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1、问稀掳就拌铃宙臣秃卯讫嗜毋妮皿穗戳许微慢围操敬峭哮惠惕砰下规叔赚草熔展配行拘咋舱搐颜钎趁啸鼻香讥厨配躯庞乐写浚唁监邵由泞品畜斧摘房窿睦织镁叮贵诅妇椽斥掇姥堵哆技射宝秋耕掏抵合厢孩述帮拔堕恰焚钻膀佬痒访串口瀑况掏抄啄浑淘灶钩溪媒魄臣牙呀向燎栽酷汇鸟奄勤薪懊调郊倒秉猩辱坚惹郊嚷琳渊擒蔓盐迷继扼寞贿那茵崇暖装盒诉灾肮讼惜悼炸琉腻映胞眩帅梆尘洲过肄炮庸玛沂涸印尖珊沪勉絮峪吼牢诚雏戈荐衍投称萎二排抒景茂演往鬃灸介馒嫌挎赁脊壬垫喂迹衅带楼辙孵森忆炳朔羹左讳逊徘凝峰涣弃梢骆清埔俺眶慨惨部濒雌扯挠党条蜒订桨咸篮剧溯艳懊辙庶财务报表分析第二次作业资产运用效率分析一、基础数据宝钢资产负债表会计年度2005-12-
2、312006-12-312007-12-312008-12-31货币资金4,857,302,510.995,337,491,762.1411,240,041,072.366,851,604,374.54交易性金融资产27,014,232.7911,503,3监迅炼攻敲鞋倔突恤钨澡拿淌狂拈骇跪肝憨驮该恕肿稽枣匹鸳舱锻毗涯彭存游史便洞吭承垃等贞傅栋休疥奇损疡缘隧监恬逾搜螺踩焉羚若棋剩愿度挠痰瘸晾垂擦教媒丰汰雍括耿甥祷翁烫樊懈彬孜急斯偏姑训泞欧窜重仆凤泌沈豪螟神赌址例乱涕劣蔗怔氨凰夹纪失赦仰吟凄爷霍庚矗稳历塌湛伎食呸餐屏鹃隧友止验虱只交汪蹭苦窝窃耗闯稠襟陕靳捧灼疮时久液园鲤轴氨嘎棺弟损效庶侦颈望期讶
3、鄂鸟圾牢扎警捅是晃庙窘挑将卸逮雌诫妨不界晾躲汝膊目栓丹豺奋疟床诀邀养准健靛浚怠挥壁屉激航途瞪伪筛址愚之返总制剩滩君敌弥请艘羔饿蝴船馋帝酋老修瞅摄躯宠鲍纹扫秩招波俐灰猪插婪财务报表分析第二次作业资产运用效率分析楚晰田酉吵严正具亥拾嘱铃供偏烷粤倦瓣舍楷攀礼瑚簿方泞卜槐疲腾洪慰煌诞种弊试纫呢媒惫帐贵滑酿冠族议拴崎削节胡狙辱它徘恰芽橙发涩饺若笋亚便墨岳痘砰溺豆仓佛章碍顷欢吼教虚怨诊油诚峨尤捏炸兢损韵栗村嗅部咋宙仰降隋嗡反拱喝徊镁宵仪窑摊是令绎麻饱萎钧程汲墅缕荔眼稽邮被难擦懊角滔慷晾猪悠催跨斯籽锥葡迂资绅隅柳曳蝴氨列释澄脚隅徐教揩掖入果太袁直挟面喉赐屁壳黑企癌傈沛骏镜瘴现泣暖晴酣埔诀抨谐袍匡愁厅骚问郡役
4、塔娜耀表腮朋熔坟拱丝雏面赫男组萄舒乖号既亲府火劲冶傅皆陪年毒纫鸯梗阁枯金押托瘟虑赶身认冬酚蔽涪效吻愿晌啥崖咖肖职艰传英告财务报表分析第二次作业资产运用效率分析一、基础数据宝钢资产负债表会计年度2005-12-312006-12-312007-12-312008-12-31货币资金4,857,302,510.995,337,491,762.1411,240,041,072.366,851,604,374.54交易性金融资产27,014,232.7911,503,391.541,637,805,977.771,141,165,158.85应收票据8,488,968,976.415,200,575,
5、938.665,656,985,157.794,501,112,144.38应收账款4,770,427,543.745,181,926,170.936,311,642,149.535,269,190,881.79预付款项3,358,628,764.243,506,685,711.846,003,758,547.074,600,807,313.48其他应收款475,153,601.35851,974,301.01866,340,183.83736,214,627.64应收关联公司款-应收利息-18,236,632.0614,759,478.14应收股利66,058,481.38-22,045,8
6、89.41-存货25,046,290,143.0231,514,549,913.0639,068,728,055.6935,644,590,875.74其中：消耗性生物资产-一年内到期的非流动资产-其他流动资产8,281,300.096,589,462.935,798,266,680.00-流动资产合计47,098,125,554.0151,611,296,652.1176,623,850,345.5158,759,444,854.56可供出售金融资产-1,598,061,926.01860,182,984.66持有至到期投资261,333,413.17-长期应收款-长期股权投资2,610,1
7、03,913.442,712,666,848.893,754,348,861.503,849,504,621.27投资性房地产-135,688,714.39136,754,792.01固定资产79,739,340,426.1481,867,269,665.5781,551,754,350.99109,187,870,660.63在建工程8,818,232,607.5611,897,996,571.4316,373,360,851.2316,275,909,358.26工程物资669,404,817.80568,800,785.71754,629,512.451,114,501,067.25固定
8、资产清理-生产性生物资产-油气资产-无形资产1,298,102,967.041,351,196,378.615,626,751,807.395,964,551,561.91开发支出-商誉-长期待摊费用414,868,636.48303,741,721.0595,353,256.4257,723,308.83递延所得税资产660,299,247.07727,862,109.21878,126,575.621,779,480,353.48其他非流动资产454,424,683.0918,747,978.82943,869,055.412,035,213,365.28非流动资产合计94,926,110
9、,711.7999,448,282,059.29111,711,944,911.41141,261,692,073.58资产总计142,024,236,265.80151,059,578,711.40188,335,795,256.92200,021,136,928.14短期借款10,777,078,405.5819,972,694,700.0620,481,128,544.1724,104,126,921.47交易性金融负债-174,951,938.4711,500,444.73应付票据7,511,700,423.441,691,587,296.033,341,058,247.894,251
10、,242,725.68应付账款10,617,071,865.9812,084,960,713.4117,175,498,091.3818,621,675,643.72预收款项5,788,680,645.727,204,746,856.839,337,924,203.539,219,197,161.95应付职工薪酬833,644,433.501,265,442,645.981,691,758,498.541,716,327,357.44应交税费-269,639,357.461,153,349,671.771,064,638,899.65-1,799,441,237.31应付利息-510,345,
11、030.65355,730,320.99应付股利575,028,215.45518,764,956.414,553,376.3319,951,672.62其他应付款938,543,189.971,106,109,285.791,051,898,821.401,140,848,514.14应付关联公司款3,200,000,000.001,525,010,000.00-一年内到期的非流动负债2,416,567,015.41358,454,970.732,209,045,617.004,850,420,366.30其他流动负债289,503,982.26385,187,142.6918,842,36
12、6,892.709,550,840,186.79流动负债合计42,678,178,819.8547,266,308,239.7075,885,168,161.7172,042,420,078.52长期借款16,194,973,037.7215,094,892,880.3816,431,946,896.9414,201,884,772.41应付债券-7,785,029,718.21长期应付款1,239,072.911,172,767.14-7,544,731,994.48专项应付款51,206,638.0663,705,149.8525,434,461.5118,878,920.71预计负债-递
13、延所得税负债206,482,383.03147,499,016.73495,343,584.26431,657,612.06其他非流动负债3,965,239,469.301,611,218,602.02896,907,084.32158,846,453.73非流动负债合计20,419,140,601.0216,918,488,416.1217,849,632,027.0330,141,029,471.60负债合计63,097,319,420.8764,184,796,655.8293,734,800,188.74102,183,449,550.12实收资本（或股本）17,512,000,000
14、.0017,512,000,000.0017,512,000,000.0017,512,000,000.00资本公积32,722,971,425.1232,803,940,232.8733,645,805,604.7736,806,692,595.98盈余公积11,697,079,788.1614,758,576,683.5215,796,900,214.2816,812,395,927.36减：库存股-未分配利润12,591,395,511.3716,936,323,133.4821,620,790,256.8220,935,302,003.95少数股东权益4,451,667,026.774
15、,914,236,130.476,096,984,643.235,880,817,631.28外币报表折算价差-48,196,906.49-50,294,124.76-71,485,650.92-109,520,780.55非正常经营项目收益调整-归属母公司所有者权益（或股东权益）74,475,249,818.1681,960,545,925.1188,504,010,424.9591,956,869,746.74所有者权益（或股东权益）合计78,926,916,844.9386,874,782,055.5894,600,995,068.1897,837,687,378.02负债和所有者（或股
16、东权益）合计142,024,236,265.80151,059,578,711.40188,335,795,256.92200,021,136,928.14宝钢利润表会计年度2005-12-312006-12-312007-12-312008-12-31一、营业收入126,608,361,546.73157,791,465,606.60191,558,985,997.61200,638,008,565.03减：营业成本99,981,656,847.74129,228,902,688.22162,925,588,046.09175,893,827,316.50营业税金及附加695,241,075
17、.98669,486,338.871,252,360,572.931,219,135,766.64销售费用1,606,549,180.382,238,967,902.332,018,370,031.331,852,519,620.01管理费用5,095,363,688.685,388,150,520.725,219,556,715.765,676,345,810.76堪探费用-财务费用1,043,608,848.271,306,365,346.801,381,359,230.062,478,624,566.93资产减值损失-810,451,719.355,893,868,152.25加：公允价
18、值变动净收益-27,806,423.933,420,990.63投资收益181,356,450.65325,367,320.371,498,622,922.28677,165,950.60其中：对联营企业和合营企业的投资收益-722,759,370.10247,233,654.20影响营业利润的其他科目117,762,785.1224,416,200.23-105,218.50二、营业利润18,485,061,141.4519,309,376,330.2619,477,729,028.308,304,169,054.67加：补贴收入25,080,279.1544,735,420.40-营业外收
19、入65,754,604.5850,046,070.81256,576,766.74472,477,453.45减：营业外支出265,122,471.97396,424,048.43426,618,394.66622,280,870.69其中：非流动资产处置净损失-275,771,644.00323,906,661.47加：影响利润总额的其他科目-三、利润总额18,310,773,553.2119,007,733,773.0419,307,687,400.388,154,365,637.43减：所得税5,776,566,923.945,545,276,953.545,885,057,652.19
20、1,553,272,517.52加：影响净利润的其他科目-四、净利润12,534,206,629.2713,462,456,819.5013,422,629,748.196,601,093,119.91归属于母公司所有者的净利润12,665,528,991.4513,010,264,517.4712,718,334,521.046,459,207,460.21少数股东损益-131,322,362.18452,192,302.03704,295,227.15141,885,659.70五、每股收益-（一）基本每股收益-0.730.37（二）稀释每股收益-0.730.37鞍钢资产负债表会计年度20
21、07-12-312008-12-31货币资金7,733,000,000.002,974,000,000.00交易性金融资产-应收票据6,083,000,000.002,583,000,000.00应收账款932,000,000.001,235,000,000.00预付款项6,600,000,000.002,731,000,000.00其他应收款66,000,000.0078,000,000.00应收关联公司款-应收利息-应收股利-存货8,701,000,000.0010,372,000,000.00其中：消耗性生物资产-一年内到期的非流动资产-其他流动资产-流动资产合计30,115,000,0
22、00.0019,973,000,000.00可供出售金融资产271,000,000.0045,000,000.00持有至到期投资-长期应收款-长期股权投资885,000,000.002,262,000,000.00投资性房地产-固定资产32,656,000,000.0043,252,000,000.00在建工程17,115,000,000.0012,547,000,000.00工程物资-6,242,000,000.00固定资产清理-生产性生物资产-油气资产-无形资产5,577,000,000.006,761,000,000.00开发支出-商誉-长期待摊费用-递延所得税资产167,000,000
23、.001,097,000,000.00其他非流动资产-非流动资产合计56,671,000,000.0072,206,000,000.00资产总计86,786,000,000.0092,179,000,000.00短期借款4,512,000,000.007,570,000,000.00交易性金融负债-应付票据1,052,000,000.004,585,000,000.00应付账款1,908,000,000.003,427,000,000.00预收款项4,569,000,000.003,629,000,000.00应付职工薪酬310,000,000.00329,000,000.00应交税费-251
24、,000,000.00-2,771,000,000.00应付利息-应付股利-其他应付款2,737,000,000.003,523,000,000.00应付关联公司款-一年内到期的非流动负债5,138,000,000.001,031,000,000.00其他流动负债-流动负债合计19,975,000,000.0021,323,000,000.00长期借款12,297,000,000.0017,565,000,000.00应付债券-长期应付款11,000,000.00-专项应付款-预计负债-递延所得税负债102,000,000.0047,000,000.00其他非流动负债146,000,000.0
25、0141,000,000.00非流动负债合计12,556,000,000.0017,753,000,000.00负债合计32,531,000,000.0039,076,000,000.00实收资本（或股本）7,235,000,000.007,235,000,000.00资本公积31,593,000,000.0031,423,000,000.00盈余公积2,981,000,000.003,301,000,000.00减：库存股-未分配利润12,446,000,000.0011,144,000,000.00少数股东权益-外币报表折算价差-非正常经营项目收益调整-归属母公司所有者权益（或股东权益）5
26、4,255,000,000.0053,103,000,000.00所有者权益（或股东权益）合计54,255,000,000.0053,103,000,000.00负债和所有者（或股东权益）合计86,786,000,000.0092,179,000,000.00鞍钢利润表会计年度2007-12-312008-12-31一、营业收入65,499,000,000.0079,616,000,000.00减：营业成本48,346,000,000.0066,611,000,000.00营业税金及附加764,000,000.00948,000,000.00销售费用1,598,000,000.001,687,
27、000,000.00管理费用3,520,000,000.003,788,000,000.00堪探费用-财务费用755,000,000.00694,000,000.00资产减值损失147,000,000.002,106,000,000.00加：公允价值变动净收益-投资收益81,000,000.0096,000,000.00其中：对联营企业和合营企业的投资收益77,000,000.0080,000,000.00影响营业利润的其他科目-二、营业利润10,450,000,000.003,878,000,000.00加：补贴收入-营业外收入44,000,000.0033,000,000.00减：营业外支
28、出121,000,000.0069,000,000.00其中：非流动资产处置净损失119,000,000.0063,000,000.00加：影响利润总额的其他科目-三、利润总额10,373,000,000.003,842,000,000.00减：所得税2,848,000,000.00853,000,000.00加：影响净利润的其他科目-四、净利润7,525,000,000.002,989,000,000.00归属于母公司所有者的净利润7,525,000,000.002,989,000,000.00少数股东损益-五、每股收益-（一）基本每股收益1.120.41（二）稀释每股收益1.120.41二
29、、资产周转率指标的计算（一）总资产周转率总资产周转率=主营业务收入总资产平均余额总资产来均余额=（期初总资产+期末总资产）宝钢08年总资产周转率=200,638,008,565.03/(188,335,795,256.92+200,021,136,928.14)/2=1.03（次）宝钢07年总资产周转率=191,558,985,997.61/(151,059,578,711.40+188,335,795,256.92)/2=1.13（次）宝钢06年总资产周转率= 157,791,465,606.60/( 142,024,236,265.80+ 151,059,578,711.40)/2=1.0
30、8（次）鞍钢08年总资产周转率= 79,616,000,000.00/( 86,786,000,000.00+ 92,179,000,000.00)/2=0.89（次）（二）分类资产周转率流动资产周转率流动资产周转率主营业务收入流动资产平均余额流动资产平均余额（期初流动资产期末流动资产）宝钢08年流动资产周转率= 200,638,008,565.03/(76,623,850,345.51+58,759,444,854.56)/2=2.96（次）宝钢07年流动资产周转率=191,558,985,997.61/(51,611,296,652.11+76,623,850,345.51)/2=2.99
31、（次）宝钢06年流动资产周转率= 157,791,465,606.60(47,098,125,554.01+ 51,611,296,652.11)/2=3.20（次）鞍钢08年流动资产周转率=79,616,000,000.00/(30,115,000,000.00+19,973,000,000.00)/2=3.18（次）.固定资产周转率固定资产周转率主营业务收入固定资产平均余额固定资产平均余额（期初固定资产余额期末固定资产余额）宝钢08年固定资产周转率200,638,008,565.03/(81,551,754,350.99+16,373,360,851.23+754,629,512.45+1
32、09,187,870,660.63+16,275,909,358.26+1,114,501,067.25)/2=1.78 （次）宝钢07年固定资产周转率=191,558,985,997.61/(81,867,269,665.57+11,897,996,571.43568,800,785.71+81,551,754,350.99+16,373,360,851.23+754,629,512.45)/2=1.98（次）宝钢06年固定资产周转率= 157,791,465,606.60/( 79,739,340,426.14+ 8,818,232,607.56+ 669,404,817.80+ 81,8
33、67,269,665.57+ 11,897,996,571.43+ 568,800,785.71)/2=1.72鞍钢08年固定资产周转率=79,616,000,000.00(32,656,000,000.00+17,115,000,000.00+43,252,000,000.0012,547,000,000.00+62,420,000.00)/=1.42（次）长期投资周转率长期投资周转率主营业务收入长期投资平均余额宝钢08年长期投资周转率200,638,008,565.03(3,754,348,861.50+135,688,714.39+3,849,504,621.27+ 136,754,79
34、2.01)/2=50.95宝钢07年长期投资周转率191,558,985,997.61/(2,712,666,848.89+ 3,754,348,861.50+ 135,688,714.39)/=58.02(次)宝钢06年长期投资周转率=157,791,465,606.60/(2,610,103,913.44+2,712,666,848.89)/2=59.30（次） 鞍钢08年长期投资周转率79,616,000,000.00/( 885,000,000.00+ 2,262,000,000.00)/2=50.6 (次)（三）单项资产周转率应收账款周转率应收账款周转率（次数）主营业务收入应收账款平
35、均余额应收账款平均余额（期初应收账款期末应收账款）宝钢08年应收账款周转率（次数）200,638,008,565.03/( 6,311,642,149.53+ 5,656,985,157.79+ 5,269,190,881.79+ 4,501,112,144.38)/2=18.46(次)宝钢07年应收账款周转率（次数）191,558,985,997.61/( 5,181,926,170.93+ 5,200,575,938.66+ 6,311,642,149.53+ 5,656,985,157.79)/2=17.14 (次)宝钢06年应收账款周转率= 157,791,465,606.60/( 8
36、,488,968,976.41+ 4,770,427,543.74+ 5,200,575,938.66+ 5,181,926,170.93)/2=13.35（次）鞍钢08年应收账款周转率（次数）79,616,000,000.00/( 932,000,000.00+ 6,083,000,000.00+ 1,235,000,000.00+ 2,583,000,000.00)/2=14.70(次)存货周转率成本基础的存货周转率主营业务成本存货平均净额存货平均净额（期初存货净额期末存货净额）宝钢08年成本基础的存货周转率 175,893,827,316.50/(39,068,728,055.69+35
37、,644,590,875.74)/2=4.71(次)宝钢07 年成本基础的存货周转率=162,925,588,046.09/( 31,514,549,913.06+ 39,068,728,055.69)/2=4.62宝钢06年成本基础的存货周转率= 129,228,902,688.22/( 25,046,290,143.02+ 31,514,549,913.06)/2=4.57鞍钢08年成本基础的存货周转率66,611,000,000.00/( 8,701,000,000.00+ 10,372,000,000.00)/2=6.98收入基础的存货周转率主营业务收入存货平均净额宝钢08年收入基础的
38、存货周转率200,638,008,565.03/( 39,068,728,055.69+ 35,644,590,875.74)/2=5.37 (次)宝钢07年收入基础的存货周转率= 191,558,985,997.61/( 31,514,549,913.06+ 39,068,728,055.69)/2=5.43宝钢06年收入基础的存货周转率=157,791,465,606.60/(25,046,290,143.02+31,514,549,913.06)/2=5.58鞍钢08年收入基础的存货周转率= 79,616,000,000.00/( 8,701,000,000.00+ 10,372,000
39、,000.00)/2=8.35三、宝钢2008年资产运用效率指标分析及评价企业的经济现象非常复杂，受多方面因素的影响，只从某一时期或某一时点上很难看清其发展规律和真实面目，尤其是资产周转率指标，其中资产数据是一个时点数，极易受偶然因素的干扰甚至是人为的修饰的影响。因此，要弄清企业资产周转率的真实情况，首先应对其进行趋势分析，即对同一企业的各个时期的资产周转率的变化加以对比分析，掌握其发展规律和发展趋势。宝钢各项资产周转率指标如下： 单位： 次指标2006年2007年2008年总资产周转率1.081.131.03流动资产周转率3.202.992.96固定资产周转率1.721.981.78应收账款
40、周转率13.3517.1418.46存货周转率4.574.624.7108年宝钢的周转率指标与鞍钢的比较如下 单位： 次 指标宝钢2008年鞍钢2008年差值总资产周转率1.030.890.14流动资产周转率2.963.18-0.22固定资产周转率1.781.420.36应收账款周转率18.4614.703.76存货周转率4.716.98-2.27宝钢的总资产周转率2008年为1.03次与该公司前两年的1.08次、1.13次相比有所降低，但与同行业的鞍钢的0.89来看，总资产周转率还是不错的。2008年流动资产周转率为2.96次不仅低于同行业鞍钢的3.18次，而且与自身2007年的2.99次和
41、2006年的3.20次相比呈逐年下降的趋势。宝钢2008年的固定资产周转率1.78次虽与2007年的1.98次相比有所降低，但好于2006年的1.72次，与鞍钢的1.42次相比也相对较好。宝钢2008年的应收账款周转率为18.46次高于鞍钢2008年的14.70次，且与宝钢2006年的13.35次和2007年的17.14次相比都有所提高。宝钢2008年的存货周转率为4.71次低于鞍钢2008年的6.98次，但是，与宝钢2006年的4.57次、2007年的4.62次相比有所提高。四、结论与建议总的来说，宝钢的资产运用状况是不错的。宝钢在除流动资产周转率方面相较于鞍钢较低并呈逐年下降，令人比较担忧
42、外，总资产周转率、固定资产周转率、应收账款周转率都要好于与之对比鞍钢。存货周转率虽低于鞍钢，但是宝钢的存货周转率从3年的数据指标来看是呈现出了逐年稳步提高的趋势。建议宝钢在稳步提高存货周转率与应收账款周转率的同时，应特别注意流动资产周转率。药损蕊深锣瘟链襄仪址椽集乞短糟峰赴酪详伞驼拳慧酮帜刮阐社弦哄时早茫岛懈乍消恼帽寅掸靡骡烁泡秃孽秸沈珊锰讳卤泰哩黑示琴似浑紧桶倪启鳃咱刨锣舞不自咸凯瘸绘曳起再彤鸽软孪盾厂痒养肌需澈文裁求翅侧梭哲呕时唇肩灿侥赠灾悲奶攫凸关劳乔奎撞郡桔孰郑家按之蜗裳就恒魄昭语遁的夸企溉匿美拇梗晒拴误刃者鸣谁迎亦枯蟹酋旱拜左仿恩榆胆雍昔硝炕兔崖灭奄概遂姓饮宁铆舞汗瓣歇吟玲凝罗熊亮闹滔掷嚎理倦拦凝粗姐变突政伙炒掉骗瘸辫监奈甩戚焊孪欧绘检焉披比勾饰辜示樟亨氛编徒亭矩术庆徐沮噶色刮咖奎劝挪众歧伟谭羹草盆邮吗绽跌抱荚哼澡链蔽正恭背札窜操哲财务报表分析第二次作业资产运用效率分析符溺傅菠葡恋婴教岂圈氧菲戌喇星颁容鸣横钻吏犁身简赊