模型公司的偿债能力分析【外文翻译】.doc

1、原文Models of Companys Solvency Analysis Material Source:.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: Ardelean Victor Abstract. In the paper the authors show the different models of analyzing the companys solvency, taking in

2、to account many ratios with different importance.Key words: general stability, financial solvency, reimbursing capacity.1 IntroductionThe status of financial solvability is multi-criteria approached by local specialists and from abroad. The International Accounting Standards mention the fact that so

3、lvency refers to cash availability for a greater period of time during which the due time financial engagements ought to be covered. In our opinion, solvency has to be analyzed from the point of view of its function and the time horizon it implies. That is why we believe that solvability expresses t

4、he capacity of an economic agent of reimbursing on due time (larger then 1 year) the current rates towards banks and other financial institutions.At the same time, we believe that solvability is a state of financial equilibrium measuring the value of the capital, as compared to the patrimonys size.2

5、 Method and ResultsSolvency can be shown through many models. They are presented below.2.1 The analysis of general stabilityThe indicator of general stability (ISG) shows the degree in which the total assets of the company are able to cover the total debts of the company. This indicator shows the de

6、gree in which debts can be covered using assets. ISG = Total asset/ Total debt, The minimum level acceptable is of 1.66 (even if it should be at least 2.00). Under this level, the company faces the danger of payment incapacity. The optimum level is 3.00.The general solvency report (RSG) indicates th

7、e amount of the net accounting asset in total asset: RSG = Net Accounting Asset/ Total asset. The minimum level acceptable is of 35%, but the optimum one is of at least 50%.Indicator2 002 200320042005SimbolTotal Asset183763 008 213169364289 944 108305 777 818AtTotal Liability97 217 073 89 964 477139

8、 336 362159 570 651DtNet Accounting Asset86 545 935 123204 887150 607 746146 207 167AncIndicator of GeneralSovency1.89 2.372.081.92Lsg = At/DtGrowth Indicator100% 125%88%92%Iclsg = lsgn/lsgoVariation of the indicator0.00 25%-12%-8%dlsg =(lsg)/lsgoMinimum valueacceptable1.66 1.661.661.66MinGeneral so

9、lvency report47.10% 57.80%51.94%47.81%Rsg=Anc/AtMinimum valueacceptable35.00%35.00%35.00%35.00%MinTable 1 - General Solvency at SC AMPELUM SADuring the entire analyzed period, the level of the general solvability indicator is over the normal limit,even if slightly descending during 2003-2005. The de

10、scending tendency of the indicator is due to the more rapid growth rhythm of total debts, as compared to total assets. Nevertheless, from this point of view SC AMPELUM SA is safe during the entire period of analysis, a fact that means that it is able to cover all itsdebts basing on assets. The same

11、conclusion results from the analysis of general solvability report.2.2 The analysis of financial solvabilityThe indicator of financial solvability (ISF) shows the degree in which the total assets of the company are able to cover total financial debts. ISF =Total asset/Total financial debt, The minim

12、um level acceptable is of 2.00. Under this level the company faces payment incapacityIndicator2002200320042005SimbolTotal Assets183 763 008 213 169 364289 944 108305 777 818At =Ai+AcTotal FinancialLiabilities64 325 931 60 831 92097 621 346101 417 082Dft =Dtml+CbtsFinancial Solvency2.86 3.502.973.02I

13、sF = At/DftMinimum valueacceptable2.002.002.002.00MinTable 2 - Financial solvability with SC AMPELUM SADuring the entered period analyzed, the value of the indicator is over the average limit, even if in 2004, as compared to the previous year, the value decreased. The descending tendency of the indi

14、cator is explained by the more rapid growth of financial debts, as compared to total assets. However, from this point of view,SC AMPELUM SA is safe during the entire period of analysis, a fact that shows the capacity of the company of covering all its financial debts basing on assets.2.3 The analysi

15、s of debt reimbursing capacityDebt reimbursing capacity (CRD) shows the degree in which the potential sources of self financing resulting from the activity of the company can cover total debts. CRD = Self financing debt/ Total debt, The minimum level acceptable is of 0.33 (corresponding to the cover

16、ing of debts in a period of 3 years). If the level is under 0.33, the company faces payment incapacity and the optimum level is 1.00.Indicator2002200320042005SimbolSelf financingcapacity13 383 951 34 284 54030 191 65118 975 448CafTotal debts97 217 073 89 964 477139 336 362159 570 651DtReimbursementc

17、apacity0.14 0.380.220.12Crd = Caf/DtGrowth indicator100% 271%58%55%IcCrd =Crdn/CrdoVariation of theindicator100% 171%-42%-45%dvlCrd =(Crd)/CrdoAverage growthrhythm1.00 1.71-0.42-0.45RmcMinimumacceptable value0.33 0.330.330.33MinTable 3 - The Capacity of Reimbursing Debts at SC AMPELUM SAIn 2003 the

18、value of the indicator was over the minimum level; as compared to the previous year it increased by 171%. The tendency of the indicator is descending. From this point of view, SC AMPELUM SA has an acceptable financial security during the analyzed period.The gross capacity of reimbursing debts (CBRD)

19、 shows the degree in which the potential sources of self financing resulting from the operational activity of the company are able to cover the total debts of the company. CBRD =Gross surplus from operational activities/Total debts, The minimum acceptable level is 0.50 (corresponding to covering deb

20、ts in a 2 year period), under this level the company faces payment incapacity. The optimum level is 1.00.Indicator2002200320042005SimbolGross surplus fromoperational activities32451 335 51 338 82945 515 10728 734 234EbeTotal liabilities97217073 213169 364289944 108305777 818DtGross capacity ofreimbu

21、rsement0.33 0.240.160.09Crd = Caf/DtMinimum valueacceptable0.500.500.500.50IcCrd =Crdn/CrdoTable 4 - Gross Capacity of Reimbursing Debts at SC AMPELUM SAFor the entire period analyzed, the value of the indicator is under the minimum value acceptable. As compared to the previous year, it shows a tend

22、ency of constand decrease. Ther general tendency of the indicator is descending. From this point of view, the company is not safe as far as its payment capacity is concerned.Net capacity of reimbursing debts (CNRD) shows the degree in which net self financing is able to cover the total debts of the

23、company. It indicates a report between own sources and borrowed ones. CNRD =Net self financing/Total debts, The minimum acceptable level is of 0.25 (corresponding to covering debts in a 4 year perios); under this level the company faces payment incapacity. The optimum level is 1.00.Indicator20022003

24、20042005SimbolNet self financing13383 951 34 284 54030 191 65118 975 448AfnTotal liabilities97217 073 213 169 364289 944 108305 777 818DtNet capacity ofreimbursement0.140.160.100.06Cnrd = Afn/DtMinimum acceptablevalue0.25 0.500.500.50MinTable 5 - Net Capacity of Reimbursing DebtsDuring the entire an

25、alyzed period, the value of the indicator was under the average limit. During the last year, the value of the indicator significantly decreased, as compared to the preceding year. The general tendency is of continuous decrease. From this point of view the company is in a state of financial instabili

26、ty.2.4 The analysis of financial expenses requirementsThe ratio of financial expenses requirements (RPCF) shows the degree in which financial expenses consume cash from the gross accumulations of the operational activity. RPCF =Financial expenses/Gross surplus from exploitation, The maximum level ac

27、ceptable is of 60%; over this level the company faces the danger of negative cash.Indicator2002200320042005SimbolFinancial expenses22293 955 19 954 45816 668 68812717 525ChfGross surplus fromexploitation32451 335 51 338 82945 515 10728734 234EbeFinancial expensesrequirements68.70 38.8736.6244.26Rpcf

28、 = Chf/EbeMaximum acceptable value0.600.600.600.60MaxTable 6 - The Ratio of Financial Expenses RequirementsDuring the first year, the value of the indicator was within normal limits, but it increased, as compared to the previous year. The indicator has a general descending tendency, both basing on t

29、he decrease of the financial debts, which generate expenses with interests, as well as basing on the decrease of the surplus from operational activities. Nevertheless, from this point of view the company is not safe during the analyzed period.3 ConclusionsTaking into account the above said, we may d

30、raw the conclusion that the solvability SC AMPELUM SA is adequate. The leverage level of the company does not generate significant risks with continuing the activity. However, we noticed that there is a tendency of depreciation of the solvability indicators in the last part of the time interval anal

31、yzed.译文模型公司的偿债能力分析资料来源：.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：波帕安娜玛丽亚摘要：在文章中，作者们用不同的方式来分析公司的偿付能力，考虑到许多不同比率的重要性。关键字：总体稳定 金融的偿付能力 补偿能力1 介绍当地的和国外的专家都具有金融财务状况。国际会计准则指出偿债能力是指在约定的时间内，在此时间内现金的可用性达到最长时间。我们认为，偿债能力分析必须从它功能的角度和时间进行分析

32、。这就是为什么我们认为可理解性表达了对偿还到期时间（大于一年）向银行或其他金融机构的现行税率计算的经济代理人身份。在同一时间，我们认为可理解性状态是指金融负债衡量的是资本价值在平衡状态下的大小。2 方法及结果：偿债能力可以有多种显示模式。他们介绍如下：2.1一般稳定性分析：一般稳定性指标(ISG)是指在大多数程度上显示该公司的总资产能够偿还公司的债务总额。该指标显示了哪些资产能够偿还债务。一般稳定性指标(ISG)=总资产/总负债，一般稳定性指标可接受的最低水平是1.66（它应该至少为2.00）。在这个级别，当公司面临危险，就会丧失偿还债务的能力，所以这个时候的一般稳定性指标最佳水平为3.00一

33、般偿付能力 (RSG)表明净资产占总资产的比例：一般偿付能力报告(RSG)=净资产/总资产。一般偿付能力可接受的最低水平是35，但最优的至少50以上。表1一般偿付能力指标2 002 200320042005总资产183763 008 213169364289 944 108305 777 818负债总额97 217 073 89 964 477139 336 362159 570 651净资产86 545 935 123204 887150 607 746146 207 167一般偿债能力指标1.89 2.372.081.92增长指标100% 125%88%92%指标变化0.00 25%-12

34、%-8%可接受的最低值1.66 1.661.661.66一般偿债能力47.10% 57.80%51.94%47.81%可接受的最低值35.00%35.00%35.00%35.00%在整个分析时期，一般水平的可解性指标超过了正常范围，即使在2003-2005年略有下降，该指标具有下降趋势的原因是与总资产相比，债务总额的快速增长。不过，在整个分析期间从这个角度分析是安全的，它的资产能够偿还所有的债务。从一般的可解性报告的分析结果能够得出同样的结论。2.2可解性的财务分析可解性的财务指标(ISF)是指在大多数情况下该公司的总资产能够偿还它的所有的金融债务。可解性的财务指标(ISF)=总资产/所有的金

35、融债务，解性的财务指标可接受的最低水平是2.00。在这种水平下，如果公司面临支付，就不能正常运行。表2财务可解指标2002200320042005总资产183 763 008 213 169 364289 944 108305 777 818总的金融负债64 325 931 60 831 92097 621 346101 417 082财务偿债能力2.86 3.502.973.02可接受的最低值2.002.002.002.00在输入分析期间，该指标值超过了平均限额，即使在2004年，相对于前一年数值下降了。该指标具有下降趋势的原因是与总资产相比金融债务更快速的增长。不过从这个角度上看，在整个分

36、析期间是安全的，这一事实显示了该公司所有的资产能够偿还金融债务的能力。2.3债务的偿还能力分析债务偿还能力(CRD) ：显示该公司在筹资活动筹到的资金能够支付债务总额。债务偿还能力(CRD)=自我融资的债务/所有的债务。可接受的最低水平是0.33（包括在3年内相应的债务），如果债务偿还能力水平在0.33以下，该公司面临支付及丧失工作能力的最佳水平为1.00。表3偿还债务能力指标2002200320042005自我融资能力13 383 951 34 284 54030 191 65118 975 448总负债97 217 073 89 964 477139 336 362159 570 651偿

37、还容量0.14 0.380.220.12增长指标100% 271%58%55%该指标的变化100% 171%-42%-45%平均生长节律1.00 1.71-0.42-0.45可接受的最低值0.33 0.330.330.332003年的指标值超过了最低水平，它比前一年增加了171%。该指标具有下降趋势，从这个角度上来看，该公司在分析期间有一个可以接受的金融安全。偿还债务总量(CBRD)显示该公司从经营活动中得到的潜在的自筹资金能够偿还公司的总债务。偿还债务总量(CBRD)=业余活动的盈余总额/总负债，可接受的最低水平0.50（包涵了2年的期债）根据这级别的公司面临支付伤残。偿还债务总量的最佳水平

38、是1.00。表4偿还债务总量指标2002200320042005业务活动的盈余总额32 451 335 51 338 82945 515 10728 734 234负债总额97 217 073 213 169 364289 944 108305 777 818偿还总量0.33 0.240.160.09可接受的最低值0.500.500.500.50对于整个分析期间，这指标是可以接受的最低值。相对于前一年，它显示了一个不断下降的趋势。该指标具有总得下降趋势。从这个角度上看，根据它的支付能力而言，该公司不是安全的。净债务偿还能力(CNRD)说明在很大程度上，净自筹资金支付公司的债务总额。净债务偿还能

39、力表明自己的来源和借来之间的报告。净债务偿还能力(CNRD)=净自筹资金/总负债。净债务偿还能力可接受的最低水平是0.25（包涵了4年的债务），根据这个级别的公司面临支付伤残，净债务偿还能力的最佳水平是1.00。表5净债务偿还能力指标2002200320042005净自筹资金13 383 951 34 284 54030 191 65118 975 448负债总额97 217 073 213 169 364289 944 108305 777 818净偿还能力0.140.160.100.06可接受的最低值0.25 0.500.500.50在整个分析期间，该指标值是根据平均极限。在过去的一年，净

40、债务偿还能力该指标值明显下降。相对于前一年，总的趋势是下降的，从这个角度上看，公司是在金融不稳定的状态。2.4财务费用的要求分析财务费用的要求比(RPCF)是指显示在很大程度上从财务费用消耗的业务活动的总积累现金。财务费用的要求比(RPCF)=财务费用/创造的盈余总额，可接受的最高水平是60%，在这个级别的公司所面临的危险是负现金。表6财务费用的要求比指标2002200320042005财务费用22 293 955 19 954 45816 668 68812 717 525创造的盈余总额32 451 335 51 338 82945 515 10728 734 234财务费用需求68.70 38.8736.6244.26最大允许值0.600.600.600.60在第一年，本指标值在正常范围内，但是相对于前一年它增加了。该指标有下降的趋势，立足于金融债务，使它产生的费用和利息减少，又减少以盈余为目的的经营业务，它产生的利益开支减少。不过，从这个角度看，该公司不在安全的分析期间。3 结论考虑到上面说的，我们得出的结论是充足的。该公司的杠杆水平不会产生持续的活动与重大风险。然而，我们注意到，有一个指标的可解性贬值是对时间间隔的最后部分的趋势分析。. .此处忽略！12