Bills receivable are commercial bills received by companies providing products or services, including bank acceptance bills and commercial acceptance bills, which can be paid to banks in advance or due, or endorsed and transferred. Due to the weak credit chain and underdeveloped commercial paper market in China, many enterprises do not use this method for payment and settlement. Only for some enterprises with long-term business relations, strong financial strength and good reputation, enterprises will accept bank acceptance bills and commercial acceptance bills issued by the other party. For example, Shanghai Automobile held 82,926,400 yuan of notes receivable at the end of 2000. According to the conventional analysis, it may be that in order to promote sales, some bills receivable from major sales customers were accepted. In fact, Shanghai Auto gave these sales customers a free loan period for a certain period of time, and the sales customers actually paid for these products after several months.
Dividends receivable refer to dividends that have been announced but not paid by the company in which the company invests. The year-end dividend of 2084,438+0,000 yuan of Shanghai Automobile is the dividend announced but not paid by the subsidiaries not included in the merger scope.
Accounts receivable are an important part of the balance sheet. When analyzing the balance sheet of listed companies, investors should specifically analyze the accounts receivable in the goods sold.
On the one hand, like the above-mentioned notes receivable, increasing accounts receivable is a means of promotion and a preferential condition for sellers, which can reduce inventory and accelerate capital turnover.
On the other hand, accounts receivable may also bring losses. The existence of accounts receivable will correspondingly reduce the investment opportunities of the company. Because if the company's funds are not occupied by accounts receivable, they can be deposited in the bank to obtain interest or other projects of investors to obtain corresponding income. The existence of accounts receivable will also increase the management cost of the company. Before selling goods on credit, it is generally necessary to analyze and investigate the credit situation of customers, which will lead to certain expenses. Sometimes, in order to recover the arrears, expenses will occur. , which will increase the company's management expenses.
There are also risks in the recovery of accounts receivable. According to international practice, accounts receivable and other accounts receivable for one year or more may have bad debts, which may easily lead to adverse consequences of financial deterioration. In addition, the company may also be unable to recover its creditor's rights because of the debtor's death or bankruptcy. It is worth mentioning here that if there is a huge amount of receivables with significant recovery risk, certified public accountants will often issue non-standard audit reports to the company. For example, in the 2000 annual report, certified public accountants questioned the recoverability of accounts receivable of listed companies such as Beijing Zhongyan, ST Qionghuaqiao, ST Happiness, Donghai, Yatong and Xingye Real Estate. Therefore, investors can get some clues from the audit report.
In addition, a substantial increase in accounts receivable can greatly increase the company's "current assets" and total assets, which will lead to a corresponding increase in shareholders' equity, that is, net assets, making the asset-liability ratio and net assets per share of listed companies look good, but in fact there is "moisture" in non-performing assets (because there may be huge unrecoverable accounts receivable).