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Financial Analysis of Listed Companies

Author: CaiZuo
Tutor: HaiFuAn
School: Henan University
Course: Accounting
Keywords: Yutong Bus Company Financial analysis Financial evaluation
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 18
Quote: 0
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Abstract

With the development and perfection of China’s market economy, financial statements analysis which isused to summarize and evaluate the enterprise operation and management and make the analysis on theenterprise profit ability, debt paying ability, operation ability analysis, etc. has become one of the importantparts in the process of financial management. The analysis can provide available information of financialpositions and the managing achievements used digital language for many kinds of the users of accountingincluding enterprise managers, investors, and industry market, etc. Therefore it can provide further decisionsupport for managers, grasp the investment direction for investors and take market’s temperature.Meanwhile the performance of the enterprise accounting system and the accuracy of accountinginformation can be identified and evaluated through the financial analysis of the enterprise management.Ever since the reform and opening-up in China, the national economy has maintained a sustaineddevelopment and domestic passenger car market has been entering a period of rapid and steady growthunder multi-factor impacts such as the economic globalization, the increasing maturation of marketeconomy,“Go West” campaign in China, the rapid development of highway construction, the emergingmarket of School bus, etc. Although the markets of sedans and trucks have weaker effect than the market ofbuses in the whole auto industry, buses market has already occupied an irreplaceable important position inthe passenger transport field. Its market space will get larger and larger along with the background of rapiddevelopment of the national road building and the constant expand to overseas markets.The concerning research results of Industry analysis show that passenger transport field has a goldenperiod of high-speed development in the next10years. As the bus industry leader, Yutong Bus Company,whose brand value has been over10billion, has expanded its sales and increased market share dramaticallyand also widely recognized at home and abroad in recent years. The paper has selected Yotong BusCompany as a study sample and collected the company annual reports data on corporate finance from2009to2011. Therefore it can truly reflects each index of the company such as debt paying ability, profitability,cash flow ability, etc. in recent years by using comparative analysis, trend analysis, ratio analysis, factoranalysis and Du Pont comprehensive analysis and being assisted by visual chart analysis to analyze thefinancial status and business results. The comprehensive analysis shows that Yutong Bus Company’s business performance has been occupied the leading position in the industry and the company has been inrapidly developing stage now. It has strong debt paying ability and can take full advantage of financiallever to avoid financial risks. Meanwhile there is a remarkable profit growth under the enterprise businessmodel. However the corporate annual sales cash ratio has been low in the past years. It has strong assetmanagement ability, but enterprise management ability should be paid attention to strengthencorrespondingly in order to achieve assets use more efficiently in the process of production expand at sametime.While the enterprise sales have been increasing continuously, the corresponding costs have alsosignificantly increased, which need to be controlled. Consequently on the basis of analyzing result, thispaper draws upon some suggestions to not only aid the enterprise management and decision-making, butalso provide other enterprises use for reference from the way.

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