Category: Money tips Release Date: 2006-08-19
Moderator: Long-term solvency refers to the company's long-term debt payment due the ability to reflect the long-term risks borne by the debtor. Indicators to measure the long-term solvency ratio, also known as the capital structure or business stability ratio, mainly including asset-liability ratio, equity ratio, tangible net debt ratio, interest earned and other multiples. In this issue, we invite the securities industry veteran Mr. Zhang Hongji to introduce one of the asset-liability ratio.
Chaoyang District, Beijing shareholders Mr. Han: What is the asset-liability ratio?
Zhang Q: asset-liability ratio also known as "debt ratio", "leverage ratio." Refers to the corporate debt to total assets ratio of total assets to reflect the corporate debt financing proportion, measuring the level of corporate debt levels. The formula is: asset-liability ratio = (total liabilities / total assets) × 100%.
Beijing Tongzhou District, Ms. Zhao investors: asset-liability ratio to see what is the use?
Zhang note: This question from two point of view, to the creditor, enterprise asset-liability ratio, the lower, indicating the higher claims of material security. Because enterprises in liquidation, the assets may be lower than the book value of the proceeds realized, while the owner is generally limited liability, asset-liability ratio is too high, creditors may suffer losses.
Pairs of operators and investors, the higher the rate of corporate assets and liabilities, meaning that operating level of debt increased return on capital employed in business or investment rate of return is higher than the rate of debt cost of capital cases, brought by the interests of the greater financial leverage can improve the return on capital employed, but the greater the financial risk. If the business is poor, excess liability business, he will face the punishment of financial leverage, lower return on capital employed, and may lead to an "insolvent" and bankruptcy.
Such as: an enterprise has its own assets 20 million, 800,000 investment in a project debt, assuming that the project rate of return of 15%, bank loan interest rate is 7%, then his net return on assets of up to 47%. If the time investment is not as expected, the smooth, the project rate of return of only 3% in the case of other conditions remain unchanged, the company's net return on assets will be reduced to -13%. This tends to speed up the bankruptcy of enterprises.
Haidian District, Beijing shareholders Chen: listed companies in asset-liability ratio of the number of more appropriate?
Zhang Q: In general, a moderate debt management companies can improve operational efficiency, the ratio generally should not exceed 50%. In different industries and different regions, this ratio is not immutable. European and American countries such as asset-liability ratio is 55%, Japan, South Korea, compared with 75%.
In 2000, it was told more than 1,000 listed companies and 5000 non-listed state-owned enterprises did contrast to asset-liability ratio and found that listed companies in asset-liability ratio less than 40% of the more than half of the total number, 50% -70 % between the accounted for four of more and only a very small number of corporate balance rate of over 70%. Correspondingly, the state-owned non-listed companies average 65 percent of assets and liabilities, including Sichengyishang than 80%.
This shows that the capital structure of listed companies than in non-listed state-owned enterprises generally sound, which may be related to them direct financing channels for the general. Of course, there are professionals that generally low rates of assets and liabilities statement listed companies are too careful not to give shareholders greater return on investment.
Noteworthy is that this situation has changed this year, listed companies, the average asset-liability ratio has gradually increased trend.
