伊利集团财务报表分析

伊利公司财务报表剖析伊利公司财务报表剖析伊利公司财务报表剖析内蒙古伊利公司股份有限公司财务报表剖析目录第一部分公司概略··············································21.公司基本情况···············································21.1公司信息············································21.2公司股票简介·······································21.3信息披露及备置地址·····································22.业务及发展情况············································22.1主营业务············································22.2发展情况············································3第二部分内蒙古伊利公司股份有限公司财务剖析 报告 软件系统测试报告下载sgs报告如何下载关于路面塌陷情况报告535n,sgs报告怎么下载竣工报告下载 正文·····················41．内蒙古伊利公司股份有限公司财务报表·····························41.1司归并财产欠债表·····································41.2母公司归并利润表·····································61.3母公司归并 现金流量表 现金流量表excel下载现金流量表excel下载现金流量表excel下载现金流量表excel下载空白现金流量表下载 ··································72偿债能力剖析···············································92.1短期偿债能力剖析·····································92.2长久偿债能力剖析·····································132.3同行业偿债能力对照·····································163.运营能力指标剖析·······································173.1应收账款周转率指标的计算································173.2存货周转率指标的计算··································173.3流动财产周转率指标的计算································183.4固定财产周转率指标的计算································193.5总财产周转率指标的计算································194.盈利能力剖析··············································214.1销售毛利率指标的计算··································214.2销售利润率指标的计算··································214.3销售净利率指标的计算··································224.4总财产报酬率指标的计算·································234.5资本保值增值率指标的计算·······························234.6成本费用利润率指标的计算·······························245.发展能力指标剖析·········································265.1销售增长率指标的计算··································265.2股权资本增长率指标的计算································265.3财产增长率指标的计算··································275.4利润增长率指标的计算··································286.获现能力指标剖析·········································296.1销售获现比率·······································296.2财产现金流量比率·····································297.财产欠债表水平及构造剖析·····································307.1财产欠债表水平剖析·····································3017.2财产欠债表构造剖析·····································338.利润表水平及构造剖析······································368.1利润表水平剖析·······································368.1.1净利润剖析········································378.1.2利润总额剖析········································378.1.3营业利润剖析········································378.2利润表构造剖析·······································389．现金流量表水平及构造剖析··································409.1现金流量表水平剖析·····································409.2现金流入流出构造剖析··································4310.所有者权益改动表水平及构造剖析·······························4710.1所有者权益改动表水平剖析······························4710.2所有者权益改动表构造剖析······························4911.沃尔综合评分法··········································5111.1流动比率指标·······································5111.2产权比率指标·······································5111.3固定财产比率指标······································5111.4存货周转率指标·······································5211.5应收账款周转率指标······································5211.6固定财产周转率指标······································5211.7所有者权益周转率指标·································5311.8沃尔综合评分法综合比率剖析·······························5312.EVA指标剖析···········································5512.1EVA税收调整计算······································5512.2税后净营业利润计算·····································5512.3资本总额计算········································5512.4EVA计算·········································5613.杜邦剖析··············································5813.1杜邦财务剖析体系······································58图13-1杜邦财务剖析体系分解图······························5813.2各项目改动情况剖析····································5914.总结··················································6314.1对伊利现状的总体剖析································6314.2对伊利公司管理的建议································6314.3个人心得··········································642内蒙古伊利公司股份有限公司财务报表剖析序言内蒙古伊利公司股份有限公司财务报告是很据提有关公司经营成就、财务状况及其现金流动方面的信息，对财务报表提供的历史数据运用正确的方法进一步加工、剖析、比较、评论和解释的一份报表剖析，以便报表使用者做出正确的经济决议。财务报告的剖析，不单是方法的使用问题，还应把过去、现在和未来联系在一同，剖析现在财务报告使用者的需求及财务报告的未来发展趋势。【纲要】财务报表剖析报告对内蒙古伊利公司股份有限公司2008、2009、2010、2011动比率、速动比率、财产欠债率等。运营能力剖析：着重剖析应收账款周转率、存货周转率、营业周期、总财产周转率。盈利能力剖析：着重剖析销售净利率、从财产报酬率、净财产利润率。发展能力剖析还有获现能力，以致财产欠债表、利润表现金流量表的水平及构造剖析，并采用杜邦剖析法、沃尔剖析、EVA指标剖析平剖析方法对内蒙古伊利公司股份有限公司进行一系列全面的剖析。重点字：财务报表剖析财产欠债利润盈利运营发展1第一部分公司概略公司基本情况1.1公司信息公司名称内蒙古伊利实业公司股份有限公司公司性质上市公司总部地址内蒙古呼和浩特董事长潘刚经营范围乳品公司财产总额54.5亿元1.2公司股票简介股票种类股票上市交易所股票简称股票代码A股上海证券交易所*ST伊利6008871.3信息披露及备置地址公司选定的报纸披露名称《中国证券报》、《上海证券报》刊登年度报告的中国证监会指点的网址公司年度报告备置地址董事会办公室业务及发展情况2.1主营业务伊利公司由液态奶、冷饮、奶粉、酸奶和原奶五大事业部组成，全国所属分公司及子公司130多个，旗下拥有雪糕、冰淇淋、奶粉、奶茶粉、无菌奶、酸奶、奶酪等1000多个产品品种。其中，伊利金典有机奶、伊利营养舒化奶、畅轻酸奶、金领冠婴幼儿配方奶粉和巧乐兹冰淇淋等是目前市场中最受欢迎的“明星产品”。2内蒙古伊利公司股份有限公司财务报表剖析2.2发展情况2003年至今，伊利公司始终以强劲的实力领跑中国乳业，并以极其稳重的增长态势成为了持续发展的行业代表。如今，伊利雪糕、冰淇淋产销量已连续16年居全国第一，伊利超高温灭菌奶产量连续多年在全国遥遥领先，伊利奶粉、奶茶粉产销量自2005年起即跃居全国第一位。2009年前三季度，伊利累计实现主营业务收入192.22亿，同比增长1.03%，同时前三季度累计实现净利润5.51亿元，较去年同期增长636.66%，再度摘得行业桂冠，持续以稳重的发展态势引领中国乳业健康发展。2010年，在国内乳品德业市场占有率最高，品牌著名度、美名度、忠诚度最高；全面推进国际化经营战略，进入世界乳业20强，成为中国最有竞争力的公司之一。3第二部分内蒙古伊利公司股份有限公司财务剖析报告正文1．内蒙古伊利公司股份有限公司财务报表1．1母公司归并财产欠债表母公司归并财产欠债表项目2011年2010年2009年2008年流动财产：钱币资本2,617,966,501.222,638,955,990.903,498,638,410.052,427,663,727.66交易性金融财产应收单据101,310,000.007,500,000.009800000应收账款4,164,061,782.202,769,052,246.951,125,981,972.151,066,635,801.04预付款项104,184,668.87174,619,892.4786,779,276.03122,564,211.47应收利息应收股利147,761,707.48其他应收款211,273,683.5463,167,309.0959,911,519.4451,694,073.66存货1,435,493,909.261,131,233,760.59927,497,518.271,089,311,324.04一年内到期的非流动财产10973.28其他流动财产流动财产共计8,634,290,545.096,784,529,200.005,698,808,695.944,915,441,818.63非流动财产：可供销售金融财产14,316,800.0017,735,872.0013,351,088.007,409,296.00拥有至到期投资长久应收款长久股权投资5,067,176,876.864,535,532,197.533,577,973,585.543,290,647,701.33投资性房地产固定财产866,782,176.51881,673,657.83912,378,661.10939,832,622.04在建工程382,688,038.87144,419,252.3134,299,695.0833,988,507.57工程物资固定财产清理生产性生物财产0油气财产无形财产95,598,507.1391,265,584.4137,250,404.4940,749,833.10开发支出商誉4内蒙古伊利公司股份有限公司财务报表剖析长久待摊费用25,078,439.112,408,207.31485,375.69496,968.07递延所得税财产163,260,239.76192,992,364.26172,437,614.93237,466,701.69其他非流动财产非流动财产共计6,614,901,078.245,866,027,135.654,748,176,424.834,550,591,629.80财产总计15,249,191,623.3312,650,556,335.6510,446,985,120.779,466,033,448.43流动欠债：短期借钱2,093,622,125.762,579,789,068.002,521,631,324.662,640,000,000.00交易性金融欠债应付单据122,230,000.00179,400,000.00428,720,000.00303,545,000.00应付账款3,254,418,078.103,004,170,685.092,231,710,941.021,954,639,352.35预收款项2,982,993,431.781,806,041,304.62816,277,681.831,241,606,245.49应付员工薪酬959,120,246.03679,592,775.92565,468,992.11209,515,739.05应交税费54,458,713.46-9,302,834.33-103,632,318.81-304,119,337.94应付利息7,751,541.781,429,560.001,255,450.001,360,787.64应付股利9,431,457.529,431,457.529,431,457.529,431,457.52其他应付款685,520,835.09728,906,281.811,003,893,759.74804,868,039.53一年内到期的非流动欠债2,550,000.0012,934,821.7712,946,945.45其他流动欠债流动欠债共计10,172,096,429.528,979,458,298.637,487,692,109.846,873,794,229.09非流动欠债：长久借钱2,839,000.005,389,000.005,389,000.00289,000.00应付债券长久应付款12946945.44专项应付款22,273,392.7834,036,145.353,553,144.993,617,566.89预计欠债3,000,000.00递延所得税欠债2,007,720.002,520,580.801,862,863.202,155,556.72其他非流动欠债64,733,560.4765,984,209.0831,068,178.3725,806,618.07非流动欠债共计91,853,673.25107,929,935.2344,873,186.5644,815,687.12欠债共计10,263,950,102.779,087,388,233.867,532,565,296.406,918,609,916.21所有者权益（或股东权益）：实收资本（或股本）1,598,645,500.00799,322,750.00799,322,750.00799,322,750.00资本公积1,728,702,465.492,529,431,426.62,525,704,360.22,520,653,837.0减：库存股专项储备盈余公积532,015,115.13406,917,510.69406,917,510.69406,917,510.69一般风险准备未分派利润1,125,878,439.94-172,503,585.59-817,524,796.61-1,179,470,565.56所有者权益共计4,985,241,520.563,563,168,101.792,914,419,824.372,547,423,532.22欠债和所有者权益15,249,191,623.3312,650,556,335.6510,446,985,120.779,466,033,448.4351.2母公司归并利润表母公司归并利润表单位：元项目一、营业收入减：营业成本营业税金及附加销售费用管理费用财务费用财产减值损失加：公允价值改动利润（损失以“－”号填列）投资利润（损失以“－”号填列）其中：春联营公司和合营公司的投资收益汇兑利润（损失以“－”号填列）二、营业利润（损失以“－”号填列）加：营业外收入减：营业外支出其中：非流动财产处理损失三、利润总额（损失总额以“－”号填列）减：所得税费用四、净利润（净损失以“－”号填列）归属于母公司所有者的净利润少数股东损益五、每股利润：（一）基本每股利润2011年2010年2009年2008年39,793,668,700.5432,787,252,119.2426,804,655,166.8424,047,486,426.9433,679,391,811.5627,716,046,522.0121,656,920,786.6620,514,389,395.63141,083,082.4438,550,412.5665,192,980.3581,782,453.224,182,252,243.544,118,866,326.294,012,106,241.383,611,518,693.301,104,331,179.90834,884,611.58700,998,098.311,330,509,230.87-40,528,945.01-24,512,545.2212,798,648.4521,051,455.3923,698,649.1142,255,272.1830,088,476.59214,101,795.710593,039,699.47427,551,037.7535,292,447.09579,772,229.01525,713.201,627,442.85428173.341,296,480,378.47488,712,557.59361,842,382.19-1,146,094,368.17257,073,572.15166,366,688.07106,170,141.7568,581,500.905,392,012.5530,383,696.1642,160,202.92104,400,267.942,607,835.133,483,420.381,906,972.252,270,831.171,548,161,938.07624,695,549.50425,852,321.02-1,181,913,135.2124,682,308.10-20,325,661.5263,906,552.07-220,955,400.151,423,479,629.97645,021,211.02361,945,768.95-960,957,735.060.45-1.26内蒙古伊利公司股份有限公司财务报表剖析（二）稀释每股利润0.44六、其他综合利润-2,906,211.203,727,066.405,050,523.20-11,836,338.40七、综合利润总额1,420,573,418.77648,748,277.42366,996,292.15-972,794,073.46归属于母公司所有653,699,787.26-1,697,694,421.70者的综合利润总额归属于少数股东的17,608,620.91-49,252,863.29综合利润总额1.3母公司归并现金流量表母公司归并现金流量表单位：元项目2011年2010年2009年2008年一、经营活动产生的现金流量：销售商品、提供劳务收到的现金46200658585373260302573054285472427652671746收到的税费返还191934.861589803.2610161178.11收到其他与经营活动有关的现金366661903.1287607995330700882.172937638.92经营活动现金流入小计46567512423376136382523087514540927735770563购买商品、接受劳务支付的现金42269231641349578972792774296227427052272886支付给员工以及为员工支付的现金15322907901321546475766315670.2695754497.9支付的各项税费1065865188743664719.9680772823.6629359699.8支付其他与经营活动有关的现金344614227.3290322226.7245960468230088468.9经营活动现金流出小计45212001847373134307012943601123528607475553经营活动产生的现金流量净额13555105773002075511439134174-871704989.5二、投资活动产生的现金流量：收回投资收到的现金2000000009086951.53取得投资利润收到的现金31774031.3560351590.68182170885.4553967950.1处理固定财产、无形财产和其他长4488253.685216206.274191473.83334069.15期财产收回的现金净额处理子公司及其他营业单位收到的310000002939271.92现金净额收到其他与投资活动有关的现金投资活动现金流入小计26726228565567796.95195449310.8560241291.2购建固定财产、无形财产和其他长340057120.4306244467.9110089909.169951790.78期财产支付的现金投资支付的现金742099166.8956642947.8299603236235308604取得子公司及其他营业单位支付的现金净额7支付其他与投资活动有关的现金投资活动现金流出小计10821562871262887416409693145.2305260394.8投资活动产生的现金流量净额-814894002.2-1197319619-214243834.4254980896.4三、筹资活动产生的现金流量：吸收投资收到的现金取得借钱收到的现金2,941,543,839.82,519,789,068.002,577,851,324.63,230,000,000.0360刊行债券收到的现金收到其他与筹资活动有关的现金80,300,000.00筹资活动现金流入小计3,021,843,839.82,519,789,068.02,577,851,324.63,230,000,000.0偿还债务支付的现金3,427,710,782.02,461,631,324.662,733,000,000.01,390,000,000.0700分派股利、利润或偿付利息支付的70,439,121.8947,148,094.8147,046,981.5639,045,080.99现金支付其他与筹资活动有关的现金筹资活动现金流出小计3,498,149,903.92,508,779,419.42,780,046,981.51,429,045,080.9筹资活动产生的现金流量净额-476,306,064.1311,009,648.53-202,195,656.901,800,954,919.0四、汇率改动对现金及现金等价物的影响五、现金及现金等价物净增加额64,310,510.32-886,102,419.151,022,694,682.31,184,230,825.9加：期初现金及现金等价物余额2,549,655,990.93,435,758,410.02,413,063,727.61,228,832,901.7六、期末现金及现金等价物余额2,613,966,501.22,549,655,990.93,435,758,410.02,413,063,727.6支付其他与筹资活动有关的现金筹资活动现金流出小计3,498,149,903.92,508,779,419.476筹资活动产生的现金流量净额-476,306,064.1311,009,648.538内蒙古伊利公司股份有限公司财务报表剖析偿债能力剖析2.1短期偿债能力剖析2.1.1运营资本指标的计算运营资本=流动财产-流动欠债表2-1运营资本年度运营资本流动财产流动欠债2011-1,537,805,884.438,634,290,545.0910,172,096,429.522010-2,194,929,098.636,784,529,200.008,979,458,298.632009-1,788,883,413.905,698,808,695.947,487,692,109.842008-1,958,352,410.464,915,441,818.636,873,794,229.092008—2011年运营资本0.00-500,000,000.002011201020092008-1,000,000,000.00运营资本-1,500,000,000.00-2,000,000,000.00-2,500,000,000.002-12008—2011年运营资本剖析图伊利公司运营资本一直为负数，表示运营资本短缺的现象一直没有获得改变。此时，企业部分长久财产以流动欠债的形式作为资本根源，公司不能偿债的风险很大，财务状况不稳定。2.1.2流动比率指标的计算流动比率=流动财产/流动欠债表2-2流动比率年度流动比率流动财产流动欠债20110.858,634,290,545.0910,172,096,429.5220100.766,784,529,200.008,979,458,298.6320090.765,698,808,695.947,487,692,109.8420080.724,915,441,818.636,873,794,229.0992008—2011年流动比率0.900.850.800.75流动比率0.700.650.6020112010200920082-22008—2011年流动比率剖析图公司流动比率越大，表示短期偿债能力越强，公司的财务风险越小，债权人越有保障，安全程度越高。但关于伊利公司来说，2008年至2011年略有提升，但都远低于公认的 标准 excel标准偏差excel标准偏差函数exl标准差函数国标检验抽样标准表免费下载红头文件格式标准下载 ，这反应出了公司的短期偿债能力仍旧较弱，表示短期债务的安全程度不高。2.1.3速动比率指标的计算速动比率=（流动财产-存货）/流动欠债表2-3速动比率年度速动比率存货流动财产流动欠债20110.991,435,493,909.268,634,290,545.0910,172,096,429.5220100.881,131,233,760.596,784,529,200.008,979,458,298.6320090.88927,497,518.275,698,808,695.947,487,692,109.8420080.871,089,311,324.044,915,441,818.636,873,794,229.092008—2011年速动比率1.000.950.90速动比率0.850.8020112010200920082-32008—2011年速动比率剖析图往常认为正常的速动比率为1，即无需动用存货的情况下，也能保证对流动欠债的偿还；比率小于1.则表示公司必须变卖部分存货才能偿还短期欠债。从表可知，2008年至2011年公司的速动比率在渐渐提升，但仍小于公认标准1，反应公司的短期偿债能力有所好转，但仍是要有待提高。10内蒙古伊利公司股份有限公司财务报表剖析2.1.4现金比率指标的计算现金比率=（钱币资本/流动欠债）*100%表2-4现金比率年度现金比率钱币资本流动欠债201125.74%2,617,966,501.2210,172,096,429.52201029.39%2,638,955,990.908,979,458,298.63200946.73%3,498,638,410.057,487,692,109.84200835.32%2,427,663,727.666,873,794,229.092008—2011年现金比率50.00%40.00%30.00%现金比率20.00%10.00%0.00%20112010200920082-42008—2011年现金比率剖析图现金比率是最严格、最稳重的短期偿债能力权衡指标，它反应去也随时还债的能力。从表中我们能够看出，伊利公司的现金比率2008年至2011年体现出先升后降的趋势，反应出公司短期偿债能力在2011年变得较弱，但这一比率仍旧保持在公认的20%水平上， 说明 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公司即期的偿债能力仍是乐观的。2.1.5现金流动欠债比指标的计算现金流动欠债比=经营活动现金流量净额/期末流动欠债总额表2-5现金流动欠债比年度现金流动欠债比经营活动现金流量净额期末流动欠债总额20110.131,355,510,576.6110,172,096,429.5220100.03300,207,550.998,979,458,298.6320090.191,439,134,173.687,487,692,109.842008-0.13-871,704,989.506,873,794,229.09112008—2011年现金流动欠债比0.250.200.150.100.05现金流动欠债比0.00-0.05-0.10-0.15图2-52008年—2011年现金流动欠债比剖析图从表中可知，现金流动欠债比由原来08年的负值上升到09年的0.19,2010年再次下降，年又有所上升，这表现出公司现金流入对当期债务清偿能力有所变化，且总体来说公司的清偿保障能力较弱，偿还短期偿债的能力不稳定。2.1.6现金欠债总额比指标的计算现金欠债总额比=经营活动现金流量净额/期末欠债总额表2-6现金欠债总额比年度现金欠债总额比经营活动现金流量净额期末欠债总额20110.131,355,510,576.6110,263,950,102.7720100.03300,207,550.999,087,388,233.8620090.191,439,134,173.687,532,565,296.402008-0.13-871,704,989.506,918,609,916.212008—2011年现金欠债总额比0.250.200.150.100.05现金欠债总额比0.00-0.05-0.10-0.152-62008—2011年现金欠债总额剖析图该指标反应公司在某一会计期间每一元欠债有多少经营活动现金流量净额来偿还。伊利公司2008年现金负值总额比为负值，2009年至2011年为正当，但比值都不高，说明公司经过经营活动现金流量净额来偿还债务的能力较低。12内蒙古伊利公司股份有限公司财务报表剖析短期偿债能力各指标图1.21流动比率0.8速动比率0.6现金比率0.4现金流动欠债比0.2现金欠债总额比0-0.22011201020092008图2-72008—2011年短期偿债能力各指标图2.2长久偿债能力剖析财产欠债率指标的计算财产欠债率=（欠债总额/财产总额）*100%表2-7财产欠债率年度财产欠债率欠债总额财产总额201167.31%10,263,950,102.7715,249,191,623.33201071.83%9,087,388,233.8612,650,556,335.65200972.10%7,532,565,296.4010,446,985,120.77200873.09%6,918,609,916.219,466,033,448.432008—2011年财产欠债率74.00%72.00%70.00%财产欠债率68.00%66.00%64.00%20112010200920082-82008—2011年财产欠债率剖析图从计算结果上看，伊利公司的财产欠债率基本保持在60%~70%之间，从2008年到2011年间在逐年下降，说明公司长久偿债能力有所增强。但根据我国《公司法》 规定 关于下班后关闭电源的规定党章中关于入党时间的规定公务员考核规定下载规定办法文件下载宁波关于闷顶的规定 ，公司公然上市，欠债占财产总额的比率不得高于70%，可见，在2008年~2011年间，伊利公司经过借款筹资的资本较多，风险很大。132.2.2产权比率指标的计算产权比率=(欠债总额/所有者权益)*100%表2-8产权比率年度产权比率欠债总额所有者权益2011205.89%10,263,950,102.774,985,241,520.562010255.04%9,087,388,233.863,563,168,101.792009258.46%7,532,565,296.402,914,419,824.372008271.59%6,918,609,916.212,547,423,532.222008—2011年产权比率300.00%250.00%200.00%150.00%产权比率100.00%50.00%0.00%20112010200920082-92008年—2011年产权比率剖析图产权比率实际上是欠债的另一种表现形式，反应了债权人所提供资本与股东所提供资本的对照关系，它揭露了公司的财务风险以及股东权益对债务的保障程度。从表中能够看出，2008年至2011年产权比率在逐年下降，但都保持在2以上，表示公司的欠债总额是所有者权益两倍以上，说明公司长久财务面对的风险较大。2.2.3有形净值债务率指标的计算有形净值债务率=欠债总额/（所有者权益-无形财产净值）*100%表2-9有形净值债务率年度有形净值债务率欠债总额所有者权益无形财产净值2011209.91%10,263,950,102.774,985,241,520.5695,598,507.132010261.74%9,087,388,233.863,563,168,101.7991,265,584.412009261.80%7,532,565,296.402,914,419,824.3737,250,404.492008276.01%6,918,609,916.212,547,423,532.2240,749,833.1014内蒙古伊利公司股份有限公司财务报表剖析2008—2011年有形净值债务率300.00%250.00%200.00%150.00%有形净值债务率100.00%50.00%0.00%20112010200920082-102008—2011年有形净值债务率剖析图该指标越大，表示公司对债权人的保障程度降低，公司风险越大，长久偿债能力越弱。从以上计算结果来看，伊利公司2008年至2011年有形净值债务率不断下降，说明公司的偿债能力在渐渐提高，可是，从整体看，有形净值债务率在200%左右仍是属于偿债能力偏弱的。2.2.4非流动欠债与运营资本比率的计算非流动欠债与运营资本比率=非流动欠债/（流动财产-流动欠债）表2-10非流动欠债与运营资本比率年度非流动欠债与运营资本比率非流动欠债流动财产流动欠债2011-0.0691,853,673.258,634,290,545.0910,172,096,429.522010-0.05107,929,935.236,784,529,200.008,979,458,298.632009-0.0344,873,186.565,698,808,695.947,487,692,109.842008-0.0244,815,687.124,915,441,818.636,873,794,229.092008—2011年非流动欠债与运营资本比率0.00-0.012011201020092008-0.02-0.03非流动欠债与运营资本比-0.04率-0.05-0.06-0.07图2-112008—2011年非流动欠债与运营资本比率剖析图非流动欠债与运营资本比率越低，不单表示公司的短期偿债能力较强，而且还预示着公司未来偿还长久债务的保障程度也较强。一般情况下，非流动欠债不应超过运营资本。但从一直公司来看，运营资本在这四年来一直为负数，且在渐渐下降，表示长久债权人和短期债15权人的债权安全可能会得不到保障。长久偿债能力各指标图300.00%250.00%200.00%财产欠债率150.00%产权比率100.00%有形净值债务率50.00%非流动欠债与运营资本比率0.00%-50.00%20112010200920082-122008—2011年长久偿债能力各指标图2.3同行业偿债能力对照表2-11同行业偿债能力对照指标2011年2010年2009年偿债指标三元蒙牛行业伊利三元蒙牛行业伊利三元蒙牛行业伊利流动比率0.761.761.350.850.660.881.190.760.911.121.130.76速动比率0.551.60.870.990.660.740.570.880.570.860.650.88财产欠债率0.720.370.520.670.720.580.720.720.720.470.680.722-132009—2011年三公司对照图伊利公司流动比率近三年一直小于1，而且低于行业的平均水平。虽然3年略有提升，但都低于行业标准。而速动比率虽然都高于行业标准，但都低于公认标准1，从流动比率和速动比率上看，公司的短期偿债能力有所好转，但仍是要有待提高；财产在破产拍卖时的售价不到账面价值的50%,因此如果财产欠债率高于50%，则债权人的利益就缺乏保障。从表可以看出，伊利3年的财产欠债率在70%左右，这说明公司的长久偿债能力仍旧不强，无法保障债权人的利益。16内蒙古伊利公司股份有限公司财务报表剖析运营能力指标剖析3.1应收账款周转率指标的计算应收账款周转率=营业收入/(（期初应收账款余额+期末应收账款余额）/2)表3-1应收账款周转率年度应收账款周转率营业收入期初应收账款余额期末应收账款余额201111.4839,793,668,700.542,769,052,246.954,164,061,782.20201016.8432,787,252,119.241,125,981,972.152,769,052,246.95200924.4526,804,655,166.841,066,635,801.041,125,981,972.15200825.9524,047,486,426.94786,731,691.371,066,635,801.042008年—2011年应收账款周转率30.0025.0020.0015.00应收账款周转率10.005.000.0020112010200920083-12008—2011年应收账款周转率剖析图一般来说，应收账款周转率越高，平均收现期越短，说明公司回收应收账款的速度也越快，财产管理水平越高。从表的计算结果和图能够看出，伊利公司应收账款周转率在逐年下降，说明公司可能会增加坏账损失的风险，致使运营资本多地呆板，增强应收账款的变现速度对公司来说越来越重要。3.2存货周转率指标的计算存货周转率=营业成本/（（存货期初余额+存货期末余额）/2）表3-2存货周转率年度存货周转率营业成本存货期初余额存货期末余额201126.2433,679,391,811.561,131,233,760.591,435,493,909.26201026.9327,716,046,522.01927,497,518.271,131,233,760.59200921.4821,656,920,786.661,089,311,324.04927,497,518.27200822.9120,514,389,395.63701,544,198.351,089,311,324.04172008年—2011年存货周转率30.0025.0020.0015.00存货周转率10.005.000.0020112010200920083-22008年—2011年存货周转率剖析图存货周转率指标越高，表示公司存货周转速度快，存货的占用水平越低，流动性越强。从上面的表计算结果和联合图来看，能够知道存货在2008年至2011年这四年间保持在每年20次的周转速度上下变化，表示伊利公司2008年至2011年四年来存货周转率变化不大，但2010年与2011年都比2008年至2009年有所上升，所以公司应当加强存货管理工作来尽可能的缩断存货周转天数。3.3流动财产周转率指标的计算流动财产周转率=营业收入/((期初流动财产+期末流动财产）/2表3-3流动财产周转率年度流动财产周转率营业收入期初流动财产期末流动财产20115.1639,7