I. General classification and calculation of commonly used financial indicators \ x0d \ i. Solvency indicator \ x0d \(I) Short-term solvency indicator \x0d\ 1. Current ratio = current assets \x0d\ 2. Quick ratio = quick assets \x0d\ 3. Debt ratio of cash flow = annual net operating cash flow ÷ year-end current liabilities × 100% \x0d\ (II) long-term solvency index \x0d\ 1. Asset-liability ratio = total liabilities \x0d\ 2. Equity ratio = total liabilities ÷. (a) human resource operation ability index \x0d\ labor efficiency = net income or net output value of main business \ average number of employees \ x0d \(b) production material operation ability index \x0d\ 1. Turnover index of current assets \x0d\( 1) Accounts receivable turnover rate (times) = average collection period = average accounts receivable ×360÷ net income from main business \ x0d \(2) Inventory turnover rate (times) = main business cost \ x0d \ inventory turnover days = average inventory × 360 \ x0. Turnover period of current assets (days) = average total current assets ×360÷ net income from main business \x0d\ 2. Turnover rate of fixed assets = net income from main business \x0d\ 3. Total assets turnover rate = net income from main business \x0d\ 3. Profitability index \ x0d. 1. Profit rate of main business = profit/net income of main business \x0d\ 2. Cost profit rate = profit \ cost \x0d\ 3. Return on net assets = net profit/average net assets × 100% \x0d\ 4. Capital preservation and appreciation rate = (II) Index of social contribution ability \x0d\ 1. Social contribution rate = total social contribution of enterprises \ average total assets \x0d\ 2. Social accumulation rate = total financial contribution of enterprises \x0d\ 4. Development ability index \x0d\ 1. Sales (business) growth rate = this year's sales (business) growth rate ÷ the total sales (business) income of the previous year × 100% \x0d\ 2. Capital accumulation rate = growth rate of owners' equity this year ÷ owners' equity at the beginning of the year × 100% \ x0d. 4. Innovation rate of fixed assets = average net value of fixed assets ÷ average original value of fixed assets × 100% \x0d\ II. Specific application analysis of common financial indicators \x0d\ 1, liquidity ratio \x0d\ Liquidity is the ability of an enterprise to generate cash, which depends on the number of current assets that can be converted into cash in the near future. \x0d\( 1) current ratio \x0d\ formula: current ratio = total current assets/total current liabilities \ x0d \ meaning: it reflects the ability of enterprises to repay short-term debts. The more current assets, the less short-term debt, the greater the current ratio, and the stronger the short-term solvency of enterprises. \x0d\ Analysis prompt: When it is lower than the normal value, the short-term debt risk of the enterprise is greater. Generally speaking, the business cycle of an enterprise, the amount of accounts receivable in current assets and the turnover rate of inventory are the main factors affecting the current ratio. \x0d\(2) Quick ratio \x0d\ Formula: Quick ratio = (total current assets-inventory)/total current liabilities \x0d\ Conservative quick ratio =0.8 (monetary fund+short-term investment+notes receivable+net accounts receivable)/current liabilities \ x0d \ Meaning: it can better reflect the enterprise's Since current assets also include inventory that is slow to realize and may have depreciated, current assets are deducted from inventory and then compared with current liabilities to measure the short-term solvency of enterprises. \x0d\ Analysis prompt: the quick ratio is lower than 1, which is generally considered as low short-term solvency. An important factor affecting the credibility of quick ratio is the liquidity of accounts receivable. Accounts receivable on the books may not be fully realized and may not be reliable. \x0d\ liquidity analysis: \ x0d \( 1) Factors to increase liquidity: available bank loan indicators; Long-term assets to be realized; Reputation of solvency. \ x0d \(2) Factors that weaken liquidity: contingent liabilities that have not been recorded; Contingent liabilities arising from guarantee liability. \x0d\ 2。 Asset Management Ratio \x0d\( 1) Inventory Turnover \ x0d \ Formula: Inventory Turnover = Product Sales Cost/[(Opening Inventory+Ending Inventory)/2] \ x0d \ Meaning: Inventory Turnover is the main indicator to measure inventory turnover. Increasing the inventory turnover rate and shortening the business cycle can improve the liquidity of enterprises. \x0d\ Analysis prompt: The inventory turnover rate reflects the inventory management level. The higher the inventory turnover rate, the lower the inventory occupancy level, the stronger the liquidity, and the faster the inventory can be converted into cash or accounts receivable. It not only affects the short-term solvency of enterprises, but also is an important content of the whole enterprise management. \x0d\(2) Inventory turnover days \x0d\ Formula: inventory turnover days =360/ inventory turnover rate \ x0d \ =【360 * (opening inventory+ending inventory)/2]/product sales cost \ x0d \ Meaning: the number of days for an enterprise to purchase inventory, put it into production and sell it. Increasing the inventory turnover rate and shortening the business cycle can improve the liquidity of enterprises. \x0d\ Analysis prompt: The inventory turnover rate reflects the inventory management level. The faster the inventory turnover rate, the lower the inventory occupancy level and the stronger the liquidity, and the faster the inventory can be converted into cash or accounts receivable. It not only affects the short-term solvency of enterprises, but also is an important content of the whole enterprise management. \x0d\(3) Accounts receivable turnover rate \ x0d \ Definition: the average number of times accounts receivable are converted into cash within the specified analysis period. \x0d\ Formula: accounts receivable turnover rate = sales revenue/[(accounts receivable at the beginning+accounts receivable at the end)/2] \ x0d \ Meaning: the higher the accounts receivable turnover rate, the faster the recovery. On the contrary, it shows that working capital is too sluggish in accounts receivable, which affects the normal capital turnover and solvency. \x0d\ Analysis prompt: The turnover rate of accounts receivable should be considered in combination with the operation mode of the enterprise. Using this indicator can not reflect the actual situation in the following situations: first, enterprises that operate seasonally; Second, the installment settlement method is widely used; Third, a large number of cash settlement sales methods are used; Fourth, a large number of sales or a sharp drop in sales at the end of the year. \x0d\(4) Average collection cycle \ x0d \ Definition: It indicates the time required for an enterprise to obtain the right of accounts receivable, collect the money and convert it into cash. \x0d\ Formula: average collection cycle = 360/ accounts receivable turnover rate = (accounts receivable at the beginning+accounts receivable at the end)/2]/product sales revenue \x0d\ Meaning: the higher the accounts receivable turnover rate, the faster the recovery. On the contrary, it shows that working capital is too sluggish in accounts receivable, which affects the normal capital turnover and solvency. \x0d\ Analysis prompt: The turnover rate of accounts receivable should be considered in combination with the operation mode of the enterprise. Using this indicator can not reflect the actual situation in the following situations: first, enterprises that operate seasonally; Second, the installment settlement method is widely used; Third, a large number of cash settlement sales methods are used; Fourth, a large number of sales or a sharp drop in sales at the end of the year. \x0d\(5) business cycle \ x0d \ formula: business cycle = inventory turnover days+average collection cycle \x0d\ ={ [(opening inventory+ending inventory)/2] * 360}/product sales cost+{[(opening accounts receivable+ending accounts receivable)/2] * 360. Under normal circumstances, the business cycle of an enterprise is short, indicating that the capital turnover speed is fast; A long business cycle indicates a slow turnover of funds. \x0d\ Analysis Tip: In general, business cycle should be analyzed together with inventory turnover and accounts receivable turnover. The length of the business cycle not only reflects the asset management level of the enterprise, but also affects the solvency and profitability of the enterprise. \x0d\(6) Current assets turnover ratio \ x0d \ Formula: Current assets turnover ratio = sales revenue/[(current assets at the beginning and current assets at the end)/2] \ x0d \ Meaning: Current assets turnover ratio reflects the current assets turnover ratio, and the faster the turnover ratio, the relative savings of current assets, which is equivalent to expanding the investment of assets and enhancing the profitability of enterprises; To slow down the turnover rate, it is necessary to supplement current assets to participate in the turnover, which will waste assets and reduce the profitability of enterprises. \x0d\ Analysis prompt: The turnover rate of current assets should be analyzed together with inventory and accounts receivable, and used together with indicators reflecting profitability, which can comprehensively evaluate the profitability of enterprises. \x0d\(7) Total assets turnover rate \ x0d \ Formula: Total assets turnover rate = sales revenue/[(total assets at the beginning+total assets at the end)/2] \ x0d \ Meaning: this indicator reflects the total assets turnover rate, and the faster the turnover, the stronger the sales ability. Enterprises can adopt the method of small profits but quick turnover to speed up asset turnover and increase absolute profits. \x0d\ Analysis Tip: The total assets turnover rate indicator is used to measure the ability of an enterprise to make use of assets to make profits. It is often used together with indicators reflecting profitability to comprehensively evaluate the profitability of enterprises. \x0d\ 3。 Debt ratio \x0d\ Debt ratio is the ratio reflecting the relationship between debt and assets and net assets. It reflects the ability of enterprises to pay long-term debts due. \x0d\( 1) Asset-liability ratio \ x0d \ Formula: Asset-liability ratio = (total liabilities/total assets) * 100% \x0d\ Meaning: it reflects the ratio of capital provided by creditors to total capital. This indicator is also called leverage ratio. \x0d\ Analysis hint: The greater the debt ratio, the greater the financial risks faced by enterprises and the stronger their ability to obtain profits. If enterprises are short of funds and rely on debt to maintain, resulting in a particularly high asset-liability ratio, debt risk should be paid special attention to. The asset-liability ratio is 60%-70%, which is reasonable and steady; When it reaches 85% or above, it should be regarded as an early warning signal and enterprises should pay enough attention to it. \x0d\(2) Property right ratio \ x0d \ Formula: Property right ratio = (total liabilities/shareholders' equity) * 100% \x0d\ Meaning: It reflects the relative proportion of capital provided by creditors and shareholders. Reflect whether the capital structure of the enterprise is reasonable and stable. It also shows that the capital invested by creditors is protected by shareholders' rights and interests. \x0d\ Analysis Tip: Generally speaking, high equity ratio is a financial structure with high risk and high return, while low equity ratio is a financial structure with low risk and low return. From the perspective of shareholders, in the period of inflation, enterprises can transfer losses and risks to creditors by borrowing; In the period of economic prosperity, debt management can get extra profits; In the period of economic contraction, borrowing less can reduce the interest burden and financial risks. \x0d\(3) Tangible net debt ratio \ x0d \ Formula: Tangible net debt ratio = [total debt/(shareholders' equity-net intangible assets)] * 100% \x0d\ Meaning: The extension of the property right ratio index reflects that the capital invested by creditors is more cautious and conservative when the enterprise is liquidated. Regardless of the value of intangible assets, including goodwill, trademarks, patents and non-patented technologies, they shall not be used to repay debts. For the sake of prudence, they are all regarded as non-repayable. \x0d\ Analysis prompt: From the perspective of long-term solvency, the lower ratio indicates that the enterprise has better solvency and the debt scale is normal. \x0d\(4) Earned interest multiple \x0d\ Formula: Earned interest multiple = earnings before interest and tax/interest expense \x0d\ = (total profit+financial expense)/(interest expense in financial expense+capitalized interest) \x0d\ Usually an approximate formula can be used: \ x0d \ Earned interest multiple = (profit \x0d\ Analysis Tip: Enterprises must have sufficient earnings before interest and tax to ensure that they can bear capitalized interest. The higher this index is, the smaller the debt interest pressure of enterprises will be. \x0d\ 4。 Profitability ratio \x0d\ Profitability is the ability of an enterprise to earn profits. Investors and debtors are very concerned about this project. When analyzing profitability, we should exclude abnormal items such as securities trading, business items that have stopped or are about to stop, special items such as major accidents or legal changes, and cumulative effects caused by changes in accounting policies and financial systems. \x0d\( 1) Net profit rate of sales \ x0d \ Formula: Net profit rate of sales = net profit/sales revenue * 100% \x0d\ Meaning: this indicator reflects the net profit per yuan of sales revenue. Income level representing sales revenue. \x0d\ Analysis prompt: Enterprises must obtain more net profit while increasing sales revenue, so as to keep or improve the net profit rate of sales. The net profit rate of sales can be decomposed into sales gross profit rate, sales tax rate, sales expense rate and sales period expense rate. \x0d\(2) Gross sales margin \ x0d \ Formula: Gross sales margin = [(sales revenue-sales cost)/sales revenue] * 100% \x0d\ Meaning: indicates how much money can be used for expenses and profit formation in each period after deducting sales cost per yuan of sales revenue. \x0d\ Analysis tip: The gross sales margin is the initial basis of the net sales profit rate of an enterprise, and it is impossible to make a profit without a sufficiently large gross sales margin. Enterprises can analyze the gross profit margin of scheduled sales, so as to judge the occurrence and proportion of sales revenue and sales cost. \x0d\(3) Net interest rate of assets (return on total assets) \ x0d \ Formula: Net interest rate of assets = net profit/[(total assets at the beginning+total assets at the end)/2] *100% \ x0d \ Meaning: compare the net profit of an enterprise with its assets in a certain period, and show the comprehensive utilization effect of its assets. The higher the index, the higher the efficiency of asset utilization, indicating that enterprises have achieved good results in increasing income and saving funds, and vice versa. \x0d\ Analysis prompt: The net interest rate of assets is a comprehensive indicator. The net profit is closely related to the number of assets, asset structure and management level of an enterprise. The reasons that affect the net interest rate of assets are: product price, unit product cost, product output and sales volume, and capital occupation. We can combine DuPont financial analysis system to analyze the problems existing in the operation. \x0d\(4)ROE (return on net assets) \ x0d \ Formula: ROE = net profit/[(total owner's equity at the beginning+total owner's equity at the end)/2] *100% \ x0d \ Meaning: ROE reflects the return on investment of the company's owner's equity, also known as ROE or ROE. Is the most important financial ratio. \x0d\ Analysis hint: DuPont analysis system can decompose this indicator into related factors, and further analyze all aspects that affect the return on owners' equity. Such as asset turnover rate, sales profit rate and equity multiplier. In addition, when using this indicator, we should also analyze "accounts receivable", "other receivables" and "prepaid expenses". \x0d\ 5。 Cash flow analysis \x0d\ The main functions of cash flow statement are: first, to provide the actual situation of enterprise cash flow; Second, it helps to evaluate the quality of current income, third, it helps to evaluate the financial flexibility of enterprises, and fourth, it helps to evaluate the liquidity of enterprises; The fifth is to predict the future cash flow of enterprises. \x0d\ 5. 1 liquidity analysis \x0d\ liquidity analysis is the ability to quickly convert assets into cash. \x0d\( 1) Debt-to-cash ratio \x0d\ Formula: Debt-to-cash ratio = net cash flow from operating activities/debts due in the current period \x0d\ Debt due in the current period = long-term debts due within one year+notes payable \ x0d \ Meaning: Comparing the net cash flow from operating activities with debts due in the current period can reflect the repayment of debts due by enterprises. \x0d\ Analysis prompt: Besides borrowing new debts to repay old debts, cash inflow from business activities is generally the only way for enterprises to repay debts. \x0d\(2) Cash flow debt ratio \x0d\ Formula: Cash flow debt ratio = annual net cash flow generated by operating activities/current liabilities at the end of the period \ x0d \ Meaning: it reflects the protection degree of cash generated by operating activities to current liabilities. \x0d\ Analysis prompt: Besides borrowing new debts to repay old debts, cash inflow from business activities is generally the only way for enterprises to repay debts. \x0d\(3) Total cash debt ratio \x0d\ Formula: cash flow debt ratio = net cash flow generated from operating activities/total liabilities at the end of the period \ x0d \ Meaning: besides borrowing new debts to pay off old debts, enterprises should generally pay off debts with cash inflows generated from operating activities. \x0d\ Analysis hint: The calculation results should be compared with the past, and the level can only be determined by comparing with peers. The higher the ratio, the stronger the ability of enterprises to bear debts. This ratio also reflects the maximum interest-paying ability of the enterprise. \x0d\ 5.2 Ability to obtain cash \x0d\( 1) Sales cash ratio \x0d\ Formula: Sales cash ratio = net cash flow from operating activities/sales \ x0d \ Meaning: it reflects the net cash inflow per yuan of sales, and the larger the value, the better. \x0d\ Analysis hint: The calculation result should be compared with the past, and the comparison with peers can determine whether it is high or low. The higher the ratio, the better the income quality of the enterprise and the better the capital utilization effect. \x0d\(2) Operating cash flow per share \x0d\ Formula: Operating cash flow per share = net cash flow generated from operating activities/number of ordinary shares \ x0d \ The number of ordinary shares shall be filled in by the enterprise according to the actual number of shares. \x0d\ Standard value set by the enterprise: it depends on the actual situation. \x0d\ Meaning: It reflects the net cash per share, and the larger the value, the better. \x0d\ Analysis prompt: This indicator reflects the maximum cash dividend distribution capacity of the enterprise. If you exceed this limit, you must borrow money to pay dividends. \x0d\(3) Cash recovery rate of all assets \x0d\ Formula: Cash recovery rate of all assets = net cash flow generated from operating activities/total assets at the end of the period \ x0d \ Meaning: It indicates the cash generating capacity of enterprise assets, and the larger the value, the better. \x0d\ Analysis Tip: If the above indicators are counted backwards, we can analyze the length of time required for all assets to recover cash from operating activities. Therefore, this index reflects the significance of enterprise asset recovery. The shorter the payback period, the stronger the ability of assets to obtain cash. \x0d\ 5.3 Financial flexibility analysis \x0d\( 1) Cash meeting investment ratio \ x0d \ Formula: Cash meeting investment ratio = cumulative net cash flow generated from business activities in recent five years/sum of capital expenditure, inventory increase and cash dividend in the same period. \x0d\ Data retrieval method: The accumulated net cash flow generated by operating activities in recent five years refers to the sum of the net cash flow generated by operating activities in the previous five years; The sum of capital expenditure, inventory increase and cash dividend in the same period is also taken from the relevant columns of the cash flow statement, all taking the average of the past five years; \x0d\ Capital expenditure, taken from cash items paid for the purchase and construction of fixed assets, intangible assets and other long-term assets; \x0d\ Inventory increase, data is taken from the attached table of cash flow statement. Take the inverse of the inventory decrease column, that is, the inventory increase; Cash dividend refers to the cash items paid by distributing profits or dividends in the main table of cash flow statement. If the new enterprise accounting system is implemented, and the item is cash paid for dividend distribution, profit or interest payment, the retrieval method is: the cash item paid for dividend distribution, profit or interest payment in the main table minus the financial expenses in the attached table. \x0d\ Meaning: It describes the ability of cash generated by enterprise operation to meet capital expenditure, inventory increase and cash dividend. The larger the value, the better. The greater the ratio, the higher the self-sufficiency rate of funds. \x0d\ Analysis prompt: it reaches 1, indicating that the cash obtained from operation can meet the needs of enterprise expansion; If it is less than 1, it means that part of the enterprise's funds must be supplemented by external financing. \x0d\(2) Guaranteed multiple of cash dividend \x0d\ Formula: Guaranteed multiple of cash dividend = operating cash flow per share/cash dividend per share \x0d\ = net cash flow generated from operating activities/cash dividend \ x0d \ Meaning: the greater the ratio, the stronger the ability to pay cash dividends, and the larger the value, the better. \x0d\ Analysis Tip: The analysis result can be compared with the past of peers and enterprises. \x0d\(3) Operating indicator \x0d\ formula: Operating indicator = net cash flow generated from operating activities/cash generated from operating activities \ x0d \ where: cash generated from operating activities = net income from operating activities+non-cash expenditure \x0d\ = net profit-investment income-non-operating income+non-operating expenditure+depreciation accrued in the current period+amortization of intangible assets. \x0d\ Analysis prompt: close to 1, indicating that the cash that an enterprise can obtain from its operation is equivalent to its due cash, and the income quality is high; If it is less than 1, the income quality of the enterprise is not good enough. \x0d\ III。 Main business performance evaluation indicators \x0d\ 1. Basic evaluation indicators: \ x0d \( 1), return on net assets = net profit ÷ average net assets ×× 100% \ x0d \ x0d \(2), return on total assets = (total profit+interest expense) \(3), total assets turnover = net operating income. (4), asset-liability ratio = total liabilities ÷ total assets ×× 100% \ x0d \ (5), sales revenue growth rate [6], capital accumulation rate = increase in owners' equity this year ÷ total owners' equity at the beginning of the year ×100% \ x0d. (2), sales profit rate = sales profit amount ÷ net sales revenue × 100% \x0d\(3), cost rate = total profit ÷ total cost × 100% \ x0d \(4), inventory turnover rate = sales cost \ x0d. [6], NPL ratio = NPL at the end of the year ÷ total assets at the end of the year × 100% \ x0d \ ⑺, and asset loss ratio = net loss of assets to be processed \ total assets ×100% \ x0d \93339; , current ratio = current assets. X0d ⑽, cash flow ratio = annual net operating cash inflow ⒃ Current liabilities ⑾100% ⑾ X0d ⑾, new rate of fixed assets = net value of fixed assets ⒃100% ⑿ [/kl] Total assets growth rate = total assets growth amount ÷ total assets at the beginning of the year × 100% \ x0d \ 3. Evaluation content: \ x0d \( 1). Financial benefits: \ x0d \ a. Basic indicators: return on equity and return on total assets. \x0d\ B, revised indicators: capital preservation and appreciation rate, sales (business) profit rate and cost profit rate. \ x0d \ 2。 Asset operation status: \ x0d \ a. Basic indicators: total assets turnover rate and current assets turnover rate. \ x0d \ b. Revised indicators: inventory turnover rate, accounts receivable turnover rate, non-performing asset rate and asset loss rate. \ x0d \（3）。 Solvency: \ x0d \ a. Basic indicators: asset-liability ratio, multiple of interest earned. \x0d\ B, revised indicators: current ratio, quick ratio, cash flow ratio \ x0d \(4), development capacity status: \x0d\ A, basic indicators: sales (business) growth rate and capital accumulation rate. \x0d\ B, correction ratio: total assets growth rate, fixed assets update rate. \x0d\ 4。 Other non-financial indicators used for evaluation: \ x0d \( 1), basic quality of leading group: \ x0d \(2), market occupation ability of products (service satisfaction): \ x0d \(3), comparative level of basic management: \ x0d \(4), quality status of employees on the job: \ [6], industry or regional influence: \x0d\ 7), business development strategy: \ x0d \ 8), long-term development capacity forecast: \x0d\ 5. Summary of enterprise performance evaluation scores \ x0d \ Compare the scores obtained from the summary of enterprise performance evaluation scores with the standard values (industry and scale). \x0d\ score of each evaluation index = weight of each index × (actual value of index ÷ standard value) \x0d\ comprehensive score = ∑ score of each evaluation index (comprehensive score should be greater than 100)\ x0d \ Note: basic score is calculated according to basic index and weight, revised score is calculated according to revised index and revised coefficient, and revised score is calculated according to other factors.