Weitere Kapitel dieses Buchs durch Wischen aufrufen
This chapter analyzes the solvency and operating capacity of Zhongguancun NEEQ Listed Companies, and makes a comparative analysis with the national NEEQ Listed Companies. Solvency analysis includes Long-term solvency analysis and Short-term solvency analysis, including asset-liability ratio, current ratio, quick ratio, cash ratio and other indicators. The analysis of operating capacity includes four aspects: current assets, fixed assets, intangible assets and total assets, with a total of 7 indicators. The report results show that the long-term solvency and short-term solvency of Zhongguancun NEEQ Listed Companies is strong, however, most enterprises obtain funds through equity financing, which means that creditor’s rights, especially long-term creditor’s rights, have not been used enough. In addition, Zhongguancun NEEQ Listed Companies have an outstanding operating capacity of intangible assets, and the overall operating efficiency of assets is also at a medium-to-high level.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
The cash ratio is the ratio of the balance of the quick assets after deducting the accounts receivable to the current liabilities. The formula is: cash ratio = (cash + maketable securities) ÷ current liabilities, which can reflect the ability of the enterprise to directly repay current liabilities. The higher the cash ratio, the stronger the liquidity is. This ratio is also called the liquidation ratio. It is generally considered that the cash ratio is above 0.2. However, if the ratio is too high, it means that the current assets of the enterprise are not properly used, while the cash is weak to make profit. The high value of such assets will lead to an increase in the opportunity cost of the enterprise.
The accounts receivable turnover rate is the average times of accounts receivable transferred to cash during the reporting period. The calculation formula is: accounts receivable turnover rate = revenue/[(opening of accounts receivable balance + ending accounts receivable balance)/2], which can measure the turnover rate and management efficiency of enterprise accounts receivable. The higher the turnover rate of accounts receivable, the shorter the average collection period, indicating the faster the recovery of accounts receivable.
In 2018, among the 1224 Zhongguancun NEEQ companies, 26 companies lacked the accounts receivable data for 2017 and 2018, 19 companies lacked the accounts receivable data for 2018, and 2 companies lacked the operating income data. These 47 companies are Unable to calculate the accounts receivable turnover ratio. According to the Wind database, the 47 accounts receivable turnover of these companies is zero, accounting for 3.84%.
The inventory turnover is the ratio of the business cost to the average inventory balance for a certain period. The calculation formula is: inventory turnover = operating cost/average inventory balance = sales cost/[(opening inventory + ending inventory)/2]. It is to measure and evaluate the management status of the company’s purchase of inventory, production, sales and other aspects of management comprehensive indicators. The faster the inventory turnover rate, the lower the inventory level, the stronger the liquidity, the faster the inventory is converted into cash and accounts receivable. Generally speaking, the faster the inventory turnover is, the stronger the ability of the short-term solvency of the enterprise and profit.
In 2018, among the 1224 Zhongguancun NEEQ companies, 256 companies lacked inventory data for 2018 and could not calculate the inventory turnover. According to the Wind database, the inventory turnover of these 256 companies is 0, accounting for 20.92%.
The business cycle refers to the length of time from the time the inventory is acquired until the inventory is sold and the cash is recovered. The length of the business cycle depends on the inventory turnover days and the accounts receivable turnover days. The calculation formula is: business cycle = inventory turnover days + accounts receivable turnover days. The length of the business cycle is an important factor in determining the company’s liquidity needs. The shorter the shorter business cycle, the more effective the company is in managing the collection and inventory. Under normal circumstances, the business cycle is short, indicating that the capital turnover is fast; the business cycle is long, indicating that the capital turnover is slow.
Current assets turnover refers to the ratio of total operating income to total current assets. The calculation formula is: current asset turnover rate = total operating income/average current assets. Revealing the main factors affecting the quality of corporate assets. Generally speaking, the higher the indicator is, the faster the turnover of the company’s current assets is, the better the utilization is, the stronger the profitability is; and the slower the turnover, the demand of supplement the working capital to participate in the turnover, which will result in waste of capital and reduce the profitability of the enterprise.
In 2018, among the 1224 Zhongguancun NEEQ companies, 8 companies lacked 2018 operating income data or current assets data, and could not calculate the current assets turnover rate. According to the Wind database, the turnover rate of these 8 companies is zero, accounting for 0.65%.
The fixed asset turnover also becomes the fixed asset utilization rate. The fixed asset turnover is the ratio of total operating income to the average fixed assets. The formula is: fixed asset turnover = total operating income / average fixed assets = sales revenue / [(Fixed assets at the beginning of the period + fixed assets at the end of the period) / 2], reflecting the ability of enterprises to use fixed assets to earn income. The higher the ratio, the higher the utilization rate and the better the management level. If the fixed asset turnover rate is lower than the industry average, it means that the utilization rate of fixed assets is low, which may affect the profitability of the enterprise. In 2018, among the 1224 Zhongguancun NEEQ companies, 10 companies lacked 2018 operating income data or fixed asset data, and could not calculate the fixed asset turnover rate. According to the Wind database, the fixed assets turnover rate of these 10 companies is recorded as 0 accounting for 0.82%.
Intangible assets turnover rate is used to measure and evaluate the management status of various aspects such as enterprise construction and operation. Its calculation formula: intangible asset turnover = total operating income/average intangible assets, indicating how much sales efficiency each intangible asset has played in a certain period. The faster the turnover, the stronger the intangible assets. The slower the turnover, the weaker the intangible assets.
In 2018, among the 1224 Zhongguancun NEEQ companies. 271 companies lacked 2018 operating income data or intangible assets data, and it could not calculate the intangible assets turnover. Therefore, the intangible assets turnover of the above 271 companies was 0, accounting for 22.14%.
The total asset turnover ratio is the ratio of total business income to total assets in a certain period. The formula is: total asset turnover = total operating income/average total assets = total operating income/[total amount of assets at the beginning of the year + total number of assets at the end of the year)/2], reflecting the operational capabilities of the company’s overall assets. In general, the higher the value, the faster the company’s total asset turnover. The stronger the sales ability, the higher the asset utilization efficiency.
In 2018, among the 1224 Zhongguancun NEEQ companies, 6 companies lacked 2018 operating income data and could not calculate the total asset turnover ratio. According to the Wind database, the total asset turnover ratio of these six companies is recorded as 0, accounting for 0.82%.
- The Analysis of Solvency and Operation of Zhongguancun NEEQ Listed Companies in 2018
Zhongguancun Listed Companies Association
- Springer Singapore
- Chapter 6
in-adhesives, MKVS, Nordson/© Nordson, ViscoTec/© ViscoTec, Hellmich GmbH/© Hellmich GmbH