory holding days was 70 days and 60 days for 2009 and 2010 respectively.(寻找行业的天数 比较？？)
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7. In addition, the markets (particularly Europe) are showing a trend towards smaller, more environmentally-friendly vehicles; or even towards substitutes such as public transport and bicycles. Lastly, while electric-powered cars have been relead worldwide, consumer take-up has been extremely disappointing in all instances to the point of causing rious investment loss.（不利环境？）---KEC's internal R&D division is developing an electric car prototype. There are no joint-ventures with foreign manufacturers.（Most of China's largest automobile manufacturers have plans to mass-market hybrid and electric cars but many are now holding off due to the delay in governmbonus是什么意思
ent subsidies. R&D is expensive and many manufacturers have entered into joint ventures with foreign manufacturers to develop this market, in addition to expanding overas markets. ）
预备役军官法8. The international market is, generally, weaker than the domestic market. PRC vehicles are perceived as being of poor quality in the developed (for example, European and US) markets and are often viewed suspiciously by consumers. However, this reputation is slowly changing as PRC maintains its status as number 1 world producer. （有利环境）
金色雨林9. KEC has not entered into any joint ventures with foreign car makers but would like to explore this possibility. It finds that its current size limits the opportunities.
10. The domestic market is very strong and this is forecast to continue into 2012. It is expected that overall sales for KEC in the domestic market will continue to grow, and there will be an increa in mini-van sales due to the continuous improvement on economic climate. （有利环境）---好处：The government implemented a policy of replacing old vehicles and electrical home appliances with new products to spearhead a
general boost in the industry, as well as to encourage the u of more environmentally friendly cars and appliances.（KEC has benefitted from the general surge in the domestic market.）---Government subsidies for automobiles in rural China came into effect in March 2009.（This raid the purchasing power of farmers and resulted in a direct increa in sales for KEC's dan after that date.） 坏处：The PRC government incread general purcha tax from 5% to 7.5% on automobiles in December 2009.--- The purcha tax on pasnger vehicles with a displacement engine of 1.6 litres (1.6L) or less was reduced by 50% in January 2009.（KEC was unable to garner this advantage as all its vehicles are over the 1.6L engine capacity and therefore other car manufacturers were able to significantly increa profits in this area. ）
11. However, the impact of the 50% government rebate on purcha tax on pasnger vehicles with a displacement engine of 1.6L had tempered the growth of KEC's sales compared to other Chine manufacturers as consumers turn to smaller, environmentally-friendly, and cheaper vehicles. （不利环境）
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