会计英语期末论文

会计英语财务报表分析班级：注会1501姓名：***学号：*********1.synopsisCultural industry has become a part of the strategy of the national economy, one of its branches broadcasting and TV industry in our country reform of cultural system and the double factors of cultural consumption level will also plays a more and more important role in the national economy.Huayi Brothers Media Corporation is a well-known comprehensive private entertainment group in mainland China, founded by wang zhongjun and wang zhonglei in 1994. On September 27, 2009, the securities and futures commission announced gem issuance examination committee, Huayi Brothers Media Corporation (start), which means that the Huayi Brothers became the first allowed to a public stock offering entertainment; It has also taken a crucial step in its domestic listing. On October 30, 2009, huayi brothers media company entered the shenzhen stock exchange. Huayi Brothers Media Corporation, one of the first 28 companies to list, has received a lot of attention.As a special industry, the cultural industry on the real economy compared to its financial management system should be different for film and television industry pays cycle is long, the characteristics of elasticity is larger, huayi has established the leading domestic "film and television entertainment industry industrialization operation system", including "benefits evaluation + budget control + money collecting" as the main line of integrated financial management module, the emphasis of specialization "business + studio" the elasticity of operation management module, and emphasizes the creation of the "combined closely with the marketing and creation" and the marketing management module, it is also use the more advanced market-oriented management approach, makes huayi since 2007 performance is greatly improved.Currently, huayi brothers invests and operates three major business sectors: film, television, entertainment, etc. Licensed and live entertainment for brands, such as film commune, cultural city, theme park, etc. The Internet entertainment sector, represented by games, new media and fan communities. In 2014, alibaba, tencent and ping an announced their stake in huayi, a powerful backstop for huayi brothers to break through the boundaries of industry boundaries.2.Balance sheet - vertical analysisFrom static analysis. In the general sense, the liquidity of an enterprise is strong and its risk is low. Non-current assets are less able to liquidate and their assets are riskier. In 2016, the company's liquid assets were 77.47 percent, while the non-current assets were only 22.53 percent. According to the company's asset structure, the company's assets are considered to be more liquid and less risky assets.Analyze dynamically. Rose 5.78% proportion of the company's current assets, non-current assets fell by 5.78%, combined with changes in the structure in each asset item, in addition to the proportion of the monetary funds rose 9.03%, other project change is not big, assets structure is relatively stable.From the perspective of the rights and interests of small proportion of short-term borrowing, huayi brothers company and long-term borrowing is not, but its capital reserves and attributable to the parent company owner's equity presents considerable negative, unreasonable equity structure, the risk is big.3.Financial analysis3.1.Solvency analysis3.1.1.Short-term solvencyFlow ratio analysis：The mobility ratio of huayi brothers in 2016 was 1.47, which is lower than the minimum current rate of 2, which is considered reasonable, indicating that the company's ability to pay for short-term debt is weak and its ability to cash out is weak.The mobility ratio of huayi brothers in 2016 was 1.47, which is lower than the minimum current rate of 2, which is considered reasonable, indicating that the company's ability to pay for short-term debt is weak and its ability to cash out is weak.Speed ratio analysis：The company's speed ratio, which is 0.91 this year, shows that the fast-moving assets of companies are far greater than the current liabilities of the corporate sector, indicating that the fast-moving assets provide the guarantee for current liabilities. The important factor affectingthe reliability of the speed ratio is the ability to cash in the receivables. On paper, the receivables may not always be cash; the actual bad debts may be more than the plan; Seasonal changes may also cause the amount of receivables in the report to fail to reflect the average.3.1.2.Long-term solvency analysisAsset liability analysis：Asset-liability ratio reflects the capital of the proportion of total capital provided by the creditors, and also reflects the enterprise assets to creditors' rights and interests of the guarantee degree, and in 2016 the asset-liability ratio is as high as 50.38%, more than 50%, in general, the enterprise's solvency in 2016 is good. From the creditors' standpoint, the debt ratio rises, the guarantee of corporate debt servicing becomes weaker, and the loans may be riskier. From the perspective of financial management, in the borrowed capital decision, enterprise shall assess the situation, comprehensive consideration, to fully estimate the expected profit and increase the risk of weigh the gain and loss of interest, to make the right analysis and decision-making.3.1.3countermeasureIncreased solvency can reduce financial risk by reducing liquidity and non-current liabilities. Because the product that the company runs is long, the fund receives the period of time, should adjust the investment structure of the company reasonably.Reduce bad debts and increase the ability to cash in accounts receivable.Reasonable adjustment of the company's capital chain, the company not only on loan to the bank to raise funds, can also be used to borrow money markets, commercial credit, and even through the issuance of corporate bonds, the introduction of foreign capital, but the different ways of financing, the use of its capital cost, capital structure of the enterprise, the degree of risk, the influence of flexibility is also each are not identical, to change the capital structure of enterprise also has very important significance, so enterprises should reasonably adjust borrowing way to improve the enterprise's capital chain.Cashability is low, because the inventory itself takes up too much money, directly affect the solvency, so reduce the excess inventory itself is conducive to the increase of thecashability, also means that the debt paying ability enhancement.3.2.Operational capability analysisAccounts receivable turnover rate：Huayi brothers company accounts receivable turnover ratio is refers to the number of a certain period the average recovery of accounts receivable, accounts receivable turnover ratio reflects the enterprise accounts receivable turnover rate of speed and efficiency of enterprise management of accounts receivable, as can be seen from the data, accounts receivable turnover ratio was 1.88 in 2015, and accounts receivable turnover ratio was 1.73 in 2016. Accounts receivable from 2015 to 2016 have been declining slowly, and the pace of recovery has accelerated.Inventory turnover rate：From the inventory turnover rate, the inventory turnover rate of 2016 was 1.4. In 2015, inventory turnover was 1.1. In 2016 compared with 2015, the rapid inventory stock levels lower, liquidity enhancement, inventory is converted into cash or accounts receivable increase fast, enhances the enterprise's short-term debt paying ability and profitability.Asset turnover：The turnover rate for 2016 is 0.65, compared with 0.59 in 2015. 2016 compared to 2015 asset turnover increased, effect better utilization of assets, asset turnover days decreased, showed that in different stages of the assets in production and sales the elapsed time is short, can be relatively save assets, the enhancement enterprise profitability.3.2.1.countermeasureStrengthen the daily management of inventory, arrange production and sales, to reduce inventory as far as possible, at the same time in the normal production of vigorously sell finished goods,Increasing the utilization and profitability of the total assets of the enterprise, which means increasing the sales revenue of the enterprise.3.3.Profitability analysisSales profit：The index return on sales = (advocate business wu income - main business costs)/sales said each how much profits from sales revenue of one hundred yuan, used to measure the enterprise sales income level.The company's annual profit margin was 28.37 per cent, a sign of the company's strong profitability for the year, but compared with a 31.45 per cent ratio in 2015. A decline of 3.08 percent indicates a downward trend in profitability. Reduced profit margins may be due to the increase in cost of sales, at the same time as the enterprise is a service-oriented enterprises, sales of the product is not regulated, so sales is also floating is bigger, the annual sales profit margin is lower than the year before, also may be due to the performance of certain goods floating is bigger than last year, such as investment movie box office this year not as good as last year's box-office. But overall, the company has a good profitability, both investors and creditors. And the size of the net profit cannot be seen in the sales revenue, for example, the film produced by the company, not just the movie box office, but also the cost of investment.Total return on assets：The net interest rate of total assets = (the main business income, the main business cost + interest expense)/(initial assets + final assets) / 2) is the key to the profitability of the enterprise. The total return rate for 2016 was 1.42 percent, down 0.93 percent from 2.35 percent last year. Improve the rights and interests of net interest rate is the basic power of the net interest rate of the total assets, due to the annual net profit margin and the total asset turnover has a downward trend, so a corresponding decrease in total assets return rate, the drop is the main reason of the decline in net profit margin. The net interest rate of the total assets reflects the performance of the manager using the entrusted assets to make a profit, the most important profitability.The return on net worth：Return on net assets = net profit/average net worth. See from the above data, the rate ofreturn on net assets data shows total assets return rate is also increased year by year, the higher the index shows that asset utilization efficiency is higher, shows that enterprises increase their income, saving resource use has made good effect. See from return on net assets, return on equity in 2016 compared to 2015, net assets yield was 10% higher, compared to 2016 can be seen from the asset value increment rate data growth of 62% in 2015, the growth is relatively clear, capital preservation rate fluctuates greatly.3.3.1countermeasureEnterprises should actively innovation, through the development mode of production, marketing innovation, adjust the way of investment projects as well as to add fresh blood to increase sales, thereby improve the profitability of enterprises.improving marketing measures, promoting high gross margin products, increasing the sales ratio of relatively high gross margin products, thus achieving the goal of increasing the overall gross profit margin of enterprise products. It also reduces costs, such as investment costs and unnecessary fees.Companies should choose industries or projects that have both advantages and better market space to avoid low levels of duplication and put themselves in a passive aggressive competition.We can expand the market by means of mergers and acquisitions, etc., and involve more areas. Huayi brothers company continuously over the years to buy a company, developing the company's projects, now is not limited to film and television production of a single project, at the same time the company also in moving towards emerging industries such as large-scale network games, live. The continuous and rational adjustment of the investment structure is conducive to the long-term development of the company.4.conclusionIn order to fully open up the market and expand the scale of operation, the company has made large investments in the main business and subsidiaries, and expanded the debt scale and raised the financing risk. You can see the company taking a high-risk, high-return business model. Characteristics of the given film TV market is difficult to predict (from theannual report, we also can see different films bring to the company's profit return gap is larger), the company shall ensure mature main business (film) plenty of working capital at the same time, to show the investment, to spread the risk. Second, to invest in the subsidiary company and other companies for equity investment, should be fully analysis concerns the profitability of investment company, to make sure the return on investment and return cycle, to ensure the safety of cash flow.The company has expanded its debt and more than half its current liabilities to shore up its massive investment plan. At the same time, the company's liquidity ratio and the rate of rapid movement have declined, especially as the decline in the ability to repay debt with operating cash flows has increased the company's debt risk. Plus the return on investment is hard to predict, and investors may not invest in huayi in the form of debt. And huayi's business and financial policies will attract investors to invest in equity, because of higher leverage and lower risk for shareholders. At the same time, huayi has shown a high degree of confidence in its investment behavior, sending a signal to the market that it will gain a high yield in the future, which will be attractive to investors. Moreover, the company's net profit has been steadily growing, and investors will be willing to invest more in huayi.字数：2204Balance sheetOrganization unit:Huayi Brothers Media Corporation The amount of units:RMB。