公司偿债能力分析

公司偿债能力 贵州大学科技学院 毕 业 论 文 课名称: 公司偿债能力分析 学生姓名: 指导教师: 教 学 部: 专 业: 年 级: 贵州大学科技学院教学科研科制 200 年 月 日填写 urban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and high efficiency, become an indispensable part of urban traffic structure, is the contradiction between supply and demand of the growing metropolis, cities, effective means to meet the needs of urban traffic. The following table is a rail transport and other modes of urban passenger transport capacity, transportation speed and resource consumption, and so on. Comparison of urban passenger traffic characteristics table 5.1-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-15 3,000 short car 20-50 10-20 wide bus 6,000-9,000 1-2 40-60 0.25-0.5 from the Metro light rail of 10,000-30,000 in long-distance line 3 More than 0,000 40-60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the level of resource consumption and environmental pollution, rail transport is undoubtedly an effective means to solve the problem of traffic congestion in cities. Especially in urban population strength enormous traffic demand on the route to ease traffic pressure, rail transportation has incomparable advantages. Washington, DC, area of 177km2, and a population of 600,000, is a United States political center. For the Washington Metro system United States second-busiest subway, second only to the New York subway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km, net annual passenger volume reached 223 million people. According to statistics, from 2000 to 2009 vehicle trip down 12.7%, bus travel has increased by 12%. Objectives of the Washington Metro system boils down to the following three points: by driving onto the tracks at the station transfer mode in order to alleviate traffic congestion; For those who will not or cannot drive the person with a better option than conventional public transit; Block highway 目录 1 公司偿债能力 1(1偿债能力定义的分析 1(2 偿债能力分析的内容与意义 1.3公司偿债能力的主要分析手法 2 短期偿债能力分析 2(1 短期偿债的具体定义 2(2 短期偿债能力分析 2(3 短期偿债能力分析的局限性 3 长期偿债能力分析 3(1 长期偿债的具体定义 3(2 长期偿债能力分析 3.2.1长期偿债能力 4 短期和长期的关系 4.1短期和长期的区别 4(2 短期与长期的联系 5 公司偿债能力分析的现状 5.1结合公司现金流量进行分析 5.2通过资产负债率、流动比率、速动比率等分析 5.3 关于面对不同债权人时解决 5.3.1面对投资者 5.3.2面对管理者 5.3.3面对供应商 6案例分析(贵阳博晟食品有限公司) 7总结 参考文献 附录 20 wide bus 6,000-50 10-0 short car 2015 3,00-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-istics table 5.1transport capacity, transportation speed and resource consumption, and so on. Comparison of urban passenger traffic character sengeres, effective means to meet the needs of urban traffic. The following table is a rail transport and other modes of urban pasindispensable part of urban traffic structure, is the contradiction between supply and demand of the growing metropolis, citih efficiency, become an urban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and higansit; Block highwaylic trto alleviate traffic congestion; For those who will not or cannot drive the person with a better option than conventional pubgton Metro system boils down to the following three points: by driving onto the tracks at the station transfer mode in order Washinople. According to statistics, from 2000 to 2009 vehicle trip down 12.7%, bus travel has increased by 12%. Objectives of the bway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km, net annual passenger volume reached 223 million pebusiest subway, second only to the New York su-United States political center. For the Washington Metro system United States secondpressure, rail transportation has incomparable advantages. Washington, DC, area of 177km2, and a population of 600,000, is a ffic lem of traffic congestion in cities. Especially in urban population strength enormous traffic demand on the route to ease tralevel of resource consumption and environmental pollution, rail transport is undoubtedly an effective means to solve the prob 60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the-distance line 3 More than 0,000 40-30,000 in long-0.5 from the Metro light rail of 10,000-60 0.25-2 40-9,000 1-II 中文摘要 资金是公司发展的目标和起点，拥有良好和稳定的起点对公司的发展有着现实的意义，本文就从公司本身入手分析公司的偿债能力，首先说明公司的偿债能力的主要对象和主要分析手法，再次分析公司长期偿债能力和短期偿债能力的概念和区别，然后以投资者、管理者、供应商方面来客观反映公司偿债能力对其重要性和差异性，最后总结公司在面对不同的偿债对象时的不同方法以让公司在起点上拥有良好的资金和以后发展道路上的稳定。 关键词:公司 偿债 债权 能力 短期偿债和长期偿债 投资者 管理者 供应商 -60 0.25-2 40-9,000 1-20 wide bus 6,000-50 10-15 3,000 short car 20-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-o on. Comparison of urban passenger traffic characteristics table 5.1and s ble is a rail transport and other modes of urban passenger transport capacity, transportation speed and resource consumption,en supply and demand of the growing metropolis, cities, effective means to meet the needs of urban traffic. The following tah efficiency, become an indispensable part of urban traffic structure, is the contradiction betweurban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and highe person with a better option than conventional public transit; Block highwayto the tracks at the station transfer mode in order to alleviate traffic congestion; For those who will not or cannot drive tng onbus travel has increased by 12%. Objectives of the Washington Metro system boils down to the following three points: by drivi , net annual passenger volume reached 223 million people. According to statistics, from 2000 to 2009 vehicle trip down 12.7%,busiest subway, second only to the New York subway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km-ates second, area of 177km2, and a population of 600,000, is a United States political center. For the Washington Metro system United Ston, DCngth enormous traffic demand on the route to ease traffic pressure, rail transportation has incomparable advantages. Washingtt is undoubtedly an effective means to solve the problem of traffic congestion in cities. Especially in urban population streconsumption and environmental pollution, rail transpor60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the level of resource -distance line 3 More than 0,000 40-30,000 in long-Metro light rail of 10,0000.5 from the III 公司偿债能力分析 1 公司偿债能力 1(1偿债能力定义的分析 公司偿债能力指的是公司由于公司发展或是公司稳定的需要而产生的债务，其中公司债权的主要对象:投资者、管理者、供应商。下面我们就这几个公司的债权对象进行具体分析: 投资者:做为公司的投资者，他们与公司有着共同的目标，客观来说公司的发展直接决定他们的利益;但是主观方面来看，每一个投资者都不希望自己的利益受到影响，所以在公司发展稳定时，他们是稳定的投资者，而在公司面临困难时，他们可能第一个要求撤出自己的投资资金，这样他们就可以看作为公司的潜在债权对象。 管理者:管理者是把握公司发展的决策人，可以说他们完全决定着公司的命运，同时他们自己的利益问题也是受他们的决策所影响，但是他们同时也是公司薪金的重要分成者甚至部分管理者还拥有公司利润分成的权利，所以侧面来看他们也是公司的债权对象。 供应商:就供应商而言，他们与公司是合作关系，同时也是公司发展的基础，所以他们借贷形式的供货关系直接就是公司短期债权对象。 1(2 偿债能力分析的内容与意义 公司偿债能力分析的内容:指出公司债权的主要对象，再以各个不同的对象来分析公司的偿债能力的影响，最后说明公司偿债能力的主要分析手法。 公司偿债能力分析的意义:上文我们说到公司的投资者、管理着和供应商这些和公司发展息息相关公司内部人员都是公司的潜在或直接债权对象，这样公司的偿债能力就为他们所关心，同时公司的偿债能力也是公司发展情况最好的标志，它是公司偿还债务的承受 -2 40-9,000 1-20 wide bus 6,000-50 10-0 short car 2015 3,00-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-istics table 5.1transport capacity, transportation speed and resource consumption, and so on. Comparison of urban passenger traffic character sengeres, effective means to meet the needs of urban traffic. The following table is a rail transport and other modes of urban pasindispensable part of urban traffic structure, is the contradiction between supply and demand of the growing metropolis, citih efficiency, become an urban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and higansit; Block highwaylic trto alleviate traffic congestion; For those who will not or cannot drive the person with a better option than conventional pubgton Metro system boils down to the following three points: by driving onto the tracks at the station transfer mode in order Washinople. According to statistics, from 2000 to 2009 vehicle trip down 12.7%, bus travel has increased by 12%. Objectives of the bway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km, net annual passenger volume reached 223 million pebusiest subway, second only to the New York su-United States political center. For the Washington Metro system United States secondpressure, rail transportation has incomparable advantages. Washington, DC, area of 177km2, and a population of 600,000, is a ffic lem of traffic congestion in cities. Especially in urban population strength enormous traffic demand on the route to ease tralevel of resource consumption and environmental pollution, rail transport is undoubtedly an effective means to solve the prob 60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the-distance line 3 More than 0,000 40-30,000 in long-0.5 from the Metro light rail of 10,000-60 0.25IV 能力和公司给以投资者、管理者和供应商最好的信心。 对于公司的债权人而言，对企业偿债能力的分析有利于债权人进行正确的借贷决策。 对于公司股东而言，企业偿债能力分析有利于投资者进行正确的投资决策。 对于公司管理者而言，企业偿债能力分析有利于企业管理者进行正确的经营决策。 对于公司供应商而言，对于企业偿债能力分析有利于供应商对于企业的财务状况进行正确的评估 1.3公司偿债能力的主要分析手法 当下公司偿债能力的主要分析手法包括时间和对象分析手法。由时间方面来分析就分为短期偿债能力和长期偿债能力。做为公司发展方向的决策人，就有必要通过分析来知道公司的偿债能力，这个分析就需要一个科学的分析方法，它不仅仅要结合数据指标同时也要囊括公司盈利情况、资金指标等指标的结合，而其中公司资金的流动比率、速动比率、资产负债率等都是反映公司偿债能力的重要指标(不同的指标反映了公司在时间观念上的长期和短期偿债能力)。一般认为公司的流动比率大于1，速动比率大于2，资产负债率低于50,(在我国低于60,)是合理的，说明该公司偿债能力较强。但笔者认为，单纯分析公司的偿债能力指标是不能反映公司真实的偿债能力的，而应该与公司的获利能力结合起来分析。公司偿债能力的好坏也取决于公司获利能力的高低，即使公司的各项偿债能力的指标都符合上述，如果该公司处于衰退期，并且是夕阳行业且获利能力很低的话(即息税前利润率低于负债的资金成本)，则该公司从偿债能力指标分析来看，可能短期具有一定的偿债能力。但是，从长期来看，该公司的偿债能力是不可靠的，是值得怀疑的。相反，如果公司的资产负债比率较高(如大于60,)，但只要该公司的息税前利润率高于公司负债的资金成本及该公司的获利能力较强，并且该公司处于发展阶段以及朝阳行业的话，则该公司从偿债能力指标分析来看，短期内偿债能力较差，但是，长期而言，该公司的偿债能力是可以肯定的。所以单纯地以偿债能力指标的高低来判断公司的偿债能力是不科学的。 通常而言，公司的盈利指标就有:净资产收益率、销售净利率、总资产收益率等。但是上面我们说到在分析公司偿债能力时，我们需要做到科学的全面的分析，所以我们就不能单纯的以公司的盈利指标来分析公司的偿债能力，因为只有盈利没有资金流通或只有资金流通而没有盈利能力的公司，在偿债方面都是不稳定的，这样反应的公司偿债能力也是片面的，所以我们需要将公司的盈利指标与公司的资金指标相结合分析，这样分析得到的公司偿债能力报告才是真实的稳定的可持续的。 0.5 from the -60 0.25-2 40-9,000 1-20 wide bus 6,000-50 10-15 3,000 short car 20-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-o on. Comparison of urban passenger traffic characteristics table 5.1and s ble is a rail transport and other modes of urban passenger transport capacity, transportation speed and resource consumption,en supply and demand of the growing metropolis, cities, effective means to meet the needs of urban traffic. The following tah efficiency, become an indispensable part of urban traffic structure, is the contradiction betweurban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and highe person with a better option than conventional public transit; Block highwayto the tracks at the station transfer mode in order to alleviate traffic congestion; For those who will not or cannot drive tng onbus travel has increased by 12%. Objectives of the Washington Metro system boils down to the following three points: by drivi , net annual passenger volume reached 223 million people. According to statistics, from 2000 to 2009 vehicle trip down 12.7%,busiest subway, second only to the New York subway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km-ates second, area of 177km2, and a population of 600,000, is a United States political center. For the Washington Metro system United Ston, DCngth enormous traffic demand on the route to ease traffic pressure, rail transportation has incomparable advantages. Washingtt is undoubtedly an effective means to solve the problem of traffic congestion in cities. Especially in urban population streconsumption and environmental pollution, rail transpor60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the level of resource -distance line 3 More than 0,000 40-30,000 in long-Metro light rail of 10,000V 2 短期偿债能力分析 2(1 短期偿债的具体定义 短期偿债能力:企业用流动资产和营业利润归还各种1年内到期或超过1年的各营业周期内到期的流动负债的能力。主要是指流动资产各项目的变现能力，指标通常包括营运资本、流动比率、速动比率、现金比率。主要表现在公司到期债务与可支配流动资产之间的关系,主要的衡量指标有流动比率和速动比率。 2(2 短期偿债能力分析 (1)流动比率是衡量企业短期偿债能力最常用指标。 计算为:流动比率,流动资产/流动负债。 这里主要是指用变现能力较强的流动资金来偿还公司的短息债务，而对于这其中最低的流动比率则要求为2，同时这个比率不能过高，因为这个比率是反应公司的流动资金的占用率较高，这样公司的资金使用率和盈利能力就会受到影响;存货挤压、应收帐款过多、收款期过长亦或是公司其他方面的原因都会影响公司流动资金占用率，这样就使得公司在流动资金多，但是在面对公司在短期债务方面资金短缺的严重后果。所以公司在营业周期、应收帐款和存货方面就要做好周转，避免因为这些因素影响公司的短期偿债能力。 (2)速动比率,又称酸性测试比率。 前面我们说道关于流动比率的问题，而公司的短期偿债能力在受到流动资金和负债资金、流动资产结构和变现能力、公司的流动负债和偿债周期所决定时，具体可以通过营运资本、流动比率、速动比率、现金比率等指标来衡量。 计算公式为:速动比率=速动资产/流动负债。 速动资产是指流动资产扣除存货之后的余额,有时还扣除待摊费用、预付货款等。在速动资产中扣除存货是因为存货的变现有一个过程，相对较慢，同时存货可能损坏和价格方面起伏等问题;待摊费用、预付货款是已经反生的资金支出,所以在计算速动比率时科学的方法也将之从流动资产中扣除。而影响速动比率的重要因素是应收账款的变现能力,投资者在分析时可结合应收账款周转率、坏账准备计提政策一起考虑。通常认为合理的速动比率为1。 同时，还有许多财务报表中没有反映出来的因素也会影响公司的短期偿债能力，投资者主要可以从以下这些方面来分析: 60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the-distance line 3 More than 0,000 40-30,000 in long-0.5 from the Metro light rail of 10,000-60 0.25-2 40-9,000 1-20 wide bus 6,000-50 10-0 short car 2015 3,00-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-istics table 5.1transport capacity, transportation speed and resource consumption, and so on. Comparison of urban passenger traffic character sengeres, effective means to meet the needs of urban traffic. The following table is a rail transport and other modes of urban pasindispensable part of urban traffic structure, is the contradiction between supply and demand of the growing metropolis, citih efficiency, become an urban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and higansit; Block highwaylic trto alleviate traffic congestion; For those who will not or cannot drive the person with a better option than conventional pubgton Metro system boils down to the following three points: by driving onto the tracks at the station transfer mode in order Washinople. According to statistics, from 2000 to 2009 vehicle trip down 12.7%, bus travel has increased by 12%. Objectives of the bway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km, net annual passenger volume reached 223 million pebusiest subway, second only to the New York su-United States political center. For the Washington Metro system United States secondpressure, rail transportation has incomparable advantages. Washington, DC, area of 177km2, and a population of 600,000, is a ffic lem of traffic congestion in cities. Especially in urban population strength enormous traffic demand on the route to ease tralevel of resource consumption and environmental pollution, rail transport is undoubtedly an effective means to solve the prob VI 能提高公司短期偿债能力的因素主要有:(1)公司可用银行贷款指标，这里指是在公司以得到银行同意，但是尚未办理手续的银行贷款款项，这样就可为公司以最快的方式增加流动现金用以偿还短期债务。(2)长期资产，这个长期资产的前提是并不影响公司本身和公司的发展，这样公司就可以通过变卖这些长期资产来迅速增加现金以增加公司短期偿债能力。(3)公司信誉，这个就需要公司自身的信用，同时也是因为长期偿债能力与短期偿债能力间的关系，在下面我们会提到，应该说公司的长期偿债能力信用好，那公司在短期债务方面出现问题时，公司以般可以通过利用长期债务来解决短期债务。以上三方面的因素，都能使公司流动资产的实际偿债能力高于公司财务报表中所反映的偿债能力。 能降低公司短期偿债能力的因素主要有:(1)随机负债。随机负债是指公司在突发情况下产生的债务，通常叫或有负债。这种负债，按照我国《公司会计准则》是不作为负债登记成帐，也不在财务报表中反映的。只有在已贴现的商业承兑汇票的资产负债表下端有标识而已。同时或有负债还包括:质量事件的赔偿、法律事件和经济纠纷等产生的现金支出。或有负债一经确认，将会增加公司的偿债负担。(2)担保责任引起的负债。公司可能因为某种需要会应用一些流动资产为他人做贷款担保，这样就会产生两种情况，如果贷款及时偿还则大家都没什么问题出现，同时公司的需要也会得到满足;而假设贷款没有及时的偿还给银行，那担保就会让公司产生债务，就影响公司短期偿还的结构。所以这样的担保是存在风险性的，是公司的一个隐性的短期偿债因素。 2(3 短期偿债能力分析的局限性 短期偿债能力分析具有一定的局限性:反映的是存量;不能反映应收账款周转速度;不能显示融资实力与额度;不能反映表外负债因素;不能真正反映企业经营状况。 影响短期偿债能力的表外因素:增强字长变现能力的因素;减弱变现能力的因素。 3 长期偿债能力分析 3(1 长期偿债的具体定义 长期偿债能力是指企业偿还1年以上债务的能力,与企业的盈利能力、资金结构有十分密切的关系。企业的盈利能力是关系的公司长期偿还能力的主要因素(盈利能力好，当然偿还能力就强;不好则弱)，而资金结构是反映公司公司偿还主要借贷的顺序和方式，所以他侧面影响了企业的长期偿债能力。 3(2 长期偿债能力分析 30,000 in long-Metro light rail of 10,0000.5 from the -60 0.25-2 40-9,000 1-20 wide bus 6,000-50 10-15 3,000 short car 20-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-o on. Comparison of urban passenger traffic characteristics table 5.1and s ble is a rail transport and other modes of urban passenger transport capacity, transportation speed and resource consumption,en supply and demand of the growing metropolis, cities, effective means to meet the needs of urban traffic. The following tah efficiency, become an indispensable part of urban traffic structure, is the contradiction betweurban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and highe person with a better option than conventional public transit; Block highwayto the tracks at the station transfer mode in order to alleviate traffic congestion; For those who will not or cannot drive tng onbus travel has increased by 12%. Objectives of the Washington Metro system boils down to the following three points: by drivi , net annual passenger volume reached 223 million people. According to statistics, from 2000 to 2009 vehicle trip down 12.7%,busiest subway, second only to the New York subway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km-ates second, area of 177km2, and a population of 600,000, is a United States political center. For the Washington Metro system United Ston, DCngth enormous traffic demand on the route to ease traffic pressure, rail transportation has incomparable advantages. Washingtt is undoubtedly an effective means to solve the problem of traffic congestion in cities. Especially in urban population streconsumption and environmental pollution, rail transpor60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the level of resource -distance line 3 More than 0,000 40-VII 3.2.1长期偿债能力 企业的长期负债能力可通过资产负债率、长期负债与营运资金的比率及利息保障倍数等指标来分析。影响长期偿债能力的因素:企业的资本结构;字长的实际价值;企业的盈利能力。 (,)资产负债率是负债总额除以资产总额的比率。 这里说到的资产总额比率可以说是投资者最关心的问题，因为每一个投资者都希望自己的投资带来回报，而公司的资产总负债率低反映了公司的债务问题少，这样就说明公司盈利好，同时也是对他们资金的保证。这样投资者才会对公司抱以信心，不会要求撤除资金。 (,)长期负债与营运资金的比率。 计算公式为:长期负债与营运资金的比率,长期负债/营运资金,长期负债/(流动资金-流动负债)。 由于长期负债与流动负债的关系(长期负债如果不进行处理，那么会逐渐演变为流动负债)，所以流动资产不仅仅需要满足偿还流动负债还需要在长期债务方面有良好的规划。 (,)利息保障倍数是利润总额(税前利润)加利息费用之和与利息费用的比率。 其计算公式:利息保障倍数,息税前利润/利息费用,(利润总额+利息费用)/利息费用。 如果企业的利息保障倍数大于1。这样才能反映出公司在长期债务方面的稳定性，所以在做公司的偿债能力报表时，我们就需要选择这个基数最低的年份来做为数据标准。 3.3.2影响长期偿债能力的因素: (,)长期租赁 当公司在面临需要货物供应但又资金不足时，这时就可以通过长期租凭来解决公司的需要，毕竟公司的发展是会有需要的。长期租凭会为公司带来一个固定的长期的欠单，同时这张欠单还需要支付租金，这样在分析长期偿债能力时我们就需要考虑的长期租凭的影响。 (,)债务担保 担保项目的时间长短不一，有的涉及企业的长期负债，有的涉及企业的流动负债。在分析企业长期偿债能力时，应根据有关资料判断担保责任带来的潜在长期负债问题。 (,)未决诉讼 60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the-distance line 3 More than 0,000 40-30,000 in long-0.5 from the Metro light rail of 10,000-60 0.25-2 40-9,000 1-20 wide bus 6,000-50 10-0 short car 2015 3,00-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-istics table 5.1transport capacity, transportation speed and resource consumption, and so on. Comparison of urban passenger traffic character sengeres, effective means to meet the needs of urban traffic. The following table is a rail transport and other modes of urban pasindispensable part of urban traffic structure, is the contradiction between supply and demand of the growing metropolis, citih efficiency, become an urban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and higansit; Block highwaylic trto alleviate traffic congestion; For those who will not or cannot drive the person with a better option than conventional pubgton Metro system boils down to the following three points: by driving onto the tracks at the station transfer mode in order Washinople. According to statistics, from 2000 to 2009 vehicle trip down 12.7%, bus travel has increased by 12%. Objectives of the bway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km, net annual passenger volume reached 223 million pebusiest subway, second only to the New York su-United States political center. For the Washington Metro system United States secondpressure, rail transportation has incomparable advantages. Washington, DC, area of 177km2, and a population of 600,000, is a ffic lem of traffic congestion in cities. Especially in urban population strength enormous traffic demand on the route to ease tralevel of resource consumption and environmental pollution, rail transport is undoubtedly an effective means to solve the prob VIII 未决诉讼一旦判决败诉，便会影响企业的偿债能力，因此在评价企业长期偿债能力时要考虑其潜在影响。 除以上因素外还包括: (,)资本结构 资本结构是指企业各种长期筹资来源的构成和比例关系。长期资本来源，主要是指权益筹资和长期债务。 资本结构对企业长期偿债能力的影响主要体现在以下两个方面: 权益资本是承担长期债务的基础。 资本结构影响企业的财务风险，进而影响企业的偿债能力。 (,)获利能力 长期偿债能力与获利能力密切相关。企业能否有充足的现金流入偿还长期负债，在很大程度上取决于企业的获利能力。一般来说，企业的获利能力越强，长期偿债能力越强;反之，则越弱。 因此，研究企业长期偿债能力可从盈利能力和资产规模两方向与长期偿债的关系进行。 4 短期和长期的关系 4.1短期和长期的区别 前面我们说到过短期偿债能力与长期偿债能力间是有联系的，现在我们先来分析他们的区别再下面再分析他们的联系。 短息偿债能力和长期偿债能力基本上是通过企业短期负债和长期负债与流动资产和资产总额之间的相互计算来区别的。首先，流动资产在选择偿还方面，就会先应付短期负债，而资产总额方面，就会以考虑长期债务为主，这样总额以长期，而流动以短期就是他们在公司资产方面的区别。 长期和短期的区别还在于有效偿付方面(具体的说就是偿付的时间周期):短期偿债能力保证短期债务有效偿付(一年内或超过一年但在一个营业周期以内);波动性较大;决定因素也多为公司流动资金方面的指标，是公司发展的需要;而长期偿债能力保证未来到期债务(一年以上);相对稳定;决定因素多为公司固定的资产指标，企业的资本结构与盈利水平是公司存在和发展的需要，这样客观的说长期偿债直接关系的公司的生存力和发展力，而短期偿债关系到公司的发展力。 0.5 from the -60 0.25-2 40-9,000 1-20 wide bus 6,000-50 10-15 3,000 short car 20-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-o on. Comparison of urban passenger traffic characteristics table 5.1and s ble is a rail transport and other modes of urban passenger transport capacity, transportation speed and resource consumption,en supply and demand of the growing metropolis, cities, effective means to meet the needs of urban traffic. The following tah efficiency, become an indispensable part of urban traffic structure, is the contradiction betweurban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and highe person with a better option than conventional public transit; Block highwayto the tracks at the station transfer mode in order to alleviate traffic congestion; For those who will not or cannot drive tng onbus travel has increased by 12%. Objectives of the Washington Metro system boils down to the following three points: by drivi , net annual passenger volume reached 223 million people. According to statistics, from 2000 to 2009 vehicle trip down 12.7%,busiest subway, second only to the New York subway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km-ates second, area of 177km2, and a population of 600,000, is a United States political center. For the Washington Metro system United Ston, DCngth enormous traffic demand on the route to ease traffic pressure, rail transportation has incomparable advantages. Washingtt is undoubtedly an effective means to solve the problem of traffic congestion in cities. Especially in urban population streconsumption and environmental pollution, rail transpor60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the level of resource -distance line 3 More than 0,000 40-30,000 in long-Metro light rail of 10,000IX 4(2 短期与长期的联系 既然长期债务和短期债务都与公司的发展息息相关，那他们就必然存在联系，前面我们说过短期偿债中关于公司信用的因素可以利用长期信用来解决公司短期债务问题，具体的说就是利用公司贷款或借贷将公司的短期债务转换为长期债务。也就是说公司的长期偿债能力可以解决公司在短期偿债方面的问题，而短期则可以演变为长期债务。同时长短期债务是静态划分，无绝对的界限，应统筹安排各种债务偿付的时间、数量、资金来源;偿债能力与经营状况正相关;均需保证债务的有效偿付。 总的来说公司在流动方面的资金就应以公司的短期债务为主，而公司的长期发展中，就需要考虑到公司的长期负债，通过资金流转解决短期债务，而通过发展积累来处理长期债务。 5 公司偿债能力分析的现状 偿债能力的大小直接关系到公司持续经营能力的高低，是公司各方面利害关系所重点关心的财务能力之一;在市场经济条件下开展经营活动的现代公司(企业)，其偿债能力是衡量公司财务管理的核心内容。因此偿债能力的分析应成为现代公司财务分析的核心内容之一。 5.1结合公司现金流量进行分析 结合公司现金流量进行分析，即看企业当期取得的现金，在满足生产经营活动的基本现金支出后，是否有足够的现金余量用于偿还到期债务的本息。总得来说是解决了短期的债务，但是长期的债务就会对公司形成潜在因素影响公司长期发展。 5.2通过资产负债率、流动比率、速动比率等分析 通过资产负债率、流动比率、速动比率等质量指标，揭示公司举债的合理程度，长期债务和短期债务构成的效益性，举债经营的效。果，及清偿债务的实际能力等。清晰的解释了关于偿债的能力计算方式，但没有指出具体的差异和在面对多者时的选择。 虽说，公司的偿债问题已经被用现代方式简单化，但是无论公司本身还是债权人，都没有具体的解决公司在面对不同的债权人时的偿债问题，在面对各个债权方的时候没有具体的解决方式，所以在面对公司偿债问题时，现在还没有一个完善的方式 5 关于面对不同债权人时解决方案 60 0.25-2 40-9,000 1-20 wide bus 6,000-50 10-0 short car 2015 3,00-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-istics table 5.1transport capacity, transportation speed and resource consumption, and so on. Comparison of urban passenger traffic character sengeres, effective means to meet the needs of urban traffic. The following table is a rail transport and other modes of urban pasindispensable part of urban traffic structure, is the contradiction between supply and demand of the growing metropolis, citih efficiency, become an urban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and higansit; Block highwaylic trto alleviate traffic congestion; For those who will not or cannot drive the person with a better option than conventional pubgton Metro system boils down to the following three points: by driving onto the tracks at the station transfer mode in order Washinople. According to statistics, from 2000 to 2009 vehicle trip down 12.7%, bus travel has increased by 12%. Objectives of the bway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km, net annual passenger volume reached 223 million pebusiest subway, second only to the New York su-United States political center. For the Washington Metro system United States secondpressure, rail transportation has incomparable advantages. Washington, DC, area of 177km2, and a population of 600,000, is a ffic lem of traffic congestion in cities. Especially in urban population strength enormous traffic demand on the route to ease tralevel of resource consumption and environmental pollution, rail transport is undoubtedly an effective means to solve the prob 60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the-distance line 3 More than 0,000 40-30,000 in long-0.5 from the Metro light rail of 10,000-X 论是短期还是长期偿债能力的分析都未说到在面对不同债权人时的的解决方案，所以就不同债权人的解决方案提出个人建议: 5.3.1面对投资者 在面对投资者:由于投资者对公司的投资希望带来投资成功，所以可以把投资者看作一个长期的债权人，完全可以透过展现公司的长期盈利能力来让投资者不会短时间内要求偿债的，这样就从根本上解决了来自投资者方向的债权问题。 5.3.2面对管理者 在面对管理者:管理者对于公司的债权无非就是工资或者小额公司股份，这样就需要公司的拥有者与管理者拥有良好的待遇关系，从而使得管理者对公司报以信心，就会塌心死地的为公司的发展努力。 5.3.3面对供应商 在面对供应商:供应商完全是短期且频率很高的债权人，与公司之间存在着业务关系，也是公司发展难以离开的债权人。由于存在业务关系，就需要公司于其拥有非常好的业务关系，让供应商对公司有信任感，在特殊的时候可以为公司提供一些偿付时间的延长，这样在公司资金压力很重的时候就为公司减少了压力。 6案例分析(贵阳博晟食品有限公司) 贵阳博晟食品有限公司是一个以经销商形式为公司主要形式的企业，在面对债权对象时就同时囊括了投资者、管理者和供应商三种不同的主要债权对象，所以在此以贵阳博晟食品有限公司为例对该公的的偿债能力进行分析，希望通过该分析，对公司偿债能力的分析有一个初步的了解，同时也是对上述公司偿债能力分析的印证。 贵阳博晟食品有限公司位于贵阳市大营坡银佳花园内，成立与改革开放初期，由现法人代表赵素帧女士及家人共同努力而发展至今。 在08年由于家庭原因，家庭成员中的几个亲人要求拿出自己的股份出售，这几份股份共占公司的40%，而赵女士为了公司稳定的发展，就必须将这40%股份买回，估计资金需要在400万，这样就需要向银行借贷或是对公司股份拥有者的他们协议，这样就对公司本身产生了一个数目为400万的资金借贷情况，而比较科学和实际的情况就是向银行贷款，这样就让公司的最大债权就成为了银行，但是由于影响公司产生债权的主要原因在于拥有股份的债权人(该类债权人就可以看作是公司的投资者，由于公司建立初期是家庭共同建 -Metro light rail of 10,0000.5 from the -60 0.25-2 40-9,000 1-20 wide bus 6,000-50 10-15 3,000 short car 20-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-o on. Comparison of urban passenger traffic characteristics table 5.1and s ble is a rail transport and other modes of urban passenger transport capacity, transportation speed and resource consumption,en supply and demand of the growing metropolis, cities, effective means to meet the needs of urban traffic. The following tah efficiency, become an indispensable part of urban traffic structure, is the contradiction betweurban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and highe person with a better option than conventional public transit; Block highwayto the tracks at the station transfer mode in order to alleviate traffic congestion; For those who will not or cannot drive tng onbus travel has increased by 12%. Objectives of the Washington Metro system boils down to the following three points: by drivi , net annual passenger volume reached 223 million people. According to statistics, from 2000 to 2009 vehicle trip down 12.7%,busiest subway, second only to the New York subway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km-ates second, area of 177km2, and a population of 600,000, is a United States political center. For the Washington Metro system United Ston, DCngth enormous traffic demand on the route to ease traffic pressure, rail transportation has incomparable advantages. Washingtt is undoubtedly an effective means to solve the problem of traffic congestion in cities. Especially in urban population streconsumption and environmental pollution, rail transpor60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the level of resource -distance line 3 More than 0,000 40-30,000 in longXI 立，所以这样的情况有点特殊同时也很鲜明)，而在公司借贷这400万的时候，银行就会对公司的长期盈利能力进行判断。该公司是经销商公司，代理的产品包括贝因美婴幼儿奶粉、贵州黔五福系列产品、康元饼干、台湾雅瑶河玉米糖等，并在贵阳各大中小超市、店面销售情况良好，年销售额近千万，这样银行就会公司的具体情况进行具体的分析，在销售额为1000W时，分析的过程就需要将销售额减去成本约为800W其中含货物成本600W左右薪金100W，得到盈利约为100W来判断该公司的长期偿债能力，也就是说该公司年利润为100W，借贷400W然后加上借贷利息估计需要5年足有能还，银行就可针对此情况制定给该公司为期五年的贷款项目，同时该公司也拥有了一个年限为5年的长期债务。而针对管理者方面来的压力该公司上述情况也是反映情况之一，家族式公司的投资者也就是管理者(出于公司方面的情况以及个人原因，在具体的数据上不能说得过于详细)。由于是代理商就存在一个供应商的问题，现行公司发展良好，基本已解决该问题，但在公司发展初期资金方面的问题就迫使公司需要向供应商以借贷的形式获得货物来进行销售，这样供应商本生就会通过公司的销售能力和商品的市场份额来判断公司在短期内偿还他们债务的能力，如贝因美、黔五福等产品在贵阳都拥有相当份额的市场，这样公司之前的销售能力就成为供应商判断的主要原因，销售是公司业务员的能力体现，赵素帧女士本生就是销售起家，这样对于供应商就有一定的信任度，所以公司就取得了供应商的信任，一步一步的发展壮大起来。在此也预祝该公司发展得更好。 7总结 资金是公司发展的目标和起点，拥有良好和稳定的起点对公司的发展有着现实的意义，本文首先说明公司的偿债能力的主要对象和主要分析手法，再次分析公司长期偿债能力和短期偿债能力的概念和区别，充分的说出偿债能力的各个方面的问题，让公司的债权问题清晰化，来让公司的拥有者在公司面对不同的偿债对象时能果断的拿出不同方法以让公司在起点上拥有良好的资金和以后发展道路上的稳定。最后时间公司于债权人的共赢。 0.5 from the Metro light rail of 10,000-60 0.25-2 40-9,000 1-20 wide bus 6,000-50 10-0 short car 2015 3,00-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-istics table 5.1transport capacity, transportation speed and resource consumption, and so on. Comparison of urban passenger traffic character sengeres, effective means to meet the needs of urban traffic. The following table is a rail transport and other modes of urban pasindispensable part of urban traffic structure, is the contradiction between supply and demand of the growing metropolis, citih efficiency, become an urban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and higansit; Block highwaylic trto alleviate traffic congestion; For those who will not or cannot drive the person with a better option than conventional pubgton Metro system boils down to the following three points: by driving onto the tracks at the station transfer mode in order Washinople. According to statistics, from 2000 to 2009 vehicle trip down 12.7%, bus travel has increased by 12%. Objectives of the bway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km, net annual passenger volume reached 223 million pebusiest subway, second only to the New York su-United States political center. For the Washington Metro system United States secondpressure, rail transportation has incomparable advantages. Washington, DC, area of 177km2, and a population of 600,000, is a ffic lem of traffic congestion in cities. Especially in urban population strength enormous traffic demand on the route to ease tralevel of resource consumption and environmental pollution, rail transport is undoubtedly an effective means to solve the prob 60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the-distance line 3 More than 0,000 40-30,000 in long-XII 参考文献 [1]杨智敏 许彩英 如何科学判断企业偿债能力[N]. 经济日报2002年07月15日 [2]万希宁 苏秋根 企业短期偿债能力分析[J].《商业研究》 2003年09期 [3]如何分析预测公司偿债能力中国证券网[N]. 上海证券报2006年03月21日 [4]徐丽梅 徐梅 企业偿债能力分析评价指标的改进和完善[J].《会计周刊》2007年第3期 [5]李晟 地产板块:关注偿债能力改善的个股[N]. 每日商报2009年04月08日 [6]李兆梅 孔燕 浅谈企业偿债能力分析中易忽视因素[J].《现代经济信息》 2009年22期 [7]欧阳瑜谋 试论企业偿债能力[J].《现代商业》2009年26期 [8]袁桂芳 李建勇 高校偿债能力分析[J].《会计周刊》2010年第4期 [9] 李凉甬 关于企业偿债能力分析问题的探讨[J] 《消费导刊-理论版》 2007年第22期 [10]张先治 《公司理财》[M] 北京大学出版社 2009-10-1 [11]李涛 李冬研 任静 《企业财务分析》[M] 中国电力出版社 2009-2-1 Metro light rail of 10,0000.5 from the -60 0.25-2 40-9,000 1-20 wide bus 6,000-50 10-15 3,000 short car 20-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-o on. Comparison of urban passenger traffic characteristics table 5.1and s ble is a rail transport and other modes of urban passenger transport capacity, transportation speed and resource consumption,en supply and demand of the growing metropolis, cities, effective means to meet the needs of urban traffic. The following tah efficiency, become an indispensable part of urban traffic structure, is the contradiction betweurban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and highe person with a better option than conventional public transit; Block highwayto the tracks at the station transfer mode in order to alleviate traffic congestion; For those who will not or cannot drive tng onbus travel has increased by 12%. Objectives of the Washington Metro system boils down to the following three points: by drivi , net annual passenger volume reached 223 million people. According to statistics, from 2000 to 2009 vehicle trip down 12.7%,busiest subway, second only to the New York subway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km-ates second, area of 177km2, and a population of 600,000, is a United States political center. For the Washington Metro system United Ston, DCngth enormous traffic demand on the route to ease traffic pressure, rail transportation has incomparable advantages. Washingtt is undoubtedly an effective means to solve the problem of traffic congestion in cities. Especially in urban population streconsumption and environmental pollution, rail transpor60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the level of resource -distance line 3 More than 0,000 40-30,000 in long-XIII 成果声明 本人郑重声明:所提交的学位论文是我本人在指导教师的指导下进行的研究工作获得的研究成果。尽我所知，文中除特别标注和致谢的地方外，学位论文中不包含其他人已经发表或撰写过的研究成果，如有侵犯他人著作权的行为，由本人承担责任。 特此申明。 签名: 日期: 2 40-9,000 1-20 wide bus 6,000-50 10-0 short car 2015 3,00-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-istics table 5.1transport capacity, transportation speed and resource consumption, and so on. Comparison of urban passenger traffic character sengeres, effective means to meet the needs of urban traffic. The following table is a rail transport and other modes of urban pasindispensable part of urban traffic structure, is the contradiction between supply and demand of the growing metropolis, citih efficiency, become an urban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and higansit; Block highwaylic trto alleviate traffic congestion; For those who will not or cannot drive the person with a better option than conventional pubgton Metro system boils down to the following three points: by driving onto the tracks at the station transfer mode in order Washinople. According to statistics, from 2000 to 2009 vehicle trip down 12.7%, bus travel has increased by 12%. Objectives of the bway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km, net annual passenger volume reached 223 million pebusiest subway, second only to the New York su-United States political center. For the Washington Metro system United States secondpressure, rail transportation has incomparable advantages. Washington, DC, area of 177km2, and a population of 600,000, is a ffic lem of traffic congestion in cities. Especially in urban population strength enormous traffic demand on the route to ease tralevel of resource consumption and environmental pollution, rail transport is undoubtedly an effective means to solve the prob 60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the-distance line 3 More than 0,000 40-30,000 in long-0.5 from the Metro light rail of 10,000-60 0.25-XIV 致 谢 感谢XXX老师对本篇论文的讲解和悉心指导，从选题的确定到最后稿件的修改评审，XXX老师都给了我很多专业性的指导和纠正。XXX老师严谨的治学态度、丰富渊博的知识、精益求精的工作态度、以及诲人不倦的师者风范是我毕生学习的楷模。 -9,000 1-20 wide bus 6,000-50 10-15 3,000 short car 20-2 traffic volume (human/h) transport speed (km/people) Road area occupied (M2/people) scope bike 2,000 10-o on. Comparison of urban passenger traffic characteristics table 5.1and s ble is a rail transport and other modes of urban passenger transport capacity, transportation speed and resource consumption,en supply and demand of the growing metropolis, cities, effective means to meet the needs of urban traffic. The following tah efficiency, become an indispensable part of urban traffic structure, is the contradiction betweurban traffic structure in the urban public transport system, rail traffic with a fast, large capacity, low pollution and highe person with a better option than conventional public transit; Block highwayto the tracks at the station transfer mode in order to alleviate traffic congestion; For those who will not or cannot drive tng onbus travel has increased by 12%. Objectives of the Washington Metro system boils down to the following three points: by drivi , net annual passenger volume reached 223 million people. According to statistics, from 2000 to 2009 vehicle trip down 12.7%,busiest subway, second only to the New York subway, opened in 1976. Current rail sizes for 5, station 86, total 171.6km-ates second, area of 177km2, and a population of 600,000, is a United States political center. For the Washington Metro system United Ston, DCngth enormous traffic demand on the route to ease traffic pressure, rail transportation has incomparable advantages. Washingtt is undoubtedly an effective means to solve the problem of traffic congestion in cities. Especially in urban population streconsumption and environmental pollution, rail transpor60 do not occupy an area both in terms of transport over long distances, transport efficiency, or from the level of resource -distance line 3 More than 0,000 40-30,000 in long-Metro light rail of 10,0000.5 from the -60 0.25-2 40XV