Financial analysis is an important part of securities analysis. In the process of financial analysis, Linyi bookkeeping agency company can start from three abilities: solvency, operating ability and profitability. The calculation formula and corresponding relationship of each connecting rod are as follows:
财务分析是证券分析的重要组成部分。在进行财务分析的过程中，我们可以从企业的三种能力入手:偿债能力、经营能力和盈利能力。各环节的计算公式和对应关系如下:现实是什么，对现实的真实理解是什么，形式是什么，质量是什么?这些问题不仅是纯粹的哲学问题，而且需要在投资、企业和经济研究中加以考虑。判断一个公司的价值，我们看不到人们来来去去，我们看不到工厂的表面。相反，我们需要深入研究公司的商业模式，并从数据中分析估值。一家公司的三份财务报表显示了各种财务数字，这些数字也是表示法。数字所反映的商业模式、价值主张和商业活动是一个公司的血肉。这三种财务报表实际上是一个动态系统的简化模型。价值评估是价值投资的核心问题和重要前提。如果你想评估一个公司，你必须深刻理解它的三个表。这三个表可以说是价值投资者更重要的“三个代表”。这三个表代表了一个公司的所有财务信息。
Financial analysis is an important part of securities analysis. In the process of financial analysis, we can start from the three abilities of the enterprise: solvency, operating ability and profitability. The calculation formulas and corresponding relations of each link are as follows: what is the reality, what is the real understanding of the reality, what is the form, and what is the quality? These problems are not only pure philosophical problems, but also need to be considered in investment, enterprise and economic research. Judging the value of a company, we can't see people coming and going, we can't see the surface of the factory. Instead, we need to study the company's business model in depth and analyze the valuation from the data. Three financial statements of a company show a variety of financial figures, which are also representations. The business model, value proposition and business activity reflected by the figures are the flesh and blood of a company. These three financial statements are actually a simplified model of a dynamic system. Value evaluation is the core issue and important premise of value investment. If you want to evaluate a company, you must have a deep understanding of its three tables. These three tables can be said to be the most important "Three Representatives" of value investors. These three tables represent all the financial information of a company.
资产负债表:代表公司的资产、负债和股东权益。
Balance sheet: represents the assets, liabilities and shareholders' equity of the company.
损益表:代表公司利润的来源。
Income statement: represents the source of the company's profits.
现金流量表:反映公司的现金流和资产负债表的变动情况。
Cash flow statement: it reflects the change of the company's cash flow and balance sheet.
资产负债表是企业利润的基础和来源，反映了企业的经营模式。安全分析的本质是根据历史判断未来，变化少的因素更重要。资产负债表反映的公司经营模式、资源占用和资金使用的变化相对较小，容易判断。这种资产负债表分析更适合商业模式、行业格局稳定、成长稳定的公司，而不适合变化大、成长快的公司。从某种意义上说，公司的资产负债表是更基本的。现金流量表和损益表都是对资产负债表的深入解释。在格雷厄姆那个时代，会计准则不要求现金流量表。后来，随着会计准则的进一步发展，现金流量表成为必要。因此，在格雷厄姆的证券分析中，对资产负债表的讨论和分析是更多的。现金流量表是资产负债表变化的指标。现金的变动更终反映在资产负债表上的现金及等价物项目中。现金变化的来源是净利润。净收入通过经营、投资和融资这三个重要的现金流动转化为更终的现金流动。净利润通过营运资金变动、摊销和折旧等非现金项目和其他项目(财务支出或收入、投资收入等)进行调整，转化为经营性现金流。
The balance sheet is the basis and source of enterprise profit, reflecting the business model of the enterprise. The essence of safety analysis is to judge the future based on history, and the factors with less changes are more important. The balance sheet reflects relatively small changes in the company's business model, resource use and capital use, which is easy to judge. This kind of balance sheet analysis is more suitable for companies with excellent business model, stable industry pattern and stable growth than for companies with large changes and rapid growth. In a sense, the company's balance sheet is the most basic. Both the cash flow statement and the income statement are in-depth explanations of the balance sheet. In Graham's day, accounting standards did not require cash flow statements. Later, with the further development of accounting standards, cash flow statement becomes necessary. Therefore, in Graham's securities analysis, the discussion and analysis of the balance sheet is the most. The cash flow statement is an indicator of changes in the balance sheet. Changes in cash are ultimately reflected in the cash and equivalents items on the balance sheet. The source of cash change is net profit. Net income is transformed into the final cash flow through three important cash flows: operation, investment and financing. Net profit is adjusted by non cash items such as working capital change, amortization and depreciation and other items (financial expenditure or income, investment income, etc.), and finally converted into operating cash flow.
二是投资支出和收入的现金流。其中，资产销售对资产负债表项目有影响。
The second is the cash flow of investment expenditure and income. Among them, asset sales have an impact on balance sheet items.
，现金流融资。其中借款和还款会影响资产负债表上的借款项目。股息和增发将影响股东在资产负债表上的权益。
Finally, cash flow financing. The loan and repayment will affect the loan items on the balance sheet. Dividends and additional issues will affect shareholders' equity on the balance sheet.
损益表是净收入的来源。净收入直接影响资产负债表中股东权益的变化。
The income statement is the source of net income. Net income directly affects the changes of shareholders' equity in the balance sheet.
这三种形式是公司财务状况的本质和总结。也是公司动态系统和损益表分析的简化模型:
These three forms are the essence and summary of the company's financial situation. It is also a simplified model for company dynamic system and income statement analysis:
利润只是纸面上的好。现金流是真正的钱。盈利能力比当期利润更重要。然而在现实中，人们却恰恰相反，他们更喜欢利润而不是现金，更喜欢现金而不是长期现金。这是价值投资者能够获得机会的原因之一。
Profits are only good on paper. Cash flow is real money. Profitability is more important than current profit. In reality, however, the opposite is true: they prefer profits to cash, and they prefer cash to long-term cash. This is one of the reasons why value investors have access to opportunities.
要分析财务报表，我们应该回答这个问题，“企业有钱花吗?”。就财务报表而言，如果没有钱花，就不会有很多利润。如果我不夸大利润，我相信将来可能会有钱花。如果它夸大了利润，它的情况会更糟，因为它将不得不纳税，而且将来可能没有钱花。如果你有钱花，主要来源是利润，你就是个好生意。
To analyze financial statements, we should answer the question, "do companies have money to spend?". As far as financial statements are concerned, if there is no money to spend, there will not be much profit. If I don't exaggerate the profits, I believe that I may have money to spend in the future. If it exaggerates its profits, it will be worse off because it will have to pay taxes and may not have money to spend in the future. If you have money to spend and the main source is profit, you are a good business.
一个高质量的成长型企业，在很长一段时间内，必须不断地实现收入增长、利润增长和现金流增长的经营活动，这是企业管理的任务。当然，在具体的经营过程中，管理层可以根据企业的实际情况动态调整收入、利润和现金流的相对优先级。分析这三种财务报表是财务投资的基础:现金流量表、进出率、“盈余”;损益表，损益表，“赢”为;资产负债表，增减，“繁荣”为。
A high-quality growth enterprise, in a long period of time, must continuously realize the business activities of income growth, profit growth and cash flow growth, which is the task of enterprise management. Of course, in the specific business process, the management can dynamically adjust the relative priority of income, profit and cash flow according to the actual situation of the enterprise. The analysis of these three financial statements is the basis of financial investment: cash flow statement, import and export rate, "surplus king"; profit and loss statement, profit and loss statement, "win" is king; balance sheet, increase and decrease, "prosperity" is king.
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The above is the introduction of Linyi bookkeeping agency company. If you want to know more, please visit the website: http://www.jiuxingkuaiji.com
