證券投資學(xué)之證券投資基本面

第十二章證券投資基本面分析

本章重點(diǎn)：宏觀經(jīng)濟(jì)環(huán)境、宏觀經(jīng)濟(jì)政策與證券市場(chǎng)的關(guān)系證券投資行業(yè)分析的主要內(nèi)容公司財(cái)務(wù)分析的主要方法第一節(jié)證券投資的宏觀分析

宏觀經(jīng)濟(jì)環(huán)境分析

(一)國(guó)內(nèi)生產(chǎn)總值變動(dòng)對(duì)證券市場(chǎng)的影響1．持續(xù)、穩(wěn)定、高速的GDP增長(zhǎng)在這種情況下，社會(huì)總需求與總供給協(xié)調(diào)增長(zhǎng)，經(jīng)濟(jì)結(jié)構(gòu)逐步合理趨于平衡，經(jīng)濟(jì)增長(zhǎng)來(lái)源于需求刺激并使得閑置的或利用率不高的資源得以更充分的利用，從而表明經(jīng)濟(jì)發(fā)展的良好勢(shì)頭，這時(shí)證券市場(chǎng)將基于下述原因而呈現(xiàn)上升走勢(shì)。

2．高通脹下GDP增長(zhǎng)當(dāng)經(jīng)濟(jì)處于嚴(yán)重失衡下的高速增長(zhǎng)時(shí)，總需求大大超過(guò)總供給，這將表現(xiàn)為高的通貨膨脹率，這是經(jīng)濟(jì)形勢(shì)惡化的征兆，因而必將導(dǎo)致證券市場(chǎng)下跌。3弄.宏繞觀撐調(diào)扯控畫(huà)下中的G腦D允P減樣速揭增禮長(zhǎng)如拆果G杯D丟P仍彈以慕適慢當(dāng)堂的押速丸度賣(mài)增寇長(zhǎng)佛而葉未來(lái)導(dǎo)勁致G狀D晚P的邁負(fù)紛增鏈長(zhǎng)濁或甘低犁增炮長(zhǎng)道，蒸說(shuō)境明喇宏援觀辜調(diào)聯(lián)控喉措混施辮十餐分默有扎效執(zhí)，潑這芳時(shí)柔證恒券蹈市版場(chǎng)壺亦暈將踢反針映順這縮慧種降好罰的猛形繡勢(shì)曠而符呈花平魚(yú)穩(wěn)惜漸分升雹的霞態(tài)拴勢(shì)段。4．腹轉(zhuǎn)葵折謎性世的G翅D昨P變便動(dòng)如稠果G炭D敵P的燃負(fù)麥增魄長(zhǎng)袖速逼度正逐它漸仍減汁緩幟并亂呈溝現(xiàn)成向她正跑增寨長(zhǎng)邁轉(zhuǎn)恭變紫的隸趨兩勢(shì)處時(shí)尾，愉證猴券熔市及場(chǎng)設(shè)走餓勢(shì)尖也俊將簡(jiǎn)由吃下捏跌簽轉(zhuǎn)臂為蠅上綁升岸；街如佩果G均D屠P由慎低粗速崇增再長(zhǎng)志轉(zhuǎn)植向務(wù)高崖速逃增能長(zhǎng)芒時(shí)瞧，錫表腰明看新次一漁輪的經(jīng)作濟(jì)棟高吳速譯增業(yè)長(zhǎng)盛已城經(jīng)嗽來(lái)鍋臨紡，鴿證并券獻(xiàn)市啦場(chǎng)形亦桃將鄉(xiāng)豐伴浴之也以赤快呆速鍋上皇漲稻之圓勢(shì)撫。(二)經(jīng)國(guó)濟(jì)演周蔽期喊與妻證諷券嶄市中場(chǎng)贏的兆關(guān)杠系一既般撞來(lái)扣說(shuō)占，濟(jì)在紙經(jīng)澇濟(jì)宮衰承退貸時(shí)農(nóng)期害，杯股楊票跑價(jià)斜格鎖會(huì)方逐立漸煙下言跌討；洗到焰危樣機(jī)姥時(shí)開(kāi)期州，召股戀價(jià)逃跌坡至初最填低偽點(diǎn)嘆；零而瓜經(jīng)夢(mèng)濟(jì)擦復(fù)責(zé)蘇奮開(kāi)狡始僻時(shí)浴，侮股展價(jià)影又堡會(huì)瘡逐俘步固上版升卷；末到墊繁定榮溝時(shí)矩，燃股宋價(jià)背則線上雁漲臂至概最釣高嘩點(diǎn)丙。(三)通隊(duì)貨飽膨剝脹暢與渴通恐貨圣緊鏡縮帳對(duì)悠證揮券泡市欠場(chǎng)慌的塞影妙響1．埋通謎貨密膨形脹錄對(duì)嫌證色券騎市毒場(chǎng)讀的習(xí)影嘗響通滾貨虎膨飼脹骨對(duì)原股煙票仍價(jià)延格臘走澆勢(shì)渴的維影乏響匹較屢為凍復(fù)您雜原，乖既嫩有裳刺背激凝股話票稈價(jià)船格棵上退漲暈的贏作已用飯，鋤也邁有活抑現(xiàn)制航股鞠票要價(jià)興格姨的鴨作鬼用賢。溫攻和徹的童、嚴(yán)適績(jī)度掩的四通貝貨彼膨省脹淹對(duì)架股偽價(jià)含的愧影勁響渣一廁般攏是姨正埋面嘗的廢；配嚴(yán)霸重碎的憲通鵲貨若膨棄脹遲會(huì)輩導(dǎo)澡致順貨朋幣續(xù)加固速順貶餡值疫，弊從肯而辦加翁深好了匆證眼券拉市咳場(chǎng)密不扶景拉氣疤的鍵狀簽況淹。2．尺通堅(jiān)貨關(guān)緊普縮本對(duì)援證誕券歉市恥場(chǎng)茫的紋影早響隨餃著腐物役價(jià)撈水倉(cāng)平壁的約持扭續(xù)贈(zèng)下喂跌演，妖生責(zé)產(chǎn)生規(guī)罩模逼的啄縮賽減鈴，吸公嗓眾幟對(duì)魯未膊來(lái)協(xié)的翁預(yù)出期貌收朋入耗也場(chǎng)趨襪于黎悲甩觀打，度因公此換證板券貞市埋場(chǎng)惜也輝會(huì)育進(jìn)垃入郵長(zhǎng)活期幕低艱迷久的繪階大段（濕四)利菊率他變出動(dòng)暴對(duì)巨證顫券黃市羽場(chǎng)床的扮影宅響證逐券閱市姜場(chǎng)柄對(duì)薄利血率漏水技平扭的臉變民動(dòng)連最經(jīng)為晚敏羨感柿。傾一夜般鏡來(lái)傘說(shuō)都，穿利壞率或下叔降湖時(shí)港，融證聯(lián)券最的落價(jià)杠格今就怕會(huì)鳥(niǎo)上盈漲寄；績(jī)利抓率客上傾升插時(shí)驕，教證坡券輸?shù)墓鈨r(jià)刃格妨就柱會(huì)桑下瘦跌惜。該汁命閘題艘對(duì)筍股駱票丟和劃債紅券半均抖適滔用耍。（臟五爽）肯匯劫率魯變高動(dòng)公對(duì)崇證食券強(qiáng)市遣場(chǎng)筆的傾影流響匯冰率盼變帝化險(xiǎn)對(duì)盯股藝價(jià)舌的親影儀響打要絡(luò)看隆對(duì)櫻整堵個(gè)奏經(jīng)節(jié)濟(jì)暈的柳影績(jī)響令而廈定羽，寄若烈匯接率桑變答化射趨稍勢(shì)崖對(duì)代本役國(guó)漂經(jīng)齡濟(jì)拴發(fā)州展逝影剩響侵較孫為顏有四利章，筐股祖價(jià)慎會(huì)斃上茂升蓮，殺反鬧之靠，御股屢價(jià)題會(huì)器下做降僚。（腳六似）博政椒治疏因謝素刃對(duì)耽證基券坡市禮場(chǎng)匯的踐影副響1．魯國(guó)斑際瞧形絹勢(shì)瓦的算變法化2．青戰(zhàn)粘爭(zhēng)義的答影召響3．冠國(guó)精內(nèi)沖重志大賺政鄰治獵事下件4．格法傳律己制綿度宏裙觀弱經(jīng)枕濟(jì)制政絞策售分炎析1．丘貨吧幣購(gòu)政輪策貨茅幣械政矮策宮對(duì)系證鄙券勺市膝場(chǎng)慢的診影席響忽是滅通旬過(guò)梳投瓣資餃者夜和仰上冬市肯公療司玩兩易方心面照因際素任來(lái)拉實(shí)聾現(xiàn)希的夠。士從船具急體霞的培政盜策志手短段頑來(lái)專看因，震中象央踢銀馳行連對(duì)究再獵貼氧現(xiàn)妙率綁的嫁調(diào)忠整戶將采直總接骨影育響埋市緞場(chǎng)剖基吳準(zhǔn)屯利辟率狐，齒對(duì)悔證患券駁市惹場(chǎng)各的賢影澆響擇最有為咐顯翁著包。2．殲財(cái)煮政桂政煙策實(shí)耽行假擴(kuò)位張撒性讓財(cái)稅政溜政醉策欠，睡可丟增吼加游總鞭需全求勺，江使瞇公仇司查業(yè)蒸績(jī)倘上環(huán)升探，護(hù)從嶄而鞋使彼證競(jìng)?cè)療捠欣矆?chǎng)哪價(jià)削格花上丸漲使；殊反僻之歌，錯(cuò)實(shí)餐行漆緊安縮漠性練財(cái)鬧政善政活策彩，涂可本減堵少仁社伐會(huì)犧總鎮(zhèn)需泥求逝，悉從夜而楚使養(yǎng)得驢公音司會(huì)業(yè)談績(jī)蔥下秤滑糕，晴證宜券護(hù)市棕場(chǎng)傷價(jià)咳格嗽就組會(huì)怕下何跌御。具超體擔(dān)來(lái)傍看堂，緞不真同豈的捉財(cái)草政億政宵策糞手節(jié)段泡對(duì)碌證夢(mèng)券益市崗場(chǎng)栽的胡影鞭響喬是生不僵相勻同趙的縣。3．胖產(chǎn)濕業(yè)游政濁策產(chǎn)皇業(yè)們政象策沉的歷實(shí)廟施維對(duì)迷投吉資潤(rùn)活賭動(dòng)軌會(huì)至產(chǎn)襯生歷直凝接寇的澇影塞響術(shù)。其夜他亭宏賠觀棍經(jīng)見(jiàn)濟(jì)杰變鍛動(dòng)動(dòng)因許素扁分弦析（畫(huà)一攪）創(chuàng)能飯?jiān)绰氁蚺钏啬芗{源笛價(jià)捧格柄和謝各淋種眨能蒜源絡(luò)在絲式總底能盲源蹲中扣的美構(gòu)糖成眼即哥能奮源天結(jié)免構(gòu)痕等講指輝標(biāo)垮也孤是燈影遣響網(wǎng)整睬個(gè)夜經(jīng)栗濟(jì)月和薦行征業(yè)扁發(fā)佩展慶的復(fù)重比要副因宜素權(quán)，淋是心進(jìn)善行風(fēng)證叫券太投講資吹分號(hào)析眼時(shí)鼻不喘可都忽逆視毀的飛方肅面繪。（鄉(xiāng)豐二窗）投人吊口兆因孤素現(xiàn)渡有竭的喪人惕口車分凡布釣區(qū)躺域迫、秧人拌口員密恩度爐和叼增牽長(zhǎng)些潛遵力晝也肥會(huì)喘對(duì)遺經(jīng)燙濟(jì)宴的這發(fā)各展常產(chǎn)膏生垂影傷響只，紹并悠反紅映汁在區(qū)證朝券倘行燥市港上填。（烈三驅(qū)）扒新梁技寧術(shù)吸革奪命逆因刷素新尤技紹術(shù)充革軋命飄直踢接護(hù)推吊動(dòng)造了銷工鄭業(yè)端的甩迅勵(lì)速駁發(fā)獲展格和裙水講平加的午提春高班。第殊二碎節(jié)題證友券歌投寬資難的蠅中然觀厘分奪析行杜業(yè)親的紫市墊場(chǎng)甚結(jié)潛構(gòu)分分身析1．缸完旺全序競(jìng)浩爭(zhēng)完脹全史競(jìng)林爭(zhēng)葉是透指歲許祝多楚企臘業(yè)挨生循產(chǎn)端同稅質(zhì)蔬產(chǎn)則品抵的懇市垂場(chǎng)益情喚形2．暖壟抵?jǐn)喟?jìng)喇爭(zhēng)壟山斷猶競(jìng)絞爭(zhēng)耐或?qū)幉淮钔耆枞珴岣?jìng)醒爭(zhēng)彼是郊指矩許定多侄生朋產(chǎn)鄭者競(jìng)生清產(chǎn)哨同幸種織但嫩不擦同撓質(zhì)娘產(chǎn)湊品溫的資市表場(chǎng)雕情戒形3．謊寡慎頭暑壟洪斷寡傘頭據(jù)壟麗斷惜是頓指拋相擱對(duì)耐少債量款生惡產(chǎn)推者殿在揪差異別善很耐少身或澇沒(méi)捎有據(jù)差灶別熱的澡某氣些夫產(chǎn)足品寫(xiě)的屆生羽產(chǎn)東中富以衡及用具大有宮某呆些到差扣別朗的貓產(chǎn)鍬品畢生畢產(chǎn)貢中強(qiáng)占列據(jù)龜很舒大恢市啦場(chǎng)斃份棟額調(diào)的抄情愁形4．豪完澇全卻壟慮斷完耗全昨壟圣斷豪是灘指犬獨(dú)榴家咱企線業(yè)質(zhì)生禍產(chǎn)很某圣種搞特夢(mèng)質(zhì)絹產(chǎn)悉品喂的麗情老形行業(yè)類型廠商數(shù)目產(chǎn)品差異程度個(gè)別廠商控制價(jià)格程度廠商進(jìn)入行業(yè)難易程度現(xiàn)實(shí)中接近的行業(yè)完全競(jìng)爭(zhēng)很多無(wú)差別沒(méi)有完全自由農(nóng)業(yè)壟斷競(jìng)爭(zhēng)較多有些差別有一些比較自由零售業(yè)寡頭壟斷幾個(gè)有或沒(méi)有差別相當(dāng)有有限汽車制造業(yè)完全壟斷一個(gè)惟一產(chǎn)品無(wú)替代品很大，但常受政府管制不能公用事業(yè)行令業(yè)知生粘命晌周立期竹分俱析1．負(fù)初油創(chuàng)泉期在漸這臺(tái)一捉階鞋段詢，盛由魄于天新殺行蕉業(yè)塑剛蘭剛?cè)Q劫生己或菊初賤建兼不拋久凈，棒投斜資個(gè)這參個(gè)菠新浩興濕行懸業(yè)卸的蟻創(chuàng)牢業(yè)烏公械司拐為氏數(shù)尺不旨多嘩。2．菠成筍長(zhǎng)慨期在惑這圾一姐時(shí)煌期炸，膚新帥行嘗業(yè)臥生尤產(chǎn)便的釋產(chǎn)瞧品援經(jīng)置過(guò)糠廣碌泛毅的逐宣娃傳牛和姻顧賊客偉的暫試鋼用剛，個(gè)逐秋漸敬贏渾得供了構(gòu)大廊眾磚的它歡脖迎拜，龜市躲場(chǎng)轎需犬求最呈太上奸升悲趨摸勢(shì)亂。3．億穩(wěn)陣定泊期在閥這達(dá)一宴時(shí)酒期亭，堅(jiān)產(chǎn)央品宇的鎖銷霸售省增氏長(zhǎng)紹減靠慢閣，兇在錦前萍一少時(shí)飄期羞競(jìng)理爭(zhēng)薦中舒生床存耗下忌來(lái)窯的酒少師數(shù)猶大奧廠擔(dān)商廢壟首斷蘭了睬整屆個(gè)雁行羅業(yè)幕的必市潛場(chǎng)默。4．員衰傻退視期在撕出存現(xiàn)走較怒長(zhǎng)郵的敗穩(wěn)服定逆期斯之囑后鄙，弄由踐于地新慚產(chǎn)千品劃和寶大甘量困替絕代毅品泳的花出府現(xiàn)崇，浙原李行角業(yè)幣的章市廁場(chǎng)著需效求摩開(kāi)除始買(mǎi)逐咽漸蜓減冒少手，萬(wàn)致最使奔原佩行推業(yè)倘出筒現(xiàn)捕廠美商真數(shù)勇目拼減柿少貓、雕利盤(pán)潤(rùn)螺下傷降派的圈停乒滯每和痕蕭扭條灑景輕象傷。經(jīng)分濟(jì)岡周庸期問(wèn)分旬析1．梳增嶄長(zhǎng)臣型醉行銷業(yè)增急長(zhǎng)殃型瘡行播業(yè)漫是載指垃發(fā)碑展踐速研度降經(jīng)控常評(píng)快煌于蔬平疼均犬發(fā)對(duì)展例速貼度咸的聰行歌業(yè)夫，污較訪快隱的丹發(fā)迎展倦速錘度菠主待要喂靠債技考術(shù)電的厲進(jìn)辨步暑、偵新謝產(chǎn)蘋(píng)品秋的爸開(kāi)義發(fā)慎和真優(yōu)惑質(zhì)殺服絕務(wù)牛取嚇得俊。2．扛周湊期羊型米行駕業(yè)周贏期奔型暗行遣業(yè)勁的俗特胡征騾是懶受造經(jīng)漏濟(jì)遼周荒期斜影笛響攪很旺大失。3．鎖防財(cái)守疑型過(guò)行步業(yè)防段守撕型千行更業(yè)并的高特割征鼓是臨受農(nóng)經(jīng)眠濟(jì)命周惹期和的府影肝響平小保，橫它遙們金的區(qū)商督品竟往草往延是仍生間活軟必眉需萄品縮慧或鳥(niǎo)是托必朵要富的那公臥共努服炭務(wù)熟，廢公面眾精對(duì)離它祝們舒的撲商膏品告有艦相店對(duì)塘穩(wěn)第定鋼的臨需北求腸。行為模式特征增長(zhǎng)型銷售和利潤(rùn)獨(dú)立于經(jīng)濟(jì)周期而超常增長(zhǎng)周期型收益隨經(jīng)濟(jì)周期的變化而變化，通常會(huì)夸大經(jīng)濟(jì)的周期性防守型在經(jīng)濟(jì)周期的上升和下降階段經(jīng)營(yíng)狀況都很穩(wěn)定行滾業(yè)扎競(jìng)順爭(zhēng)廚性先分齊析1．厭新喇進(jìn)般入驚者難的顧威角脅行毯業(yè)狀的沸新舅進(jìn)瓶入書(shū)者步會(huì)跡對(duì)胖價(jià)助格倆和題利它潤(rùn)礙造表成騰巨爽大自的卷壓侵力揀，驅(qū)甚拍至借當(dāng)厚其作他萌公辛司友還著未欣真腥正勢(shì)進(jìn)黑入傻該紐奉行售業(yè)靜時(shí)辨，萌進(jìn)持入帥威綢脅暴也燃會(huì)晃對(duì)頁(yè)價(jià)姻格乏施吧加懇壓線力艦。2．盒現(xiàn)崖有襲企蔑業(yè)杰之閥間豎的逐競(jìng)益爭(zhēng)當(dāng)忙在虛某具一稼行犯業(yè)妹中琴存堤在弊一茅些生競(jìng)窯爭(zhēng)跨者識(shí)時(shí)色，仇由擠于購(gòu)它戴們底力濕圖恥擴(kuò)漲大養(yǎng)各耗自田的澤市押場(chǎng)濫份冤額遵，陪于活是丸市蝕場(chǎng)攻中繳會(huì)給出側(cè)現(xiàn)合價(jià)錘格畏戰(zhàn)乳，估從妖而糞降欺低亂了主利孝潤(rùn)巷。3．乘替袖代患品塘的蘆壓污力如帥果宿一扒個(gè)胞行招業(yè)擴(kuò)的享產(chǎn)掏品葉存美在流替匯代棗品柄，效那秒么姜這冠就倆意煩味識(shí)著撫它居將處面捕臨晉著機(jī)與農(nóng)相致關(guān)些行何業(yè)竄進(jìn)努行令競(jìng)麥爭(zhēng)慣的輪壓劃力汽。4．銜買(mǎi)喪方錄的徑討婦價(jià)室還退價(jià)圣能只力如捏果嗚一逐個(gè)死采意購(gòu)瓜者蛾購(gòu)畜買(mǎi)乖了如某趴一叛行撇業(yè)皆的替大守部敏分爐產(chǎn)均品仇，離那知么偉它需就矮會(huì)拆掌榜握懂談麥判喊主刺動(dòng)諒權(quán)胃，洪進(jìn)嫂而協(xié)壓賄低法購(gòu)消買(mǎi)云價(jià)級(jí)格欺。5．胖供吐方年的鈔討永價(jià)慨還民價(jià)左能托力如敬果馬關(guān)蹄鍵暈投益入份品陷的頃供客應(yīng)類廠罩商冶在痛行測(cè)業(yè)糊中兄處涂于泄壟態(tài)斷非地瓣位漠，隊(duì)它欺就象能醫(yī)對(duì)格該暴產(chǎn)礙品遣索學(xué)取阿高寺價(jià)捉，例進(jìn)背而奪從步需砌求靜方按行解業(yè)猴中董賺霞取廳高雹額午利竹潤(rùn)滿。行斬業(yè)壺變欣動(dòng)畢性昨分銷析1．遙行主業(yè)爭(zhēng)的據(jù)歷嘉史積狀爸況考煉察階分口析紗行稅業(yè)溪的秩歷草史拘狀葛況具和弄?dú)v悄史歉資層料培十床分德重惠要廉，本因區(qū)為若它社是尚計(jì)堪算段一葛個(gè)煌行薯業(yè)同的率銷戴售創(chuàng)和貼收魂入愁規(guī)輩模巖及棕其層穩(wěn)偽定允性刊的放必覽需秒基電礎(chǔ)眨和狼依憤據(jù)蹄。2．援技蹦術(shù)煉變弟化投對(duì)砍行特業(yè)區(qū)的業(yè)影覽響科敬學(xué)跑技免術(shù)虧的耕發(fā)帶展貧推巖動(dòng)琴了憲經(jīng)朋濟(jì)辣發(fā)抬展怎和膝社爭(zhēng)會(huì)護(hù)進(jìn)算步任，耗帶弄來(lái)睜生田產(chǎn)召方雙式怒、言營(yíng)續(xù)銷雪方毒式鬼和麥管困理隔方垮式案的事深區(qū)刻饒變鄉(xiāng)豐化旦。3．禾社敘會(huì)謝傾棟向罷對(duì)賀行距業(yè)戶的狹影拜響在煤當(dāng)純今鋸社哭會(huì)華，禁消職費(fèi)固者消和議政靜府訴越牙來(lái)槍越役強(qiáng)航調(diào)循經(jīng)果濟(jì)務(wù)行硬業(yè)坦所燙應(yīng)蛙負(fù)芳的仔社識(shí)會(huì)撥責(zé)記任結(jié)，濾越及來(lái)兄越莊注假意野工吩業(yè)禽化榮給到社途會(huì)巨所走帶榮來(lái)發(fā)的開(kāi)種設(shè)種約影霉響燥。4．托政驢府牛干傍預(yù)繭因稱素?cái)嚨南蛴捌鲰懻⒏沟闹芎锢黻嚧胛鹗┩驴煽孕┯拜d響疊到冰行蹲業(yè)艱的顆經(jīng)符營(yíng)撥范略圍穩(wěn)、霜增學(xué)長(zhǎng)狐速麥度樸、員價(jià)廉格任政襲策拉、窄利孫潤(rùn)豎率智和倍其濁它帆許掛多逼方恭面矛。相斧關(guān)己行貼業(yè)歐變衫動(dòng)掉性陡分撫析1．泉上榜游凝產(chǎn)性業(yè)2．殖替乘代伐產(chǎn)鳥(niǎo)品3．杠互賴補(bǔ)頸產(chǎn)棒品第求三曾節(jié)允證碌券治投總資炕的課微請(qǐng)觀伏分錘析公芽司沃財(cái)蒜務(wù)綠經(jīng)樓營(yíng)紡狀踩況墻分約析（筐一頁(yè)）屢公麗司蒙主枝要蝕的衣財(cái)崖務(wù)懼報(bào)逃表1．笑資患產(chǎn)今負(fù)貍債叉表資瞇產(chǎn)閱負(fù)吃債便表針是閃反打映擠公捷司眠在捕某快一紐奉特挖定狡日洞期鐮（忙如懼年斤末其、赴季盜未怪、祥月露末墳）擺財(cái)潔務(wù)跳狀袋況北的彩會(huì)過(guò)計(jì)米報(bào)咐表泉。塊內(nèi)紐奉容浴分除為余三嶺大少類帶：惑資棵產(chǎn)有、妄負(fù)節(jié)債住和胸所榮有交者令（役股嫁東減）就權(quán)針益鑼。資產(chǎn)100%負(fù)債、股東權(quán)益100%流動(dòng)資產(chǎn)60%速動(dòng)資產(chǎn)30%負(fù)債40%流動(dòng)負(fù)債30%盤(pán)存資產(chǎn)30%長(zhǎng)期負(fù)債10%固定資產(chǎn)及其他資產(chǎn)40%股東權(quán)益60%股本20%積累盈余40%2．險(xiǎn)損川益浸表?yè)p萬(wàn)益湊表男是霸反揮映云公邀司銳在塑一刮定呢時(shí)四期壞內(nèi)蕩（叛通擇常援是對(duì)一演季止度覺(jué)或拐一袍年涉內(nèi)績(jī)）窮經(jīng)屈營(yíng)恐成舅果尤及正其柳分唉配舌情曲況租的柄報(bào)役表貌，悲它轉(zhuǎn)也或稱策收先益訪表弊或挖利自潤(rùn)營(yíng)表拖。3．闖現(xiàn)孩金匠流閘量縱表現(xiàn)及金咳流波量瞎表著是棵反繞映襪公危司閘在查一泄定半會(huì)老計(jì)杏期蘇間傅內(nèi)奧經(jīng)崖?tīng)I(yíng)床活顫動(dòng)脫、拿投殘資緣瑞活駕動(dòng)擊和繭籌鴨資帶活擇動(dòng)血產(chǎn)巾生宗的持現(xiàn)宴金定流宋入短與松現(xiàn)臭金籌流箭出虧情攝況辣的襯報(bào)楊表皂。（萍二形）便公間司此財(cái)模務(wù)伴報(bào)亭表?xiàng)U的茅分宅析局方愈法1．疑單寇位勉化度法它撒是愈將摘各埋種生“專總僚數(shù)禁”竹化提成徑單握位醒數(shù)翼字洪，序主銹要習(xí)是缺以始每奴一凱股汽普夾通甚股獻(xiàn)為舅單字位麥進(jìn)歐行規(guī)分手析眉。2．格結(jié)忌構(gòu)千分懸析訂法結(jié)帖構(gòu)教分顛析共法然是塌分懂析潔同廚一瘋年確度醫(yī)會(huì)垃計(jì)第報(bào)安表呼中款各陳項(xiàng)息目籍之附間喜的話比肌率新關(guān)柴系駁，海從抽而錄揭渡示憂各視個(gè)瘋會(huì)敬計(jì)規(guī)項(xiàng)絮目芽的內(nèi)數(shù)漁據(jù)笑在揪企墳業(yè)宇財(cái)返務(wù)丈中奧的膠相摩對(duì)欺意乓義另。3．藥趨碎勢(shì)胳分誼析頭法趨叼勢(shì)融分盛析欲法師又啦稱績(jī)指藏?cái)?shù)殊分凍析燭法竭，蕉它鑄是帳將肉同亡一歲公悟司齒連林續(xù)談多躲年滲的撿會(huì)擠計(jì)惑報(bào)闊表熊中鄰的喉重丙要腎項(xiàng)姨目灑集廟中喪在紋一屠起貍，萍并錫與牛某夜一南基蹲年季的烈相腐應(yīng)曬數(shù)筐據(jù)規(guī)作舅百對(duì)分奮率學(xué)比叼較槽的網(wǎng)分梅析釀方疑法仍。4．歇橫傅向結(jié)分奇析泰法橫團(tuán)向愧分精析螞法末是棕采仰用測(cè)環(huán)岸比趕的轎方祝法耕比閑較攤“子資勵(lì)產(chǎn)鬧負(fù)亮債騙表抗”夾和總“隸損東益振表碌”御，番編梅制橡出舅比茂較肌財(cái)輕務(wù)叼報(bào)座表賽，記以擔(dān)揭梨示沙各如會(huì)摟計(jì)額項(xiàng)期目折在牛這螞段啄時(shí)重間軍內(nèi)鍬所灰發(fā)食生個(gè)的紐奉絕哀對(duì)法金重額榴和事百累分扇率倚的啦變搶化京情筋況摟及徑變初化災(zāi)趨她勢(shì)軌。5．扯標(biāo)襪準(zhǔn)靠比路較稈法標(biāo)廚準(zhǔn)纖比抬較馳法賤是膚將欣企柜業(yè)訴的調(diào)有觀關(guān)持財(cái)懼務(wù)竭報(bào)做表給數(shù)羞據(jù)紙及黎百罪分停率亂與交本幻玉行槐業(yè)遍的井平慶均氧水紐奉平丸或崇行柏業(yè)遙標(biāo)聚準(zhǔn)碑進(jìn)圣行衛(wèi)比擋較緣瑞，渴分直析諸公壇司兆在負(fù)本假行屈業(yè)仗中源所壟處防地榆位謎。（燭三帝）越財(cái)皮務(wù)子比女率謝分站析1．別償賤債用能燥力落分掛析償部債騎能克力擺是騎指作證有券遲發(fā)歸行見(jiàn)企效業(yè)乓償豈還身各埋種位短婚期款、詠長(zhǎng)退期宋債挎務(wù)纖的聲能圾力管。（1）給流益動(dòng)邁比疼率流六動(dòng)斯比逮率=流辛動(dòng)焦資造產(chǎn)÷流鼻動(dòng)饅負(fù)棋債（2）蓬速柳動(dòng)鹿比淚率速職動(dòng)鹿比鑒率=速游動(dòng)勻資常產(chǎn)÷流良動(dòng)吸負(fù)林債（3）狐現(xiàn)晝金倍比位率現(xiàn)竄金曬比妥率=現(xiàn)剃金翼余必額÷流慌動(dòng)賽負(fù)細(xì)債（4）喘利請(qǐng)息漫倍土數(shù)利否息他倍橋數(shù)=利還息淋及曾所老得蓄稅午前療收選益÷利攔息透費(fèi)倆用（5）賄應(yīng)啞收霉賬退款計(jì)周壘轉(zhuǎn)駛率格和獸平債均橡回沖收允天嶄數(shù)應(yīng)條收袋賬光款憲周楚轉(zhuǎn)娃率=賒慎銷旗凈哭額÷平朽均限應(yīng)胡收走賬酷款飲凈邊額其弄中漫：獄賒金銷伯凈扮額=銷幫售猴收呆入屋－蜓現(xiàn)盆金音銷紡售辨收物入響－產(chǎn)銷攏售彎折笑扣兇、導(dǎo)銷耀貨援退義回御和伐折型讓替；綢應(yīng)皮收轟賬遍款框凈去額=應(yīng)障收罰賬真款存總卵額寒－過(guò)壞銀賬只備揮抵應(yīng)未收崗賬幼款炒平歪均拘回征收考天體數(shù)=朝3按6來(lái)5始÷應(yīng)么收紐奉賬健款耳周承轉(zhuǎn)犯率2．暴資聲本廉結(jié)釋構(gòu)述分健析（1）懶股贈(zèng)東刃權(quán)動(dòng)益?zhèn)惚让杪使烧號(hào)|烘權(quán)慢益禿比適率=股使東膛權(quán)愈益÷資綿產(chǎn)續(xù)總秒額×舉1加0亞0旬%（2）雹負(fù)褲債泰比紛率它僻是能債朵權(quán)艱人惹的辦權(quán)蹲益魄對(duì)沙總獎(jiǎng)資的產(chǎn)投的成比滑率羊，瘡簡(jiǎn)勝稱爬負(fù)椒債膝比紋率私。負(fù)巖債跡比本率=（擊債床務(wù)采總級(jí)額÷資跡產(chǎn)旗總猛額證）×御1密0秧0芒%（3）擦長(zhǎng)插期答負(fù)術(shù)債序比斷率它什是百長(zhǎng)賢期孤負(fù)戀債若占刮固綱定愁資陰產(chǎn)掃的估比陰率癥。長(zhǎng)嗽期手負(fù)甲債闖比嘗率=長(zhǎng)容期椅負(fù)誕債÷固級(jí)定禮資兔產(chǎn)×西1聚0辱0心%（4）沿股卻東袍權(quán)嘩益想占奶固辦定論資劇產(chǎn)戚比更率股鼠東桌權(quán)嶼益忽占豎固鄉(xiāng)豐定毯資羊產(chǎn)道比鬧率=股眨東珍權(quán)教益÷固養(yǎng)定戶資嬌產(chǎn)×碑1粱0佳0介%3．辯經(jīng)熱營(yíng)磁效撈率齊分保析（1）手存炮貨閑周皂轉(zhuǎn)澡率歷和腰存嗽貨賞周地轉(zhuǎn)老天編數(shù)存?zhèn)呜浫嘀軓?qiáng)轉(zhuǎn)霉率=銷理售鳴收誓入÷平貍均軟存飯貨其蘋(píng)中泉，買(mǎi)平語(yǔ)均鐘存屆貨坡等索于暈（晉期栗初汽存匹貨+期瓦末癥存奪貨滾）/音2存甚貨楊平代均校周蜓轉(zhuǎn)膚天底數(shù)=遵3逃6紀(jì)5穩(wěn)÷存稼貨陸周梳轉(zhuǎn)跌率（2）圍固勁定檢資膜產(chǎn)吧周朵轉(zhuǎn)鴿率固軍定額資駛產(chǎn)豬周獅轉(zhuǎn)倡率=銷愿售事收翠入÷固湯定紋資章產(chǎn)恩總疲額葡（郵次歷）（3）補(bǔ)總疲資模產(chǎn)祥周納轉(zhuǎn)矛率總些資蒸產(chǎn)羞周統(tǒng)轉(zhuǎn)額率=銷折售膏收崇入÷資寸產(chǎn)稍總拉額榴（樸次心）（4）住股芬東拉權(quán)全益公周泄轉(zhuǎn)答率股挑東筍權(quán)河益染周精轉(zhuǎn)蛋率=銷陶售釋收贈(zèng)入÷股股東沿權(quán)鳳益恐（牢次流）4．間盈兼利亭能逃力妙分型析（1）薄毛涌利羞率毛虎利檔率=毛葬利÷銷睡售垮收洞入×規(guī)1襯0大0蔬%（2）蔑凈朋利蓮率凈響利椅率=稅雄后穿凈由收亡益÷銷漫售驢收渣入×臟1之0挑0以%（3）大資扶產(chǎn)凡收煙益謙率資習(xí)產(chǎn)片收幕益朋率=稅禽后政凈編收豪益÷資貼產(chǎn)定總錢(qián)額×帥1館0仇0蘆%（4）賞股饞東嚴(yán)權(quán)馬益屆收陰益裂率股蛛東滴權(quán)降益公收款益爽率=稅使后各凈曬收汽益÷股掃東賓權(quán)刃益×材1壞0行0擦%5．翅投跪資候收捷益撇分死析（1）粥普歐通悄股轉(zhuǎn)每故股搜凈哀收告益每園股趙凈樂(lè)收辛益=（巾稅多后儀凈即收懶益-優(yōu)敞先購(gòu)股曬股階息饒）÷發(fā)繁行歸在庫(kù)外釣普拔通演股前股孟數(shù)慰（舅元/股絨）（2）曲股閥息認(rèn)發(fā)咐放逼率股遍息鐘發(fā)苦放絹率=每譜股辮股丘息÷每獲股南凈接收郵益×茂1合0減0樹(shù)%（3）膨普雀通陸股租每駁股界經(jīng)廳營(yíng)永活嚼動(dòng)孩凈喬現(xiàn)電金附流根量殼。普逮通懲股梯每狹股果經(jīng)良營(yíng)針活驕動(dòng)頌凈刷現(xiàn)改金黃流巾量=經(jīng)躬營(yíng)垮活松動(dòng)慰?jī)舾瞵F(xiàn)載金挎流接量÷發(fā)橡行恐在心外訓(xùn)的頑普壯通講股升股拴數(shù)雙（化元/股旦）該溉指棒標(biāo)扁用錯(cuò)來(lái)漏反使映便公求司愛(ài)支嗽付托股藝?yán)骱拖镔Y耐本扮支調(diào)出首的半能傾力猜。（4）以支太付駝現(xiàn)揪金凱股歸利艘的栗經(jīng)曠營(yíng)架凈勸現(xiàn)割金傲流貝量谷。支迫付桑現(xiàn)程金膠股總息林的港經(jīng)字營(yíng)個(gè)凈更現(xiàn)網(wǎng)金遇流益量=經(jīng)野營(yíng)攀活監(jiān)動(dòng)倚的夏凈概現(xiàn)灶金糖流柳量÷現(xiàn)劇金苗股萌息盜（輩倍交）該抖指勝標(biāo)驕用揪以疾反垮映璃公紫司聽(tīng)年冶度巴內(nèi)扶使劇用洲經(jīng)頃營(yíng)捐活沈動(dòng)駁凈樸現(xiàn)屯金叢流旱量灘支切付遮現(xiàn)撒金羅股島利衡的農(nóng)能塊力嫩。（5）渴普唐通跪股檢獲波利歷率普臣