1、金地（集團）股份有限公司的財務分析及評價 摘 要 整個世界經濟已經進入一體化與全球化的時代,這就意味著全世界已成為一個統一的大市場,任何處于其中的經營個體?公司、企業面對的都是日益復雜、競爭日趨激烈的市場環境。正是在激烈的競爭中,市場越來越趨于規范,企業的財務報表也越來越顯示出其應具有的價值。由于會計是商業的語言,有其自身的編制規則,通過會計數據能反映出許多真實的問題,基于此,所有的投資者、債權人、經營者做出正確決策時都離不開企業的財務分析。 本文從財務分析的角度,通過對上市公司金地集團股份有限公司(600383) (以下簡稱:金地集團)的財務分析,以及對該公司年報相關信息的解讀,在發現該公司

2、成績的同時,也指出其存在的不足,并針對其不足之處提出解決對策。希望能為企業的經營管理提供一點借鑒,從而采取措施加強管理,降低成本費用,提高利潤和自身的競爭實力,也希望能為投資者的投資提供相應參考意見。 本文采用了傳統的財務比率和現金流量比率對金地集團進行財務分析。在分析過程中,采用比率分析、趨勢分析相結合的方法對金地集團2002年?2006年財務報表進行分析,配以圖表直觀地反映各項指標發展趨勢,并運用杜邦財務分析方法,對金地集團財務狀況進行了綜合分析。在財務指標的選擇上,本文主要選擇了償債能力、運營能力、盈利能力、市場價值和成長能力五大類,共計21項財務指標作為財務分析的框架。在分析過程中,還

3、同時選擇房地產行業的龍頭企業萬科a(000002)(以下簡稱:萬科)作為對比企業。這兩家公司都是在深圳證券交易所上市的房地產行業績優上市公司,產品類似,是行業中的佼佼者,具有一定的代表性。這兩家公司財務數據來源于各自的 2002 年2006 的年報,年度資料來源于證券之星網站(/0.)、e漢唐證券網站(/.)等相關行業網站。 通過對金地集團的財務分析,發現金地集團具有持續發展能力正在加強,資產周轉速度正在加快,品牌知名度在進一步提高等優勢。 首先,在對金地集團的盈利能力和成長能力分析中,已得知金地集團凈資產收益率已經從2002年的10.27%上升到2006年的14.42%,總資產、凈資產增 1

4、長率也分別從 2002 年的 35.50%、5.54%上升到 2006 年的 62.10%、12.55%,這也可看出金地集團的持續發展能力正在逐步加強,而且金地集團目前的產業布局已經為下一步持續增長打下了堅實的基礎。金地集團2006年未結算項目建筑面積已超過700萬平方米,涉及12個城市,已初步完成并完善了長江三角洲、環渤海經濟圈、珠江三角洲三大經濟圈的布局和武漢、西安、沈陽等核心二線城市投資布局,抗擊某一區域系統風險的能力已得到了很大提高。 其次,金地集團的資產周轉速度在進一步加快。為實施快速擴張,緩解資金壓力,金地集團加快了已有項目的開發,各區域產品銷售速度和回款額都取得了理想成績。這點在

5、對金地集團的運營能力分析中也可以看出,2002年?2006年期間,金地集團的應收賬款周轉率、總資產周轉率分別從2002年的140.58、0.36增長到2006年的5255.83、0.41。 昀后,金地集團在房地產開發業務取得長足進步同時,產品也屢獲業界好評。先后獲得“2006中國房地產上市公司綜合實力top10”第四名、“2006中國房地產上市公司財富創造能力(eva)top10”第六名及“2006中國房地產上市公司地產績優股top10”第四名等榮譽。以上獎項的獲得,使金地集團的品牌知名度得到了進一步提高。但是,在對金地集團進行財務分析時,發現金地集團也面臨著資金不足、存貨管理函待加強,企業盈

6、利能力以及核心競爭力需要進一步提高的問題,本文針對存在的問題提出了解決辦法。 第一,隨著中國資本市場監管力度加大和國家對房地產行業宏觀調控的進一步加強,使房地產開發企業的資金鏈條變得非常緊張。金地集團2006年新增加長期借款 17.52 億元人民幣,資產負債率高達 66.76%。 2007 年,金地集團計劃開工面積208.78萬平米,即使2006年末通過的不超過2.66億新股、募集資金約30億元的定向增發方案成功實現,金地集團手中可動用現金流也遠遠未能滿足其項目開發需求。由此可見,金地集團下一步發展,面臨很大的資金缺口。考慮到目前在股票市場公開發行股票募集資金比較困難,金地集團可以考慮對下屬的

7、部分項目進行股權融資,由投資方對項目實現控股,金地集團確保項目的操作權,與投資方實行利潤分成,這樣就可部分減輕資金借貸的壓力。另外還可以考慮發行可轉債,這樣既可優化資本結構,使公司的凈資產利潤率增加,又可以有“稅盾”作用,間接降低資金成本。 2第二,通過對金地集團的財務分析,可以看到金地集團的存貨近年來在不斷上升,2006年期末存貨余額已達到85.56億元人民幣,存貨過多不僅增加了企業管理的困難,而且占用大量流動資金,加強存貨的管理是金地集團當務之急。因此,如何采取各種營銷手段,銷售其現房和期房,將是金地集團面臨的一個嚴峻考驗。建議金地集團應該擁有一套完整的戰略與戰術思想,如采用快速客戶反應e

8、cr戰略、適時管理jit方法等,同時,還可以考慮對原材料等實行供應鏈管理,轉變傳統觀念,將企業間傳統的對立關系轉變為合作關系。 第三、隨著房地產行業競爭進一步加劇,房地產行業原先的高額利潤時代已風光不再。2006年金地集團的凈資產收益率為14.42%,同期房地產行業龍頭企業萬科的凈資產收益率為18.58%,相比之下,差距還是不小的。金地集團要想提高盈利水平,必須加強經營管理,降低成本費用,從而取得價格競爭優勢。同時,還要加強服務特色和產品創新,并重視對競爭對手和消費者(客戶細分)的研究,進一步強化市場定位意識。 昀后,金地集團雖然在2006年經過重新梳理執行體系,提升了總資產周轉率和凈資產收益

9、率水平,取得較好成績,但與萬科相比,還是存在一定差距。在房地產行業增長緩慢,利潤率較低時,如何在未來發展中繼續脫穎而出,領先于其它房地產企業,必須具備核心競爭力。只有掌握了核心競爭力的企業才能生存并保持持續盈利。金地集團未來需要強化的核心競爭力主要是三個方面:一是融資和資本運作能力,二是開發和管理能力,三是行業整合能力,未來這三方面的有機結合,才能實現快速增長。 通過對金地集團的分析,可得知金地集團雖然與房地產行業的龍頭企業萬科存在一定差距,但還是一家具有發展潛力和很強市場競爭力的企業。通過財務分析和對該公司年報信息的解讀,達到了發現財務數據中潛在的隱性信息、了解運營情況和財務狀況,對其進行評

10、價的目的。主題詞:上市公司;財務分析;財務評價3abstract the world economy has entered into the era of international economic integration & globalization, that means the whole world has become a common market. any entity among the world, including the company and the enterprise, has to face the complicated market under the

11、 fierce competition. just under the competition, the market has been becoming more and more standard, and the financial statement has demonstrated its true value. as the language of commerce, the accountant has its own rule, and reflects a lot of problems through its data. so, all investors, credito

12、rs and operators must undertake the financial analyze to make out the correct decisionthe focus of this paper is the study of financial analysis. by means of financial analysis of the relevant information from the annual financial report of the listed company gold ground group limited company the co

13、de in shenzhen market is 600383 hereinafter referred to gemdale corporation, the author concluded that many achievements has been achieved, but also has many shortages needed to be recovered, then the author advanced the proposal aimed at the shortage. through the study, the author hope to offer a s

14、ample for the management of enterprises, including the measures of strengthening the management measures, reducing costs, increasing profits and raising the enterprises competition capability; by the way, to offer suggestions for the investors investment the financial analysis of the gemdale corpora

15、tion mainly focused on the traditional financial ratios and cash flow ratios. during the course of analyzing, the author selected the ratio analysis and trend analysis as financial analysis approaches to study financial statements of 2002-2006 annual financial reports of gemdale corporation, at the

16、same time, gave the grade of financial situation of gemdale corporation by the method of synthesis financial ratio grading. charts were involved in the analysis in order to make the result more clear. from the charts, the trend of all kinds of ratios will be showed intuitively. the author selected 2

17、1 ratios of five types to establish the evaluation framework, including the paying for liability, the operating 4competence ratios, the profiting ability ratios, the value for investment and the growing ability ratios. in the course of analyzing, the author also selected vanke a the code in shenzhen

18、 market is 000002 hereinafter referred to as vanke, the leading enterprise in the real estate trade as the compared enterprises. for the consideration of representative, the two companies are both good listed companies in the real estate trade on shenzhen market, with the similar products and outsta

19、nding performance. the information and data of the two companies are both from the 2002- 2006 annual financial reports,which were collected from /., /. and other websites related to securities industrythrough an analysis of gemdale corporation, find it has lasting development capacity to strengthen,

20、 the velocity of turnover of the assets is being accelerated, brand awareness is in the advantage of further improving etc first of all, in the profit ability and analysis of growth ability to the gemdalecorporation, can learn groups return on net assets of gemdale corporation already from 10.27% in

21、 2002 rising to 14.42% in 2006, total assets, net assets rate of increase are from 35.50%, 5.54% in 2002 raise to 62.10%, 12.55% in 2006 separately too, this can find gemdale corporation the lasting development capacity of the group is being strengthened progressively, and industrys overall arrangem

22、ent at present of gemdale corporation has been already for increasing and laying a solid foundation continuously next. the not floor area of the settlement project of 2006 of the group has been already over 7 million square meters , involve 12 cities, have already finished and improved the changjian

23、g delta tentatively, ring the bohai sea economy enclose, pearl river delta three major economy enclose overall arrangement and wuhan, xian, shenyang key line two city investment overall arrangement, the ability to resist systematic risk of a certain area has already been improved greatlysecondly, ge

24、mdlae corporation assets in further accelerate velocity of turnover of group. for implement, expand fast, relieve fund pressure, gemdale corporation accelerate for development of project, all regional products sell pace and revenue make ideal achievements. this point can find out from analyzing in t

25、he operation ability to the gemdale corporation, during 2002 - 2006, the turnover rate of account 5receivable of the gemdale corporation, turnover rate of total assets are from 140.58, 0.36 in 2002 raising to 5255.83, 0.41 in 2006 separatelyfinally, the gemdale corporation makes considerable progres

26、s in the business of development of real estate at the same time, the products obtain the favorable comment of the industry too. successively obtained the fourth place of comprehensive strength top10 of listed company of 2006 chinese real estates , wealth creativity of listed company of 2006 chinese

27、 real estates eva top10 honors such as the sixth place and the fourth place of real estate good performance stocks top10 of listed company of 2006 chinese real estates ,etcthe acquisition of the above-mentioned rewards, make the brand awareness of the gemdalecorporation further improvedhowever, when

28、 analyze the financial affairs of the gemdale corporation, find out some question ,such as the group faces lacking funds, the inventory management waits to improve , enterprises profit ability and the key competitiveness need further improving, this paper has put forward the solution to the existing

29、 problemfirst, as the chinese capital market supervises and manages is the further enhancement ,macro adjustments and controls of real estate trade of efforts is strengthening , the fund roller chain of the enterprises of real estate becomes very in short. the gemdale corporation will increase the l

30、ong-term liability of 1,752 million yuan newly in 2006, asset-liability ratio is up to 66.76% in 2007, the gemdale corporation is area of 2,087,800 square meters that the group plans to go into operation, even it passed at the end of 2006, does not exceed 266 million new stocks, directional addition

31、al issue scheme of raising fund of about 3 billion yuan to succeed and realize, gemdale corporation can draw on cash flow fail, meet event their develop the demand far too in the hand. therefore, the next development of the group, face very large fund shortfall. it is more difficult to issue stocks

32、to raise the fund on the stock market now, the gemdale corporation can consider that carry on stock financing to some subordinate projects, realize controlling interest by investor to event, the group guarantees the operation right of the project, implement profit-sharing with the investor, can be l

33、ighten the pressures of fund debit and credit 6sides partly in this way. in addition can also consider issuing the transferable bond, this kind can already optimize the structure of capital, make the net assets profit rate of the company increase, there can be function of tax shield , reduce the fun

34、d cost indirectlysecond, from financial affairs of group analyze, can see the inventory of gemdale corporation is rise constantly in recent years, the remaining sum of the inventory will reach 8,556 million yuan at the end of 2006, there are too much stocks to not merely increase the difficulty of m

35、anagement, and take up a large number of fund, it is the task of top priority of gemdale corporation to strengthen the management of the stock. so how adopt various marketing measure, sell completed apartment and forward delivery housing its, that group face severe test. propose gemdale corporation

36、should have one intact strategy and tactics thought, reflect ecr strategy, manage jit the method etc. in right time such as adopting the fast customer, at the same time, can also consider that supply the chain to manage to raw materials,etc., change the traditional idea, change the traditional antit

37、hesis relation among enterprises into cooperationthird, aggravate further with competition in trade of real estate, original great amount of profit in trade of real estate, era no longer scene. the return on net assets of gemdale corporation is 14.42% in 2006, the return on net assets of leading ent

38、erprises vanke of real estate trade is 18.58% in the same period, by contrast, disparity is still big. gemdale corporation want improve profit level, must strengthen management and administration, reduce cost, thus make the price competition advantage. meanwhile, strengthen service special and produ

39、cts innovation, pay attention to the study on rival and consumer customer subdivide, further strengthen the consciousness of market orientationfinally, though gemdale corporation is combed the system of carrying out again in 2006, promoted the turnover rate of total assets and return on net assets l

40、evel, make better achievements, but compared with vanke, there is certain disparityslowly increase in the real estate trade, when profit rate is lower, how to continue breaking out in the development in the future, lead other real estates enterprises, must 7possess the key competitiveness. the enter

41、prise that has only grasped the key competitiveness could survive and keep making profits continuously. gemdale corporation needs key competitiveness to be mainly three respects in the future: first, financing and capital operation ability, second, development and management ability, third, the trad

42、e combines ability, the organic integration of these three respects in the future, could realize fast growththrough financial analysis of gemdale corporation, can learn gemdalecorporation compare vanke , the leading enterprise in the real estate trade ,though have certain disparity, but its an enter

43、prise with development potentiality and competitiveness of very strong market, through to financial analysis and understanding to annual financial report relevant information of this company, has reached the objective of find the potential information in the financial data, understand and evaluate t

44、he operation situation and financial situationkey words: listed company, financial analysis, financial evaluation 8目 錄 第1 章 緒論. 01 1.1 研究背景 1h1 1.2 研究目的 2h2 1.3 論文的結構框架 3h2 第2章 金地集團的財務分析方法. 4h1 2.1 財務分析方法的選擇5h4 2.2 財務分析的基本體系6h5 2.3財務分析指標的選取7h6 2.3.1 償債能力指標8h6 2.3.2 運營能力指標9h7 2.3.3 盈利能力指標10h8 2.3.4 市

45、場價值指標11h8 2.3.5 成長能力指標12h9 第3章 金地集團的基本情況. 13h10 3.1 公司歷史沿革. 14h10 3.2公司行業背景. 15h11 3.3 公司經營狀況. 16h12 第4章 金地集團的實證分析. h16 174.1 公司償債能力分析 18h16 4.1.1 短期償債能力指標分析19h16 4.1.2 長期償債能力指標分析20h20 4.2 公司運營能力分析 21h25 4.2.1 應收賬款周轉率22h25 4.2.2 存貨周轉率 23h26 4.2.3 總資產周轉率. 24h26 4.3 公司盈利能力分析 25h27 14.3.1 主營業務利潤率26h27

46、4.3.2 資產凈利率 27h28 4.3.3 凈資產收益率. 28h29 4.4 公司市場價值分析 29h30 4.4.1 每股凈利潤 30h30 4.4.2 每股現金流量凈值 31h31 4.4.3 每股凈資產 32h32 4.5 公司成長能力分析 33h33 4.5.1 總資產增長率. 34h33 4.5.2 凈資產增長率. 35h34 4.5.3 主營業務收入增長率. 36h36 4.5.4 凈利潤增長率. 37h37 4.6 財務狀況綜合分析 38h38 4.6.1 杜邦財務分析. 39h38 4.6.2 財務狀況評價. 40h38 第5章 評價與建議41h41 5.1金地集團的主要

47、優勢. 42h41 5.1.1 持續發展能力加強 43h41 5.1.2 資產周轉速度加快 44h42 5.1.3 品牌知名度提高45h42 5.2金地集團存在的問題與建議. 46h43 5.2.1 再融資問題 47h43 5.2.2 存貨管理問題. 48h44 5.2.3 提高企業盈利水平問題49h44 5.2.4 核心競爭力的強化問題50h45 第6章 研究結論 錯誤!未定義書簽。 6.1 主要結論51h46 6.2 財務分析發展趨勢 52h46 26.3今后的研究課題53h47 參考文獻 54h49 附錄1:金地集團6003832002 年?2006 年資產負債表55h51 附錄2:金地

48、集團6003832002 年?2006 年利潤及利潤分配表56h54 附錄3:金地集團6003832002 年?2006 年現金流量表57h55 附錄4:萬科a0000022002 年?2006 年資產負債表h59 58附錄5:萬科a0000022002 年?2006 年利潤及利潤分配表59h62 附錄6:萬科a0000022002 年?2006 年現金流量表60h63 3第1章 緒論 1.1 研究背景 整個世界經濟已經進入一體化與全球化的時代,這就意味著全世界已成為一個統一的大市場,任何處于其中的經營個體?公司、企業面對的都是日益復雜、競爭日趨激烈的市場環境,也正是在激烈的競爭中,我們的市場

49、越來越趨于規范,我們的財務報表也越來越顯示出其應具有的價值,由于會計是商業的語言,有其自身的編制規則,雖然只是一些數據,但就是這些數據卻能反映許多真實的問題,基于此,所有的投資者、債權人、經營者做出正確的決策時 都離不開企業的財務分析。簡單地說,財務分析就是對企業過去及現在的經營狀況、財務狀況、風險狀況進行的分析活動,是企業生產經營管理活動的重要組成內容。但財務分析昀重要的功能還是 通過對過去、現在的分析來更好地預測未來。 只要對會計稍微有點了解的人都會知道,每個規范的企業,都會在會計年度結束時,辦理年度決算,編制財務報表,但資產負債表和損益表兩份財務報表中所列的金額數字,并不能充分明確地表達

50、企業的財務狀況及經營業績。要進一步了解企業在經濟活動中所取得的成績和存在的問題,進行有效的經營決策,僅僅根據上述財務報表提供的資料是遠遠不夠的,還需要運用財務分析的理論和技巧,對財務報表所提供的數據進一步加工、分析和比較,得到經營管理和經營決策所需要的經濟信息。例如資產負債表是反映企業某一特定日期資產、負債和所有者權益及其構成情況的財務報表。但對債權人來說,昀關心的是了解企業償債能力。說明企業償債能力的資料在資產負債表中沒有直接列示數據,利用資產負債表中的資產項目和負債項目的金額進行比較,則可以計算出資產負債率、流動比率和速動比例等評價企業償債能力的財務指標,從而清楚地了解企業的償債能力。所以

51、,通過類似這種具體的分析比較,可以全面的 1深刻地認識一個單位的經濟活動和財務收支情況,正確評價經營成果,明確問題和原因所在,促使該單位制定出有效的改進措施,提高管理水平,促進生產經營正常發展。 如果在企業競爭激烈及物價水準有所變動的情況下,僅憑資產負債表與損益表中的數據進行分析還是不夠的,除上述兩表的數據外,還應該收集同年度計劃預算、實際產出、銷售量及物價指數等數據資料,同時運用核算、分析、評估等方法,并將分析結果形成財務報表的分析報告書,才能充分表達企業經營的財務狀況及經營業績。因此,企業是否有效經營、及時創新、持續發展、服務社會,也須依據財務報表分析評價的結果作為評判依據。 1.2 研究

52、目的 作為企業管理人員,面向企業內部時,應該時刻關注企業經營活動所產生的經營成果,并對經營成果進行分析,發現企業的經營短板,明確企業的經營重點,而財務數據是經營成果的直觀反映;面向企業外部時,也應該能從財務分析中發現有價值的投資對象,從而在證券市場中尋找投資對象。投資者在買賣股票前,不僅要分析宏觀經濟形勢和行業情況,關注市場行情,還要認真分析上市公司的財務報告,了解財務狀況和獲利能力,預測其未來發展趨勢及風險程度,從中選出財務狀況好、贏利能力強、發展潛力大的公司作為投資對象。股票投資的兩個關鍵方面是“選股”和“選時”,前者是指購買何種股票,后者是指何時買入或何時賣出,而這些決策是在對企業的大量信息作全面認真分析之后做出的。財務信息是對投資對象進行判斷的主要依據,而財務報告中的財務報表是公司披露其基本信息的主要渠道。 企業管理者和投資者是財務報表的主要使用者,公司從投資者那里獲取資金,同時向社會公眾公布財務信息。他們通過閱讀財務報表來評估公司創造價值的能力。財務報表的使用者要懂得財務報表,了解財務報表披露了什么,沒有披露什么,還要知道如何通過財務報表發現潛