万科-财务报表综合分析

万科-财务报表综合分析 万科A财务报表综合分析 一、万科基本情况介绍: 万科全称为万科企业股份有限公司，成立于1984年5月，是目前中国最大的专业住宅开发企业，也是股市里的代表性地产蓝筹股。总部设在深圳，至2009年，已在20多个城市设立分公司。2010年公司完成新开工面积1248万平方米，实现销售面积897.7万平方米，销售金额1081.6亿元。 营业收入507.1亿元，净利润72.8亿元。这意味着，万科率先成为全国第一个年销售额超千亿的房地产公司。这个数字，是一个让同行眼红，让外行震惊的数字，相当于美国四大住宅公司高峰时的总和。在企业领导人王石的带领下，万科通过专注于住宅开发行业，建立起内部完善的 制度 关于办公室下班关闭电源制度矿山事故隐患举报和奖励制度制度下载人事管理制度doc盘点制度下载 体系，组建专业化团队，树立专业品牌，以所谓“万科化”的企业文化(一、简单不复杂;二、规范不权谋;三、透明不黑箱;四、责任不放任)享誉业内。 万科企业股份有限公司成立于1984年5月，是目前中国最大的专业住宅开发企业。2008年公司完成新开工面积523.3万平方米，竣工面积529.4万平方米。 实现销售金额478.7亿元，结算收入404.9亿元，净利润40.3亿元。 万科认为，坚守价值底线、拒绝利益诱惑，坚持以专业能力从市场获取公平回报，是万科获得成功的基石。公司致力于通过规范、透明的企业文化和稳健、专注的发展模式。成为最受客户、最受投资者、最受员工、最受合作伙伴欢迎，最受社会尊重的企业。凭借公司治理和道德准则上的表现，公司连续六次获得“中国最受尊敬企业”称号。2008年入选《华尔街日报》亚洲版“中国十大最受尊敬企业”。 万科1988年进入房地产行业，1993年将大众住宅开发确定为公司核心业务。至2008年末，业务覆盖到以珠三角、长三角、环渤海三大城市经济圈为重点的31个城市。当年共销售住宅42500套，在全国商品住宅市场的占有率从2.07%提升到2.34%，其中市场占有率在深圳、上海、天津、佛山、厦门、沈阳、武汉、镇江、鞍山9个城市排名首位。 万科1991年成为深圳证券交易所第二家上市公司，持续增长的业绩以及规范透明的公司治理结构，使公司赢得了投资者的广泛认可。过去二十年，万科营业收入复合增长率为31.4.%，净利润复合增长率为36.2%;公司在发展过程中先后入选《福布斯》“全球200家最佳中小企业”、“亚洲最佳小企业200强”、“亚洲最优50大上市公司”排行榜;多次获得《投资者关系》等国际权威媒体评出的最佳公司治理、最佳投资者关系等奖项。 经过多年努力，万科逐渐确立了在住宅行业的竞争优势:“万科”成为行业第一个全国驰名商标，旗下“四季花城”、“城市花园”、“金色家园”等品牌得到各地消费者的接受和喜爱;公司研发的“情景花园洋房”是中国住宅行业第一个专利产品和第一项发明专利;公司物业服务通过全国首批ISO9002质量体系认证;公司创立的万客会是住宅行业的第一个客户关系组织。同时也是国内第一家聘请第三方机构，每年进行全方位客户满意度调查的住宅企业。 family 7 being killed there. Zhu Xi forces, hundreds of people were killed and 19 captured fighters of their respective Corps Youth pioneers, opening of a temple by the Japanese military in ocean a thick wire through the Palm of each hand, pulled a long, red with the blood of the Earth. The face of the enemy's power, captured 19 young men and women, none have ever been intimidated, no yield. Escort of the Japanese captain, kept shouting vicious "Zhu Xi forces, an enemy of the Imperial Army, big bad! Japan helps you build a new order in East Asia, you see, as long as you repent and regret, in favour of Japan-China goodwill, is overkill. "Enemy of 18 year old twin sisters are hypocritically surnamed Yao said:" our youth, a lot of things are waiting for you, how can you quickly leave the world. "In the face of enemy threats, seduce, 19 soldiers die, shouting:" down with Japan imperialism! long live the nation! " Ictus of times, fell to the enemy under the butcher's knife. He (she) for the liberation of the Chinese nation, the beauty of youth to the liberation cause of the Chinese nation, motherland cavity blood sprinkled on the ground. Zhong Jia DUN bloody battle, belongs to a group of Zhu Xi forces, two missions, Chen Qi, Zhu Jiemin Brigade Brigade suffered heavy casualties. Chinese Communist Party Member Xu, Xu Quansheng, head of three Wang Yulin and other sacrifices in the battle. Zhong Jia DUN battle casualties, Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Zhu Xi forces at the battle of Zhong Jia DUN suffer a serious defeat, but 自创建以来，万科一贯主张“健康丰盛人生”，重视工作与生活的平衡;为员工提供可持续发展的空间和机会，鼓励员工和公司共同成长;倡导简单人际关系，致力于营造能充分发挥员工才干的工作氛围。2001年起，万科每年委托第三方顾问公司对全体职员进行员工满意度调查。 公司致力于不断提升产品品质。至08年，万科共有15个项目获得“詹天佑大奖优秀住宅小区金奖”，其中天津公司水晶城、广州公司四季花城、中山公司城市风景项目先后获得“中国土木工程詹天佑大奖”。2008年，万科集团上海公司荣获由中国质量协会颁布的“2008年全国质量奖”，成为房地产行业内首家获此殊荣的企业。 公司努力实践企业公民行为。万科从2007年开始每年发布社会责任 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 。由公司出资建设的广州“万汇楼”项目被广东省建设厅列为“广东省企业投资面向低收入群体租赁住房试点项目”，并于08年年中正式实现入住。08年12月31日，由公司全额捐建的四川绵竹遵道镇学校主教学楼及卫生院综合楼交付仪式在四川遵道正式举行，成为震后首批企业捐建的永久性公共建筑。在由中国民政部主办的2008年度中华慈善大会颁奖典礼上，万科荣获“中华慈善奖——最具爱心内资企业”称号。 二、万科万科A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。 三、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。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 (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family 7 being killed there. Zhu Xi forces, hundreds of people were killed and 19 captured fighters of their respective Corps Youth pioneers, opening of a temple by the Japanese military in ocean a thick wire through the Palm of each hand, pulled a long, red with the blood of the Earth. The face of the enemy's power, captured 19 young men and women, none have ever been intimidated, no yield. Escort of the Japanese captain, kept shouting vicious "Zhu Xi forces, an enemy of the Imperial Army, big bad! Japan helps you build a new order in East Asia, you see, as long as you repent and regret, in favour of Japan-China goodwill, is overkill. "Enemy of 18 year old twin sisters are hypocritically surnamed Yao said:" our youth, a lot of things are waiting for you, how can you quickly leave the world. "In the face of enemy threats, seduce, 19 soldiers die, shouting:" down with Japan imperialism! long live the nation! " Ictus of times, fell to the enemy under the butcher's knife. He (she) for the liberation of the Chinese nation, the beauty of youth to the liberation cause of the Chinese nation, motherland cavity blood sprinkled on the ground. Zhong Jia DUN bloody battle, belongs to a group of Zhu Xi forces, two missions, Chen Qi, Zhu Jiemin Brigade Brigade suffered heavy casualties. Chinese Communist Party Member Xu, Xu Quansheng, head of three Wang Yulin and other sacrifices in the battle. Zhong Jia DUN battle casualties, Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Zhu Xi forces at the battle of Zhong Jia DUN suffer a serious defeat, but 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 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+858,857,189.96-2,187,420,26 9.40 =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+808,744,017.38-3,101,142,07 3.98 =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% =4,639,869,152.73?40,991,779,214.96×100%=11.32% 2009年销售净利率=净利润?主营业务收入×100% =6,430,007,538.69?48,881,013,143.49×100%=13.15% 2010年销售净利率=净利润?主营业务收入×100% =8,839,610,505.04?50,713,851,442.63×100%=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 =40,991,779,214.96?109,665,523,814.69=0.3738 2009年总资产周转率=主营业务收入?平均资产总额 =48,881,013,143.49?128,422,567,275.24=0.3806 2010年总资产周转率=主营业务收入?平均资产总额 =50,713,851,442.63?176,623,053,285.61=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%×family 7 being killed there. Zhu Xi forces, hundreds of people were killed and 19 captured fighters of their respective Corps Youth pioneers, opening of a temple by the Japanese military in ocean a thick wire through the Palm of each hand, pulled a long, red with the blood of the Earth. The face of the enemy's power, captured 19 young men and women, none have ever been intimidated, no yield. Escort of the Japanese captain, kept shouting vicious "Zhu Xi forces, an enemy of the Imperial Army, big bad! Japan helps you build a new order in East Asia, you see, as long as you repent and regret, in favour of Japan-China goodwill, is overkill. "Enemy of 18 year old twin sisters are hypocritically surnamed Yao said:" our youth, a lot of things are waiting for you, how can you quickly leave the world. "In the face of enemy threats, seduce, 19 soldiers die, shouting:" down with Japan imperialism! long live the nation! " Ictus of times, fell to the enemy under the butcher's knife. He (she) for the liberation of the Chinese nation, the beauty of youth to the liberation cause of the Chinese nation, motherland cavity blood sprinkled on the ground. Zhong Jia DUN bloody battle, belongs to a group of Zhu Xi forces, two missions, Chen Qi, Zhu Jiemin Brigade Brigade suffered heavy casualties. Chinese Communist Party Member Xu, Xu Quansheng, head of three Wang Yulin and other sacrifices in the battle. Zhong Jia DUN battle casualties, Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Zhu Xi forces at the battle of Zhong Jia DUN suffer a serious defeat, but 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% =73,296,487,559.57?109,665,523,814.69 ×100%=66.84% 2009年平均资产负债率=平均负债总额?平均资产总额×100% =86,309,036,307.61?128,422,567,275.24 ×100%=67.21% 2010年平均资产负债率=平均负债总额?平均资产总额×100% =126,625,697,237.37?176,623,053,285.61×100%=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 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) family 7 being killed there. Zhu Xi forces, hundreds of people were killed and 19 captured fighters of their respective Corps Youth pioneers, opening of a temple by the Japanese military in ocean a thick wire through the Palm of each hand, pulled a long, red with the blood of the Earth. The face of the enemy's power, captured 19 young men and women, none have ever been intimidated, no yield. Escort of the Japanese captain, kept shouting vicious "Zhu Xi forces, an enemy of the Imperial Army, big bad! Japan helps you build a new order in East Asia, you see, as long as you repent and regret, in favour of Japan-China goodwill, is overkill. "Enemy of 18 year old twin sisters are hypocritically surnamed Yao said:" our youth, a lot of things are waiting for you, how can you quickly leave the world. "In the face of enemy threats, seduce, 19 soldiers die, shouting:" down with Japan imperialism! long live the nation! " Ictus of times, fell to the enemy under the butcher's knife. He (she) for the liberation of the Chinese nation, the beauty of youth to the liberation cause of the Chinese nation, motherland cavity blood sprinkled on the ground. Zhong Jia DUN bloody battle, belongs to a group of Zhu Xi forces, two missions, Chen Qi, Zhu Jiemin Brigade Brigade suffered heavy casualties. Chinese Communist Party Member Xu, Xu Quansheng, head of three Wang Yulin and other sacrifices in the battle. Zhong Jia DUN battle casualties, Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Zhu Xi forces at the battle of Zhong Jia DUN suffer a serious defeat, but 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 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 family 7 being killed there. Zhu Xi forces, hundreds of people were killed and 19 captured fighters of their respective Corps Youth pioneers, opening of a temple by the Japanese military in ocean a thick wire through the Palm of each hand, pulled a long, red with the blood of the Earth. The face of the enemy's power, captured 19 young men and women, none have ever been intimidated, no yield. Escort of the Japanese captain, kept shouting vicious "Zhu Xi forces, an enemy of the Imperial Army, big bad! Japan helps you build a new order in East Asia, you see, as long as you repent and regret, in favour of Japan-China goodwill, is overkill. "Enemy of 18 year old twin sisters are hypocritically surnamed Yao said:" our youth, a lot of things are waiting for you, how can you quickly leave the world. "In the face of enemy threats, seduce, 19 soldiers die, shouting:" down with Japan imperialism! long live the nation! " Ictus of times, fell to the enemy under the butcher's knife. He (she) for the liberation of the Chinese nation, the beauty of youth to the liberation cause of the Chinese nation, motherland cavity blood sprinkled on the ground. Zhong Jia DUN bloody battle, belongs to a group of Zhu Xi forces, two missions, Chen Qi, Zhu Jiemin Brigade Brigade suffered heavy casualties. Chinese Communist Party Member Xu, Xu Quansheng, head of three Wang Yulin and other sacrifices in the battle. Zhong Jia DUN battle casualties, Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Zhu Xi forces at the battle of Zhong Jia DUN suffer a serious defeat, but 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%) 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) family 7 being killed there. Zhu Xi forces, hundreds of people were killed and 19 captured fighters of their respective Corps Youth pioneers, opening of a temple by the Japanese military in ocean a thick wire through the Palm of each hand, pulled a long, red with the blood of the Earth. The face of the enemy's power, captured 19 young men and women, none have ever been intimidated, no yield. Escort of the Japanese captain, kept shouting vicious "Zhu Xi forces, an enemy of the Imperial Army, big bad! Japan helps you build a new order in East Asia, you see, as long as you repent and regret, in favour of Japan-China goodwill, is overkill. "Enemy of 18 year old twin sisters are hypocritically surnamed Yao said:" our youth, a lot of things are waiting for you, how can you quickly leave the world. "In the face of enemy threats, seduce, 19 soldiers die, shouting:" down with Japan imperialism! long live the nation! " Ictus of times, fell to the enemy under the butcher's knife. He (she) for the liberation of the Chinese nation, the beauty of youth to the liberation cause of the Chinese nation, motherland cavity blood sprinkled on the ground. Zhong Jia DUN bloody battle, belongs to a group of Zhu Xi forces, two missions, Chen Qi, Zhu Jiemin Brigade Brigade suffered heavy casualties. Chinese Communist Party Member Xu, Xu Quansheng, head of three Wang Yulin and other sacrifices in the battle. Zhong Jia DUN battle casualties, Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Zhu Xi forces at the battle of Zhong Jia DUN suffer a serious defeat, but 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) 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 ( 3,573,180,000元)( 3,573,180,000 (1,227,615,829元) 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) 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family 7 being killed there. Zhu Xi forces, hundreds of people were killed and 19 captured fighters of their respective Corps Youth pioneers, opening of a temple by the Japanese military in ocean a thick wire through the Palm of each hand, pulled a long, red with the blood of the Earth. The face of the enemy's power, captured 19 young men and women, none have ever been intimidated, no yield. Escort of the Japanese captain, kept shouting vicious "Zhu Xi forces, an enemy of the Imperial Army, big bad! Japan helps you build a new order in East Asia, you see, as long as you repent and regret, in favour of Japan-China goodwill, is overkill. "Enemy of 18 year old twin sisters are hypocritically surnamed Yao said:" our youth, a lot of things are waiting for you, how can you quickly leave the world. "In the face of enemy threats, seduce, 19 soldiers die, shouting:" down with Japan imperialism! long live the nation! " Ictus of times, fell to the enemy under the butcher's knife. He (she) for the liberation of the Chinese nation, the beauty of youth to the liberation cause of the Chinese nation, motherland cavity blood sprinkled on the ground. Zhong Jia DUN bloody battle, belongs to a group of Zhu Xi forces, two missions, Chen Qi, Zhu Jiemin Brigade Brigade suffered heavy casualties. Chinese Communist Party Member Xu, Xu Quansheng, head of three Wang Yulin and other sacrifices in the battle. Zhong Jia DUN battle casualties, Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Zhu Xi forces at the battle of Zhong Jia DUN suffer a serious defeat, but 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) (42,667,087,746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(0.2559) 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)( 53,857,700,630元 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，应该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。 (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。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。 (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family 7 being killed there. Zhu Xi forces, hundreds of people were killed and 19 captured fighters of their respective Corps Youth pioneers, opening of a temple by the Japanese military in ocean a thick wire through the Palm of each hand, pulled a long, red with the blood of the Earth. The face of the enemy's power, captured 19 young men and women, none have ever been intimidated, no yield. Escort of the Japanese captain, kept shouting vicious "Zhu Xi forces, an enemy of the Imperial Army, big bad! Japan helps you build a new order in East Asia, you see, as long as you repent and regret, in favour of Japan-China goodwill, is overkill. "Enemy of 18 year old twin sisters are hypocritically surnamed Yao said:" our youth, a lot of things are waiting for you, how can you quickly leave the world. "In the face of enemy threats, seduce, 19 soldiers die, shouting:" down with Japan imperialism! long live the nation! " Ictus of times, fell to the enemy under the butcher's knife. He (she) for the liberation of the Chinese nation, the beauty of youth to the liberation cause of the Chinese nation, motherland cavity blood sprinkled on the ground. Zhong Jia DUN bloody battle, belongs to a group of Zhu Xi forces, two missions, Chen Qi, Zhu Jiemin Brigade Brigade suffered heavy casualties. Chinese Communist Party Member Xu, Xu Quansheng, head of three Wang Yulin and other sacrifices in the battle. Zhong Jia DUN battle casualties, Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Zhu Xi forces at the battle of Zhong Jia DUN suffer a serious defeat, but 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。 (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时，也带来了较多的风险。 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。 可见，杜邦分析法的核心作用是解释指标变动的原因极其变动的趋势。通过杜邦分析法自上而下的分析，不仅可以了解企业的财务状况的全貌以及各项财务分析指标间的结构关系，查明各项主要财务指标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。 family 7 being killed there. Zhu Xi forces, hundreds of people were killed and 19 captured fighters of their respective Corps Youth pioneers, opening of a temple by the Japanese military in ocean a thick wire through the Palm of each hand, pulled a long, red with the blood of the Earth. The face of the enemy's power, captured 19 young men and women, none have ever been intimidated, no yield. Escort of the Japanese captain, kept shouting vicious "Zhu Xi forces, an enemy of the Imperial Army, big bad! Japan helps you build a new order in East Asia, you see, as long as you repent and regret, in favour of Japan-China goodwill, is overkill. "Enemy of 18 year old twin sisters are hypocritically surnamed Yao said:" our youth, a lot of things are waiting for you, how can you quickly leave the world. "In the face of enemy threats, seduce, 19 soldiers die, shouting:" down with Japan imperialism! long live the nation! " Ictus of times, fell to the enemy under the butcher's knife. He (she) for the liberation of the Chinese nation, the beauty of youth to the liberation cause of the Chinese nation, motherland cavity blood sprinkled on the ground. Zhong Jia DUN bloody battle, belongs to a group of Zhu Xi forces, two missions, Chen Qi, Zhu Jiemin Brigade Brigade suffered heavy casualties. Chinese Communist Party Member Xu, Xu Quansheng, head of three Wang Yulin and other sacrifices in the battle. Zhong Jia DUN battle casualties, Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Zhu Xi forces at the battle of Zhong Jia DUN suffer a serious defeat, but