万科财务报表综合分析

万科财务报表综合 分析 定性数据统计分析pdf销售业绩分析模板建筑结构震害分析销售进度分析表京东商城竞争战略分析 万科A,000002，2008至2010年度财务报表分析 ——财务报表综合分析 答:前面我们完成了对万科公司的偿债能力、获利能力、营运能力分析的分析，现在我从以下几个方面来展开对万科公司的财务报表综合分析: 一、财务报表综合分析意义 财务报表分析的最终目的在于全面、准确、客观地揭示与披露企业财务状况和经营情况，并对企业经济效益优劣做出合理的 评价 LEC评价法下载LEC评价法下载评价量规免费下载学院评价表文档下载学院评价表文档下载 ，从而为决策者提供参考。 二、财务报表综合分析 财务报表综合分析方法有很多 主要有杜邦分析法、综合系数分析法、雷达图分析法等。我以下就主要对杜邦分析法进行详细分析。 杜邦分析法，又称杜邦财务综合分析体系，简称杜邦体系，是利用各主要财务指标间的内在联系，对企业财务状况及经济效益进行综合系统分析评价的方法。由于该体系是由美国杜邦公司最先采用的，因此称为杜邦分析法。在该分析体系中，净资产收益率被视为衡量企业获利能力的最重要的龙头性指标，因此，杜邦分析法将净资产收益率作为全面分析企业业绩的起点，重点揭示企业获利能力极其前因后果。 1(杜邦分析法的核心比率 净资产收益率是杜邦分析体系的核心比率，它具有较强的综合性。其相关公式为: (1)净资产收益率 = 总资产收益率 ×平均权益乘数 (2)总资产收益率 = 销售净利率 ×总资产周转率 (3)销售净利率 = 净利润 ?营业收入 of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine (4)总资产周转率 = 营业收入 ?平均总资产 (5)平均权益乘数 = 平均总资产 ?平均净资产 从以上公式可以看出，无论提高其中哪个比率，净资产收益率都会提高。其中，销售净利率是利润表的概括，它可以概括企业的全部经营成果，权益乘数是资产负债表的概括，它可以反映企业最基本的财务状况;总资产周转率把利润表和资产负债表联系起来，使净资产收益率可以综合整个企业经营活动和财务活动业绩。 2(杜邦分析法的基本 框架 财政支出绩效评价指标框架幼儿园园本课程框架学校德育工作框架世界古代史知识框架质量保证体系框架图 万科: 1)净利润 2008年净利润=营业总收入-营业成本总额+非经常性损益-所得税费用 =40,991,779,214.96-34,855,663,288.39+186,169,699.46 -1,682,416,473.30=4,639,869,152.73元 2009年净利润=营业总收入-营业成本总额+非经常性损益-所得税费用 =48,881,013,143.49-41,122,442,525.36+858,857,189.96-2,187,420,269.40=6,430,007,538.69元 2010年净利润=营业总收入-营业成本总额+非经常性损益-所得税费用 =50,713,851,442.63-39,581,842,880.99+808,744,017.38-3,101,142,073.98=8,839,610,505.04元 2)销售净利率 2008年销售净利率=净利润?主营业务收入×100%=4,639,869,152.7340,991,779,214.96100%=11.32% of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine 2009年销售净利率=净利润?主营业务收入×100%=6,430,007,538.6948,881,013,143.49100%=13.15% 2010年销售净利率=净利润?主营业务收入×100%=8,839,610,505.0450,713,851,442.63100%=17.43% 3)总资产周转率 2008年总资产周转率=主营业务收入?平均资产总额=40,991,779,214.96109,665,523,814.69=0.3738 2009年总资产周转率=主营业务收入?平均资产总额=48,881,013,143.49128,422,567,275.24=0.3806 2010年总资产周转率=主营业务收入?平均资产总额=50,713,851,442.63176,623,053,285.61=0.2871 4)总资产收益率 2008年总资产收益率=销售净利率×总资产周转率=11.32%×0.3738=4.23% 2009年总资产收益率=销售净利率×总资产周转率=13.15%×0.3806=5.00% 2010年总资产收益率=销售净利率×总资产周转率=17.43%×0.2871=5.00% 5)平均资产负债率 2008年平均资产负债率=平均负债总额?平均资产总额×100%=73,296,487,559.57109,665,523,814.69100%=66.84% 2009年平均资产负债率=平均负债总额?平均资产总额×100%=86,309,036,307.61128,422,567,275.24100%=67.21% 2010年平均资产负债率=平均负债总额?平均资产总额×100%=126,625,697,237.37176,623,053,285.61100%=71.69% 6)平均权益乘数 2008年平均权益乘数=1? 1-平均资产负债率 =1? 1-66.84% =1?0.3316=3.02 of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine 2009年平均权益乘数=1? 1-平均资产负债率 =1? 1-67.21% =1?0.3279=3.05 2010年平均权益乘数=1? 1-平均资产负债率 =1? 1-71.69% =1?0.2831=3.53 7)净资产收益率 2008年净资产收益率=总资产收益率×平均权益乘数=4.23%×3.02=12.77% 2009年净资产收益率=总资产收益率×平均权益乘数=5.00%×3.05=15.25% 2010年净资产收益率=总资产收益率×平均权益乘数=5.00%×3.53=17.65% 万科 2008年基本框架 净资产收益率(12.77%) 总资产收益率(4.23%) × 平均权益乘数(3.02) 销售净利率(11.32%)× 总资产周转率(0.3738) 1?(1-平均资产负债率66.84%) 净利润? 主营业务收入 主营业务收入? 平均资产总额 平均负债总额? 平均资产总额 (4,639,869,152.73元) (40,991,779,214.96元) (40,991,779,214.96元) (109,665,523,814.69元) (73,296,487,559.57元) (109,665,523,814.69元) of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine 营业总收入- 营业成本总额 + 非经常性损益 - 所得税费用 (40,991,779,214.96元) (34,855,663,288.39元) (186,169,699.46元) (1,682,416,473.30元) 2009年基本框架 净资产收益率(15.25%) 总资产收益率(5.00%) × 平均权益乘数(3.05) 销售净利率(13.15%)× 总资产周转率(0.3806) 1?(1-平均资产负债率67.21%) 净利润? 主营业务收入 主营业务收入? 平均资产总额 平均负债总额? 平均资产总额 (6,430,007,538.69元) (48,881,013,143.49元) (48,881,013,143.49元) (128,422,567,275.24元) (86,309,036,307.61元) (128,422,567,275.24元) 营业总收入- 营业成本总额 + 非经常性损益 - 所得税费用 (48,881,013,143.49元) (41,122,442,525.36元) (858,857,189.96元) (2,187,420,269.40元) 2010年基本框架 of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine 净资产收益率(17.65%) 总资产收益率(5.00%) × 平均权益乘数(3.53) 销售净利率(17.43%)× 总资产周转率(0.2871) 1?(1-平均资产负债率71.69%) 净利润? 主营业务收入 主营业务收入? 平均资产总额 平均负债总额? 平均资产总额 (8,839,610,505.04元) (50,713,851,442.63元) (50,713,851,442.63元) (176,623,053,285.61元) (126,625,697,237.37元) (176,623,053,285.61元) 营业总收入- 营业成本总额 + 非经常性损益 - 所得税费用 (50,713,851,442.63元) (39,581,842,880.99元) (808,744,017.38元) (3,101,142,073.98元) 保利 2008年基本框架 of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine 净资产收益率(21.38%) 总资产收益率(6.44%) × 平均权益乘数(3.32) 销售净利率(19.61%)× 总资产周转率(0.3284) 1?(1-平均资产负债率69.84%) 净利润? 主营业务收入 主营业务收入? 平均资产总额 平均负债总额? 平均资产总额 (3,043,671,657.77元) (15,519,901,076.27元) (15,519,901,076.27元) (47,263,413,482.59元) (33,009,607,725.82元) (47,263,413,482.59元) 营业总收入- 营业成本总额 + 非经常性损益 - 所得税费用 (15,519,901,076.27元) (11,779,030,113.07元) (282,413,866.78元) (979,613,172.21元) 2009年基本框架 净资产收益率(18.78%) 总资产收益率(5.59%) × 平均权益乘数(3.36) 销售净利率(17.44%)× 总资产周转率(0.3205) 1?(1-平均资产负债率70.28%) of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine 净利润? 主营业务收入 主营业务收入? 平均资产总额 平均负债总额? 平均资产总额 (4,007,727,232.01元) (22,986,607,600.50元) (22,986,607,600.50元) (71,731,443,304.01元) (50,414,097,774.27元) (71,731,443,304.01元) 营业总收入- 营业成本总额 + 非经常性损益 - 所得税费用 (22,986,607,600.50元) (17,767,745,047.96元) (160,184,909.81元) (1,371,320,230.34元) 2010年基本框架 净资产收益率(18.70%) 总资产收益率(4.55%) × 平均权益乘数(4.11) 销售净利率(15.34%)× 总资产周转率(0.2965) 1?(1-平均资产负债率75.64%) 净利润? 主营业务收入 主营业务收入? 平均资产总额 平均负债总额? 平均资产总额 (5,505,278,120.39元) (35,894,117,625.88元) (35,894,117,625.88元) (121,079,348,219.44元) (91,588,408,427.50元) (121,079,348,219.44元) 营业总收入- 营业成本总额 + 非经常性损益 - 所得税费用 (35,894,117,625.88元) (28,511,658,213.57元) (22,115,237.55元) (1,899,296,529.47元) of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine 招商 2008年基本框架 净资产收益率(8.26%) 总资产收益率(2.92%) × 平均权益乘数(2.33) 销售净利率(0.34%)× 总资产周转率(0.11) 1?(1-平均资产负债率0.59%) 净利润? 主营业务收入 主营业务收入? 平均资产总额 平均负债总额? 平均资产总额 (1,227,615,829元) (3,573,180,000元) (3,573,180,000元) (31,272,089,338.5元) (18,559,963,472.5元) (31,272,089,338.5元) 营业总收入- 营业成本总额 + 非经常性损益 - 所得税费用 (3,573,184,200元) (3,231,260,734元) (687,908,600元) (209,864,866元) 2009年基本框架 净资产收益率(10.1%) 总资产收益率(3.66%) × 平均权益乘数(2.76) of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine 销售净利率(17.31%)× 总资产周转率(0.2376) 1?(1-平均资产负债率0.62%) 净利润? 主营业务收入 主营业务收入? 平均资产总额 平均负债总额? 平均资产总额 (1,644,140,000元) (10,137,700,000元) (10,137,700,000元) (47,897,200,000元) (25,376,316,005.5元) (47,897,200,000元) 营业总收入- 营业成本总额 + 非经常性损益 - 所得税费用 (10,137,700,000元) (8,063,482,000元) (89,186,000元) (519,264,000元) 2010年基本框架 净资产收益率(11.05%) 总资产收益率(4.15%) × 平均权益乘数(2.66) 销售净利率(18.02%)× 总资产周转率(0.2599) 1?(1-平均资产负债率0.65%) 净利润? 主营业务收入 主营业务收入? 平均资产总额 平均负债总额? 平均资产总额 (2,011,400,000元) (13,782,400,000元) (13,782,400,000元) (53,858,538,491.5元) (34,133,724,188.5元) (53,858,538,491.5元) of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine 营业总收入- 营业成本总额 + 非经常性损益 - 所得税费用 (13,782,400,000元) (10,563,206,200元) (-419,656,800元) (788,137,000元) 分析: 杜邦分析图是对企业财务状况的综合分析。它通过几种主要的财务比率之间的相互关系 全面、系统、直观地反映出企业的财务状况 从而大大提升了财务报表分析者的分析效率和效果。正因为此 运用杜邦分析法进行综合分析时，我们着重注意以下四方面: 1.净资产收益率是综合性最强的财务分析指标 是杜邦分析系统的核心。净资产收益率反映企业所有者投入资本的获利能力，说明企业筹资、投资、资产营运等各项财务及管理活动的效率 不断提高净资产收益率是使所有者权益最大化的基本保证。所以，这一财务分析指标是企业所有者、经营者都十分关心的。从上面数据可以看出万科房地产的净资产收益率较高，而且从2009年-2010年的增幅较大，说明了企业的财务风险小。 2.销售净利率反映企业净利润与营业收入的关系,它的高低取决于企业销售收入与成本总额的高低，从这个意义上看提高销售净利率是提高企业盈利能力的关键所在。要想提高销售净利率,一是要扩大销售收入,二是要降低成本费用。扩大销售收入具有重要意义,它既有利于提高销售净利率,又可提高总资产周转率。降低成本费用是提高销售净利率的一个重要手段。万科房地产的销售净利率在这两年间有所提升，说明了该企业的盈利能力有所提升。 3.影响总资产周转率的一个重要因素是资产总额。资产总额由流动资产与非流动资产组成,他们的结构合理与否将直接影响资产的周转速度。一般来说,流动资产直接提现企业的偿债能力和变现能力,而非流动资产则提现企业的经营规模,发展潜力。万科09年总资产周转率比08年稍微上升，其总资产周转速度有所提升，说明企业的销售能力增强，利润增加。10年的总资产周转率最低，说其生产效率降低，影响企业的盈利能力，这点上招商做的比较好，10年较前两年都有较大幅度提升，万科公司应加强管理，优化结构进一步提升总资产周转率，从而提升净资产收益率。 4.权益乘数主要受资产负债率指标的影响。负债比率越大,权益乘数就越高,说明企业的负债程度比较高,在给企业带来了较多的财务杠杆利益的同of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine 时，也带来了较多的风险。万科公司的权益乘数较大，在利用财务杠杆带来超额收益的同时，也进一步加大了企业风险，这点从万科、保利相较于招商就可以明显反应出来。 杜邦分析法是一个多层次的财务比率分解体系。运用杜邦分析法进行综合分析，就是在每一个层次上进行财务比率的比较和分解。各项财务比率分解的目的是识别引起变动或产生差距的原因，并衡量其重要性，以实现系统，全面评价企业经营成果和财务状况的目的，并为其发展指明方向。通过运用杜邦分析对万科公司进行分析及跟同行业的比较，我们不仅可以了解该公司的财务状况的全貌以及各项财务分析指标间的结构关系，查明各项主要财务增减变动的影响因素及存在的问题，而且为决策者优化资产结构和资本结构，提高企业偿债能力和经营效益提供了基本思路，及提高净资产收益率的根本途径在于扩大销售、改善资产结构、节约成本费用开支，合理资源配置，加速资产周转，优化资本结构。 of the accident to develop preventive and corrective measures to prevent accidents from happening again. 8.8.3 telephone company Office Tel: 2814263 (24 hours) Safety Department: 2814828 Safety Department: 7720936 municipal work safety supervision Bureau Tel: 2823733 municipal work safety supervision station Tel: 2825983 first aid of focus construction, and guarantee progress plans of smooth implementation for purpose, in engineering implementation Qian, developed detailed of material production, and processing, and stacked, and transport plans, and the jobs construction team into exit adjustment plans. While working out the concrete implementation of these programmes, strictly in accordance with the standards and other regulations, construction management of graphic Sciences, civilization. (2) stress management plans construction of plane scientific management is the key to the science of planning and careful detail specific plans. Formed in the project schedule based on the materials, machinery, labour of advance and retreat, vertical transportation and installation plans to ensure that balanced progress and fully use the plane as a target, work out a realistic plane management to implement the plan. While the plan into a computer, dynamic regulation. (3) stress management plan according to the construction schedule of implementation and adjustment phases publish plane management to implement the plan, including time schedule, responsibility, performance standards, reward and punishment criteria. Plan implementation, not scheduled will be held on a regular basis, after sufficient coordination, research, publish plans to adjust. 2) stress management construction plane managed by the project manager in overall charge, project foreman, material, machine