模型公司的偿债能力分析【外文翻译】 .doc
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1、外文翻译原文Models of Companys Solvency Analysis Material Source:.hk/search?hl=zh-CN&source=hp&q=SOLVENCY+ANALYSIS&btnG=Google+%E6%90%9C%E7%B4%A2&meta=&aq=f&aqi=&aql=&oq=&gs_rfai= Author: Ardelean Victor Abstract. In the paper the authors show the different models of analyzing the companys solvency, takin
2、g into account many ratios with different importance.Key words: general stability, financial solvency, reimbursing capacity.1 IntroductionThe status of financial solvability is multi-criteria approached by local specialists and from abroad. The International Accounting Standards mention the fact tha
3、t solvency refers to cash availability for a greater period of time during which the due time financial engagements ought to be covered. In our opinion, solvency has to be analyzed from the point of view of its function and the time horizon it implies. That is why we believe that solvability express
4、es the capacity of an economic agent of reimbursing on due time (larger then 1 year) the current rates towards banks and other financial institutions.At the same time, we believe that solvability is a state of financial equilibrium measuring the value of the capital, as compared to the patrimonys si
5、ze.2 Method and ResultsSolvency can be shown through many models. They are presented below.2.1 The analysis of general stabilityThe indicator of general stability (ISG) shows the degree in which the total assets of the company are able to cover the total debts of the company. This indicator shows th
6、e degree in which debts can be covered using assets. ISG = Total asset/ Total debt, The minimum level acceptable is of 1.66 (even if it should be at least 2.00). Under this level, the company faces the danger of payment incapacity. The optimum level is 3.00.The general solvency report (RSG) indicate
7、s the amount of the net accounting asset in total asset: RSG = Net Accounting Asset/ Total asset. The minimum level acceptable is of 35%, but the optimum one is of at least 50%.Indicator2 002 200320042005SimbolTotal Asset183763 008 213169364289 944 108305 777 818AtTotal Liability97 217 073 89 964 47
8、7139 336 362159 570 651DtNet Accounting Asset86 545 935 123204 887150 607 746146 207 167AncIndicator of GeneralSovency1.89 2.372.081.92Lsg = At/DtGrowth Indicator100% 125%88%92%Iclsg = lsgn/lsgoVariation of the indicator0.00 25%-12%-8%dlsg =(lsg)/lsgoMinimum valueacceptable1.66 1.661.661.66MinGenera
9、l solvency report47.10% 57.80%51.94%47.81%Rsg=Anc/AtMinimum valueacceptable35.00%35.00%35.00%35.00%MinTable 1 - General Solvency at SC AMPELUM SADuring the entire analyzed period, the level of the general solvability indicator is over the normal limit,even if slightly descending during 2003-2005. Th
10、e descending tendency of the indicator is due to the more rapid growth rhythm of total debts, as compared to total assets. Nevertheless, from this point of view SC AMPELUM SA is safe during the entire period of analysis, a fact that means that it is able to cover all itsdebts basing on assets. The s
11、ame conclusion results from the analysis of general solvability report.2.2 The analysis of financial solvabilityThe indicator of financial solvability (ISF) shows the degree in which the total assets of the company are able to cover total financial debts. ISF =Total asset/Total financial debt, The m
12、inimum level acceptable is of 2.00. Under this level the company faces payment incapacityIndicator2002200320042005SimbolTotal Assets183 763 008 213 169 364289 944 108305 777 818At =Ai+AcTotal FinancialLiabilities64 325 931 60 831 92097 621 346101 417 082Dft =Dtml+CbtsFinancial Solvency2.86 3.502.973
13、.02IsF = At/DftMinimum valueacceptable2.002.002.002.00MinTable 2 - Financial solvability with SC AMPELUM SADuring the entered period analyzed, the value of the indicator is over the average limit, even if in 2004, as compared to the previous year, the value decreased. The descending tendency of the
14、indicator is explained by the more rapid growth of financial debts, as compared to total assets. However, from this point of view,SC AMPELUM SA is safe during the entire period of analysis, a fact that shows the capacity of the company of covering all its financial debts basing on assets.2.3 The ana
15、lysis of debt reimbursing capacityDebt reimbursing capacity (CRD) shows the degree in which the potential sources of self financing resulting from the activity of the company can cover total debts. CRD = Self financing debt/ Total debt, The minimum level acceptable is of 0.33 (corresponding to the c
16、overing of debts in a period of 3 years). If the level is under 0.33, the company faces payment incapacity and the optimum level is 1.00.Indicator2002200320042005SimbolSelf financingcapacity13 383 951 34 284 54030 191 65118 975 448CafTotal debts97 217 073 89 964 477139 336 362159 570 651DtReimbursem
17、entcapacity0.14 0.380.220.12Crd = Caf/DtGrowth indicator100% 271%58%55%IcCrd =Crdn/CrdoVariation of theindicator100% 171%-42%-45%dvlCrd =(Crd)/CrdoAverage growthrhythm1.00 1.71-0.42-0.45RmcMinimumacceptable value0.33 0.330.330.33MinTable 3 - The Capacity of Reimbursing Debts at SC AMPELUM SAIn 2003
18、the value of the indicator was over the minimum level; as compared to the previous year it increased by 171%. The tendency of the indicator is descending. From this point of view, SC AMPELUM SA has an acceptable financial security during the analyzed period.The gross capacity of reimbursing debts (C
19、BRD) shows the degree in which the potential sources of self financing resulting from the operational activity of the company are able to cover the total debts of the company. CBRD =Gross surplus from operational activities/Total debts, The minimum acceptable level is 0.50 (corresponding to covering
20、 debts in a 2 year period), under this level the company faces payment incapacity. The optimum level is 1.00.Indicator2002200320042005SimbolGross surplus fromoperational activities32451 335 51 338 82945 515 10728 734 234EbeTotal liabilities97217073 213169 364289944 108305777 818DtGross capacity ofre
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