财务管理论文： 资产管理的有效性分析Asset management Effectiveness

Asset management Effectiveness 资产管理的有效性 

 

·fixed assets turnover，Current Assets Turnover，Accounts receivable turnover，Inventory turnover ratio Introduction and operating cycle

·固定资产周转率，流动资产周转率，应收账款周转率，存货周转率的介绍和操作周期

The formula计算方式

Fixed assets turnover=Product sales net income/ average net fixed assets

Current Assets Turnover=Product sales net cost/ Current assets average takes up the forehead

Accounts receivable turnover=Credit sales net income/Accounts receivable average balance

Inventory turnover ratio=cost of sales/Stock average balance

Operating cycle=Days sales outstanding + Days sales of inventory

Related calculation results相关计算结果

The related indicators of the two companies respectively are:这两家公司的相关指标分别是：

Table 8 fixed assets turnover，Current Assets Turnover，Accounts receivable turnover，Inventory turnover ratio Introduction and operating cycle  http://www.ukassignment.org/cwgllw/

The inventory turnover ratio of Vanke is only about 30% which is the character of developing real estate. 万科的存货周转率只有30％左右，这是由房地产发展造成的。
Generally speaking, it will take at least 2 year to submit houses after purchasing lands and sales. The sales revenue is generally confirmed after the construction is finished and checkedfor acceptance. So the turnover ratio is relatively reasonable. The inventory turnover rate can be improved if the developing is fast. 因此，周转率是比较合理的。如果发展速度快，存货周转率可以提高。

Graph 4 Asset management effectiveness of Vanke万科的资金管理

We can get one conclusion from the above analysis:从上面的分析，我们可以得到一个结论：

Although Vanke’s profitability is much stronger, it still faces inevitable risks in the unstable real estate market because it has “three highs” (high liability ratio, high share of lands as well as “high pressure for solvency”).

It should be noted that the “three highs” is a symptom commonly existing in the real estate market of China’s mainland. Vanke, as a pillar enterprise in China’s mainland is also no exception to that. The “three highs” is caused not only by Vanke but also by China’s macro environment and macro policies. It also has its own reasons to exist in a certain time. So how to judge this question correctly and find more reasonable solutions to it is one of the keys that will be further discussed later.