苏宁环球财务学案.doc

苏宁环球财务分析 摘要 随着社会经济的持续快速发展，企业想要在市场竞争中,把握经济动态，提高核心竞争力，就要重视财务分析。企业管理者可以通过财务分析，了解整个公司的经营成果，评价企业经营者的经营绩效，从而提高企业的经营管理水平。作为国内知名的房地产企业之一，苏宁环球股份有限公司这几年的业绩增长迅速，股价增幅较大。苏宁环球的价值主要来源于企业未来利润的可持续增长，而利润的持续增长则建立在企业的整体战略的布局、金融强大的支持、完善的人才激励制度等等的基础之上，通过有效的企业财务分析，才能更好地实现企业的发展战略。 本文通过对苏宁环球股份有限公司2009年——2010年财务报表的初步分析，并且运用杜邦分析法进行有关财务比率的分析和综合行业分析,借以分析苏宁环球股份有限公司可能的业务前景和财务绩效，从而有助于发现公司存在的财务问题及原因，提出解决相关问题的建议。 关键词 财务比率分析 杜邦分析 综合行业分析 Abstract With the rapid development of social economy, only company pays attention to financial analysis can catch up with the economic trends and improve competitiveness. Business managers can reasonable evaluate the operating results of the operators and promote the further via financial analysis, then he can promote improvement of management. As one of the well-known real estate companies in China, Suning Universal Group Ltd is keeping the fastest pace in development that its share prices had increased considerably. Suning Universal’s value comes mainly from the sustainable growth of the future of the companys profits. While profit growth is based on the layout of the overall strategy, the strong support of the financing sector, the perfect staff incentive policies and other factors. In this paper, by analyzing and researching Suning Universal Group 2009 – 2010 financial statements, we analyze the financial ratios and the whole industry via DuPont analysis, in order to analyze the possible business prospects and financial performance of the company. I hope the research will be helpful to find some problems of the company, then we can put forward the improvement suggestions. Key Words Financial Ratio Analysis, DuPont Analysis, Comprehensive Industry Analysis 目 录 引言 1 一、公司财务报表的初步分析 2 （一）公司资产负债表的初步分析 2 （二）利润表的初步分析 4 （三）现金流量表的初步分析 6 二、有关财务比率分析 8 （一）偿债能力财务比率分析 8 （二）营运能力财务比率分析 10 （三）获利能力财务比率分析 11 三、综合财务比率分析（杜邦分析法） 11 （一）净资产收益率指标 12 （二）负债指标 13 （三）财务杠杆指数 14 （四）杜邦分析的结论 15 四、房地产同业比较 15 （一）规模比较 15 （二）财务杠杆指标 15 （三）收益率指标 16 （四）流动性指标 16 （五）经营效率