ch17[1]Investment Analysis

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财务管理选择题(Ch17)(201406)

财务管理选择题Ch1总论一、单项选择题1. 财务管理的最佳目标是（）。

A．总产量最大化B．利润最大化C．收入最大化D．股东财富最大化2. 企业同其所有者之间的财务关系反映的是（）。

A．经营权与所有权关系B．债权债务关系C．投资与受资关系D．债务债权关系3. 企业同其债权人之间的财务关系反映的是（）。

A．经营权和所有权关系B．债权债务关系C．投资与受资关系D．债务债权关系4. 企业同其被投资单位的财务关系反映的是（）。

A．经营权和所有权关系B．债权债务关系C．投资与受资关系D．债务债权关系5. 财务管理的对象是（）。

A．财务关系B．货币资产C．实物资产D．资金运动6. 没有风险和通货膨胀情况下的利率是指（）。

A．名义利率B．纯利率C．票面利率D．资本成本率7. 企业同其债务人的财务关系反映的是（）。

A．经营权和所有权关系B．债权债务关系C．投资与受资关系D．债务债权关系8.（）企业组织形式最具优势，成为企业普遍采用的组织形式。

A．普遍合伙企业B．独资企业C．公司制企业D．有限合伙企业答案：D；A；D；C；D；B；B；C二．多选选择题1. 企业的财务活动包括（）。

A．企业筹资引起的财务活动B．企业投资引起的财务活动C．企业经营引起的财务活动D．企业分配引起的财务活动E．企业管理引起的财务活动2. 企业的财务关系包括（）。

A．企业同其所有者之间的财务关系B．企业同其债权人之间的财务关系C．企业同被投资单位的财务关系D．企业同其债务人之间的财务关系E．企业与税务机关的财务关系3. 在不存在任何关联交易的前提下，下列各项中，无法直接由企业资金营运活动形成的财务关系包括（）。

A．企业同其投资者之间的关系B．企业同受资者之间的关系C．企业同政府之间的关系D．企业同职工之间的关系E．企业与客户之间的关系4. 完善中小股东利益保护的机制主要有（）。

A．完善上市公司的治理机构B．规范上市公司的信息披露制度C．约束大股东所占比例D．发展基金投资机构E．完善上市发行制度5. 在经济繁荣阶段，市场需求旺盛，企业应（）。

IMP12-CH 17 使用手册说明书

安装维护前，请先通读说明书，并参阅最后一页推荐的操作、保修、厂家责任。

概述盲目使用该产品可能会引起爆炸和人员损伤。

使用前必须仔细阅读该手册。

本产品适用于Ex dIIC T6 Gb; Ex tD A21 IP66 T85℃本产品通过ATEX 和IECEx 认证，详细标识如下：UE 声明和第三方颁发的证书可从以下网址下载：ATEX 证书特定使用条件：温度或压力开关的接线必须在安全区域内连接，或通过符合EN 60079-0:2018、EN 60079.1:2014和EN60079:31:2014（适用于危险场所）认证认可的接线盒连接。

环氧树脂的温度不得超过125°C 。

通过安装，应保护电线免受机械损坏，例如使用导管。

本证书不包括带有DIN 连接器的选项M515。

如果不使用金属导管，则应使用外部接地螺钉（M460选项）。

电气导管配件螺纹连接：M20 X 1.5，最小啮合7个螺纹。

IEC 证书特定使用条件：安全区域或经批准认可的接线盒认证，符合IEC 60079-0第七版、IEC 60079.1第七版和IEC60079/31第二版的危险场所要求。

环氧树脂的温度不得超过125°C 。

通过安装，应保护电线免受机械损坏，例如使用导管。

本证书不包括带有DIN 连接器的选项M515。

如果不使用金属导管，则应使用外部接地螺钉（M460选项）。

电气导管配件螺纹连接：M20 X 1.5，最小啮合7个螺纹。

安装前，检查下所选开关型号和所要测试的环境介质是否匹配。

双密封装置的一次密封报警方法是从外壳可见泄漏。

根据检测到的介质，可能需要额外的泄漏检测方法。

使用时候，即使是波动非常大的系统中,极限值也不能超过铭牌标注的耐压值*，偶尔的话可以接受（比如启动和测试时）。

连续运行不能超过开关设计的最大耐压值。

*耐压值：压力开关偶尔出现的最大压力，不会造成永久性损害（比如启动和测试时）（可能会要求设定调整） **超量程压力-压力传感器可连续承受的压力值，不会造成损坏，同时保持设定值重复性。

17 CVP Analysis

Ch17 CVP Analysis1. CVP Analysis and Breakeven PointCost-volume-profit（CVP）/breakeven analysis is the study of the interrelationships between cost, volume and profit at various levels of activity.（1）The breakeven point which is the activity level at which there is neither profit nor loss;（2）The amount by which actual sales can fall below anticipated sales, without a loss being incurred.（3）FormulaTraditional CVP analysis assumes that costs can be split into fixed and variable components and that fixed costs do not vary once the volume of output remains in the 'relevant range'. Under these assumptions the break-even point for a single productcosts.手写板图示1301-01手写板图示1301-02手写板图示1301-03（4）The Profit/Volume （P/V）Ratio）ratio.The P/V Ratio is a measure of how much contribution is earned from each $1 of sales.手写板图示1301-04（5）The Margin of SafetyThe margin of safety is the difference in units between the budgeted sales volume and the breakeven sales volume and it is sometimes expressed as a percentage of the budged sales volume.手写板图示1301-05（6）S=V+FS-V=FTotal contribution = fixed costs手写板图示1301-06（7）Target profitsS= V+F+PS-V = F+PTotal contribution = F + P手写板图示1301-07手写板图示1301-08手写板图示1301-09手写板图示1301-10（8）Total profit is maximized when the total contribution is at its maximum.2. Breakeven Charts, Contribution Charts and Profit/Volume Charts （1）Breakeven chart手写板图示1301-11手写板图示1301-12The value of breakeven chartsTo plan the production of a company’s productsTo market a company’s productsTo give a visual display of breakeven arithmetic（2）Contribution chartOne of the advantages of the contribution chart is that is shows clearly the contribution for different levels of production as the‘wedge’ shape between the sales revenue line and the variable costs line. At the breakeven point, the contribution equals fixed costs exactly. At levels of output above the breakeven point, the contribution is larger, and not only covers fixed costs, but also leaves a profit. Below the breakeven point, the loss is the amount by which contribution fails to cover fixed costs.（3）P/V ChartThe advantage of the P/V chartThe P/V chart shows clearly the effect on profit and breakeven point of any changes in selling price, variable cost, fixed cost and/or sales demand.手写板图示1302-013.The multi-product breakeven and P/V chart5.24Since most companies sell more than one product, a multi-product chart of some type might be required.5.25 A very serious limitations of breakeven charts is that they can show the costs, revenues, profits and margins of safety for a single product only, or for a single ‘sales mix’ of products.5.26For example suppose that Farmyard Ltd sells three products, X, Y and Z, which have variable unit costs of ￡3, ￡4 and ￡5 respectively. The sales price of X is ￡8, the price of Y is ￡6 and the price of Z is ￡6. Fixed costs per annum are ￡10,000.5.27 A breakeven chart cannot be drawn, because we do not know the proportions of X, Y and Z in the sales mix. （If you are not sure about this point, you should try to draw a breakeven chart with the information given. It should not be possible.）5.28If, however, we now assume that budgeted sales are as follows:X 2,000 unitsY 4,000 unitsZ 3,000 unitsa breakeven chart can be drawn. The chart would make the assumption thatoutput and sales of X, Y and Z are in the proportions 2,000 :4,000:3,000 at all levels of activity, in other words that the sales mix is 'fixed' in these proportions. ~ （a）WorkingsBudgetedcosts Costs Budgeted Revenuerevenue￡Variable costs of X （2,000×￡3）6,000 X （2,000×￡8）16,000Variable costs of Y （4,000×￡4）16,000 Y （4,000×￡6）24,000Variable costs of Z （3,000×￡5）15,000 Z （3,000×￡6）18,000Total variable costs 37,00058,000Fixed costs10,000Total budgeted costs47,090（b）The breakeven chart can now be drawn.5.29The same information could be shown on a P/V chart, as follows.5.30The breakeven point is approximately ￡27,500. This may either be read from the breakeven chart or computed mathematically. The budgeted P/V ratio for all three products together iscontributi on/sales=￡(58,000-37,000)/ ￡58,000=36.21%The required contribution to break even is ￡10,000, the amount of fixed costs. The breakevenpoint is￡10,000/36.21%=￡27,500 （approx）in sales revenue5.31An addition to the PN chart would now be made to show furtherinformation about the comribution earned by each product individually, so that their performance and profitability can be compared.5.32By convention, the products are shown individually on a PN chart from left to right, in order of the size of their P/V ratio. In this example, product X will be plotted first, then product y and finally product Z. A dotted line is used to show the cumulative profit/loss and the cumulative sales as each product's sales and contribution in turn are added to the sales mix.Product Cumulative CumulativeSales profit￡￡X16,000（￡10,000-￡10,000）X andY40,0008,000X, Y and Z58,00011,000You will see on the graph which follows that these three pairs of data are used to plot the dotted line, to indicate the contribution from each product. The solid line which joins the two ends of this dotted line indicates the average profit which will be earned from sales of the three products in this mix.5.33 From this diagram, it may be apparent that since X is the most profitable in terms of P/V ratio, it might be worth considering an increase in the sales of X, even if there is a consequent fall in the sales of Z. Alternatively, the pricing structure of the products should be reviewed and a decision made as to whether the price of product Z should be raised so as to increase its P/V ratio （although an increase is likely to result in some fall in sales volume）.手写板图示1302-02The multi-product P/V chart is therefore helpful in identifying the following:The overall company breakeven pointWhich products should be expanded in output and which should be discontinued How changes in selling price/sales volume will effect the company’s breakeven point/profit手写板图示1302-034.Limitations of CVP AnalysisBreakeven analysis is a useful technique for managers. Breakeven arithmetic can provide simple and quick estimates. Breakeven charts provide a graphical representation of breakeven arithmetic. Breakeven analysis has a number of limitations.（1）It can only apply to a single product or a single mix of a group of products.（2）A breakeven chart may be time-consuming to prepare.（3）It assumes fixed costs are constant at all levels of output.（4）It assumes that variable costs are the same per unit at all levels of output.（5）It assumes that sales prices are constant at all levels of output.（6）Is assumes production and sales are the same （stock levels are ignored）.（7）It ignores the uncertainty in the estimates of fixed costs and variable cost per unit.。

ch17 第十七章 iZAP Application

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mOS Task
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Task Communication
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安潤科技股份有限公司6

投资理财投资分析PPT

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Intermediate Accounting (New Mexico State University)ch17

Type of Transfer From Available for Sale to Held to Maturity Measurement Basis Impact of Transfer on Stockholders’ Equity Impact of Transfer on Net Income None
Trading Securities
Available for Sale
Held-toMaturity
Record at fair value
M.V.changes recorded as part of income
Record at fair value
M.V.changes recorded as part of equity
Unrealized gains or losses at date of transfer are recognized in income.
Transfers Between Categories
Type of Transfer
From Available for Sale to Trading
Chapter 17: Investments
After studying this chapter, you should be able to:
1. Identify the three categories of debt securities and describe the accounting and reporting treatment for each category. 2. Understand the procedures for discount and premium amortization on bond investments. 3. Identify the categories of equity securities and describe the accounting and reporting treatment for each category.

乔普拉《供应链管理(第7版英文版)》教学课件CH17

• Audit and support suppliers – Supplier collaboration and capability building strongly associated with social and environmental responsibility performance improvement and lower operating costs – Benefits accrue to all customers of the supplier
• Every company and supply chain faces the challenge of the tragedy of the commons as it operates in a global environment
• Difficult to imagine a sustainable solution emerging without some intervention
Copyright © 2019, 2016, 2013 Pearson Education, Inc. All Rights Reserved
Key Pillars of Corporate Social Responsibility
• Measuring performance along all three pillars may be required to evaluate the impact of sustainability-related efforts – Environmental – Social – Governance
As supply chains have globalized and emerging countries have grown, it has become increasingly clear that the world’s resources and environment will not be able to support this growth unless supply chains become more sustainable. Besides the need to make the world more sustainable, an increased focus on sustainability can allow supply chains to reduce risk, become more efficient, and attract some customers who value these efforts.

ch17 垄断和垄断行为

若垄断企业的边际成本是固定的￥k/单位。没有从量税时，垄断企业的定价是：
p( y*)
k 1 1
k 1
税收对垄断企业的影响
征收从量税后，垄断企业的定价：
p( yt ) (k t) 1
消费者承担部分： p (yt)-p(y*)
p( yt ) p( y*) (k t) k t 1 1 1
价格歧视
第三类价格歧视（third-degree price discrimination）：不同消费者组别内价格是完全相同的，不同组别之间的价格可能是不同的。如，老年人优惠价格、学生优惠价格等。
第一类价格歧视
每一个单位产品的销售价格都不一样，不同消费者所获得的价格是不同的。
这就要求垄断企业能够区分不同消费者对产品价值的预期或保留价格，向产品价值预期高的消费者卖高价，低的卖低价。
价格歧视
第一类价格歧视（first-degree price discrimination），也叫完全价格歧视（perfect price discrimination）：每一个单位产品的销售价格都不一样，不同消费者所获得的价格是不同的。
价格歧视
➢ 第二类价格歧视（seconddegree price discrimination），也叫非线性定价（non-linear pricing）：每一个消费者获得的价格因其购买数量的变化而变化，所有消费者所面临的定价机制是一样的。如，批量折扣价（买得越多越便宜）。
结论：在一个垄断的市场中，P高于MC，且P 高于最低ATC.
垄断的不效率
收入转移。垄断加剧了收入的不均等。垄断企业和竞争性生产者面临的成本可能是不
同的。 —规模经济可能使垄断企业的单位成本低于竞争

【推荐】理论力学：ch17离散系统的震动.ppt

相位差为 ;
振幅: 为等振幅的振动，有阻尼也不会衰减。
下面重点讨论受迫振动的振幅和相位差。
56
受迫振动振幅:
相位差：
可以看出，振幅和相位差均与系统特性和激振力的特性有关，而与初始条件无关。
振幅和相位差的无量纲形式引入无量纲参数:
频率比:
阻尼比:
57
振幅和相位差的无量纲形式引入无量纲参数: 则有:
其中，n 为阻尼系数。将方程化为标准形式:
阻尼自由振动微分方程的通解设解的形式为:
32
有阻尼自由振动微分方程的标准形式:
阻尼自由振动微分方程的通解设解的形式为: 代入方程得到特征方程为:
解出特征根: 则方程的通解为:
33
特征根: 通解为: 解的特性取决于特征根的性质，下面分别讨论。 3. 小阻尼情况
以质量-弹簧系统为例建立振动微分方程。
设已知 m, k, c 以及简谐激振
力： F = H sint 。
以静平衡位置为x的坐标原 l0
点，向下为x轴正向。取 m 为研究对象，在一般
st
O
x
Fk
Fc
位置x处，受力如图。则运动微分方程为:
v mg x
49
运动微分方程为: 所以:
l0
st
O
x
Fk
当 n n 时，特征根为一对共轭复数:
通解可写为:
其中，A和为积分常数，由初始条件决定。 34
通解为:
其中，A和为积分常数，由初始条件决定。
有阻尼振动时的圆频率为: 则通解可写为: 设初始条件为: 则有:
35
通解为:
它的运动曲线如图。由图可以看出，其运动已不是等振幅的简谐运动，而是衰减运动。阻尼自由振动的参数振幅圆频率

CH17[1]状态变量法

第十七章状态变量法
§1 基本概念
一. 状态变量 x 分析动态过程的独立变量。
选定系统中一组最少数量的变量 X =[x1,x2,…xn]T ，如果当 t = t0 时这组变量X(t0)和 t t0 后的输入e(t)为已知，就可以确定t0及t0以后任何时刻系统的响应。
X(t0) e(t) t t0
iR(t)= uC(t)/R
L iL
+ uL +
iC +
+
-e(t)
C
uC R -
u-R
uL 1
iC
1/
R
uR iR
1 1/ R
0
1
1 0 0
uC iL
0 0 0
e(t
)
一般形式 [y]=[C][x]+[D][u]
特点 (1)代数方程 (2)用状态变量和输入量表示输出量
R1
uS
iC1
uC1 R2 iS
uL R1
iC1 iC2 uC1
R2
设uC1、 uC2 、iL为状态变量
解 (1) uC1 单独作用
iL=0，iS =0，uS=0 , uC2=0 求：iC1 ， iC2 , uL 。
iC 1
uC 1 R1 R2
iC 2
uC 1 R1 R2
uL uC1
(2) uC2 单独作用 iL=0，iS =0，uS=0 , uC1=0 求：iC1 ， iC2 , uL 。
uC
i1
i2
0 1
L1 1
L2
L2
0
0 R1
uS
iS
L2
例2
选 u1 , u2 , i3 , i4为状态变量

Intermediate-Accounting-Ch17-IFRS

(e.g., loans, receivables, and bonds).
IASB requires that companies classify financial assets into two measurement categories—amortized cost and fair value— depending on the circumstances.
Summary of Investment Accounting Approaches
Illustration 17-1
17-7
LO 1 Describe the accounting framework for financial assets.
Debt Investments
Debt investments are characterized by contractual payments on specified dates of
Financial Asset
Cash. Equity investment of another company (e.g., ordinary or
preference shares). Contractual right to receive cash from another party
Company’s business model for managing its financial assets; and
Contractual cash flow characteristics of the financial asset.
Only debt investments such as receivables, loans, and bond investments that meet the two criteria above are recorded at amortized cost. All other debt investments are recorded and reported at fair value.

投资学原书第11版Ch17 Macroeconomic and Industry Analysis

• The global economic environment • Economic factors affecting the firm’s industry • The position of the firm within its industry
INVESTMENTS | BODIE, KANE, MARCUS
INVESTMENTS | BODIE, KANE, MARCUS
17-10
Demand-side Policy
• Fiscal policy — • Monetary policy —
INVESTMENTS | BODIE, KANE, MARCUS
17-11
Fiscal Policy
(1 of 2)
INVESTMENTS | BODIE, KANE, MARCUS
17-6
The Domestic Macroeconomy
• Stock prices rise with earnings
• P/E ratios are normal range: 12-25
• Forecasting the performance of the broad market begins with an assessment of the economy as a whole
• Less immediate effect than fiscal policy
INVESTMENTS | BODIE, KANE, MARCUS
17-14
Monetary Policy
(2 of 2)
• Tools of monetary policy:
• Open market operations • Discount rate • Reserve requirements

CH17_IM参测、Tem、工特

3
1、机械损耗的求法
损耗分离：在p'0的三项损耗中，
机械损耗 pmec 与电压 U1 无关，在电动机转速变化不大时，可以认为是常数。 pFe+pad0 可以近似认为与磁密的平方成正比，因而可近似认为与电压的平方成正比。故 p'0 与 U12 的关系曲线近似为一直线。其延长线与纵轴交点即为机械损耗pmec。空载附加损耗相对较小，可以用其它试验将之与铁耗分离，也可根据统计
值估计pad0，从而得到铁耗pFe。
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2、空载等效阻抗的计算：
Z0 =U1／I0
R0= p0／3I02
X0=(Z02-R02)1/2
由于电动机空载，s≈0，转子支路近似开路，则 X0=Xm＋X1σ Xm=X0－X1σ 式中，定子漏电抗X1σ将由短路试验测出。在已知额定电压下铁耗pFe的情况下，励磁电阻 Rm=pFe／3I02
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二、短路试验
1. 试验目的：测定短路阻抗、转子电阻、定、转子漏抗。 2. 试验方法：将转子堵住，在定子端施加电压，从 0.4UN 开始逐渐降低，记录定子绕组端电压Uk、定子电流Ik、定子端输入功率Pk，作出异步电机的短路特性Ik=f(Uk)，Pk=f(Uk)，如图所示。根据短路特性曲线，取额定电流点的 Uk(相电压) 、Ik(相电流)、Pk(三相短路损耗 )。
kM=Tmax／TN
TN为额定负载转矩 TN=PN/ΩN
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2. 三个特殊点(续) ③ 起动点： s=1 ， n=0 ，转子静止，Tem= Tst 。
★ 起动转矩倍数：kst=Tst／TN 一般 IM的 kst =1.0～2.0；特殊用途 kst = 2.8～4.0
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ch14[1]Investment Analysis

Industry Performance
• Wide dispersion in rates of return in different industries
• Performance varies from year to year • Company performance varies within industries • Risks vary widely by industry but are fairly
stable over time
The Business Cycle and Industry Sectors
• Economic trends can and do affect industry performance
• By identifying and monitoring key assumptions and variables, we can monitor the economy and gauge the implications of new information on our economic outlook and industry analysis
• Is there consistency in the returns for individual industries over time? What do these results imply regarding industry analysis?
Chapter 14 Industry Analysis
Questions to be answered:
• Is there a difference between the returns for alternative industries during specific time periods? What is the implication of these results?cs – Lifestyles

ch07[2]Investment Analysis

Background Assumptions
• As an investor you want to maximize the returns for a given level of risk.
• Your portfolio includes all of your assets and liabilities
Not all investors are risk averse
Risk preference may have to do with amount of money involved - risking small amounts, but insuring large losses
Definition of Risk
• Given the formula for the standard deviation of a portfolio, how and why do you diversify a portfolio?
Chapter 7 - An Introduction to Portfolio Management
• What happens to the standard deviation of a portfolio when you change the correlation between the assets in the portfolio?
• What is the risk-return efficient frontier?
• What is meant by risk and what are some of the alternative measures of risk used in investments?

投资学博迪

投资学博迪简介投资学博迪是一位著名的投资学家和作家，他在投资领域有着卓越的贡献。

他的著作《投资学新 frontiers and investment analysis》和《资产定价理论》是投资学研究领域的经典之作。

在这篇文档中，我们将介绍博迪的主要贡献以及他的投资理念。

博迪的主要贡献1.资产定价理论资产定价理论是博迪最重要的贡献之一。

他与Fama一起提出了CAPM (Capital Asset Pricing Model)模型，该模型被广泛应用于资产定价和投资组合构建。

CAPM模型基于以下假设： - 投资者是理性的，并且期望获得最大化的效益。

- 投资者的预期回报与风险成正比。

- 资本市场是完全竞争的，不存在摩擦。

2.有效市场假说博迪提出了有效市场假说，该假说认为市场上的价格已经包含了全部可获得信息。

根据有效市场假说，投资者无法通过分析市场数据、使用技术指标或其他方法获得超额回报。

有效市场假说对投资者的影响是，他们无法通过预测市场走势和选择优质股票来获得超额回报。

相反，他们应该采取被动投资策略，通过投资于整个市场来获得平均回报。

3.投资组合理论博迪还对投资组合理论做出了重要贡献。

他提出了均值-方差分析的方法，这是一种衡量投资组合风险和回报的方法。

均值-方差分析通过计算投资组合中每个投资资产的预期回报和方差，从而找到最佳的资产组合。

投资组合理论的核心思想是分散投资可以降低投资组合的整体风险。

通过在不同资产之间进行分配，投资者可以降低投资组合的方差，从而实现风险和回报之间的最佳平衡。

博迪的投资理念博迪的投资理念可以概括为以下几点：1.长期投资博迪坚信长期投资是取得稳定回报的关键。

他建议投资者在一个资产上持有较长时间，并在整个投资过程中保持耐心。

长期投资有助于分散市场波动对投资组合的影响，并通过持续获得复利效应来实现回报。

2.分散投资博迪认为分散投资是降低投资风险的重要策略。

通过投资于不同资产类别和市场，投资者可以减少某一特定资产或市场的风险对投资组合的影响。

投资学行业分析

Chinese Textile Industry Analysis Report Name: Shuyi Liu(刘书佚)Student Number:41204448Class: Class 1contentChapter 1The Summarization of The Development of The Textile Industry at Home and Abroad (3)section 1 The summarization of the development of the textile industry abroad .. 3section 2 The summarization of the development of the textile industry at home (4)Chapter 2the Analysis of China textile industry development environment (6)section 1 The macro economic environment (6)section 2 The policy environment (9)section 3 Social environment (9)section 4 Technology environment (10)chapter 3Analysis of Chinese textile industry (10)section 1 status quo of Chinese textile industry (10)section 2 Analysis of supply and demand in Chinese textile industry (11)section 3 The import and export of textile industry (12)section 4 Management of textile industry (13)section 5 Trend forecast (14)Chapter 1 The Summarization of The Development of The Textile Industry at Home and Abroadsection 1 The summarization of the development of the textile industry abroad1. The summarization of the development of the textile industry abroadWith domestic demand driving force of ecnomic development gradually restoring, The world economy will continue to recover, and maintain a certain rate of growth. but because the capital market of developed economies is still in the doldrums, the European sovereign debt crisis has not been solved and the inflation pressures of Emerging economies are increasing, the growth of the world economy overall is still weak. Low speed of economy recovery in the developed economies makes the employment situation improvement lack of power, which will affect the income growth and consumer confidence rising, emerging market inflation pressures’ increasing will directly restrict the expansion of consumption, although the international market in 2013 textile demand continues to grow, but the growth rate will be relatively limited. And the unexpected events such as bad weather, political unrest will have a negative effect on clothing and other consumer goods demand growth, and further increase the uncertainty of international market.2. The trend of the development of the textile industry abroadAs the uncertainty of global texitile industry market prospects increasing, the texitile industry will the technical inputs, relyi on scientific and technological progress to reduce the production cost, and at the same time enhance the proportion of new functional fibrematerials, improve the industry operating quality by reducing the cost and improving the added value of the products. In the future, the world textile market will show the following changes: at first, the market pattern changes. Income growing Asia market, other large developing countries will become a growing market; Europe, North America and Japan market growth rate will slow down, coupled with the fierce market competition, they will become shrinking markets; with the abolition of quotas, many small countries will lose the original security market share. And secondly, trade regionalization increasing. To deal with textile and clothing quotas mechanism, some main purchase countries give special concessions to some particular countries, which leads to the regional trade of textiles and clothing.section 2 The summarization of the development of the textile industry at home1. The summarization of the development of the textile industry at home1. Production maintains growth, but growth is slowing down.2. Industry investment growth continued to fall, and newly started projects growthslowly.3. Export industry representation growth rapidly, but the number is relatively small.4. The industry development is still an important support for the domestic marketgrowth.5. Industry profit growth drop slightly.6. Poor scale enterprises performance not well, enterprise sales revenue, profit growthof only single digit growth, far less than the above scale enterprises growth.2. The development trend of Chinese textile industry and existing problemsFrom the domestic economic environment, domestic demand will become an important driving force of the growth of the industry. China textile enterprises should overcome the difficulties of the raw material prices, the appreciation of the RMB and the export tax rebate adjustment, seize opportunities of development, improve industrial concentration, avoid the blind expansion of production capacity to curb the offset, intensify the construction of featured industrial park to enhance the independent the step of innovation, lifting Chinese textile industry brand construction, adjust and upgrade the industry, making Chinese textilie industry step into texitlile power.But in the transformation process of textile industry of economic system transition and economic growth pattern, there are some serious problems:1. Duplicate construction serious surplus: the low level of initial excess processingcapacity, structure adjustment, imbalance of industrial structure and product structure, area layout is not reasonable.2. Backward technology and equipment, a serious shortage of investment in scienceand technology, leads to the technology is generally low, energy and high consumption of raw materials, labor and low production efficiency.3. The proportion of exports of low-end products is too large, the internationalcompetitiveness is not strong. China's textile export growth in recent years, the export structure mode but still come with resource type and quantity dominated.Chapter 2 the Analysis of China textile industry development environmentsection 1 The macro economic environment(1) The development of macro economyIn the face of the international economic and trade environment of frequent disturbance, our country speeds up the transformation of economic development mode, strengthen and improve macro-control, play the role of market mechanism, effectively strengthen and expand the impact of the international financial crisis, the national economic situation is generally good.1. GDP growthIn 2013, GDP is 56884.5 billion yuan, and calculated at constant prices, year-on-year GDP growth is 7.7%.2. Household income increased steadilyIn 2013 per capita disposable income of urban residents was 21810 yuan, up 14.10%, after deducting price factors, the actual growth of 9.2%.3. Fixed asset investment growth rate of return to stableSince 2011, China's urban fixed asset investment growth rate first increased and thendecreased, showing went trend.4. Manufacturing PMI index downPMI index down shows the turmoil in the international economic situation and domestic demand atrophy pressure makes the motive force of the development of manufacturing defects.(2) The macroeconomic impact of the textile industryNow China is at a critical stage of the 12th Five Year Plan, the macroscopical economy environment textile industry of our country is very complex, and the recovery of the global economy slows down, with tightening monetary policy such as rasing interest rates and deposit reserve rate, ,and factors of production costs continue to rise, the renminbi to us dollar exchange rate continued to rise, the market is in the macro environment of the haze.1. China retrenchment. Large financial institutions continue to raise deposit reserve rateand interest rate, As the textile industry overall debt level is not high, so the overall effect on the textile industry of the modest increase in interest rates, but the interest rate is difficult to financing, especially the small enterprise fund tense, whether it is the normal production and business operation or to expand the scale, the lack of funds to textile enterprises caused certain difficulties.2. The main raw material for the textile industry, the rapid rise in cotton prices is a keyfactor in rising raw material cost pressures. Although since the beginning of 2011 April, cotton prices have been down, but now is still running high.3. When the world economy is facing the bottom two cases, increased internationalmarket demand growth uncertainty, competing increasingly intense international market competition, Chinese textile industry faces rising raw material prices, labor costs rise significantly, the emerging developing countries on China's textile andgarment industry directly compete with traditional.4. The continuous appreciation of the RMB domestic dependent on the export of textileenterprise profits continue to be due to compression. The appreciation of the renminbi a negative impact on the textile industry can not be ignored.section 2 The policy environment1. "Twelfth Five Year Plan" is the key period of building a well-off society in China, is thecrucial period of transformation and upgrading of the textile industry, an important opportunity to have a brilliant future and industrial textiles.2. The demand of Textile industry is very potential . Especially with the improvement ofpeople's lives and improve green development, industrial textiles space in the medical and health, construction, energy saving and environmental protection, traffic safety, the new energy industry a huge market. At the same time, after years of development, China's textile industry new technology application ability, enterprise strength were significantly improved, laid the foundation for the realization of a higher level of development.3. Policies and measures includes the role of industrial policy guidance function,increase the technological progress, strengthen policy support merger and reorganization of enterprises management, the establishment of departments to promote coordination mechanisms, improve the emergency reserve, play six hand association.section 3 Social environment1. Population environmentMarket = population and purchasing and purchasing desire. Population flow from the countryside to city trend continues to expand, and improve the level of education, so that people on the future requirements, especially clothing grade requirements greatly improve, more emphasis on taste and culture of clothing.2. Geographical environmentThe eastern region is one of the most prosperous region Chinese economy, especially Neijiang, Shanghai and Zhejiang region is not only the geographical position is superior, and has always been an important base China textile and garment.section 4 Technology environmentnew technology such as the new functional fiber materials, technology of textile processing, automation technology of textile process are promoting day by day.chapter 3 Analysis of Chinese textile industry section 1 status quo of Chinese textile industryIn 2013, the general operation of textile industry keeps steady, specifically manifested in: the scale of production, continue to expand the scale of investment, regional continue to adjust the structure of export and domestic sales, to maintain a certain growth, industry profit keeps growth.section 2 Analysis of supply and demand in Chinese textile industryIn 2013, the general operation of textile industry keeps steady, but the industry still exist some uncertain factors, such as the expansion of production scale, but the current slowdown; cotton price difference has narrowed, but the future is still the possibility of expanding the traditional market, Japan; the proportion of share has declined, the operating pressure is still a big industry.(1) Requirements: macro - economic slowdown, the domestic low growthChinese economy did not continue in 2012 in the second half of the steady rise of the trend, GDP year-on-year growth of 7.7% over the 4 quarter, down 0.2 percentage points, showed that the lack of economic growth momentum, the momentum of recovery is weak. In the economic slowdown in the background, the domestic textile industry growth rate lower than expected.2012-2013 Textile retail sales and growth(2) Supply: Construction of a textile enterprise, main product output growthIn 2013, under normal situation of textile enterprises. According to the ChinaTextile Industry Federation of textile industry cluster research information, after the Spring Festival of 2013, textile enterprises to start normal, open rate was nine; the order is generally better than the same period last year, large enterprise order is full;large and medium-sized enterprise workers rework situation better, employment stability.(3) Price: Textiles, clothing prices were slightly improved.section 3 The import and export of textile industry(1) import1.Imports declined, and the import volatility.2.Taiwan, Europe, Japan as the main source of import market, enhance the competitiveness of emerging market.(2) export1.Export growth picked up significantly, but export pressures.In 2013, despite the recent domestic and foreign cotton spread narrowed, but the effect of cotton problems still outstanding, the textile industry of our country export pressure.2012-2013 Textile materials and products exports and growth2.The raw materials price index rebound, the export price index has rebounded.3. The traditional market improved slightly, emerging market sharply.section 4 Management of textile industry(1) General situation: the industry efficiency continues to improve, the total profit keepgrowth(2) Industry: profit growth rate were improved, different industries act different.2013 Sub total industry of texitile industry profits and growth1. Textile industry: profit growth rebounded sharply2. Garment industry: profit growth picked up slightly3. Chemical industry: profit decline narrowedsection 5 Trend forecast1.Textile industry domestic sales forecastIn 2014,Steady growth in domestic demand will remain the primary driving force of the development of the textile industry, along with our country economy development to drive the employment situation remained stable, the income of urban and rural residents continued to increase, the urbanization construction in an orderly way, all kinds of people's livelihood, expanding domestic demand policy measures to further implement and effect, textile and clothing products domestic consumption is expected to continue to maintain steady and rapid growth.2.The textile industry export forecastFrom the demand point of view, in 2014 China's textile export industry to achieve positive growth, and the growth rate can be higher than in 20123, but consider the impact of raw material prices and exchange rates and other factors on the competitiveness of the industry, modest export growth year-on-year increase.。