財(cái)務(wù)報(bào)表及債券管理知識(shí)分析特征

1、 七匹狼股份有限公司2012年財(cái)務(wù)分析報(bào)告課程：財(cái)務(wù)報(bào)表閱讀與分析專(zhuān)業(yè)： 信計(jì)121 姓名： 徐釩 學(xué)號(hào)： 12102130 成績(jī)： 目 錄1 公司基本情況簡(jiǎn)介2 資產(chǎn)負(fù)債表分析 2.1 資產(chǎn)負(fù)債表水平分析。. 3 2.2 資產(chǎn)負(fù)債表垂直分析。5 2.3 資產(chǎn)負(fù)債表趨勢(shì)分析。7 2.4 資產(chǎn)負(fù)債表同行業(yè)比較分析。103 利潤(rùn)表分析 3.1 利潤(rùn)表水平分析。.12 3.2 利潤(rùn)表垂直分析。.。.14 3.3利潤(rùn)表趨勢(shì)分析。.。15 3.4 利潤(rùn)表的行業(yè)比較分析。. 。154 現(xiàn)金流量表分析 4.1 現(xiàn)金流量表水平分析。16 4.2 現(xiàn)金流量表垂直分析。.17 4.3 現(xiàn)金流量表趨勢(shì)分析。18 4

2、.4 現(xiàn)金流量表的行業(yè)比較分析。195 公司財(cái)務(wù)比率分析 5.1 盈利能力分析.。20 5.2 償債能力分析。 22 5.3 營(yíng)運(yùn)能力分析。24 5.4 發(fā)展能力分析。266 實(shí)驗(yàn)總結(jié)及體會(huì)。271. 公司基本情況簡(jiǎn)介福建七匹狼實(shí)業(yè)股份有限公司主導(dǎo)服裝開(kāi)發(fā)、生產(chǎn)、銷(xiāo)售，擁有“七匹狼”男裝品牌，是以品牌經(jīng)營(yíng)為核心的上市公司，公司是以經(jīng)營(yíng)七匹狼品牌男休閑裝的大型企業(yè)，是科技廳認(rèn)定高新技術(shù)企業(yè)。擁有上海、香港、東京三個(gè)研發(fā)中心，世界上先進(jìn)的電腦自動(dòng)化生產(chǎn)設(shè)備，國(guó)際標(biāo)準(zhǔn)化、封閉式的工業(yè)園，是目前國(guó)內(nèi)高級(jí)男休閑裝的代表，在全國(guó)休閑服裝行業(yè)中名列前茅，是全國(guó)休閑裝協(xié)會(huì)副主任委員單位。公司現(xiàn)已成長(zhǎng)為一個(gè)以服

3、裝為核心產(chǎn)業(yè)，經(jīng)營(yíng)涉及皮具、鞋業(yè)、商務(wù)禮品等多領(lǐng)域的綜合性企業(yè)。該公司2004年7月22題在深圳證券交易所上市，所屬板塊為服裝及其他纖維制品制造業(yè) 2. 資產(chǎn)負(fù)債表分析資產(chǎn)負(fù)債表分析，其目的就在于了解企業(yè)對(duì)企業(yè)財(cái)務(wù)狀況的反映程度，以及所提供的會(huì)計(jì)信息的質(zhì)量，據(jù)此對(duì)企業(yè)資產(chǎn)和權(quán)益的變動(dòng)情況以及企業(yè)財(cái)務(wù)狀況作出恰當(dāng)?shù)脑u(píng)價(jià)。資產(chǎn)負(fù)債表分析主要包括以下內(nèi)容：資產(chǎn)負(fù)債表水平分析，就是指通過(guò)對(duì)企業(yè)各項(xiàng)資產(chǎn)、負(fù)債和股東權(quán)益的對(duì)比分析，解釋企業(yè)籌資與投資過(guò)程的差異，從而分析與解釋企業(yè)生產(chǎn)經(jīng)營(yíng)活動(dòng)、經(jīng)營(yíng)管理水平、會(huì)計(jì)政策及會(huì)計(jì)變更對(duì)籌資與投資的影響。資產(chǎn)負(fù)債表垂直分析，就是指通過(guò)將資產(chǎn)負(fù)債表中的 個(gè)項(xiàng)目與總資產(chǎn)

4、或權(quán)益總額的對(duì)比，分析企業(yè)的資產(chǎn)構(gòu)成、負(fù)債過(guò)程和股東權(quán)益構(gòu)成，解釋企業(yè)資產(chǎn)結(jié)構(gòu)和資本結(jié)構(gòu)的合理程度，探索企業(yè)資產(chǎn)結(jié)構(gòu)優(yōu)化、資本結(jié)構(gòu)優(yōu)化及本結(jié)構(gòu)與你結(jié)構(gòu)適應(yīng)程度優(yōu)化的思路。 資產(chǎn)負(fù)債趨勢(shì)分析，就是指通過(guò)對(duì)較長(zhǎng)時(shí)期企業(yè)總資產(chǎn)及主要資產(chǎn)項(xiàng)目、負(fù)債及主要負(fù)債項(xiàng)目、股東權(quán)益及主要股東項(xiàng)目變化趨勢(shì)的分析，揭示籌資活動(dòng)和投資活動(dòng)的狀況、規(guī)律及特征，推斷企業(yè)發(fā)展的前景。2.1 資產(chǎn)負(fù)債表水平分析表2-1七匹狼（002029）資產(chǎn)負(fù)債表水平分析項(xiàng)目2008-12-312009-12-31絕對(duì)比較值相對(duì)比較值對(duì)總資產(chǎn)的影響（%）貨幣資金597901400.0000575163300.0000-22,738,100

5、.-3.8%-1.29%應(yīng)收票據(jù)17,250,000.56,730,000.39,480,000.228.87%2.24%應(yīng)收賬款111,446,200.245,471,100.134,024,900.120.26%7.59%應(yīng)收賬款凈額111,446,200.245,471,100.134,024,900.120.26%7.59%預(yù)付貨款77,577,100.146,972,100.69,395,000.89.45%3.93%其他應(yīng)收款35,884,200.22,291,800.-13,592,400.-37.88%-0.77%一年內(nèi)到期的非流動(dòng)資產(chǎn)3,765,600.36,668,000.

6、32,902,400.873.76%1.86%存貨403,767,900.301,699,000.-102,068,900.-25.28%4.90%存貨凈額403,767,900.301,699,000.-102,068,900.-25.28%-5.78%流動(dòng)資產(chǎn)合計(jì)1,247,592,400.1,384,995,300.137,402,900.11.01%7.78%持有至到期投資0.189,000,000.189,000,000.010.70%長(zhǎng)期股權(quán)投資2,315,200.2,474,900.159,700.6.9%0.01%投資性房地產(chǎn)242,360,300.336,181,000.93

7、,820,700.38.71%5.31%長(zhǎng)期投資244,675,500.527,655,900.282,980,400.115.66%16.02%固定資產(chǎn)原價(jià)122,160,100.87,354,900.-34,805,200.-28.49%-1.97%固定資產(chǎn)凈值122,160,100.87,354,900.-34,805,200.-28.49%-1.97%在建工程197,600.4,822,800.4,625,200.2340.69%0.26%固定資產(chǎn)合計(jì)122,357,700.92,177,700.-30,180,000.-24.67%-1.71%無(wú)形資產(chǎn)19,320,400.21,78

8、6,700.2,466,300.12.77%0.14%長(zhǎng)期待攤費(fèi)用114,067,500.14,579,500.-99,488,000.-87.22%-5.63%無(wú)形資產(chǎn)及遞延資產(chǎn)合計(jì)133,387,900.36,366,200.-97,021,700.-72.74%-5.49%遞延所得稅資產(chǎn)17,870,300.42,884,300.25,014,000.139.98%1.42%非流動(dòng)資產(chǎn)合計(jì)518,291,400.699,084,100.180,792,700.34.88%10.24%資產(chǎn)總計(jì)1,765,883,800.2,084,079,500.318,195,700.18.02%18.

9、02%短期借款0.50,000,000.50,000,000.02.83%應(yīng)付賬款162,416,900.192,815,100.30,398,200.18.72%1.72%應(yīng)付票據(jù)119,184,200.68,805,200.-50,379,000.-42.27%-2.85%應(yīng)付職工薪酬18,614,800.24,427,800.5,813,000.31.23%0.33%預(yù)收賬款184,125,700.244,971,000.60,845,300.33.05%3.45%其他應(yīng)付款25,249,200.41,456,600.16,207,400.64.19%0.92%應(yīng)交稅費(fèi)12,087,70

10、0.29,441,200.17,353,500.143.56%0.98%流動(dòng)負(fù)債合計(jì)521,678,500.651,916,900.130,238,400.24.97%7.38%負(fù)債合計(jì)521,678,500.651,916,900.130,238,400.24.97%7.38%少數(shù)股東權(quán)益47,678,800.60,022,100.12,343,300.25.89%0.70%實(shí)收資本282,900,000.282,900,000.0.0.%0.00%資本公積558,497,700.558,497,700.0.0.%0.00%盈余公積43,864,200.46,643,400.2,779,20

11、0.6.34%0.16%未分配利潤(rùn)311,264,600.484,099,400.172,834,800.55.53%9.79%股東權(quán)益合計(jì)1,244,205,300.1,432,162,600.187,957,300.15.11%10.64%負(fù)債與股東權(quán)益合計(jì)1,765,883,800.2,084,079,500.318,195,700.18.02%18.02%2.1.1 從投資和資產(chǎn)角度進(jìn)行分析評(píng)價(jià)由上表2-1分析可知，該公司本期增加資產(chǎn)318,195,700元，增長(zhǎng)幅度為18.02%，說(shuō)明七匹狼公司本的資產(chǎn)規(guī)模有較大幅度的增長(zhǎng)。進(jìn)一步分析可以發(fā)現(xiàn)：流動(dòng)資產(chǎn)本期增加137,402,900元

12、，增長(zhǎng)幅度為11.01%，事總資產(chǎn)規(guī)模增長(zhǎng)了7.78%。非流動(dòng)資產(chǎn)本期增加了180,792,700元，增長(zhǎng)的幅度為34.88%，使總資產(chǎn)規(guī)模增加了10.24%。兩者合計(jì)使總資產(chǎn)增加了318,195,700元，增長(zhǎng)幅度為18.02%。本期總資產(chǎn)的增長(zhǎng)主要體現(xiàn)在非流動(dòng)資產(chǎn)的增長(zhǎng)上。如果僅從這一變化來(lái)看，該公司資產(chǎn)的流動(dòng)性有所減弱。盡管非流動(dòng)資產(chǎn)的各個(gè)項(xiàng)目都有不同程度的增減變動(dòng)，但其中幾項(xiàng)主要的變動(dòng)體現(xiàn)在以下三方面：一是長(zhǎng)期投資、持有至到期投資、投資性房地產(chǎn)的大幅增長(zhǎng)。該公司本期開(kāi)始進(jìn)行持有至到期投資，且持有數(shù)額達(dá)189,000,000元，使得總資產(chǎn)增加了10.7%；長(zhǎng)期投資本期增長(zhǎng)282,980,

13、400元，增長(zhǎng)的幅度為115.66%，使得總資產(chǎn)增加了16.25%；投資性房地產(chǎn)本期增長(zhǎng)93,820,700元，增長(zhǎng)的幅度為38.71%，對(duì)總資產(chǎn)的影響5.31%。這三項(xiàng)合計(jì)使總資產(chǎn)本期增長(zhǎng)565,801,100元，使得總資產(chǎn)本期增長(zhǎng)32.04%。這對(duì)于該公司是想重大的決策，說(shuō)明該公司的投資策略有了新的變化，反應(yīng)了公司的本期的投資傾向。該三項(xiàng)資金數(shù)額巨大，對(duì)于公司的貨幣資金也產(chǎn)生了影響。如果投資收益不理想，將使得公司面臨較大的財(cái)務(wù)危機(jī)。二是在建工程的大幅增長(zhǎng)。在建工程本期增加4,625,200元，增長(zhǎng)幅度為2340.69%。說(shuō)明本期公司可能進(jìn)行了大規(guī)模擴(kuò)建。結(jié)合公司長(zhǎng)期投資、房地產(chǎn)投資及持有至

14、到期投資的大幅增加，同時(shí)，存貨大幅減少，貨幣資金小幅減少，可以推測(cè)出，該公司本期經(jīng)營(yíng)狀況較好，實(shí)力得到提升。三是遞延所得稅資產(chǎn)的增加。本期遞延所得稅資產(chǎn)增加25,014,999元，增長(zhǎng)幅度為139.98%。本期遞延所得稅資產(chǎn)的大幅增加，會(huì)對(duì)貨幣資金產(chǎn)生一定影響，但從長(zhǎng)期來(lái)看，會(huì)使公司以后年度減輕所得稅負(fù)擔(dān)。流動(dòng)資產(chǎn)的變動(dòng)主要體現(xiàn)在以下幾個(gè)方面：一是應(yīng)收票據(jù)和應(yīng)收賬款的大幅增長(zhǎng)。應(yīng)收票據(jù)本期增長(zhǎng)39,480,000元，增長(zhǎng)的幅度為228.87%，對(duì)總資產(chǎn)的影響為2.24%；應(yīng)收賬款本期增長(zhǎng)134,024,900元，增長(zhǎng)的幅度為120.26%，對(duì)總資產(chǎn)的影響為7.59%，兩者合計(jì)使總資產(chǎn)本期增長(zhǎng)9

15、.83%。但是，公司的壞賬準(zhǔn)備并沒(méi)有相應(yīng)地增加，增長(zhǎng)幅度為0。如果應(yīng)收賬款與應(yīng)收票據(jù)不能如期收回，公司將面臨較大的風(fēng)險(xiǎn)。同時(shí)，應(yīng)收賬款和應(yīng)收票據(jù)也占用了大量貨幣資金，使得公司資金利用率下降。二是預(yù)付貨款的大幅增加。預(yù)付貨款本期增長(zhǎng)69,395,000元，增長(zhǎng)幅度為89.45%，對(duì)總資產(chǎn)的影響為3.93%。預(yù)付貨款的大幅增長(zhǎng)，占用了大量貨幣資金，可能會(huì)影響公司其他的生產(chǎn)經(jīng)營(yíng)活動(dòng)。三是存貨的減少。公司的存貨本期減少了-102,068,900元，減少的幅度為25.28%，使得總資產(chǎn)減少了5.78%。結(jié)合本期應(yīng)收賬款與應(yīng)收票據(jù)的大幅增長(zhǎng)，可以推測(cè)，本期該公司或許采用了一定的促銷(xiāo)手段來(lái)減少存貨，也可能公

16、司本期的經(jīng)營(yíng)狀況改善。2.1.2 從籌資和權(quán)益角度進(jìn)行分析評(píng)價(jià)根據(jù)表2-1，可以對(duì)七匹狼公司的權(quán)益總額做出以下分析評(píng)價(jià)：該公司權(quán)益總額較上年同期增加318,195,700元，增加幅度為18.02%，說(shuō)明七匹狼公司本年權(quán)益總額有較大幅度的增長(zhǎng)。進(jìn)一步分析可以發(fā)現(xiàn)：（1） 負(fù)債本期增加130,238,400元，增長(zhǎng)的幅度為24.97%，使權(quán)益總額增長(zhǎng)了7.38%；股東權(quán)益本期增加了187,957,300元，增長(zhǎng)幅度為15.11%，使權(quán)益總額增長(zhǎng)了10.64%，兩者合計(jì)使權(quán)益總額本期增加了318,195,700元，增長(zhǎng)幅度為18.02%。（2） 本期權(quán)益總額增長(zhǎng)主要體現(xiàn)在股東權(quán)益的增長(zhǎng)上，股東權(quán)益本

17、期增加187,957,300元，增長(zhǎng)幅度為15.11%，對(duì)權(quán)益總額的影響為10.64%。其中為分配利潤(rùn)增幅最大，為55.53%；另外少數(shù)股東權(quán)益也有較大增幅，為25.89%。本期該企業(yè)的實(shí)收資本和資本公積并沒(méi)有的增加，盈余公積有6.34%的增長(zhǎng)。這說(shuō)明本期該企業(yè)的獲利水平較高，經(jīng)營(yíng)活動(dòng)較好(3) 本期負(fù)債的增長(zhǎng)主要體現(xiàn)在流動(dòng)負(fù)債的增加上。流動(dòng)負(fù)債本期增長(zhǎng)130,238,400元，增長(zhǎng)的幅度為24.97%，使權(quán)益總額增長(zhǎng)了7.38%。從單方面看，各部分流動(dòng)負(fù)債增長(zhǎng)幅度很大，其中應(yīng)交稅費(fèi)本期增長(zhǎng)17,353,500元，增幅為143.56%；其他應(yīng)付款增加16207400元，增幅為64.19%；預(yù)收

18、賬款增加60,845,300元，增幅為33.05%；應(yīng)付職工薪酬增加5,813,000元，增幅為31.23%。但是各部分對(duì)與權(quán)益總額的影響并不大，都在1%以下，所以該公司本期的償債壓力并不會(huì)很大，不會(huì)對(duì)公司的資金使用及經(jīng)營(yíng)活動(dòng)產(chǎn)生較大的影響。2.2資產(chǎn)負(fù)債表垂直分析表2-2七匹狼資產(chǎn)負(fù)債表結(jié)構(gòu)分析表報(bào)表日期：2008200920082009變動(dòng)情況貨幣資金597,901,400.575,163,300.33.86%27.6%-6.26%應(yīng)收票據(jù)17,250,000.56,730,000.0.98%2.72%1.75%應(yīng)收賬款111,446,200.245,471,100.6.31%11.78%

19、5.47%應(yīng)收賬款凈額111,446,200.245,471,100.6.31%11.78%5.47%預(yù)付貨款77,577,100.146,972,100.4.39%7.05%2.66%其他應(yīng)收款35,884,200.22,291,800.2.03%1.07%-0.96%一年內(nèi)到期的非流動(dòng)資產(chǎn)3,765,600.36,668,000.0.21%1.76%1.55%存貨403,767,900.301,699,000.22.86%14.48%-8.39%存貨凈額403,767,900.301,699,000.22.86%14.48%-8.39%流動(dòng)資產(chǎn)合計(jì)1,247,592,400.1,384,9

20、95,300.70.65%66.46%-4.19%長(zhǎng)期股權(quán)投資2,315,200.2,474,900.0.13%0.12%-0.01%投資性房地產(chǎn)242,360,300.336,181,000.13.72%16.13%2.41%長(zhǎng)期投資244,675,500.527,655,900.13.86%25.32%11.46%固定資產(chǎn)原價(jià)122,160,100.87,354,900.6.92%4.19%-2.73%固定資產(chǎn)凈值122,160,100.87,354,900.6.92%4.19%-2.73%在建工程197,600.4,822,800.0.01%0.23%0.22%固定資產(chǎn)合計(jì)122,357

21、,700.92,177,700.6.93%4.42%-2.51%無(wú)形資產(chǎn)19,320,400.21,786,700.1.09%1.05%-0.05%長(zhǎng)期待攤費(fèi)用114,067,500.14,579,500.6.46%0.7%-5.76%無(wú)形資產(chǎn)及遞延資產(chǎn)合計(jì)133,387,900.36,366,200.7.55%1.74%-5.81%遞延所得稅資產(chǎn)17,870,300.42,884,300.1.01%2.06%1.05%非流動(dòng)資產(chǎn)合計(jì)518,291,400.699,084,100.29.35%33.54%4.19%資產(chǎn)總計(jì)1,765,883,800.2,084,079,500.100.%100

22、.%0.%短期借款0.50,000,000.02.4%2.4%應(yīng)付賬款162,416,900.192,815,100.9.2%9.25%0.05%應(yīng)付票據(jù)119,184,200.68,805,200.6.75%3.3%-3.45%應(yīng)付職工薪酬18,614,800.24,427,800.1.05%1.17%0.12%預(yù)收賬款184,125,700.244,971,000.10.43%11.75%1.33%其他應(yīng)付款25,249,200.41,456,600.1.43%1.99%0.56%應(yīng)交稅費(fèi)12,087,700.29,441,200.0.68%1.41%0.73%流動(dòng)負(fù)債合計(jì)521,678,

23、500.651,916,900.29.54%31.28%1.74%負(fù)債合計(jì)521,678,500.651,916,900.29.54%31.28%1.74%少數(shù)股東權(quán)益47,678,800.60,022,100.2.7%2.88%0.18%實(shí)收資本282,900,000.282,900,000.16.02%13.57%-2.45%資本公積558,497,700.558,497,700.31.63%26.8%-4.83%盈余公積43,864,200.46,643,400.2.48%2.24%-0.25%未分配利潤(rùn)311,264,600.484,099,400.17.63%23.23%5.6%股東

24、權(quán)益合計(jì)1,244,205,300.1,432,162,600.70.46%68.72%-1.74%負(fù)債與股東權(quán)益合計(jì)1,765,883,800.2,084,079,500.100.%100.%0.% 2.2.1資產(chǎn)結(jié)構(gòu)的分析評(píng)價(jià)1 經(jīng)營(yíng)資產(chǎn)與非經(jīng)營(yíng)資產(chǎn)的比例關(guān)系表2-3經(jīng)營(yíng)與非經(jīng)營(yíng)資產(chǎn)結(jié)構(gòu)分析表項(xiàng)目2008年2009年2008(%)2009(%)經(jīng)營(yíng)資產(chǎn)：貨幣資金597,901,400.575,163,300.33.86%27.60%預(yù)付款項(xiàng)77,577,100.146,972,100.4.39%7.05%存貨403,767,900.301,699,000.22.86%14.48%固定資產(chǎn)凈

25、值122,160,100.87,354,900.6.92%4.19%在建工程197,600.4,822,800.0.01%0.23%無(wú)形資產(chǎn)19,320,400.21,786,700.1.09%1.05%經(jīng)營(yíng)資產(chǎn)總計(jì)1,220,924,500.1,137,798,800.69.14%54.59%非經(jīng)營(yíng)資產(chǎn)：應(yīng)收票據(jù)17,250,000.56,730,000.0.98%2.72%應(yīng)收賬款111,446,200.245,471,100.6.31%11.78%其他應(yīng)收款35,884,200.22,291,800.2.03%1.07%長(zhǎng)期股權(quán)投資2,315,200.2,474,900.0.13%0.1

26、2%投資性房地產(chǎn)242,360,300.336,181,000.13.72%16.13%長(zhǎng)期投資244,675,500.527,655,900.13.86%25.32%遞延所得稅資產(chǎn)17,870,300.42,884,300.1.01%2.06%其他長(zhǎng)期資產(chǎn)0.0.非經(jīng)營(yíng)資產(chǎn)合計(jì)671,801,700.1,233,689,000.38.04%59.20%資產(chǎn)總計(jì)1,892,726,200.0000 2,371,487,800.0000 107.18%113.79%根據(jù)表3可以看出，七匹狼公司的經(jīng)營(yíng)性資產(chǎn)有較大幅度下降，而非經(jīng)營(yíng)性資產(chǎn)呦較大幅度的增長(zhǎng)。中表明該公司本期的實(shí)際經(jīng)營(yíng)能力有所下降，資產(chǎn)

27、的增長(zhǎng)受非經(jīng)營(yíng)性項(xiàng)目影響較大，存在一定的經(jīng)營(yíng)性風(fēng)險(xiǎn)。2 固定資產(chǎn)與流動(dòng)資產(chǎn)的比例關(guān)系根據(jù)表2-2分析可以知道，七匹狼公司本年度流動(dòng)資產(chǎn)比重為66.46%，篤定資產(chǎn)的比重為4.42%，固流比例大致為1:15；上年度流動(dòng)資產(chǎn)比重為70.65%，固定資產(chǎn)比重為6.93%，固流比例大致為1:10.2，固流比例變動(dòng)較大，篤定資產(chǎn)增長(zhǎng)幅度較大，表明該公司本年度可能進(jìn)行了固定資產(chǎn)的購(gòu)進(jìn)或者擴(kuò)建。2.2.2負(fù)債結(jié)構(gòu)的分析評(píng)價(jià)（1）負(fù)債期限結(jié)構(gòu)分析評(píng)價(jià)表2-4負(fù)債期限結(jié)構(gòu)分析表項(xiàng)目金額（元）結(jié)構(gòu)2008200920082009差異流動(dòng)負(fù)債521,678,500.651,916,900.29.54%31.28%1

28、.74%長(zhǎng)期負(fù)債00負(fù)債總計(jì)521,678,500.651,916,900.29.54%31.28%1.74%根據(jù)表2-4可以看出，七匹狼公司本年流動(dòng)負(fù)債比重為31.28%，比上期提高了1.74%，并且該公司沒(méi)有長(zhǎng)期負(fù)債。表明該公司在使用負(fù)債資金時(shí)，全部是短期資金?？紤]到七匹狼公司屬于中小板企業(yè)，這樣的負(fù)債籌資政策在中小企業(yè)中是被普遍采用的。與主板市場(chǎng)企業(yè)相比，中小企業(yè)規(guī)模小，盈利小，這導(dǎo)致商業(yè)銀行不愿為其提供貸款服務(wù)，中小企業(yè)不得不靠自身籌資、短期借款的方式籌集資金。這樣的負(fù)債籌資政策雖然可以降低公司的負(fù)債成本，但增加了公司的償債壓力，使得公司承擔(dān)著較大的財(cái)務(wù)風(fēng)險(xiǎn)。不過(guò)具體到七匹狼公司，因?yàn)?/p>

29、其經(jīng)營(yíng)狀況良好，且負(fù)債占總資產(chǎn)的比重很小，所以它的短期負(fù)債并不會(huì)對(duì)它構(gòu)成很大的壓力。 2.3 資產(chǎn)負(fù)債表趨勢(shì)分析表2-5-七匹狼002029合并資產(chǎn)負(fù)債表項(xiàng)目2005-12-312006-12-312007-12-312008-12-312009-12-31貨幣資金12431896089907600708864500597901400575163300應(yīng)收票據(jù)7,600,000.500,000.265,100.17,250,000.56,730,000.應(yīng)收賬款17,487,681.3329,953,700.44,511,100.111,446,200.245,471,100.應(yīng)收賬款凈額17

30、,487,681.3329,953,700.44,511,100.111,446,200.245,471,100.預(yù)付貨款47,959,274.6782,428,100.110,087,800.77,577,100.146,972,100.應(yīng)收補(bǔ)貼款0.215,600.0.0.0.其他應(yīng)收款1,510,119.852,751,000.10,171,100.35,884,200.22,291,800.一年內(nèi)到期的非流動(dòng)資產(chǎn)0.0.1,315,900.3,765,600.36,668,000.待攤費(fèi)用2,459,849.9517,120,500.0.0.0.存貨62,558,260.78156,3

31、94,900.303,585,000.403,767,900.301,699,000.存貨凈額62,558,260.78156,394,900.303,585,000.403,767,900.301,699,000.流動(dòng)資產(chǎn)合計(jì)263,894,146.6379,271,500.1,178,800,50.1,247,592,40.1,384,995,30.持有至到期投資0.0.0.0.189,000,000.長(zhǎng)期股權(quán)投資0.0.2,185,000.2,315,200.2,474,900.投資性房地產(chǎn)0.0.66,964,600.242,360,300.336,181,000.長(zhǎng)期投資0.0.69

32、,149,600.244,675,500.527,655,900.固定資產(chǎn)原價(jià)143,714,901.79221,215,300.210,904,600.122,160,100.87,354,900.累計(jì)折舊24,922,282.0536,153,000.0.0.0.固定資產(chǎn)凈值118,792,619.74185,062,300.210,904,600.122,160,100.87,354,900.在建工程5,160,045.68,915,700.2,644,500.197,600.4,822,800.固定資產(chǎn)合計(jì)123,952,665.3193,978,000.213,549,100.122

33、,357,700.92,177,700.無(wú)形資產(chǎn)11,389,337.40.10,909,900.19,320,400.21,786,700.長(zhǎng)期待攤費(fèi)用5,374,427.7111,973,500.45,628,800.114,067,500.14,579,500.無(wú)形資產(chǎn)及遞延資產(chǎn)合計(jì)16,763,765.1111,973,500.56,538,700.133,387,900.36,366,200.遞延所得稅資產(chǎn)0.0.6,529,200.17,870,300.42,884,300.非流動(dòng)資產(chǎn)合計(jì)140,716,430.4217,101,000.276,617,000.518,291,40

34、0.699,084,100.資產(chǎn)總計(jì)404,610,577.1596,372,500.1,455,417,40.1,765,883,80.2,084,079,50.短期借款0.46,000,000.0.0.50,000,000.應(yīng)付賬款9,397,870.12,854,900.56,459,400.162,416,900.192,815,100.應(yīng)付票據(jù)0.0.38,350,000.119,184,200.68,805,200.應(yīng)付職工薪酬2,958,980.228,465,100.15,476,500.18,614,800.24,427,800.應(yīng)付福利費(fèi)7,004,286.8210,075

35、,700.0.0.0.預(yù)收賬款45,236,852.52114,504,200.263,321,000.184,125,700.244,971,000.其他應(yīng)付款3,110,499.038,977,600.7,886,000.25,249,200.41,456,600.應(yīng)交稅費(fèi)5,420,493.1520,170,700.1,375,600.12,087,700.29,441,200.流動(dòng)負(fù)債合計(jì)74,004,597.69222,206,500.382,868,400.521,678,500.651,916,900.負(fù)債合計(jì)74,004,597.69222,206,500.382,868,40

36、0.521,678,500.651,916,900.少數(shù)股東權(quán)益9,037,642.0912,070,500.34,598,800.47,678,800.60,022,100.實(shí)收資本110,500,000.110,500,000.188,600,000.282,900,000.282,900,000.資本公積126,327,336.1126,357,600.647,218,800.558,497,700.558,497,700.盈余公積34,630,251.9551,825,600.37,831,700.43,864,200.46,643,400.未分配利潤(rùn)50,110,749.2473,4

37、12,400.164,299,800.311,264,600.484,099,400.股東權(quán)益合計(jì)321,568,337.6362,095,500.1,072,549,100.1,244,205,300.1,432,162,600.負(fù)債與股東權(quán)益合計(jì)404,610,577.1596,372,500.1,455,417,40.1,765,883,80.2,084,079,50.表2-6七匹狼002029定比分析資產(chǎn)負(fù)債表（%）項(xiàng)目2005-12-312006-12-312007-12-312008-12-312009-12-31貨幣資金100 72 570 481 463 應(yīng)收票據(jù)100 7 3

38、 227 746 應(yīng)收賬款100 171 255 637 1404 應(yīng)收賬款凈額100 171 255 637 1404 預(yù)付貨款100 172 230 162 306 其他應(yīng)收款100 182 674 2376 1476 待攤費(fèi)用100 696 0 0 0 存貨100 250 485 645 482 存貨凈額100 250 485 645 482 流動(dòng)資產(chǎn)合計(jì)100 144 447 473 525 固定資產(chǎn)原價(jià)100 154 147 85 61 累計(jì)折舊100 145 0 0 0 固定資產(chǎn)凈值100 156 178 103 74 在建工程100 173 51 4 93 固定資產(chǎn)合計(jì)100 1

39、56 172 99 74 無(wú)形資產(chǎn)100 0 96 170 191 長(zhǎng)期待攤費(fèi)用100 223 849 2122 271 無(wú)形資產(chǎn)及遞延資產(chǎn)合計(jì)100 71 337 796 217 非流動(dòng)資產(chǎn)合計(jì)100 154 197 368 497 資產(chǎn)總計(jì)100 147 360 436 515 應(yīng)付賬款100 137 601 1728 2052 應(yīng)付職工薪酬100 286 523 629 826 應(yīng)付福利費(fèi)100 144 0 0 0 預(yù)收賬款100 253 582 407 542 其他應(yīng)付款100 289 254 812 1333 應(yīng)交稅費(fèi)100 372 25 223 543 流動(dòng)負(fù)債合計(jì)100 300

40、517 705 881 負(fù)債合計(jì)100 300 517 705 881 少數(shù)股東權(quán)益100 134 383 528 664 實(shí)收資本100 100 171 256 256 資本公積100 100 512 442 442 盈余公積100 150 109 127 135 未分配利潤(rùn)100 147 328 621 966 股東權(quán)益合計(jì)100 113 334 387 445 負(fù)債與股東權(quán)益合計(jì)100 147 360 436 515 結(jié)合表2-6，觀察表6的有關(guān)數(shù)據(jù)，我們可以發(fā)現(xiàn)：（1）從公司總資產(chǎn)的變動(dòng)趨勢(shì)看，七匹狼規(guī)模正在迅速擴(kuò)張。2006、2007、2008、2009年的總資產(chǎn)分別比2005年增長(zhǎng)

41、了47%、260%、336%、415%，公司正在迅速發(fā)展壯大。（2）從各類(lèi)資產(chǎn)及主要資產(chǎn)項(xiàng)目的變動(dòng)趨勢(shì)看，（3）從各類(lèi)資產(chǎn)來(lái)源的變動(dòng)趨勢(shì)看，流動(dòng)負(fù)債快速增長(zhǎng)，并帶動(dòng)負(fù)債迅速增加，且其各年漲幅均超過(guò)同期所有者權(quán)益增長(zhǎng)。這主要是由于公司賒購(gòu)數(shù)量大幅增加，應(yīng)付職工薪酬的大幅，增加預(yù)收賬款的大幅增加和其他應(yīng)付款的大幅增加所導(dǎo)致的。2.4 資產(chǎn)負(fù)債表同行業(yè)比較分析表2-7資產(chǎn)負(fù)債表同行業(yè)比較分析七匹狼002029行業(yè)平均絕對(duì)比較值相對(duì)比較值報(bào)表日期2009-12-312009-12-31貨幣資金575163300.0000581,471,686.67-6,308,386.67-1.08%交易性金融資產(chǎn)0

42、.31,085,133.33-31,085,133.33-100.%應(yīng)收票據(jù)56,730,000.38,206,843.3318,523,156.6748.48%應(yīng)收股利0.33,793.33-33,793.33-100.%應(yīng)收利息0.428,823.33-428,823.33-100.%應(yīng)收賬款245,471,100.214,539,013.3330,932,086.6714.42%應(yīng)收賬款凈額245,471,100.214,539,013.3330,932,086.6714.42%預(yù)付貨款146,972,100.138,256,950.8,715,150.6.3%其他應(yīng)收款22,291,8

43、00.77,113,970.-54,822,170.-71.09%一年內(nèi)到期的非流動(dòng)資產(chǎn)36,668,000.1,829,166.6734,838,833.331904.63%存貨301,699,000.1,099,975,676.67-798,276,676.67-72.57%存貨凈額301,699,000.1,099,975,676.67-798,276,676.67-72.57%其他流動(dòng)資產(chǎn)0.9,891,216.67-9,891,216.67-100.%流動(dòng)資產(chǎn)合計(jì)1,384,995,300.2,192,832,260.-807,836,960.-36.84%可供出售金融資產(chǎn)0.468

44、,163,046.67-468,163,046.67-100.%持有至到期投資189,000,000.6,301,356.67182,698,643.332899.35%長(zhǎng)期股權(quán)投資2,474,900.136,786,976.67-134,312,076.67-98.19%投資性房地產(chǎn)336,181,000.49,421,976.67286,759,023.33580.23%長(zhǎng)期投資527,655,900.660,673,356.67-133,017,456.67-20.13%固定資產(chǎn)原價(jià)87,354,900.776,859,100.-689,504,200.-88.76%固定資產(chǎn)凈值87,3

45、54,900.776,859,100.-689,504,200.-88.76%工程物資0.7,269,700.-7,269,700.-100.%在建工程4,822,800.141,758,253.33-136,935,453.33-96.6%生產(chǎn)性生物資產(chǎn)0.70.-70.-100.%固定資產(chǎn)合計(jì)92,177,700.925,887,123.33-833,709,423.33-90.04%無(wú)形資產(chǎn)21,786,700.72,271,816.67-50,485,116.67-69.85%開(kāi)發(fā)支出0.475,936.67-475,936.67-100.%商譽(yù)0.3,308,973.33-3,308

46、,973.33-100.%長(zhǎng)期待攤費(fèi)用14,579,500.21,166,296.67-6,586,796.67-31.12%無(wú)形資產(chǎn)及遞延資產(chǎn)合計(jì)36,366,200.97,223,023.33-60,856,823.33-62.6%遞延所得稅資產(chǎn)42,884,300.16,730,443.3326,153,856.67156.32%其他非流動(dòng)資產(chǎn)0.14,951,820.-14,951,820.-100.%非流動(dòng)資產(chǎn)合計(jì)699,084,100.1,715,465,766.67-1,016,381,666.67-59.25%資產(chǎn)總計(jì)2,084,079,500.3,908,298,033.33

47、-1,824,218,533.33-46.68%短期借款50,000,000.740,981,576.67-690,981,576.67-93.25%交易性金融負(fù)債0.448,980.-448,980.-100.%應(yīng)付賬款192,815,100.162,554,366.6730,260,733.3318.62%應(yīng)付票據(jù)68,805,200.120,219,680.-51,414,480.-42.77%應(yīng)付職工薪酬24,427,800.42,711,066.67-18,283,266.67-42.81%預(yù)收賬款244,971,000.362,146,263.33-117,175,263.33-32.36%其他應(yīng)付款41,456,600.168,777,883.33-127,321,283.33-75.