【文章內(nèi)容簡(jiǎn)介】 股募股資金 45,135 萬(wàn)港元，主要投資于房地產(chǎn)開(kāi)發(fā)，房地產(chǎn)核心業(yè)務(wù)進(jìn)一步突顯。 1997 年 6月，公司增資配股募集資金 人民幣 億元，主要投資于深圳住宅開(kāi)發(fā)，推動(dòng)公司房地產(chǎn)業(yè)務(wù)發(fā)展更上一個(gè)臺(tái)階。 2021 年初，公司增資配股募集資金人民幣 億元，公司實(shí)力進(jìn)一步增強(qiáng)。公司于 2021 年將直接及間接持有的萬(wàn)佳百貨股份有限公司 72%的股份轉(zhuǎn)讓予中國(guó)華潤(rùn)總公司及其附屬公司，成為專(zhuān)一的房地產(chǎn)公司。 2021年 6月，萬(wàn)科發(fā)行可轉(zhuǎn)換公司債券，募集資金 15億，進(jìn)一步增強(qiáng)了發(fā)展房地產(chǎn)核心業(yè)務(wù)的資金實(shí)力。公司于 1988 年介入房地產(chǎn)領(lǐng)域， 1992 年正式確定大眾住宅開(kāi)發(fā)為核心業(yè)務(wù)，截止 2021 年底已進(jìn)入深圳、上海、北京、天津、沈陽(yáng)、成都、武漢、 南京、長(zhǎng)春、南昌和佛山進(jìn)行住宅開(kāi)發(fā)， 2021 年萬(wàn)科又先后進(jìn)入鞍山、大連、中山、廣州、東莞，目前萬(wàn)科業(yè)務(wù)已經(jīng)擴(kuò)展到 16 個(gè)大中城市憑借一貫的創(chuàng)新精神及專(zhuān)業(yè)開(kāi)發(fā)優(yōu)勢(shì)，公司樹(shù)立了住宅品牌，并獲得良好的投資回報(bào) 。 二 .杜邦分析原理介紹 杜邦分析法，又稱(chēng)杜邦財(cái)務(wù)分析體系，簡(jiǎn)稱(chēng)杜邦體系，是利用各主要財(cái)務(wù)比率指標(biāo)間的內(nèi)在聯(lián)系，對(duì)企業(yè)財(cái)務(wù)狀況及經(jīng)濟(jì)利益進(jìn)行綜合系統(tǒng)分析評(píng)價(jià)的方法。該體系以?xún)糍Y產(chǎn)收益率為龍頭，以資產(chǎn)凈利率和權(quán)益乘數(shù)為核心，重點(diǎn)揭示企業(yè)獲利能力，資產(chǎn)投資收益能力及權(quán)益乘數(shù)對(duì)凈資產(chǎn)收益率的影響，以及各相關(guān)指標(biāo) 間的相互影響作用關(guān)系。 杜邦分析法中涉及的幾種主要財(cái)務(wù)指標(biāo)關(guān)系為： 凈資產(chǎn)收益率 =資產(chǎn)凈利率 *權(quán)益乘數(shù) 資產(chǎn)凈利率 =銷(xiāo)售凈利率 *資產(chǎn)周轉(zhuǎn)率 凈資產(chǎn)收益率 =銷(xiāo)售凈利率 *資產(chǎn)周轉(zhuǎn)率 *權(quán)益乘數(shù) 三．杜邦分析 數(shù) 據(jù) 。 杜邦分析法中涉及的幾種主要財(cái)務(wù)指標(biāo)關(guān)系為： 凈資產(chǎn)收益率 =資產(chǎn)凈利率 *權(quán)益乘數(shù) 資產(chǎn)凈利率 =銷(xiāo)售凈利率 *資產(chǎn)周轉(zhuǎn)率 凈資產(chǎn)收益率 =銷(xiāo)售凈利率 *資產(chǎn)周轉(zhuǎn)率 *權(quán)益乘數(shù) 杜邦分析 總資產(chǎn)收益率 % X 權(quán)益乘數(shù) 1/() =資產(chǎn)總額 /股東權(quán)益 =1/（ 1資產(chǎn)負(fù)債率） =1/（ 1負(fù)債總額 /資產(chǎn)總額） x100％ 12 主營(yíng)業(yè)務(wù)收入 7,504,969,755 全部成本 6,202,756,893 + 其他利潤(rùn) 200,022,269 所得稅 375,655,681 流動(dòng)資產(chǎn) 140,886,939,320 + 長(zhǎng)期資產(chǎn) 7,383,409,016 主營(yíng)業(yè)務(wù)成本 5,494,621,235 營(yíng)業(yè)費(fèi)用 293,290,365 管理費(fèi)用 309,252,999 財(cái)務(wù)費(fèi)用 105,592,294 貨幣資金 17,917,618,442 短期投資 0 應(yīng)收賬款 406,782,083 存貨 103,511,656,967 其他流動(dòng)資產(chǎn) 19,050,881,828 長(zhǎng)期投資 3,905,290,692 固定資產(chǎn) 1,999,879,587 無(wú)形資產(chǎn) 0 其他資產(chǎn) 110,213,152 凈資產(chǎn) 收益率 =投 資報(bào) 酬率 *平均 權(quán) 益成 數(shù) 權(quán)益 成 數(shù) =1/1— 資產(chǎn)負(fù)債 率 凈資產(chǎn)收益率 % 主營(yíng)業(yè)務(wù)利潤(rùn)率 % X 總資產(chǎn)周轉(zhuǎn)率 % =主營(yíng)業(yè)務(wù)收入 /平均資產(chǎn)總額 =主營(yíng)業(yè)務(wù)收入 /(期 末資產(chǎn)總額 + 期初資產(chǎn)總額 )/2 期末 :148,395,955,757 期初 :137,507,653,940 凈利潤(rùn) 1,126,579,449 / 主營(yíng)業(yè)務(wù)收入 7,504,969,755 主營(yíng)業(yè)務(wù)收入 7,504,969,755 / 資產(chǎn) 總額 148,395,955,757 13 時(shí)間 項(xiàng)目 備注 權(quán)益乘數(shù) 實(shí)際操作中用權(quán)益成數(shù)替代平均權(quán)益乘數(shù) 投資報(bào)酬率（ %） 凈資產(chǎn)收益率（ %） 2 投資報(bào)酬率 時(shí)間 項(xiàng)目 銷(xiāo)售凈利率（ %） 總資產(chǎn)周轉(zhuǎn)率（ %） 投資報(bào)酬率（ %） 3 資金結(jié)構(gòu)分析 時(shí)間 項(xiàng)目 資產(chǎn)負(fù)債率（ %） 股東權(quán) 益比率（ %） 數(shù)據(jù)分析結(jié)果： （ 1）凈 資產(chǎn) 收益 率是 一個(gè)綜合性很強(qiáng)的與公司財(cái)務(wù)管理目標(biāo)相關(guān)性最大的指標(biāo) ，而 凈資產(chǎn)收益率由公司的銷(xiāo)售凈利率、總資產(chǎn)周轉(zhuǎn)率和權(quán)益乘數(shù)所決定 。 從上面數(shù)據(jù)可以看出萬(wàn)科房地產(chǎn)的凈資產(chǎn)收益率較高，而且從 2021 年 2021 年的增幅較大，說(shuō)明了企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)小。 （ 2） 權(quán)益乘數(shù)主要受資產(chǎn)負(fù)債率影響。負(fù)債比率越大，權(quán)益乘數(shù)越高，說(shuō)明企業(yè)有較高的負(fù)債程度，給企業(yè)帶來(lái)較多地杠桿利益，同時(shí)也給企業(yè)帶來(lái)了較多地風(fēng)險(xiǎn)。 該公司權(quán)益乘數(shù)大 ，說(shuō)明萬(wàn)科地產(chǎn)的負(fù)債程度較高，企業(yè)風(fēng)險(xiǎn)較大。 （ 3） 銷(xiāo)售凈利率反映了企業(yè)利潤(rùn)總額與銷(xiāo)售收入的關(guān)系，從這個(gè)意義上看提高銷(xiāo)售凈利率是提高企業(yè)盈利能力的關(guān)鍵所在。 萬(wàn)科房地產(chǎn)的銷(xiāo)售凈利率在這兩年間有所提升，說(shuō)明了該企業(yè)的盈利能力有所提升。 14 請(qǐng)您刪除一下內(nèi)容， O(∩ _∩ )O 謝謝！??！ 2021 年中央電大期末復(fù)習(xí)考試小抄大全，電大期末考試必備小抄，電大考試必過(guò)小抄Acetylcholine is a neurotransmitter released from nerve endings (terminals) in both the peripheral and the central nervous systems. It is synthesized within the nerve terminal from choline, taken up from the tissue fluid into the nerve ending by a specialized transport mechanism. The enzyme necessary for this synthesis is formed in the nerve cell body and passes down the axon to its end, carried in the axoplasmic flow, the slow movement of intracellular substance (cytoplasm). Acetylcholine is stored in the nerve terminal, sequestered in small vesicles awaiting release. When a nerve action potential reaches and invades the nerve terminal, a shower of acetylcholine vesicles is released into the junction (synapse) between the nerve terminal and the ‘effector’ cell which the nerve activates. This may be another nerve cell or a muscle or gland cell. Thus electrical signals are converted to chemical signals, allowing messages to be passed between nerve cells or between nerve cells and nonnerve cells. This process is termed ‘chemical neurotransmission’ and was first demonstrated, for nerves to the heart, by the German pharmacologist Loewi in 1921. Chemical transmission involving acetylcholine is known as ‘cholinergic’. Acetylcholine acts as a transmitter between motor nerves and the fibres of skeletal muscle at all neuromuscular junctions. At this type of synapse, the nerve terminal is closely apposed to the cell membrane of a muscle fibre at the socalled motor end plate. On release, acetylcholine acts almost instantly, to cause a sequence of chemical and physical events (starting with depolarization of the motor endplate) which cause contraction of the muscle fibre. This is exactly what is required for voluntary muscles in which a rapid response to a mand is required. The action of acetylcholine is terminated rapidly, in around 10 milliseconds。 an enzyme (cholinesterase) breaks the transmitter down into choline and an acetate ion. The choline is then available for reuptake into the nerve terminal. These same principles apply to cholinergic transmission at sites other than neuromuscular junctions, although the structure of the synapses differs. In the autonomic nervous system these include nervetonerve synapses at the relay stations (ganglia) in both the sympathetic and the parasympathetic divisions, and the endings of parasympathetic nerve fibres on nonvoluntary (smooth) muscle, the heart, and glandular cells。 in response to activation of this nerve supply, smooth muscle contracts (notably in the gut), the frequency of heart beat is slowed, and glands secrete. Acetylcholine is also an important transmitter at many sites in the brain at nervetonerve synapses. To understand how acetylcholine brings about a variety of effects in different cells it is