In enterprise management, the level of asset-liability ratio is not static, it depends on the perspective of analysis. For enterprises, it is generally believed that the appropriate level of asset-liability ratio is 40% ~ 60%. The debt ratio of general enterprises is relatively safe within 50%, and the debt ratio exceeding 70% is a bit high. It depends on what industry and stage your company belongs to.
If it is a mature industry (I can't find the latest indicators of various industries for the time being, please leave me a message with friends who know about it), then the lower the debt ratio, the better, and the best debt ratio should not exceed 30%, but the domestic environment is not good at present. It is estimated that many enterprises far exceed it; If it is an emerging industry, the debt ratio is estimated to be very high, and the debt ratio of many listed companies is above 70%. In addition, it depends on the development stage of the company's business, such as chip research and development. At present, enterprises that really do this must have been burning money to live, and the debt ratio will not be very low.
Note: Asset-liability ratio = total liabilities/total assets × 100%.
Looking at the asset-liability ratio also needs to analyze what liabilities are. Bank loans, bonds payable, long-term loans, etc. These are real liabilities. The higher the proportion of these liabilities, the greater the risk. On the contrary, if the proportion is controlled low, such liabilities will be safer.
Accounts received in advance and accounts payable. These two liabilities are also liabilities, but they are actually good liabilities, because the company takes up the money of suppliers. The higher the pre-sale accounts and accounts payable, the better the company's cash flow.
Therefore, to analyze whether the debt ratio of enterprises is normal, we should not only look at the proportion of liabilities, but also look at the structure of liabilities.
But in general, the lower the debt ratio, the better, indicating that the company's rights and interests are mainly capital and shareholder income.
Such a company can create maximum value for shareholders.
Finally, it is necessary to judge the solvency of enterprises in order to know fairly well.
So how to judge the solvency of enterprises?
The indicators reflecting the company's solvency mainly include: current ratio, quick ratio, asset-liability ratio, cash debt ratio and so on. By calculating the current ratio and quick ratio of enterprises, we can understand the ability of enterprises to repay short-term debts; By calculating the asset-liability ratio, we can understand the ability of enterprises to repay long-term debts.
It is generally believed that the current ratio of the company is greater than 2, the quick ratio is greater than 1, and the asset-liability ratio is less than 50% (less than 60% in China), indicating that the company has strong solvency.
However, a simple analysis of the company's solvency indicators can not reflect the company's real solvency, and should be combined with the company's profitability.
Analysis of each indicator:
1, formula: current ratio = total current assets ÷ total current liabilities.
Generally speaking, the bigger the index, the stronger the company's short-term solvency. Usually, the index is around 200%. When using this index to analyze the company's short-term solvency, it should also be comprehensively analyzed in combination with inventory scale, turnover speed, liquidity and liquidity value. If the company's liquidity ratio is high, but the inventory scale is large and the turnover speed is slow, which may lead to weak liquidity and low liquidity value, then the company's actual short-term solvency will be weaker than the indicators reflect.
2. Formula: quick ratio = (total current assets-net inventory) ÷ total current liabilities.
Generally speaking, the bigger the index, the stronger the company's short-term solvency, usually the index is around 100%.
3. Formula: cash ratio = (cash+cash equivalent)/total current liabilities.
This index can truly reflect the company's actual short-term solvency, and the greater the index value, the stronger the company's short-term solvency. However, if this ratio is too high, it may mean that the cash assets of the enterprise are too much, the profitability is low, and the assets of the enterprise are not effectively utilized.
4. Formula: capital turnover rate = (monetary capital+short-term investment+notes receivable) ÷ total long-term liabilities.
Generally speaking, the greater the index value, the stronger the company's long-term solvency and the better the security of creditor's rights. Due to the long repayment period of long-term liabilities, the future cash inflow, operating profitability and profit scale of the company should be fully considered when using this index to analyze the company's long-term solvency. If the company's capital turnover rate is high, but the future development prospect is not optimistic, that is, the possible cash inflow in the future is small, the operating profitability is weak, and the profit scale is small, then the company's actual long-term solvency will become weak.