財(cái)務(wù)分析柳工資產(chǎn)負(fù)債表

1、PAGE PAGE 23柳工母公司資產(chǎn)產(chǎn)負(fù)債表分析析資產(chǎn)負(fù)債表分析析的目的主要要是了解企業(yè)業(yè)財(cái)務(wù)狀況的的變化以及對(duì)對(duì)變化作出一一個(gè)總的評(píng)價(jià)價(jià)。財(cái)務(wù)狀況況變化分析，主主要是通過(guò)比比較分析法和和比率分析法法進(jìn)行。表1 柳工工母公司資產(chǎn)產(chǎn)負(fù)債表橫向向比較分析項(xiàng) 目2009年2008年增減變動(dòng)額增減百分比流動(dòng)資產(chǎn)：貨幣資金1,620,6636,0779.01641,4033,615.14979,2322,463.87 152.67%應(yīng)收票據(jù)611,9277,728.20188,3255,282.48423,6022,445.72 224.93%應(yīng)收賬款977,2700,333.50783,4700,7

2、66.42193,7999,567.08 24.74%預(yù)付款項(xiàng)60,530,860.55646,746,096.66813,784,763.888 29.49%其他應(yīng)收款430,1300,439.73102,0244,308.06328,1066,131.67 321.60%存貨1,599,6603,2111.791,709,6608,1220.89-110,0004,9099.10 -6.43%流動(dòng)資產(chǎn)合計(jì)5,300,0098,6552.79 3,471,5578,1889.67979,2322,463.87 152.67%非流動(dòng)資產(chǎn)：長(zhǎng)期股權(quán)投資1,965,9961,3220.041,42

3、4,4400,6220.09541,5600,699.95 38.02%固定資產(chǎn)602,2966,751.32570,8755,068.5131,421,682.881 5.50%在建工程79,474,614.11958,295,593.00121,179,021.118 36.33%無(wú)形資產(chǎn)70,825,065.33049,835,891.88220,989,173.448 42.12%長(zhǎng)期待攤費(fèi)用2,365,7798.0552,365,7798.055 遞延所得稅資產(chǎn)產(chǎn)75,256,660.00048,696,871.77826,559,788.222 54.54%非流動(dòng)資產(chǎn)合計(jì)計(jì)2,79

4、6,1180,2008.90 2,152,1104,0445.21644,0766,163.69 29.93%資產(chǎn)總計(jì)8,096,2278,8661.695,623,6682,2334.882,472,5596,6226.81 43.97%流動(dòng)負(fù)債：短期借款563,4799,920.961,040,1148,1553.95-476,6668,2322.99 -45.83%應(yīng)付票據(jù)1,254,2209,4225.52537,5299,200.00716,6800,225.52 133.33%應(yīng)付賬款1,772,9937,0111.19524,9222,354.721,248,0014,6556.

5、47 237.75%預(yù)收款項(xiàng)55,578,456.555104,8066,435.54-49,2277,978.99 -46.97%應(yīng)付職工薪酬6,407,2211.8444,452,5502.3001,954,7709.544 43.90%應(yīng)交稅費(fèi)100,5666,153.4348,103,797.11452,462,356.229 109.06%應(yīng)付利息5,600,0000.033-5,600,000.003 -100.000%其他應(yīng)付款392,4222,197.62278,4733,105.52113,9499,092.10 40.92%流動(dòng)負(fù)債合計(jì)4,145,6600,3777.112

6、,544,0035,5449.201,601,5564,8227.91 62.95%非流動(dòng)負(fù)債：長(zhǎng)期借款68,283,000.00034,176,500.00034,106,500.000 99.80%應(yīng)付債券620,8333,047.39-620,8333,0477.39 -100.000%遞延所得稅負(fù)債債6,680,9937.4775,778,8854.288902,0833.19 15.61%其他非流動(dòng)負(fù)債債48,648,228.2203,548,0018.04445,100,210.116 1271.144%非流動(dòng)負(fù)債合計(jì)計(jì)123,6122,165.67664,3366,419.71-

7、540,7224,2544.04 -81.39%負(fù)債合計(jì)4,269,2212,5442.783,208,3371,9668.911,060,8840,5773.87 33.06%所有者權(quán)益：實(shí)收資本（股本本）650,1611,424.00472,4566,265.00177,7055,159.00 37.61%資本公積1,084,0089,7005.70619,7766,368.38464,3133,337.32 74.92%盈余公積432,3400,441.93350,1811,865.8882,158,576.005 23.46%未分配利潤(rùn)1,660,4474,7447.28972,895

8、5,766.71687,5788,980.57 70.67%所有者權(quán)益合計(jì)計(jì)3,827,0066,3118.912,415,3310,2665.971,411,7756,0552.94 58.45%負(fù)債和所有者權(quán)權(quán)益總計(jì)8,096,2278,8661.695,623,6682,2334.882,472,5596,6226.81 43.97%表2 柳柳工母公司資資產(chǎn)負(fù)債表縱縱向比較分析析項(xiàng) 目2009年2008年2009年共同同比報(bào)表2008年共同同比報(bào)表共同比報(bào)表增減減變動(dòng)值流動(dòng)資產(chǎn)：貨幣資金1,620,6636,0779.01641,4033,615.1420.02%11.41%8.61%應(yīng)

9、收票據(jù)611,9277,728.20188,3255,282.487.56%3.35%4.21%應(yīng)收賬款977,2700,333.50783,4700,766.4212.07%13.93%-1.86%預(yù)付款項(xiàng)60,530,860.55646,746,096.6680.75%0.83%-0.08%其他應(yīng)收款430,1300,439.73102,0244,308.065.31%1.81%3.50%存貨1,599,6603,2111.791,709,6608,1220.8919.76%30.40%-10.64%流動(dòng)資產(chǎn)合計(jì)5,300,0098,6552.79 3,471,5578,1889.6765

10、.46%61.73%3.73%非流動(dòng)資產(chǎn)：長(zhǎng)期股權(quán)投資1,965,9961,3220.041,424,4400,6220.0924.28%25.33%-1.05%固定資產(chǎn)602,2966,751.32570,8755,068.517.44%10.15%-2.71%在建工程79,474,614.11958,295,593.0010.98%1.04%-0.05%無(wú)形資產(chǎn)70,825,065.33049,835,891.8820.87%0.89%-0.01%長(zhǎng)期待攤費(fèi)用2,365,7798.0550.03%0.00%0.03%遞延所得稅資產(chǎn)產(chǎn)75,256,660.00048,696,871.7780

11、.93%0.87%0.06%非流動(dòng)資產(chǎn)合計(jì)計(jì)2,796,1180,2008.90 2,152,1104,0445.2134.54%38.27%-3.73%資產(chǎn)總計(jì)8,096,2278,8661.695,623,6682,2334.88100.00%100.00%0.00%流動(dòng)負(fù)債：短期借款563,4799,920.961,040,1148,1553.956.96%18.50%-11.54%應(yīng)付票據(jù)1,254,2209,4225.52537,5299,200.0015.49%9.56%5.93%應(yīng)付賬款1,772,9937,0111.19524,9222,354.7221.90%9.33%12.

12、56%預(yù)收款項(xiàng)55,578,456.555104,8066,435.540.69%1.86%-1.18%應(yīng)付職工薪酬6,407,2211.8444,452,5502.3000.08%0.08%0.00%應(yīng)交稅費(fèi)100,5666,153.4348,103,797.1141.24%0.86%0.38%應(yīng)付利息5,600,0000.0330.00%0.10%-0.10%其他應(yīng)付款392,4222,197.62278,4733,105.524.85%4.95%-0.10%流動(dòng)負(fù)債合計(jì)4,145,6600,3777.112,544,0035,5449.2051.20%45.24%5.97%非流動(dòng)負(fù)債：長(zhǎng)

13、期借款68,283,000.00034,176,500.0000.84%0.61%0.24%應(yīng)付債券620,8333,047.390.00%11.04%-11.04%遞延所得稅負(fù)債債6,680,9937.4775,778,8854.2880.08%0.10%-0.02%其他非流動(dòng)負(fù)債債48,648,228.2203,548,0018.0440.60%0.06%0.54%非流動(dòng)負(fù)債合計(jì)計(jì)123,6122,165.67664,3366,419.711.53%11.81%-10.29%負(fù)債合計(jì)4,269,2212,5442.783,208,3371,9668.9152.73%57.05%-4.32%

14、所有者權(quán)益：實(shí)收資本（股本本）650,1611,424.00472,4566,265.008.03%8.40%-0.37%資本公積1,084,0089,7005.70619,7766,368.3813.39%11.02%2.37%盈余公積432,3400,441.93350,1811,865.885.34%6.23%-0.89%未分配利潤(rùn)1,660,4474,7447.28972,8955,766.7120.51%17.30%3.21%所有者權(quán)益合計(jì)計(jì)3,827,0066,3118.912,415,3310,2665.9747.27%42.95%4.32%負(fù)債和所有者權(quán)權(quán)益總計(jì)8,096,22

15、78,8661.695,623,6682,2334.88100.00%100.00%0.00%表3 柳工母公司司資產(chǎn)負(fù)債表表橫向趨勢(shì)分分析項(xiàng) 目2009年2008年2007年2007年2008年2009年流動(dòng)資產(chǎn)：貨幣資金1,620,6636,0779.01641,4033,615.14254,9922,978.73 1.00 2.52 6.36 應(yīng)收票據(jù)611,9277,728.20188,3255,282.48280,5000,934.95 1.00 0.67 2.18 應(yīng)收賬款977,2700,333.50783,4700,766.42610,7377,585.11 1.00 1.28

16、1.60 預(yù)付款項(xiàng)60,530,860.55646,746,096.668102,0544,178.09 1.00 0.46 0.59 其他應(yīng)收款430,1300,439.73102,0244,308.0622,113,366.888 1.00 4.61 19.45 存貨1,599,6603,2111.791,709,6608,1220.891,330,7783,0220.34 1.00 1.28 1.20 流動(dòng)資產(chǎn)合計(jì)5,300,0098,6552.79 3,471,5578,1889.672,601,1182,0664.10 1.00 2.52 6.36 非流動(dòng)資產(chǎn)：長(zhǎng)期股權(quán)投資1,965

17、,9961,3220.041,424,4400,6220.09664,8588,995.51 1.00 2.14 2.96 固定資產(chǎn)602,2966,751.32570,8755,068.51443,6411,868.23 1.00 1.29 1.36 在建工程79,474,614.11958,295,593.00199,145,715.881 1.00 0.59 0.80 無(wú)形資產(chǎn)70,825,065.33049,835,891.88267,230,623.667 1.00 0.74 1.05 長(zhǎng)期待攤費(fèi)用2,365,7798.0550.00 0.00 0.00 1.00 遞延所得稅資產(chǎn)產(chǎn)7

18、5,256,660.00048,696,871.77837,845,846.115 1.00 1.29 1.99 非流動(dòng)資產(chǎn)合計(jì)計(jì)2,796,1180,2008.90 2,152,1104,0445.211,312,7723,0449.37 1.00 1.64 2.13 資產(chǎn)總計(jì)8,096,2278,8661.695,623,6682,2334.883,913,9905,1113.47 1.00 1.44 2.07 流動(dòng)負(fù)債：短期借款563,4799,920.961,040,1148,1553.95130,0000,000.00 1.00 8.00 4.33 應(yīng)付票據(jù)1,254,2209,42

19、25.52537,5299,200.00443,5988,000.00 1.00 1.21 2.83 應(yīng)付賬款1,772,9937,0111.19524,9222,354.72912,0699,900.67 1.00 0.58 1.94 預(yù)收款項(xiàng)55,578,456.555104,8066,435.5479,348,161.006 1.00 1.32 0.70 應(yīng)付職工薪酬6,407,2211.8444,452,5502.30022,383,064.227 1.00 0.20 0.29 應(yīng)交稅費(fèi)100,5666,153.4348,103,797.114-9,246,179.997 1.00 6

20、.20 11.88 應(yīng)付利息5,600,0000.0330.00 0.00 1.00 0.00 其他應(yīng)付款392,4222,197.62278,4733,105.52231,5999,107.60 1.00 1.20 1.69 其他流動(dòng)負(fù)債3,248,0018.044 1.00 0.00 0.00 流動(dòng)負(fù)債合計(jì)4,145,6600,3777.112,544,0035,5449.201,813,0000,0771.67 1.00 1.40 2.29 非流動(dòng)負(fù)債：長(zhǎng)期借款68,283,000.00034,176,500.0000.00 0.001.00 2.00 應(yīng)付債券620,8333,047.

21、390.00 0.00 1.00 0.00 遞延所得稅負(fù)債債6,680,9937.4775,778,8854.2882,164,9996.666 1.00 2.67 3.09 其他非流動(dòng)負(fù)債債48,648,228.2203,548,0018.0440.00 0.00 1.00 13.71 非流動(dòng)負(fù)債合計(jì)計(jì)123,6122,165.67664,3366,419.712,164,9996.666 1.00 306.85 57.10 負(fù)債合計(jì)4,269,2212,5442.783,208,3371,9668.911,815,1165,0668.33 1.00 1.77 2.35 所有者權(quán)益：實(shí)收資本

22、（股本本）650,1611,424.00472,4566,265.00472,4566,179.00 1.00 1.00 1.38 資本公積1,084,0089,7005.70619,7766,368.38440,0288,350.56 1.00 1.41 2.46 盈余公積432,3400,441.93350,1811,865.88315,2688,981.86 1.00 1.11 1.37 未分配利潤(rùn)1,660,4474,7447.28972,8955,766.71870,9866,533.72 1.00 1.12 1.91 所有者權(quán)益合計(jì)計(jì)3,827,0066,3118.912,415,

23、3310,2665.972,098,7740,0445.14 1.00 1.15 1.82 負(fù)債和所有者權(quán)權(quán)益總計(jì)8,096,2278,8661.695,623,6682,2334.883,913,9905,1113.47 1.00 1.44 2.07 表4 柳工母母公司20007-20009年結(jié)構(gòu)報(bào)報(bào)表趨勢(shì)分析析項(xiàng) 目2009年2008年2007年2009年共同同比報(bào)表2008年共同同比報(bào)表2007年共同同比報(bào)表流動(dòng)資產(chǎn)：貨幣資金1,620,6636,0779.01641,4033,615.14254,9922,978.73 20.02%11.41%6.52%應(yīng)收票據(jù)611,9277,728

24、.20188,3255,282.48280,5000,934.95 7.56%3.35%7.17%應(yīng)收賬款977,2700,333.50783,4700,766.42610,7377,585.11 12.07%13.93%15.60%預(yù)付款項(xiàng)60,530,860.55646,746,096.668102,0544,178.09 0.75%0.83%2.61%其他應(yīng)收款430,1300,439.73102,0244,308.0622,113,366.888 5.31%1.81%0.56%存貨1,599,6603,2111.791,709,6608,1220.891,330,7783,0220.3

25、4 19.76%30.40%34.00%流動(dòng)資產(chǎn)合計(jì)5,300,0098,6552.79 3,471,5578,1889.672,601,1182,0664.10 65.46%61.73%66.46%非流動(dòng)資產(chǎn)：長(zhǎng)期股權(quán)投資1,965,9961,3220.041,424,4400,6220.09664,8588,995.51 24.28%25.33%16.99%固定資產(chǎn)602,2966,751.32570,8755,068.51443,6411,868.23 7.44%10.15%11.34%在建工程79,474,614.11958,295,593.00199,145,715.881 0.98

26、%1.04%2.53%無(wú)形資產(chǎn)70,825,065.33049,835,891.88267,230,623.667 0.87%0.89%1.72%長(zhǎng)期待攤費(fèi)用2,365,7798.0550.00 0.03%0.00%0.00%遞延所得稅資產(chǎn)產(chǎn)75,256,660.00048,696,871.77837,845,846.115 0.93%0.87%0.97%非流動(dòng)資產(chǎn)合計(jì)計(jì)2,796,1180,2008.90 2,152,1104,0445.211,312,7723,0449.37 34.54%38.27%33.54%資產(chǎn)總計(jì)8,096,2278,8661.695,623,6682,2334.8

27、83,913,9905,1113.47 100.00%100.00%100.00%流動(dòng)負(fù)債：短期借款563,4799,920.961,040,1148,1553.95130,0000,000.00 6.96%18.50%3.32%應(yīng)付票據(jù)1,254,2209,4225.52537,5299,200.00443,5988,000.00 15.49%9.56%11.33%應(yīng)付賬款1,772,9937,0111.19524,9222,354.72912,0699,900.67 21.90%9.33%23.30%預(yù)收款項(xiàng)55,578,456.555104,8066,435.5479,348,161.0

28、06 0.69%1.86%2.03%應(yīng)付職工薪酬6,407,2211.8444,452,5502.30022,383,064.227 0.08%0.08%0.57%應(yīng)交稅費(fèi)100,5666,153.4348,103,797.114-9,246,179.997 1.24%0.86%(0.24%)應(yīng)付利息5,600,0000.0330.00 0.00%0.10%0.00%其他應(yīng)付款392,4222,197.62278,4733,105.52231,5999,107.60 4.85%4.95%5.92%其他非流動(dòng)負(fù)債債3,248,0018.044 0.08%流動(dòng)負(fù)債合計(jì)4,145,6600,3777

29、.112,544,0035,5449.201,813,0000,0771.67 51.20%45.24%46.32%非流動(dòng)負(fù)債：長(zhǎng)期借款68,283,000.00034,176,500.0000.00 0.84%0.61%0.00%應(yīng)付債券620,8333,047.390.00 0.00%11.04%0.00%遞延所得稅負(fù)債債6,680,9937.4775,778,8854.2882,164,9996.666 0.08%0.10%0.06%其他非流動(dòng)負(fù)債債48,648,228.2203,548,0018.0440.00 0.60%0.06%0.00%非流動(dòng)負(fù)債合計(jì)計(jì)123,6122,165.6

30、7664,3366,419.712,164,9996.666 1.53%11.81%0.06%負(fù)債合計(jì)4,269,2212,5442.783,208,3371,9668.911,815,1165,0668.33 52.73%57.05%46.38%所有者權(quán)益：實(shí)收資本（股本本）650,1611,424.00472,4566,265.00472,4566,179.00 8.03%8.40%12.07%資本公積1,084,0089,7005.70619,7766,368.38440,0288,350.56 13.39%11.02%11.24%盈余公積432,3400,441.93350,1811,

31、865.88315,2688,981.86 5.34%6.23%8.06%未分配利潤(rùn)1,660,4474,7447.28972,8955,766.71870,9866,533.72 20.51%17.30%22.25%所有者權(quán)益合計(jì)計(jì)3,827,0066,3118.912,415,3310,2665.972,098,7740,0445.14 47.27%42.95%53.62%負(fù)債和所有者權(quán)權(quán)益總計(jì)8,096,2278,8661.695,623,6682,2334.883,913,9905,1113.47 100.00%100.00%100.00%根據(jù)上面編制的的四個(gè)比較報(bào)報(bào)表，可對(duì)該該公司的

32、財(cái)務(wù)務(wù)狀況變化作作如下分析：資產(chǎn)變化情況分分析從總資產(chǎn)來(lái)看，22009年年年末比年初增增加了247725萬(wàn)元，增幅為為43.977%。表明企企業(yè)占有的經(jīng)經(jīng)濟(jì)資源有較較大增加，經(jīng)經(jīng)營(yíng)規(guī)模擴(kuò)大大較快。從連連續(xù)三年的趨趨勢(shì)分析可以以看出，企業(yè)業(yè)擴(kuò)張的趨勢(shì)勢(shì)非常明顯，22009年增增速更是顯著著提高。從總資產(chǎn)構(gòu)成來(lái)來(lái)看，流動(dòng)資資產(chǎn)增加了99792萬(wàn)元，占總資資產(chǎn)的比重由由年初的611.73%，上上升為年末的的65.466%，上升了了3.73個(gè)個(gè)百分點(diǎn)，資資產(chǎn)總體結(jié)構(gòu)構(gòu)變化不大。比比較引人注目目的是貨幣資資金、應(yīng)收票票據(jù)、其他應(yīng)應(yīng)收款的漲幅幅較大，年內(nèi)內(nèi)增長(zhǎng)幅度分分別為1.55倍、2.22倍、3.22倍

33、，在總資產(chǎn)中中的比重分別別達(dá)到了200%、8%、55%，各自增加了88.61、44.21、33.5個(gè)百分分點(diǎn)。尤其是是貨幣資金，連連續(xù)兩年高速速增長(zhǎng)，增幅幅遠(yuǎn)遠(yuǎn)超過(guò)總總資產(chǎn)的增長(zhǎng)長(zhǎng)規(guī)模。此外，存貨貨的變化也比比較明顯，在在總資產(chǎn)中的的比重由年初初的30.44%下降到年年末的19.76%，減減少了10.64個(gè)百分分點(diǎn)。存貨下下降的原因有有可能是企業(yè)業(yè)減少了采購(gòu)購(gòu)量和產(chǎn)量，也也可能是企業(yè)業(yè)加大了銷售售的力度。根根據(jù)利潤(rùn)表數(shù)據(jù)可可算出企業(yè)營(yíng)營(yíng)業(yè)收入增幅幅為7%，遠(yuǎn)遠(yuǎn)遠(yuǎn)小于總資資產(chǎn)的增幅；另外，根據(jù)據(jù)報(bào)表附注中中原材料和在在產(chǎn)品期末金金額均小于期期初的事實(shí)來(lái)來(lái)看，柳工存存貨下降原因因應(yīng)屬于第一一種可能

34、，企業(yè)存貨周周轉(zhuǎn)率略有下下降（20008年為5.06,20009年為44.76）也也進(jìn)一步驗(yàn)證證了這一推斷斷。而貨幣資金增增長(zhǎng)主要原因因在于經(jīng)營(yíng)活活動(dòng)現(xiàn)金凈流流量的增長(zhǎng)，銷售總額的增長(zhǎng)帶來(lái)了更多的現(xiàn)金，購(gòu)買(mǎi)商品、接受勞務(wù)支付的現(xiàn)金卻下降，開(kāi)源與節(jié)流并舉，使得貨幣資金的增速加快。企業(yè)報(bào)表附注表明，其他應(yīng)收款的增長(zhǎng)主要是因?yàn)殇N售產(chǎn)品整機(jī)代墊運(yùn)費(fèi)增長(zhǎng)所致,屬于銷售增長(zhǎng)帶動(dòng)的結(jié)果。在非流動(dòng)資產(chǎn)中除固定資產(chǎn)、長(zhǎng)期股權(quán)投資有一定程度下降外，其余各項(xiàng)目的比重變化均很小，其絕對(duì)值的增長(zhǎng)是隨著資產(chǎn)總規(guī)模的增長(zhǎng)而增長(zhǎng)，水漲船高，比較正常。綜合流動(dòng)資產(chǎn)及長(zhǎng)期股權(quán)投資、固定資產(chǎn)的變化情況，可以看出企業(yè)資產(chǎn)的流動(dòng)性增強(qiáng)

35、，投資增速減緩，經(jīng)營(yíng)風(fēng)險(xiǎn)降低。但企業(yè)后期應(yīng)注意進(jìn)一步加強(qiáng)應(yīng)收款的回款力度，因?yàn)閼?yīng)收賬款、應(yīng)收票據(jù)、預(yù)付款項(xiàng)、其他應(yīng)收款在總資產(chǎn)中的比重合計(jì)上升了5個(gè)百分點(diǎn)，應(yīng)收賬款周轉(zhuǎn)率從2008年的12.7下降到2009年的10.8，回款時(shí)間變長(zhǎng)，預(yù)示著企業(yè)有更多的資金被其他單位占用。負(fù)債變化情況分分析負(fù)債是企業(yè)籌集集資金的渠道道之一，負(fù)債債的變化反映映了企業(yè)籌資資方式的變化化，體現(xiàn)了不不同時(shí)期企業(yè)業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)險(xiǎn)水平。從負(fù)負(fù)債總額來(lái)看看，年末比年年初增長(zhǎng)了110608萬(wàn)萬(wàn)元，增幅為為33%。資產(chǎn)負(fù)債率率由57%下下降到53%，降了4個(gè)個(gè)百分點(diǎn)。說(shuō)說(shuō)明企業(yè)對(duì)負(fù)負(fù)債籌資的依依賴程度有所所下降，企業(yè)業(yè)自有資金比比

36、例上升。從負(fù)債內(nèi)部構(gòu)成成看，流動(dòng)負(fù)負(fù)債年末比年年初增加了662.73%，占總資金金的比重為551.2%，增增長(zhǎng)了近6個(gè)個(gè)百分點(diǎn)。相相應(yīng)的，長(zhǎng)期期負(fù)債比年初初下降了811%，占總資資金的比重下下降了10個(gè)個(gè)百分點(diǎn)。流流動(dòng)負(fù)債的增增長(zhǎng)明顯的是是應(yīng)付票據(jù)、應(yīng)應(yīng)付賬款、應(yīng)應(yīng)交稅費(fèi)，三者增幅分別別為1.3倍倍和2.7倍倍和1倍。在總總資金中的比比重分別增長(zhǎng)長(zhǎng)了5.9和和12.566、0.38個(gè)百百分點(diǎn)。應(yīng)付付票據(jù)和應(yīng)付付賬款是企業(yè)業(yè)在購(gòu)買(mǎi)商品品、接受勞務(wù)務(wù)中應(yīng)付的款款項(xiàng)，是一種種商業(yè)信用籌籌資，基本沒(méi)沒(méi)有利息支出出，是一種低低成本的籌資資方式，但如如果長(zhǎng)期拖欠欠則會(huì)影響企企業(yè)信用。從從二者的性質(zhì)質(zhì)來(lái)看，

37、其是是隨采購(gòu)發(fā)生生的，一般采采購(gòu)量越大，應(yīng)應(yīng)付賬款的量量也就越大。如如果存貨數(shù)量量沒(méi)有增加，應(yīng)應(yīng)付款卻大幅幅上漲，則可可能是企業(yè)長(zhǎng)長(zhǎng)期拖欠積累累導(dǎo)致，通常常拖欠造成的的應(yīng)付款惡性性增長(zhǎng)往往伴伴隨著銀行短短期借款的增增長(zhǎng)。如果排排除拖欠的可可能性，那就就是企業(yè)在商商業(yè)談判中掌掌握了更多的的主動(dòng)權(quán)，獲獲得更多更優(yōu)優(yōu)惠的延期付付款條件。對(duì)對(duì)于柳工而言言，其存貨和短期借借款都是下降降的，因此其其應(yīng)付款的增增長(zhǎng)應(yīng)屬于良良性增長(zhǎng)，值值得肯定。商商業(yè)信用的大大幅增長(zhǎng)緩解解了企業(yè)對(duì)銀銀行信用的依依賴，短期借借款籌資方式式下降了111.5個(gè)百分分點(diǎn)，使得本本期財(cái)務(wù)費(fèi)用用大幅下降，對(duì)對(duì)企業(yè)利潤(rùn)增增長(zhǎng)做出了貢貢獻(xiàn)。

38、應(yīng)交稅稅費(fèi)盡管漲幅幅較大，但比比重變化卻很很小，說(shuō)明這這不是企業(yè)長(zhǎng)長(zhǎng)期欠繳稅款款，而是經(jīng)營(yíng)營(yíng)規(guī)模擴(kuò)大帶帶來(lái)的正常結(jié)結(jié)果。長(zhǎng)期負(fù)負(fù)債中，變化化顯著的是應(yīng)應(yīng)付債券，在在總資金中的的比重下降了了11個(gè)百分分點(diǎn)，降幅為為100%；根據(jù)董事會(huì)會(huì)報(bào)告，可知知企業(yè)的應(yīng)付付債券均為之之前發(fā)行的可可轉(zhuǎn)換債券，22009年除除了部分贖回回外，其余全全部轉(zhuǎn)為企業(yè)業(yè)股票，并未未對(duì)企業(yè)資金金總量造成重重大影響。至至于長(zhǎng)期借款款項(xiàng)目，盡管管有近一倍的的增幅，但比比重變化卻不不明顯，且連連續(xù)三年均呈呈低比重趨勢(shì)勢(shì)，不屬于分分析的重點(diǎn)。由于流動(dòng)負(fù)債的的籌資成本較較長(zhǎng)期負(fù)債低低，企業(yè)負(fù)債債內(nèi)部結(jié)構(gòu)的的變化可以降降低財(cái)務(wù)費(fèi)用用的

39、支出，但但是流動(dòng)負(fù)債債的還款期短短，財(cái)務(wù)風(fēng)險(xiǎn)險(xiǎn)比長(zhǎng)期負(fù)債債要高，因此此，盡管理論論上企業(yè)資產(chǎn)產(chǎn)負(fù)債率下降降會(huì)降低總體體的財(cái)務(wù)風(fēng)險(xiǎn)險(xiǎn)，但增長(zhǎng)的的流動(dòng)負(fù)債將將給企業(yè)近期期造成更大的的還款壓力，企企業(yè)必須持續(xù)續(xù)加強(qiáng)銷售回回款，確保經(jīng)經(jīng)營(yíng)現(xiàn)金凈流流量的穩(wěn)定增增長(zhǎng)，以保證證流動(dòng)負(fù)債的的按期償還。所有者權(quán)益變化化情況分析 所有者權(quán)益益是企業(yè)籌集集資金的另一一渠道，所有有者權(quán)益在總總資產(chǎn)中的比比重高低，對(duì)對(duì)債權(quán)人而言言有重要影響響，體現(xiàn)了企企業(yè)債權(quán)人權(quán)權(quán)益受保障的的程度。從企企業(yè)所有者權(quán)權(quán)益總額來(lái)看看，年末比年年初增長(zhǎng)了558%，占總總資產(chǎn)的比重重則增加了44.3個(gè)百分分點(diǎn)，達(dá)到447.27%，可見(jiàn)，企企業(yè)

40、總資金中中有近一半屬屬于投資者投投入，對(duì)債權(quán)權(quán)人權(quán)益的保保障程度比較較大，債權(quán)人人的資金安全全性較高。所有者權(quán)益中增增長(zhǎng)較大的是是資本公積和和未分配利潤(rùn)潤(rùn)，增幅均超超過(guò)70%，在在總資產(chǎn)中的的比重則分別別增長(zhǎng)了2.37和3.21個(gè)百分分點(diǎn)。資本公公積的增長(zhǎng)是是因?yàn)閭D(zhuǎn)股股所致，對(duì)資資金總量沒(méi)有有影響。未分分配利潤(rùn)比重重增長(zhǎng)是由于企企業(yè)降低利潤(rùn)潤(rùn)分配比例所所致，20008年報(bào)表附附注顯示，當(dāng)當(dāng)年利潤(rùn)分配配方案為每110股派送44.5元現(xiàn)金金，當(dāng)年每股股收益為0.7，每股分分紅比例為664%，而22009年利利潤(rùn)分配方案案為每10股股派送1元現(xiàn)現(xiàn)金，同期每每股收益為11.33，分分紅比例僅為為7.5%。利潤(rùn)分配比例的下降使得更多的利潤(rùn)留存在企業(yè)，成為企