模型公司的償債能力分析【外文翻譯】范文參考

外文翻譯原文ModelsofCompany’sSolvencyAnalysisMaterialSource:.hk/search?hl=zh-CN&source=hp&q=SOLVENCY+ANALYSIS&btnG=Google+%E6%90%9C%E7%B4%A2&meta=&aq=f&aqi=&aql=&oq=&gs_rfai=Author:ArdeleanVictorAbstract.Inthepapertheauthorsshowthedifferentmodelsofanalyzingthecompany’ssolvency,takingintoaccountmanyratioswithdifferentimportance.Keywords:generalstability,financialsolvency,reimbursingcapacity.1IntroductionThestatusoffinancialsolvabilityismulti-criteriaapproachedbylocalspecialistsandfromabroad.TheInternationalAccountingStandardsmentionthefactthatsolvencyreferstocashavailabilityforagreaterperiodoftimeduringwhichtheduetimefinancialengagementsoughttobecovered.Inouropinion,solvencyhastobeanalyzedfromthepointofviewofitsfunctionandthetimehorizonitimplies.Thatiswhywebelievethatsolvabilityexpressesthecapacityofaneconomicagentofreimbursingonduetime(largerthen1year)thecurrentratestowardsbanksandotherfinancialinstitutions.Atthesametime,webelievethatsolvabilityisastateoffinancialequilibriummeasuringthevalueofthecapital,ascomparedtothepatrimony’ssize.2 MethodandResultsSolvencycanbeshownthroughmanymodels.Theyarepresentedbelow.2.1TheanalysisofgeneralstabilityTheindicatorofgeneralstability(ISG)showsthedegreeinwhichthetotalassetsofthecompanyareabletocoverthetotaldebtsofthecompany.Thisindicatorshowsthedegreeinwhichdebtscanbecoveredusingassets.ISG=Totalasset/Totaldebt,Theminimumlevelacceptableisof1.66(evenifitshouldbeatleast2.00).Underthislevel,thecompanyfacesthedangerofpaymentincapacity.Theoptimumlevelis3.00.word文檔可自由復制編輯Thegeneralsolvencyreport(RSG)indicatestheamountofthenetaccountingassetintotalasset:RSG=NetAccountingAsset/Totalasset.Theminimumlevelacceptableisof35%,buttheoptimumoneisofatleast50%.Indicator2002200320042005SimbolTotalAsset183763213169364289944305777818At008108TotalLiability9721789964477139336159570651Dt073362NetAccounting86545123204150607146207167AncAsset935887746Indicatorof1.892.372.081.92Lsg=GeneralAt/DtSovencyGrowth100%125%88%92%Iclsg=Indicatorlsgn/lsgoVariationofthe0.0025%-12%-8%dlsg=indicator(lsg)/lsgoMinimumvalue1.661.661.661.66MinacceptableGeneral47.10%57.80%51.94%47.81%Rsg=Anc/solvencyreportAtMinimumvalue35.00%35.00%35.00%35.00%MinacceptableTable1-GeneralSolvencyatSCAMPELUMSADuringtheentireanalyzedperiod,thelevelofthegeneralsolvabilityindicatorisoverthenormallimit,evenifslightlydescendingduring2003-2005.Thedescendingtendencyoftheindicatorisduetothemorerapidgrowthrhythmoftotaldebts,ascomparedtototalassets.Nevertheless,fromthispointofviewSCAMPELUMSAissafeduringtheentireperiodofanalysis,afactthatmeansthatitisabletocoverallitsdebtsbasingonassets.Thesameconclusionresultsfromtheanalysisofgeneralsolvabilityreport.2.2TheanalysisoffinancialsolvabilityTheindicatoroffinancialsolvability(ISF)showsthedegreeinwhichthetotalassetsofthecompanyareabletocovertotalfinancialdebts.ISF=Totalasset/Totalword文檔可自由復制編輯financialdebt,Theminimumlevelacceptableisof2.00.UnderthislevelthecompanyfacespaymentincapacityIndicator2002200320042005SimbolTotalAssets183763213169364289944108305777818At008=Ai+AcTotalFinancial643256083192097621346101417082Dft=Liabilities931Dtml+CbtsFinancial2.863.502.973.02IsF=SolvencyAt/DftMinimum2.002.002.002.00MinvalueacceptableTable2-FinancialsolvabilitywithSCAMPELUMSADuringtheenteredperiodanalyzed,thevalueoftheindicatorisovertheaveragelimit,evenifin2004,ascomparedtothepreviousyear,thevaluedecreased.Thedescendingtendencyoftheindicatorisexplainedbythemorerapidgrowthoffinancialdebts,ascomparedtototalassets.However,fromthispointofview,SCAMPELUMSAissafeduringtheentireperiodofanalysis,afactthatshowsthecapacityofthecompanyofcoveringallitsfinancialdebtsbasingonassets.2.3TheanalysisofdebtreimbursingcapacityDebtreimbursingcapacity(CRD)showsthedegreeinwhichthepotentialsourcesofselffinancingresultingfromtheactivityofthecompanycan covertotaldebts.CRD=Selffinancingdebt/Totaldebt,Theminimumlevelacceptableisof0.33(correspondingtothecoveringofdebtsinaperiodof3years).Ifthelevelisunder0.33,thecompanyfacespaymentincapacityandtheoptimumlevelis1.00.Indicator2002200320042005SimbolSelffinancing13383342843019165118975448Cafcapacity951540Totaldebts9721789964139336362159570651Dt073477Reimbursement0.140.380.220.12Crd=capacityCaf/DtGrowth100%271%58%55%IcCrd=indicatorCrdn/Crdoword文檔可自由復制編輯Variationofthe100%171%-42%-45%dvlCrd=indicator(Crd)/CrdoAverage1.001.71-0.42-0.45RmcgrowthrhythmMinimum0.330.330.330.33MinacceptablevalueTable3-TheCapacityofReimbursingDebtsatSCAMPELUMSAIn2003thevalueoftheindicatorwasovertheminimumlevel;ascomparedtothepreviousyearitincreasedby171%.Thetendencyoftheindicatorisdescending.Fromthispointofview,SCAMPELUM SAhasanacceptablefinancialsecurityduringtheanalyzedperiod.Thegrosscapacityofreimbursingdebts(CBRD)showsthedegreeinwhichthepotentialsourcesofselffinancingresultingfromtheoperationalactivityofthecompanyareabletocoverthetotaldebtsofthecompany.CBRD=Grosssurplusfromoperationalactivities/Totaldebts,Theminimumacceptablelevelis0.50(correspondingtocoveringdebtsina2yearperiod),underthislevelthecompanyfacespaymentincapacity.Theoptimumlevelis1.00.Indicator2002200320042005SimbolGrosssurplus32451335513388294551510728734234EbefromoperationalactivitiesTotalliabilities97217073213169364289944108305777818DtGrosscapacity0.39Crd=ofCaf/DtreimbursementMinimumvalue0.500.500.500.50IcCrd=acceptableCrdn/CrdoTable4-GrossCapacityofReimbursingDebtsatSCAMPELUMSAFortheentireperiodanalyzed,thevalueoftheindicatorisundertheminimumvalueacceptable.Ascomparedtothepreviousyear,itshowsatendencyofconstanddecrease.Thergeneraltendencyoftheindicatorisdescending.Fromthispointofword文檔可自由復制編輯view,thecompanyisnotsafeasfarasitspaymentcapacityisconcerned.Netcapacityofreimbursingdebts(CNRD)showsthedegreeinwhichnetselffinancingisabletocoverthetotaldebtsofthecompany.Itindicatesareportbetweenownsourcesandborrowedones.CNRD=Netselffinancing/Totaldebts,Theminimumacceptablelevelisof0.25(correspondingtocoveringdebtsina4yearperios);underthislevelthecompanyfacespaymentincapacity.Theoptimumlevelis1.00.Indicator2002200320042005SimbolNetself13383951342845403019165118975448AfnfinancingTotalliabilities97217073213169364289944108305777818DtNetcapacityof00.06Cnrd=reimbursementAfn/DtMinimum0.250.500.500.50MinacceptablevalueTable5-NetCapacityofReimbursingDebtsDuringtheentireanalyzedperiod,thevalueoftheindicatorwasundertheaveragelimit.Duringthelastyear,thevalueoftheindicatorsignificantlydecreased,ascomparedtotheprecedingyear.Thegeneraltendencyisofcontinuousdecrease.Fromthispointofviewthecompanyisinastateoffinancialinstability.2.4TheanalysisoffinancialexpensesrequirementsTheratiooffinancialexpensesrequirements(RPCF)showsthedegreeinwhichfinancialexpensesconsumecashfromthegrossaccumulationsoftheoperationalactivity.RPCF=Financialexpenses/Grosssurplusfromexploitation,Themaximumlevelacceptableisof60%;overthislevelthecompanyfacesthedangerofnegativecash.Indicator2002200320042005SimbolFinancial22293955199544581666868812717525ChfexpensesGrosssurplus32451335513388294551510728734234EbefromexploitationFinancial68.7038.8736.6244.26Rpcf=word文檔可自由復制編輯expensesChf/EberequirementsMaximum0.600.600.600.60MaxacceptablevalueTable6-TheRatioofFinancialExpensesRequirementsDuringthefirstyear,thevalueoftheindicatorwaswithinnormallimits,butitincreased,ascomparedtothepreviousyear.Theindicatorhasageneraldescendingtendency,bothbasingonthedecreaseofthefinancialdebts,whichgenerateexpenseswithinterests,aswellasbasingonthedecreaseofthesurplusfromoperationalactivities.Nevertheless,fromthispointofviewthecompanyisnotsafeduringtheanalyzedperiod.3 ConclusionsTakingintoaccounttheabovesaid,wemaydrawtheconclusionthatthesolvabilitySCAMPELUMSAisadequate.Theleveragelevelofthecompanydoesnotgeneratesignificantriskswithcontinuingtheactivity.However,wenoticedthatthereisatendencyofdepreciationofthesolvabilityindicatorsinthelastpartofthetimeintervalanalyzed.word文檔可自由復制編輯譯文模型公司的償債能力分析資料來源：.hk/search?hl=zh-CN&source=hp&q=SOLVENCY+ANALYSIS&btnG=Google+%E6%90%9C%E7%B4%A2&meta=&aq=f&aqi=&aql=&oq=&gs_rfai=作者：波帕安娜瑪麗亞摘要：在文章中，作者們用不同的方式來分析公司的償付能力，考慮到許多不同比率的重要性。關(guān)鍵字：總體穩(wěn)定 金融的償付能力 補償能力1介紹當?shù)氐暮蛧獾膶＜叶季哂薪鹑谪攧?wù)狀況。 國際會計準則指出償債能力是指在約定的時間內(nèi)，在此時間內(nèi)現(xiàn)金的可用性達到最長時間。 我們認為，償債能力分析必須從它功能的角度和時間進行分析。這就是為什么我們認為可理解性表達了對償還到期時間（大于一年）向銀行或其他金融機構(gòu)的現(xiàn)行稅率計算的經(jīng)濟代理人身份。在同一時間，我們認為可理解性狀態(tài)是指金融負債衡量的是資本價值在平衡狀態(tài)下的大小。2方法及結(jié)果：償債能力可以有多種顯示模式。他們介紹如下：2.1一般穩(wěn)定性分析：一般穩(wěn)定性指標(ISG)是指在大多數(shù)程度上顯示該公司的總資產(chǎn)能夠償還公司的債務(wù)總額。該指標顯示了哪些資產(chǎn)能夠償還債務(wù)。一般穩(wěn)定性指標 (ISG)=總資產(chǎn)/總負債，一般穩(wěn)定性指標可接受的最低水平是 1.66（它應(yīng)該至少為 2.00）。在這個級別，當公司面臨危險，就會喪失償還債務(wù)的能力，所以這個時候的一般穩(wěn)定性指標最佳水平為3.00一般償付能力(RSG)表明凈資產(chǎn)占總資產(chǎn)的比例：一般償付能力報告(RSG)=凈資產(chǎn)/總資產(chǎn)。一般償付能力可接受的最低水平是35％，但最優(yōu)的至少50％以上。表1—一般償付能力指標2002200320042005總資產(chǎn)183763008213169364289944108305777818負債總額9721707389964477139336362159570651凈資產(chǎn)86545935123204887150607746146207167一般償債能力指1.892.372.081.92標增長指標100%125%88%92%指標變化0.0025%-12%-8%可接受的最低值1.661.661.661.66一般償債能力47.10%57.80%51.94%47.81%可接受的最低值35.00%35.00%35.00%35.00%在整個分析時期，一般水平的可解性指標超過了正常范圍， 即使在2003-2005年略有下降，該指標具有下降趨勢的原因是與總資產(chǎn)相比，債務(wù)總額的快速增長。不過，在整個分析期間從這個角度分析是安全的，它的資產(chǎn)能夠償還所有的債務(wù)。從一般的可解性報告的分析結(jié)果能夠得出同樣的結(jié)論。2.2可解性的財務(wù)分析可解性的財務(wù)指標(ISF)是指在大多數(shù)情況下該公司的總資產(chǎn)能夠償還它的所有的金融債務(wù)?？山庑缘呢攧?wù)指標(ISF)=總資產(chǎn)/所有的金融債務(wù)，解性的財務(wù)指標可接受的最低水平是2.00。在這種水平下，如果公司面臨支付，就不能正常運行。表2—財務(wù)可解指標2002200320042005總資產(chǎn)183763008213169364289944108305777818總的金融負債643259316083192097621346101417082財務(wù)償債能力2.863.502.973.02可接受的最低值2.002.002.002.00在輸入分析期間，該指標值超過了平均限額，即使在2004年，相對于前一年數(shù)值下降了。該指標具有下降趨勢的原因是與總資產(chǎn)相比金融債務(wù)更快速的增長。不過從這個角度上看，在整個分析期間是安全的，這一事實顯示了該公司所有的資產(chǎn)能夠償還金融債務(wù)的能力。2.3債務(wù)的償還能力分析債務(wù)償還能力(CRD)：顯示該公司在籌資活動籌到的資金能夠支付債務(wù)總額。債務(wù)償還能力(CRD)=自我融資的債務(wù)/所有的債務(wù)。可接受的最低水平是0.33（包括在3年內(nèi)相應(yīng)的債務(wù)），如果債務(wù)償還能力水平在0.33以下，該公司面臨支付及喪失工作能力的最佳水平為1.00。表3—償還債務(wù)能力指標2002200320042005自我融資能力13383951342845403019165118975448總負債9721707389964477139336362159570651償還容量0.140.380.220.12增長指標100%271%58%55%該指標的變化100%171%-42%-45%平均生長節(jié)律1.001.71-0.42-0.45可接受的最低值0.330.330.330.332003年的指標值超過了最低水平，它比前一年增加了 171%。該指標具有下降趨勢，從這個角度上來看，該公司在分析期間有一個可以接受的金融安全。償還債務(wù)總量(CBRD)顯示該公司從經(jīng)營活動中得到的潛在的自籌資金能夠償還公司的總債務(wù)。償還債務(wù)總量(CBRD)=業(yè)余活動的盈余總額/總負債，可接受的最低水平0.50（包涵了2年的期債）根據(jù)這級別的公司面臨支付傷殘。償還債務(wù)總量的最佳水平是1.00。表4—償還債務(wù)總量指標2002200320042005業(yè)務(wù)活動的盈余總額32451335513388294551510728734234負債總額97217073213169364289944108305777818償還總量0.39可接受的最低值0.500.500.500.50對于整個分析期間，這指標是可以接受的最低值。 相對于前一年，它顯示了一個不斷下降的趨勢。該指標具有總得下降趨勢。從這個角度上看，根據(jù)它的支付能力而言，該公司不是安全的。凈債務(wù)償還能力(CNRD)說明在很大程度上，凈自籌資金支付公司的債務(wù)總額。凈債務(wù)償還能力表明自己的來源和借來之間的報告。凈債務(wù)償還能力(CNRD)=凈自籌資金/總負債。凈債務(wù)償還能力可接受的最低水平是0.25（包涵了4年的債務(wù)），根據(jù)這個級別的公司面臨支付傷殘，凈債務(wù)償還能力的最佳水平是1.00。表5—凈債務(wù)償還能力指標2002200320042005凈自籌資金13383951342845403019165118975448負債總額97217073213169364289944108305777818凈償還能力00.06可接受的最低值0.250.500.500.50word文檔可自由復制編輯在整個分析期間，該指標值是根據(jù)平均極限。在過去的一年，凈債務(wù)償還能力該指標值明顯下降。相對于前一年，總的趨勢是下降的，從這個角度上看，公司是在金融不穩(wěn)定的狀態(tài)。2.4財務(wù)費用的要求分析財務(wù)費用的要求比(RPCF)是指顯示在很大程度上從財務(wù)費用消耗的業(yè)務(wù)活動的總積累現(xiàn)金。財務(wù)費用的要求比(RPCF)=財務(wù)費用/創(chuàng)造的盈余總額，可接受的最高水平是60%，在這個級別的公司所面臨的危險是負現(xiàn)金。表6—財務(wù)費用的要求比指標2002200320042005財務(wù)費用22293955199544581666868812717525創(chuàng)造的盈余總額32451335513388294551510728734234財務(wù)費用需求68.7038.8736.6244.26最大允許值0.600.600.600.60在第一年，本指標值在正常范圍內(nèi)，但是相對于前一年它增加了。該指標有下降的趨勢，立足于金融債務(wù)，使它產(chǎn)生的費用和利息減少，又減少以盈余為目的的經(jīng)營業(yè)務(wù)，它產(chǎn)生的利益開支減少。不過，從這個角度看，該公司不在安全的分析期間。3結(jié)論考慮到上面說的，我們得出的結(jié)論是充足的。該公司的杠桿水平不會產(chǎn)生持續(xù)的活動與重