1、萬科A營運能力分析企業營運能力主要指營運資產的效率與效益。營運資產的效率通常是指營運資產的周轉率或周轉速度。營運資產的效益是指營運資產的利用效果。企業營運能力分析就是要通過對反映企業資產營運效率與效益的指標進行計算與分析，評價企業的營運能力，為企業提高經濟效益指明方向。第一，營運能力分析可評價企業資產的流動性。第二，營運能力分析可評價企業資產利用的效益。第三，營運能力分析可分析企業資產利用的潛力。一、 資料搜集： 資產負債表會計年度2008-12-312009-12-312010-12-31貨幣資金19,978,285,929.9223,001,923,830.8037,816,932,911

2、.84交易性金融資產-740,470.77-應收票據-應收賬款922,774,844.24713,191,906.141,594,024,561.07預付款項3,160,518,998.568,736,319,500.7317,838,003,464.71其他應收款3,496,096,906.257,785,809,435.4114,938,313,217.77應收關聯公司款-應收利息-應收股利-存貨85,898,696,524.9590,085,294,305.52133,333,458,045.93其中：消耗性生物資產-一年內到期的非流動資產-其他流動資產-流動資產合計113,456,37

3、3,203.92130,323,279,449.37205,520,732,201.32可供出售金融資產167,417,894.55163,629,472.66404,763,600.00持有至到期投資-長期應收款-長期股權投資2,485,725,268.993,565,383,001.514,493,751,631.16投資性房地產198,394,767.05228,143,157.99129,176,195.26固定資產1,265,332,766.181,355,977,020.481,219,581,927.47在建工程188,587,022.90593,208,234.13764,28

4、2,140.58工程物資-固定資產清理-生產性生物資產-油氣資產-無形資產-81,966,325.94373,951,887.29開發支出-商譽-長期待攤費用25,268,164.9731,318,689.6532,161,415.85遞延所得稅資產1,449,480,632.531,265,649,477.661,643,158,028.39其他非流動資產-1,055,992,714.51非流動資產合計5,780,206,517.177,285,275,380.0210,116,819,540.51資產總計119,236,579,721.09137,608,554,829.39215,637

5、,551,741.83短期借款4,601,968,333.321,188,256,111.111,478,000,000.00交易性金融負債1,694,880.00-15,054,493.43應付票據-30,000,000.00-應付賬款12,895,962,836.6316,300,047,905.7516,923,777,818.98預收款項23,945,755,139.8531,734,801,163.7674,405,197,318.78應付職工薪酬517,762,853.19806,504,472.201,415,758,826.87應交稅費-861,985,122.521,176,

6、877,640.283,165,476,401.56應付利息219,884,034.75122,643,721.10127,806,502.79應付股利-其他應付款9,968,304,370.939,258,734,468.3016,814,029,349.10應付關聯公司款-一年內到期的非流動負債13,264,374,576.457,440,414,366.7815,305,690,786.98其他流動負債-流動負債合計64,553,721,902.6068,058,279,849.28129,650,791,498.49長期借款9,174,120,094.8317,502,798,297.

7、1124,790,499,290.50應付債券5,768,015,997.015,793,735,805.145,821,144,507.03長期應付款-專項應付款-預計負債41,729,468.0334,355,814.9541,107,323.15遞延所得稅負債867,797,927.60802,464,465.02738,993,358.99其他非流動負債12,644,849.828,408,143.828,816,121.26非流動負債合計15,864,308,337.2924,141,762,526.0431,400,560,600.93負債合計80,418,030,239.8992

8、,200,042,375.32161,051,352,099.42實收資本（或股本）10,995,210,218.0010,995,210,218.0010,995,210,218.00資本公積7,853,144,319.558,557,716,583.448,789,344,008.84盈余公積6,581,984,978.148,737,841,436.8510,587,706,328.79減：庫存股-未分配利潤6,184,277,986.668,808,398,744.0513,470,284,310.05少數股東權益6,926,624,218.808,032,624,392.9310,3

9、53,522,851.30外幣報表折算價差277,307,760.05276,721,078.80390,131,925.43非正常經營項目收益調整-歸屬母公司所有者權益（或股東權益）31,891,925,262.4037,375,888,061.1444,232,676,791.11所有者權益（或股東權益）合計38,818,549,481.2045,408,512,454.0754,586,199,642.41負債和所有者（或股東權益）合計119,236,579,721.09137,608,554,829.39215,637,551,741.83利潤表會計年度2008-12-312009-1

10、2-312010-12-31一、營業收入40,991,779,214.9648,881,013,143.4950,713,851,442.63減：營業成本25,005,274,464.9134,514,717,705.0030,073,495,231.18營業稅金及附加4,533,872,994.463,602,580,351.825,624,108,804.74銷售費用1,860,350,084.011,513,716,869.352,079,092,848.94管理費用1,530,799,165.461,441,986,772.291,846,369,257.59勘探費用-財務費用657,

11、253,346.42573,680,423.04504,227,742.57資產減值損失1,268,113,233.13-524,239,596.14-545,451,004.03加：公允價值變動凈收益19,262,232.002,435,350.77-15,054,493.43投資收益209,411,393.50924,076,829.10777,931,240.02其中：對聯營企業和合營企業的投資收益209,735,864.65541,860,864.68291,703,045.44影響營業利潤的其他科目-二、營業利潤6,364,789,552.078,685,082,798.0011,8

12、94,885,308.23加：補貼收入-營業外收入57,455,149.7070,678,786.7471,727,162.82減：營業外支出99,959,075.74138,333,776.6525,859,892.03其中：非流動資產處置凈損失2,336,423.461,577,638.381,211,776.17加：影響利潤總額的其他科目-三、利潤總額6,322,285,626.038,617,427,808.0911,940,752,579.02減：所得稅1,682,416,473.302,187,420,269.403,101,142,073.98加：影響凈利潤的其他科目-四、凈利潤

13、4,639,869,152.736,430,007,538.698,839,610,505.04歸屬于母公司所有者的凈利潤4,033,170,027.895,329,737,727.007,283,127,039.15少數股東損益606,699,124.841,100,269,811.691,556,483,465.89五、每股收益-（一）基本每股收益0.370.480.66（二）稀釋每股收益0.370.480.66現金流量表報告年度2008-12-312009-12-312010-12-31一、經營活動產生的現金流量銷售商品、提供勞務收到的現金42,783,256,973.5457,595,

14、333,545.5088,119,694,493.30收到的稅費返還-收到其他與經營活動有關的現金1,478,587,995.651,889,792,191.432,976,047,156.82經營活動現金流入小計44,261,844,969.1959,485,125,736.9391,095,741,650.12購買商品、接受勞務支付的現金30,218,067,735.4234,560,212,561.8966,645,895,259.85支付給職工以及為職工支付的現金2,319,451,074.601,197,521,164.611,848,827,752.37支付的各項稅費7,863,1

15、26,723.186,537,312,459.489,381,585,316.90支付其他與經營活動有關的現金3,895,351,266.397,936,728,231.4010,982,177,869.55經營活動現金流出小計44,295,996,799.5950,231,774,417.3888,858,486,198.67經營活動產生的現金流量凈額-34,151,830.409,253,351,319.552,237,255,451.45二、投資活動產生的現金流量收回投資收到的現金1,040,323,958.60210,421,893.79282,454,288.12取得投資收益收到的現

16、金76,414,614.40392,060,350.54367,769,277.76處置固定資產、無形資產和其他長期資產收回的現金凈額5,687,793.90142,450,545.00462,241.52處置子公司及其他營業單位收到的現金凈額3,547,677.00119,164,800.0017,179,172.33收到其他與投資活動有關的現金298,441,056.08304,714,390.002,032,857,298.14投資活動現金流入小計1,424,415,099.981,168,811,979.332,700,722,277.87購建固定資產、無形資產和其他長期資產支付的現金

17、215,283,734.68806,062,156.74261,938,551.22投資支付的現金1,366,213,599.631,577,467,490.522,183,848,057.74取得子公司及其他營業單位支付的現金凈額2,687,055,197.582,975,942,928.471,364,056,191.97支付其他與投資活動有關的現金-1,082,538,787.40投資活動現金流出小計4,268,552,531.895,359,472,575.734,892,381,588.33投資活動產生的現金流量凈額-2,844,137,431.91-4,190,660,596.40

18、-2,191,659,310.46三、籌資活動產生的現金流量吸收投資收到的現金6,232,918,108.90829,084,667.001,979,021,435.08取得借款收到的現金14,325,980,945.7120,731,516,740.8227,070,090,551.02收到其他與籌資活動有關的現金-籌資活動現金流入小計20,558,899,054.6121,560,601,407.8229,049,111,986.10償還債務支付的現金11,690,595,100.0721,640,510,970.2511,985,374,651.54分配股利、利潤或償付利息支付的現金3,

19、001,963,332.532,948,745,658.434,039,207,571.75支付其他與籌資活動有關的現金-籌資活動現金流出小計14,692,558,432.6024,589,256,628.6816,024,582,223.29籌資活動產生的現金流量凈額5,866,340,622.01-3,028,655,220.8613,024,529,762.81四、匯率變動對現金的影響-56,270,014.09-9,546,494.8324,034,574.57四(2)、其他原因對現金的影響-五、現金及現金等價物凈增加額2,931,781,345.612,024,489,007.461

20、3,094,160,478.37期初現金及現金等價物余額17,046,504,584.3119,978,285,929.9222,002,774,937.38期末現金及現金等價物余額19,978,285,929.9222,002,774,937.3835,096,935,415.75附注：1、將凈利潤調節為經營活動現金流量凈利潤4,639,869,152.736,430,007,538.698,839,610,505.04加：資產減值準備1,268,113,233.13-524,239,596.14-545,451,004.03固定資產折舊、油氣資產折耗、生產性生物資產折舊94,169,012

21、.7395,653,213.99-無形資產攤銷-9,390,604.4420,817,653.19長期待攤費用攤銷11,649,080.27-處置固定資產、無形資產和其他長期資產的損失2,336,423.466,306,215.78190,379.16固定資產報廢損失-公允價值變動損失-19,262,232.00-2,435,350.7715,054,493.43財務費用657,253,346.42573,680,423.04504,227,742.57投資損失-209,411,393.50-924,076,829.10-777,931,240.02遞延所得稅資產減少-845,423,213.

22、27183,831,154.87-367,647,073.96遞延所得稅負債增加-104,100,063.97-83,090,709.62-35,168,088.98存貨的減少-12,401,019,289.301,556,571,445.17-35,529,232,749.19經營性應收項目的減少4,938,322,368.06-10,928,036,079.41-20,484,611,050.22經營性應付項目的增加2,705,397,863.1512,239,132,980.4150,032,678,243.72其他-772,046,118.31620,656,308.20564,717

23、,640.74經營活動產生的現金流量凈額2-34151830.49,253,351,319.552,237,255,451.452、不涉及現金收支的重大投資和籌資活動債務轉為資本-一年內到期的可轉換公司債券-融資租入固定資產-3、現金及現金等價物凈變動情況現金的期末余額19,978,285,929.92-減：現金的期初余額17,046,504,584.31-加：現金等價物的期末余額-22,002,774,937.3835,096,935,415.75減：現金等價物的期初余額-19,978,285,929.9222,002,774,937.38加：其他原因對現金的影響2-現金及現金等價物凈增加額

24、2,931,781,345.612,024,489,007.4613,094,160,478.37同行業資料搜集表1-1：名稱2008年應收賬款周轉率（次）應收賬款周轉天數（天）存貨周轉率（次）存貨周轉天數（天）流動資產周轉率（次）流動資產周轉天數（天）固定資產周轉率（次）總資產周轉率（次）總資產周轉天數（天）萬科A45.86 7.85 0.33 1096.89 0.39 917.20 44.54 0.37 963.08 沙河股份50.73 7.10 0.12 3108.81 0.25 1467.59 9.24 0.23 1600.00 招商地產43.66 8.25 0.10 3522.50

25、0.13 2729.34 12.46 0.11 3149.61 深深房A46.55 7.73 0.53 680.27 0.52 698.35 9.57 0.31 1165.43 中糧地產36.75 9.80 0.15 2348.34 0.20 1837.67 3.57 0.14 2493.07 華僑城A121.19 2.97 1.35 266.86 1.17 308.38 0.84 0.26 1362.09 深物業A9.24 38.98 0.32 1128.17 0.42 865.80 5.75 0.31 1153.85 合計353.98 82.68 2.90 12151.84 3.08 88

26、24.33 85.97 1.73 11887.13 家數7 7 7 7 7 7 7 7 7 行業平均50.57 11.81 0.41 1735.98 0.44 1260.62 12.28 0.25 1698.16 表1-2：名稱2009年應收賬款周轉率（次）應收賬款周轉天數（天）存貨周轉率（次）存貨周轉天數（天）流動資產周轉率（次）流動資產周轉天數（天）固定資產周轉率（次）總資產周轉率（次）總資產周轉天數（天）萬科A59.76 6.02 0.39 917.90 0.40 897.76 37.30 0.38 945.87 沙河股份140.74 2.56 0.29 1247.40 0.45 805

27、.91 20.71 0.41 883.44 招商地產89.66 4.02 0.22 1640.09 0.27 1333.83 34.71 0.24 1515.15 深深房A50.57 7.12 0.35 1022.15 0.38 939.21 10.92 0.27 1350.34 中糧地產27.01 13.33 0.23 1597.16 0.26 1391.04 6.69 0.18 1996.67 華僑城A102.47 3.51 1.10 328.38 1.23 291.59 1.66 0.49 734.24 深物業A12.47 28.86 0.36 1004.18 0.44 813.38 9

28、.33 0.34 1052.94 合計482.68 65.42 2.94 7757.26 3.43 6472.72 121.32 2.31 8478.65 家數7 7 7 7 7 7 7 7 7 行業平均68.95 9.35 0.42 1108.18 0.49 924.67 17.33 0.33 1211.24 表1-3：名稱2010年應收賬款周轉率（次）應收賬款周轉天數（天）存貨周轉率（次）存貨周轉天數（天）流動資產周轉率（次）流動資產周轉天數（天）固定資產周轉率（次）總資產周轉率（次）總資產周轉 天數（天）萬科A43.96 8.19 0.27 1337.30 0.30 1192.05 39

29、.38 0.29 1253.92 沙河股份139.12 2.59 0.39 932.40 0.50 724.05 23.34 0.44 814.85 招商地產124.41 2.89 0.24 1500.00 0.29 1256.98 49.17 0.26 1406.80 深深房A64.05 5.62 0.31 1154.22 0.39 925.93 15.58 0.30 1188.12 中糧地產22.25 16.18 0.12 3087.48 0.17 2127.66 8.12 0.13 2850.36 華僑城A94.09 3.83 0.59 609.24 0.80 451.58 1.73 0

30、.44 823.99 深物業A14.73 24.44 0.48 756.78 0.44 819.11 12.79 0.35 1041.67 合計502.61 63.74 2.40 9377.42 2.89 7497.36 150.11 2.21 9379.71 家數7 7 7 7 7 7 7 7 7 行業平均71.80 9.11 0.34 1339.63 0.41 1071.05 21.44 0.32 1339.96 二、營運能力分析：（一）短期資產營運能力分析：1應收賬款周轉率=營業收入/應收賬款平均余額應收帳款周轉率名稱2008年2009年2010年平均萬科A45.86 59.76 43.

31、96 49.86 行業平均50.57 68.95 71.80 63.77 分析：應收賬款周轉率越高，說明企業應收賬款回收快，流動性強。2009年比2008年的收賬款周轉率有大幅度提升，證明平均收賬期有所縮短，應收賬款的回收加快，資金滯留應收賬款上的數量減少，資金使用效率有所提升。2010年最低，說明企業賬款回收發生困難，引起收賬費用增加，并存在壞賬的可能性。萬科A三年平均應收賬款周轉率要低于行業平均21.81%，表明萬科營運資金過多地滯留在應收賬款上，影響資金的周轉，流動資產變現力弱，資金的機會成本變大。2存貨周轉率=營業成本（收入）/存貨平均余額存貨周轉率名稱2008年2009年2010年平均萬科A0