營運能力的分析(已改無錯字)
2022-12-15 21:50:45 本頁面
【正文】 bility evaluation. This paper puts forward the analysis framework of general applicability, for real estate enterprises and other enterprises in ihe operation ol. the managers do provide quantilative basis for decisionmaking and analysis methods. Through the case analysis can be found lhat, because the influence of assets turnover rate, total assets yield level but not necessarily advocate business wu ine con si stenl wilh gross margin. And mercial real estate and industrial real estale, residential real estate than sex where profit margins, so vanke’s sales inc margin increased year by year, but despite highest when still about 41%, but the lujiazui, and ihe land is provided ine can be as high as 80% gross margin, cofco property of materials processing ine also can achieve 75% gross margin. From the trend, the ines of the three panies are in growth state gross margin. Bui because ihe operating cash flow is low, the efficiency high profit margins of the lujiazui and cofco real estate but show low on total assets. Three real estate enterprise operations in there is a mon problem, namely the working capital turnover rate is too slow. Operation ability of the enterprise of the scale of operations and different difference were real estate enterprise can cause inventory turnover rate and working capital turnover rate is different. Residential properly turnover rale sex than mercial real estale and industrial real estate, so vanke faster the inventory turnover faster than lujiazui, cofco property because small in scale, the turnover rate close to YuWanKe. Bui in recenl years due to land prices continue to rise, real estate enterprises have been through a lot of store, extend the project development period and so on the way to getting the higher profit margin. Thus the current real estate enterprises in our country there are a large amount of inventory turnover, slow ills. 譯文 營運能力的分析 資料來源：中 M 證券 M 05/17/2020 作者 ?： Techever 營運能力是允分利用現(xiàn)冇資源創(chuàng)造社會財富的能力，可以用來評價企業(yè)對其 擁有資源的利用程度和營運活動能力。其實質是要以盡可能少的資源卩 I 用，盡可 能短的周轉時間，來產生出盡吋能多的產品，創(chuàng)造出盡吋能多的銷售收入，而要 實現(xiàn)這個 fcl 的，就必須要提卨企業(yè)的竹運能力水平。運能力是以企業(yè) 各項資產 的周轉速度來衡 M:企業(yè)資產利悶的效率。反映資產周轉速度的指標有存貨周轉 率、流動資產周轉率、總資產周轉率。周轉速度越快 ， 表明企業(yè)的各項資產進入 經荇環(huán)節(jié)的速度越快，形成收入和利潤的周期就越短，經營效率就越高。荇運能 力指的是企業(yè)資產的周轉運行能力，通常可以 W 總資產周轉率、 W 定資產周轉率、 流動資產周轉率、存貨周轉率和應收賬款周轉率這五個財務比率來對企業(yè)的荇運 能力進行逐層分析。 營運能力分析可以幫助投資了解企業(yè)的汽業(yè)狀況和經營管理水平。我們以 蘇寧電器(iM， MO (002024)為例，叫投資者介 紹如何進行企業(yè)的營運能力分 析。 總資產周轉率 ?足指企業(yè)的銷儔收入 4 總資產平均余額的比率。蘇寧 2020 年銷 售收入為 億元，平均總資產為 14 億元； 2020 年銷售收入增加到 億元， 平均總資產史足增長了
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