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1、金地（集团）股份有限公司的财务分析及评价 摘 要 整个世界经济已经进入一体化与全球化的时代,这就意味着全世界已成为一个统一的大市场,任何处于其中的经营个体?公司、企业面对的都是日益复杂、竞争日趋激烈的市场环境。正是在激烈的竞争中,市场越来越趋于规范,企业的财务报表也越来越显示出其应具有的价值。由于会计是商业的语言,有其自身的编制规则,通过会计数据能反映出许多真实的问题,基于此,所有的投资者、债权人、经营者做出正确决策时都离不开企业的财务分析。 本文从财务分析的角度,通过对上市公司金地集团股份有限公司(600383) (以下简称:金地集团)的财务分析,以及对该公司年报相关信息的解读,在发现该公司
2、成绩的同时,也指出其存在的不足,并针对其不足之处提出解决对策。希望能为企业的经营管理提供一点借鉴,从而采取措施加强管理,降低成本费用,提高利润和自身的竞争实力,也希望能为投资者的投资提供相应参考意见。 本文采用了传统的财务比率和现金流量比率对金地集团进行财务分析。在分析过程中,采用比率分析、趋势分析相结合的方法对金地集团2002年?2006年财务报表进行分析,配以图表直观地反映各项指标发展趋势,并运用杜邦财务分析方法,对金地集团财务状况进行了综合分析。在财务指标的选择上,本文主要选择了偿债能力、运营能力、盈利能力、市场价值和成长能力五大类,共计21项财务指标作为财务分析的框架。在分析过程中,还
3、同时选择房地产行业的龙头企业万科A(000002)(以下简称:万科)作为对比企业。这两家公司都是在深圳证券交易所上市的房地产行业绩优上市公司,产品类似,是行业中的佼佼者,具有一定的代表性。这两家公司财务数据来源于各自的 2002 年2006 的年报,年度资料来源于证券之星网站(/0.)、e汉唐证券网站(/.)等相关行业网站。 通过对金地集团的财务分析,发现金地集团具有持续发展能力正在加强,资产周转速度正在加快,品牌知名度在进一步提高等优势。 首先,在对金地集团的盈利能力和成长能力分析中,已得知金地集团净资产收益率已经从2002年的10.27%上升到2006年的14.42%,总资产、净资产增 1
4、长率也分别从 2002 年的 35.50%、5.54%上升到 2006 年的 62.10%、12.55%,这也可看出金地集团的持续发展能力正在逐步加强,而且金地集团目前的产业布局已经为下一步持续增长打下了坚实的基础。金地集团2006年未结算项目建筑面积已超过700万平方米,涉及12个城市,已初步完成并完善了长江三角洲、环渤海经济圈、珠江三角洲三大经济圈的布局和武汉、西安、沈阳等核心二线城市投资布局,抗击某一区域系统风险的能力已得到了很大提高。 其次,金地集团的资产周转速度在进一步加快。为实施快速扩张,缓解资金压力,金地集团加快了已有项目的开发,各区域产品销售速度和回款额都取得了理想成绩。这点在
5、对金地集团的运营能力分析中也可以看出,2002年?2006年期间,金地集团的应收账款周转率、总资产周转率分别从2002年的140.58、0.36增长到2006年的5255.83、0.41。 昀后,金地集团在房地产开发业务取得长足进步同时,产品也屡获业界好评。先后获得“2006中国房地产上市公司综合实力TOP10”第四名、“2006中国房地产上市公司财富创造能力(EVA)TOP10”第六名及“2006中国房地产上市公司地产绩优股TOP10”第四名等荣誉。以上奖项的获得,使金地集团的品牌知名度得到了进一步提高。但是,在对金地集团进行财务分析时,发现金地集团也面临着资金不足、存货管理函待加强,企业盈
6、利能力以及核心竞争力需要进一步提高的问题,本文针对存在的问题提出了解决办法。 第一,随着中国资本市场监管力度加大和国家对房地产行业宏观调控的进一步加强,使房地产开发企业的资金链条变得非常紧张。金地集团2006年新增加长期借款 17.52 亿元人民币,资产负债率高达 66.76%。 2007 年,金地集团计划开工面积208.78万平米,即使2006年末通过的不超过2.66亿新股、募集资金约30亿元的定向增发方案成功实现,金地集团手中可动用现金流也远远未能满足其项目开发需求。由此可见,金地集团下一步发展,面临很大的资金缺口。考虑到目前在股票市场公开发行股票募集资金比较困难,金地集团可以考虑对下属的
7、部分项目进行股权融资,由投资方对项目实现控股,金地集团确保项目的操作权,与投资方实行利润分成,这样就可部分减轻资金借贷的压力。另外还可以考虑发行可转债,这样既可优化资本结构,使公司的净资产利润率增加,又可以有“税盾”作用,间接降低资金成本。 2第二,通过对金地集团的财务分析,可以看到金地集团的存货近年来在不断上升,2006年期末存货余额已达到85.56亿元人民币,存货过多不仅增加了企业管理的困难,而且占用大量流动资金,加强存货的管理是金地集团当务之急。因此,如何采取各种营销手段,销售其现房和期房,将是金地集团面临的一个严峻考验。建议金地集团应该拥有一套完整的战略与战术思想,如采用快速客户反应E
8、CR战略、适时管理JIT方法等,同时,还可以考虑对原材料等实行供应链管理,转变传统观念,将企业间传统的对立关系转变为合作关系。 第三、随着房地产行业竞争进一步加剧,房地产行业原先的高额利润时代已风光不再。2006年金地集团的净资产收益率为14.42%,同期房地产行业龙头企业万科的净资产收益率为18.58%,相比之下,差距还是不小的。金地集团要想提高盈利水平,必须加强经营管理,降低成本费用,从而取得价格竞争优势。同时,还要加强服务特色和产品创新,并重视对竞争对手和消费者(客户细分)的研究,进一步强化市场定位意识。 昀后,金地集团虽然在2006年经过重新梳理执行体系,提升了总资产周转率和净资产收益
9、率水平,取得较好成绩,但与万科相比,还是存在一定差距。在房地产行业增长缓慢,利润率较低时,如何在未来发展中继续脱颖而出,领先于其它房地产企业,必须具备核心竞争力。只有掌握了核心竞争力的企业才能生存并保持持续盈利。金地集团未来需要强化的核心竞争力主要是三个方面:一是融资和资本运作能力,二是开发和管理能力,三是行业整合能力,未来这三方面的有机结合,才能实现快速增长。 通过对金地集团的分析,可得知金地集团虽然与房地产行业的龙头企业万科存在一定差距,但还是一家具有发展潜力和很强市场竞争力的企业。通过财务分析和对该公司年报信息的解读,达到了发现财务数据中潜在的隐性信息、了解运营情况和财务状况,对其进行评
10、价的目的。主题词:上市公司;财务分析;财务评价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 录 第1 章 绪论. 01 1.1 研究背景 1H1 1.2 研究目的 2H2 1.3 论文的结构框架 3H2 第2章 金地集团的财务分析方法. 4H1 2.1 财务分析方法的选择5H4 2.2 财务分析的基本体系6H5 2.3财务分析指标的选取7H6 2.3.1 偿债能力指标8H6 2.3.2 运营能力指标9H7 2.3.3 盈利能力指标10H8 2.3.4 市
45、场价值指标11H8 2.3.5 成长能力指标12H9 第3章 金地集团的基本情况. 13H10 3.1 公司历史沿革. 14H10 3.2公司行业背景. 15H11 3.3 公司经营状况. 16H12 第4章 金地集团的实证分析. H16 174.1 公司偿债能力分析 18H16 4.1.1 短期偿债能力指标分析19H16 4.1.2 长期偿债能力指标分析20H20 4.2 公司运营能力分析 21H25 4.2.1 应收账款周转率22H25 4.2.2 存货周转率 23H26 4.2.3 总资产周转率. 24H26 4.3 公司盈利能力分析 25H27 14.3.1 主营业务利润率26H27
46、4.3.2 资产净利率 27H28 4.3.3 净资产收益率. 28H29 4.4 公司市场价值分析 29H30 4.4.1 每股净利润 30H30 4.4.2 每股现金流量净值 31H31 4.4.3 每股净资产 32H32 4.5 公司成长能力分析 33H33 4.5.1 总资产增长率. 34H33 4.5.2 净资产增长率. 35H34 4.5.3 主营业务收入增长率. 36H36 4.5.4 净利润增长率. 37H37 4.6 财务状况综合分析 38H38 4.6.1 杜邦财务分析. 39H38 4.6.2 财务状况评价. 40H38 第5章 评价与建议41H41 5.1金地集团的主要
47、优势. 42H41 5.1.1 持续发展能力加强 43H41 5.1.2 资产周转速度加快 44H42 5.1.3 品牌知名度提高45H42 5.2金地集团存在的问题与建议. 46H43 5.2.1 再融资问题 47H43 5.2.2 存货管理问题. 48H44 5.2.3 提高企业盈利水平问题49H44 5.2.4 核心竞争力的强化问题50H45 第6章 研究结论 错误!未定义书签。 6.1 主要结论51H46 6.2 财务分析发展趋势 52H46 26.3今后的研究课题53H47 参考文献 54H49 附录1:金地集团6003832002 年?2006 年资产负债表55H51 附录2:金地
48、集团6003832002 年?2006 年利润及利润分配表56H54 附录3:金地集团6003832002 年?2006 年现金流量表57H55 附录4:万科A0000022002 年?2006 年资产负债表H59 58附录5:万科A0000022002 年?2006 年利润及利润分配表59H62 附录6:万科A0000022002 年?2006 年现金流量表60H63 3第1章 绪论 1.1 研究背景 整个世界经济已经进入一体化与全球化的时代,这就意味着全世界已成为一个统一的大市场,任何处于其中的经营个体?公司、企业面对的都是日益复杂、竞争日趋激烈的市场环境,也正是在激烈的竞争中,我们的市场越来越
