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论文编号：	8888
作者编号：	2120142799
上传时间：	2016/12/9 15:59:09
中文题目：	美克家居财务分析与问题解决措施
英文题目：	Financial Statements Analysis of MFR and the Problem - solving measures
指导老师：	牛芳
中文关键字：	美克家居；财务报表；财务分析
英文关键字：	MFR; financial statements; financial analysis
中文摘要：	目前，我国已进入经济增速下调，经济结构转型的新常态时期，过去粗放式的发展模式积累了大量结构性问题。产能过剩，僵尸企业，高杠杆高债务日益成为阻碍我国经济持续健康发展的瓶颈。无论是政府部门还是私人部门，都已经出现不同层次的负债率过高的问题。而去杠杆实质上是不断修复企业资产负债表，改善企业财务状况的问题。因此，财务报表分析不仅对于推进当前供给侧改革具有重大意义，而且可以保障投资者，股东和债权人的利益，协助企业进行财务决策。 本文针对上市公司美克美家的财务报表进行分析。论文首先对财务分析主要方法和工具进行了简述，然后收集美克美家的财务报表进行分析，识别其可能存在的问题，然后有针对性的提出了问题的解决方案。 本文研究结论表明：(1)美克家居2008年到2015年间整体资产规模不断扩张，营业收入和营业利润也一直保持着稳定增长的态势，但是负债规模也迅速上涨。(2)2013年以来，美家家具的流动比率和速动比率一直在不断下降，而资产负债率则高于行业平均水平，偿债能力令人堪忧。并且存货规模不断增大带来资产周转速率迅速下降，盈利能力虽然相对过去有所改善但是仍然处于行业下游水平。（3）2013年以来，尽管美克家居净资产收益率不断上升，但是很大程度来源于财务杠杆加大，需进一步警惕债务规模加大带来的财务风险。 为了适应经济下行，我国高端家居制造业应该摒弃过去粗放式的量的扩张阶段，努力提高产品质量，不断巩固高端家居品牌的同时，还应该进行产业结构调整，适当开发中低端的家居产品以控制成本，扩大盈利空间
英文摘要：	Currently, china has gone into a new normal era with the downgrade of economic growth rate and the adjustment of economic structure, extensive mode of development in the past has accumulated a large number of structural problems. Overcapacity, zombie companies, highly leveraged and high debt ratio increasingly becomes an obstacle to China's sustained and healthy development. Whether the government or private sector has different degrees of high debt ratio problems. Deleveraging process is actually the process of continuing to repair corporate balance sheets and improve the financial situation of the company. Therefore, financial statement analysis, not only has a great significance for advancing the current supply-side reforms, but also can protect the interests of investors, shareholders and creditors and assist enterprises for financial decisions. In this paper, we aim at the analysis of financial statements of the MFR. Firstly, we summarizes the main methods and tools of financial analysis, and then collects the financial statements of MFR to analyze and reveal the possible problems. At last, we put forward the solution to the problem. The conclusions show that:(1) from 2008 to the year 2015, the overall assets size of MFR keep on expanding, revenues and operating profit has maintained a steady growth rate, but debt scale also rise rapidly. (2)Since 2013, the liquidity ratio and quick ratio of MFR has been declining, while the debt ratio is higher than the industry average, which is very worrying. What’s worse, the increasing of inventory scale asset make asset turnover rate decrease remarkably, although the profit rate has improved a lot but is still lower compared to other company in the industry. (3) Since 2013, the ROE of MFR keeps on rising, but to a large extent originates from the increase of financial leverage, it’s necessary to guard against high debt ratio to prevent financial risks. In order to adapt to the economic downturn, China's High-end furniture manufacturing industry should abandon the past extensive mode of quantity expansion, and make more effort to improve product quality, continue to consolidate the high-end home brands.in the other hand, they should carry out industrial structural transformation, develop Middle and low end furniture products appropriately to control costs and expand profit margins.
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