財(cái)務(wù)分析柳工資產(chǎn)負(fù)債表

1、柳工母公司資產(chǎn)負(fù)債表分析資產(chǎn)負(fù)債表分析的目的主要是了解企業(yè)財(cái)務(wù)狀況的變化以及對(duì)變化作出一個(gè)總的評(píng)價(jià)。財(cái)務(wù)狀況變化分析，主要是通過(guò)比擬分析法和比率分析法進(jìn)行。表1 柳工母公司資產(chǎn)負(fù)債表橫向比擬分析項(xiàng) 目2021年2021年增減變動(dòng)額增減百分比流動(dòng)資產(chǎn)：貨幣資金1,620,636,079.01641,403,615.14979,232,463.87 152.67%應(yīng)收票據(jù)611,927,728.20188,325,282.48423,602,445.72 224.93%應(yīng)收賬款977,270,333.50783,470,766.42193,799,567.08 24.74%預(yù)付款項(xiàng)60,530,8

2、60.5646,746,096.6813,784,763.88 29.49%其他應(yīng)收款430,130,439.73102,024,308.06328,106,131.67 321.60%存貨1,599,603,211.791,709,608,120.89-110,004,909.10 -6.43%流動(dòng)資產(chǎn)合計(jì)5,300,098,652.79 3,471,578,189.67979,232,463.87 152.67%非流動(dòng)資產(chǎn)：長(zhǎng)期股權(quán)投資1,965,961,320.041,424,400,620.09541,560,699.95 38.02%固定資產(chǎn)602,296,751.32570,875

3、,068.5131,421,682.81 5.50%在建工程79,474,614.1958,295,593.0121,179,021.18 36.33%無(wú)形資產(chǎn)70,825,065.3049,835,891.8220,989,173.48 42.12%長(zhǎng)期待攤費(fèi)用2,365,798.052,365,798.05 遞延所得稅資產(chǎn)75,256,660.0048,696,871.7826,559,788.22 54.54%非流動(dòng)資產(chǎn)合計(jì)2,796,180,208.90 2,152,104,045.21644,076,163.69 29.93%資產(chǎn)總計(jì)8,096,278,861.695,623,682

4、,234.882,472,596,626.81 43.97%流動(dòng)負(fù)債：短期借款563,479,920.961,040,148,153.95-476,668,232.99 -45.83%應(yīng)付票據(jù)1,254,209,425.52537,529,200.00716,680,225.52 133.33%應(yīng)付賬款1,772,937,011.19524,922,354.721,248,014,656.47 237.75%預(yù)收款項(xiàng)55,578,456.55104,806,435.54-49,227,978.99 -46.97%應(yīng)付職工薪酬6,407,211.844,452,502.301,954,709.5

5、4 43.90%應(yīng)交稅費(fèi)100,566,153.4348,103,797.1452,462,356.29 109.06%應(yīng)付利息5,600,000.03-5,600,000.03 -100.00%其他應(yīng)付款392,422,197.62278,473,105.52113,949,092.10 40.92%流動(dòng)負(fù)債合計(jì)4,145,600,377.112,544,035,549.201,601,564,827.91 62.95%非流動(dòng)負(fù)債：長(zhǎng)期借款68,283,000.0034,176,500.0034,106,500.00 99.80%應(yīng)付債券620,833,047.39-620,833,047.

6、39 -100.00%遞延所得稅負(fù)債6,680,937.475,778,854.28902,083.19 15.61%其他非流動(dòng)負(fù)債48,648,228.203,548,018.0445,100,210.16 1271.14%非流動(dòng)負(fù)債合計(jì)123,612,165.67664,336,419.71-540,724,254.04 -81.39%負(fù)債合計(jì)4,269,212,542.783,208,371,968.911,060,840,573.87 33.06%所有者權(quán)益：實(shí)收資本股本650,161,424.00472,456,265.00177,705,159.00 37.61%資本公積1,084

7、,089,705.70619,776,368.38464,313,337.32 74.92%盈余公積432,340,441.93350,181,865.8882,158,576.05 23.46%未分配利潤(rùn)1,660,474,747.28972,895,766.71687,578,980.57 70.67%所有者權(quán)益合計(jì)3,827,066,318.912,415,310,265.971,411,756,052.94 58.45%負(fù)債和所有者權(quán)益總計(jì)8,096,278,861.695,623,682,234.882,472,596,626.81 43.97%表2 柳工母公司資產(chǎn)負(fù)債表縱向比擬分析

8、項(xiàng) 目2021年2021年2021年共同比報(bào)表2021年共同比報(bào)表共同比報(bào)表增減變動(dòng)值流動(dòng)資產(chǎn)：貨幣資金1,620,636,079.01641,403,615.1420.02%11.41%8.61%應(yīng)收票據(jù)611,927,728.20188,325,282.487.56%3.35%4.21%應(yīng)收賬款977,270,333.50783,470,766.4212.07%13.93%-1.86%預(yù)付款項(xiàng)60,530,860.5646,746,096.680.75%0.83%-0.08%其他應(yīng)收款430,130,439.73102,024,308.065.31%1.81%3.50%存貨1,599,60

9、3,211.791,709,608,120.8919.76%30.40%-10.64%流動(dòng)資產(chǎn)合計(jì)5,300,098,652.79 3,471,578,189.6765.46%61.73%3.73%非流動(dòng)資產(chǎn)：長(zhǎng)期股權(quán)投資1,965,961,320.041,424,400,620.0924.28%25.33%-1.05%固定資產(chǎn)602,296,751.32570,875,068.517.44%10.15%-2.71%在建工程79,474,614.1958,295,593.010.98%1.04%-0.05%無(wú)形資產(chǎn)70,825,065.3049,835,891.820.87%0.89%-0.0

10、1%長(zhǎng)期待攤費(fèi)用2,365,798.050.03%0.00%0.03%遞延所得稅資產(chǎn)75,256,660.0048,696,871.780.93%0.87%0.06%非流動(dòng)資產(chǎn)合計(jì)2,796,180,208.90 2,152,104,045.2134.54%38.27%-3.73%資產(chǎn)總計(jì)8,096,278,861.695,623,682,234.88100.00%100.00%0.00%流動(dòng)負(fù)債：短期借款563,479,920.961,040,148,153.956.96%18.50%-11.54%應(yīng)付票據(jù)1,254,209,425.52537,529,200.0015.49%9.56%5.

11、93%應(yīng)付賬款1,772,937,011.19524,922,354.7221.90%9.33%12.56%預(yù)收款項(xiàng)55,578,456.55104,806,435.540.69%1.86%-1.18%應(yīng)付職工薪酬6,407,211.844,452,502.300.08%0.08%0.00%應(yīng)交稅費(fèi)100,566,153.4348,103,797.141.24%0.86%0.38%應(yīng)付利息5,600,000.030.00%0.10%-0.10%其他應(yīng)付款392,422,197.62278,473,105.524.85%4.95%-0.10%流動(dòng)負(fù)債合計(jì)4,145,600,377.112,544

12、,035,549.2051.20%45.24%5.97%非流動(dòng)負(fù)債：長(zhǎng)期借款68,283,000.0034,176,500.000.84%0.61%0.24%應(yīng)付債券620,833,047.390.00%11.04%-11.04%遞延所得稅負(fù)債6,680,937.475,778,854.280.08%0.10%-0.02%其他非流動(dòng)負(fù)債48,648,228.203,548,018.040.60%0.06%0.54%非流動(dòng)負(fù)債合計(jì)123,612,165.67664,336,419.711.53%11.81%-10.29%負(fù)債合計(jì)4,269,212,542.783,208,371,968.9152

13、.73%57.05%-4.32%所有者權(quán)益：實(shí)收資本股本650,161,424.00472,456,265.008.03%8.40%-0.37%資本公積1,084,089,705.70619,776,368.3813.39%11.02%2.37%盈余公積432,340,441.93350,181,865.885.34%6.23%-0.89%未分配利潤(rùn)1,660,474,747.28972,895,766.7120.51%17.30%3.21%所有者權(quán)益合計(jì)3,827,066,318.912,415,310,265.9747.27%42.95%4.32%負(fù)債和所有者權(quán)益總計(jì)8,096,278,8

14、61.695,623,682,234.88100.00%100.00%0.00%表3 柳工母公司資產(chǎn)負(fù)債表橫向趨勢(shì)分析項(xiàng) 目2021年2021年2007年2007年2021年2021年流動(dòng)資產(chǎn)：貨幣資金1,620,636,079.01641,403,615.14254,992,978.73 1.00 2.52 6.36 應(yīng)收票據(jù)611,927,728.20188,325,282.48280,500,934.95 1.00 0.67 2.18 應(yīng)收賬款977,270,333.50783,470,766.42610,737,585.11 1.00 1.28 1.60 預(yù)付款項(xiàng)60,530,860.

15、5646,746,096.68102,054,178.09 1.00 0.46 0.59 其他應(yīng)收款430,130,439.73102,024,308.0622,113,366.88 1.00 4.61 19.45 存貨1,599,603,211.791,709,608,120.891,330,783,020.34 1.00 1.28 1.20 流動(dòng)資產(chǎn)合計(jì)5,300,098,652.79 3,471,578,189.672,601,182,064.10 1.00 2.52 6.36 非流動(dòng)資產(chǎn)：長(zhǎng)期股權(quán)投資1,965,961,320.041,424,400,620.09664,858,995

16、.51 1.00 2.14 2.96 固定資產(chǎn)602,296,751.32570,875,068.51443,641,868.23 1.00 1.29 1.36 在建工程79,474,614.1958,295,593.0199,145,715.81 1.00 0.59 0.80 無(wú)形資產(chǎn)70,825,065.3049,835,891.8267,230,623.67 1.00 0.74 1.05 長(zhǎng)期待攤費(fèi)用2,365,798.050.00 0.00 0.00 1.00 遞延所得稅資產(chǎn)75,256,660.0048,696,871.7837,845,846.15 1.00 1.29 1.99 非

17、流動(dòng)資產(chǎn)合計(jì)2,796,180,208.90 2,152,104,045.211,312,723,049.37 1.00 1.64 2.13 資產(chǎn)總計(jì)8,096,278,861.695,623,682,234.883,913,905,113.47 1.00 1.44 2.07 流動(dòng)負(fù)債：短期借款563,479,920.961,040,148,153.95130,000,000.00 1.00 8.00 4.33 應(yīng)付票據(jù)1,254,209,425.52537,529,200.00443,598,000.00 1.00 1.21 2.83 應(yīng)付賬款1,772,937,011.19524,922,

18、354.72912,069,900.67 1.00 0.58 1.94 預(yù)收款項(xiàng)55,578,456.55104,806,435.5479,348,161.06 1.00 1.32 0.70 應(yīng)付職工薪酬6,407,211.844,452,502.3022,383,064.27 1.00 0.20 0.29 應(yīng)交稅費(fèi)100,566,153.4348,103,797.14-9,246,179.97 1.00 6.20 11.88 應(yīng)付利息5,600,000.030.00 0.00 1.00 0.00 其他應(yīng)付款392,422,197.62278,473,105.52231,599,107.60

19、1.00 1.20 1.69 其他流動(dòng)負(fù)債3,248,018.04 1.00 0.00 0.00 流動(dòng)負(fù)債合計(jì)4,145,600,377.112,544,035,549.201,813,000,071.67 1.00 1.40 2.29 非流動(dòng)負(fù)債：長(zhǎng)期借款68,283,000.0034,176,500.000.00 0.001.00 2.00 應(yīng)付債券620,833,047.390.00 0.00 1.00 0.00 遞延所得稅負(fù)債6,680,937.475,778,854.282,164,996.66 1.00 2.67 3.09 其他非流動(dòng)負(fù)債48,648,228.203,548,018

20、.040.00 0.00 1.00 13.71 非流動(dòng)負(fù)債合計(jì)123,612,165.67664,336,419.712,164,996.66 1.00 306.85 57.10 負(fù)債合計(jì)4,269,212,542.783,208,371,968.911,815,165,068.33 1.00 1.77 2.35 所有者權(quán)益：實(shí)收資本股本650,161,424.00472,456,265.00472,456,179.00 1.00 1.00 1.38 資本公積1,084,089,705.70619,776,368.38440,028,350.56 1.00 1.41 2.46 盈余公積432,

21、340,441.93350,181,865.88315,268,981.86 1.00 1.11 1.37 未分配利潤(rùn)1,660,474,747.28972,895,766.71870,986,533.72 1.00 1.12 1.91 所有者權(quán)益合計(jì)3,827,066,318.912,415,310,265.972,098,740,045.14 1.00 1.15 1.82 負(fù)債和所有者權(quán)益總計(jì)8,096,278,861.695,623,682,234.883,913,905,113.47 1.00 1.44 2.07 表4 柳工母公司2007-2021年結(jié)構(gòu)報(bào)表趨勢(shì)分析項(xiàng) 目2021年20

22、21年2007年2021年共同比報(bào)表2021年共同比報(bào)表2007年共同比報(bào)表流動(dòng)資產(chǎn)：貨幣資金1,620,636,079.01641,403,615.14254,992,978.73 20.02%11.41%6.52%應(yīng)收票據(jù)611,927,728.20188,325,282.48280,500,934.95 7.56%3.35%7.17%應(yīng)收賬款977,270,333.50783,470,766.42610,737,585.11 12.07%13.93%15.60%預(yù)付款項(xiàng)60,530,860.5646,746,096.68102,054,178.09 0.75%0.83%2.61%其他應(yīng)收

23、款430,130,439.73102,024,308.0622,113,366.88 5.31%1.81%0.56%存貨1,599,603,211.791,709,608,120.891,330,783,020.34 19.76%30.40%34.00%流動(dòng)資產(chǎn)合計(jì)5,300,098,652.79 3,471,578,189.672,601,182,064.10 65.46%61.73%66.46%非流動(dòng)資產(chǎn)：長(zhǎng)期股權(quán)投資1,965,961,320.041,424,400,620.09664,858,995.51 24.28%25.33%16.99%固定資產(chǎn)602,296,751.32570,

24、875,068.51443,641,868.23 7.44%10.15%11.34%在建工程79,474,614.1958,295,593.0199,145,715.81 0.98%1.04%2.53%無(wú)形資產(chǎn)70,825,065.3049,835,891.8267,230,623.67 0.87%0.89%1.72%長(zhǎng)期待攤費(fèi)用2,365,798.050.00 0.03%0.00%0.00%遞延所得稅資產(chǎn)75,256,660.0048,696,871.7837,845,846.15 0.93%0.87%0.97%非流動(dòng)資產(chǎn)合計(jì)2,796,180,208.90 2,152,104,045.21

25、1,312,723,049.37 34.54%38.27%33.54%資產(chǎn)總計(jì)8,096,278,861.695,623,682,234.883,913,905,113.47 100.00%100.00%100.00%流動(dòng)負(fù)債：短期借款563,479,920.961,040,148,153.95130,000,000.00 6.96%18.50%3.32%應(yīng)付票據(jù)1,254,209,425.52537,529,200.00443,598,000.00 15.49%9.56%11.33%應(yīng)付賬款1,772,937,011.19524,922,354.72912,069,900.67 21.90%

26、9.33%23.30%預(yù)收款項(xiàng)55,578,456.55104,806,435.5479,348,161.06 0.69%1.86%2.03%應(yīng)付職工薪酬6,407,211.844,452,502.3022,383,064.27 0.08%0.08%0.57%應(yīng)交稅費(fèi)100,566,153.4348,103,797.14-9,246,179.97 1.24%0.86%(0.24%)應(yīng)付利息5,600,000.030.00 0.00%0.10%0.00%其他應(yīng)付款392,422,197.62278,473,105.52231,599,107.60 4.85%4.95%5.92%其他非流動(dòng)負(fù)債3,

27、248,018.04 0.08%流動(dòng)負(fù)債合計(jì)4,145,600,377.112,544,035,549.201,813,000,071.67 51.20%45.24%46.32%非流動(dòng)負(fù)債：長(zhǎng)期借款68,283,000.0034,176,500.000.00 0.84%0.61%0.00%應(yīng)付債券620,833,047.390.00 0.00%11.04%0.00%遞延所得稅負(fù)債6,680,937.475,778,854.282,164,996.66 0.08%0.10%0.06%其他非流動(dòng)負(fù)債48,648,228.203,548,018.040.00 0.60%0.06%0.00%非流動(dòng)負(fù)債

28、合計(jì)123,612,165.67664,336,419.712,164,996.66 1.53%11.81%0.06%負(fù)債合計(jì)4,269,212,542.783,208,371,968.911,815,165,068.33 52.73%57.05%46.38%所有者權(quán)益：實(shí)收資本股本650,161,424.00472,456,265.00472,456,179.00 8.03%8.40%12.07%資本公積1,084,089,705.70619,776,368.38440,028,350.56 13.39%11.02%11.24%盈余公積432,340,441.93350,181,865.88

29、315,268,981.86 5.34%6.23%8.06%未分配利潤(rùn)1,660,474,747.28972,895,766.71870,986,533.72 20.51%17.30%22.25%所有者權(quán)益合計(jì)3,827,066,318.912,415,310,265.972,098,740,045.14 47.27%42.95%53.62%負(fù)債和所有者權(quán)益總計(jì)8,096,278,861.695,623,682,234.883,913,905,113.47 100.00%100.00%100.00%根據(jù)上面編制的四個(gè)比擬報(bào)表，可對(duì)該公司的財(cái)務(wù)狀況變化作如下分析：（一） 資產(chǎn)變化情況分析從總資產(chǎn)

30、來(lái)看，2021年年末比年初增加了24725萬(wàn)元，增幅為43.97%。說(shuō)明企業(yè)占有的經(jīng)濟(jì)資源有較大增加，經(jīng)營(yíng)規(guī)模擴(kuò)大較快。從連續(xù)三年的趨勢(shì)分析可以看出，企業(yè)擴(kuò)張的趨勢(shì)非常明顯，2021年增速更是顯著提高。從總資產(chǎn)構(gòu)成來(lái)看，流動(dòng)資產(chǎn)增加了9792萬(wàn)元，占總資產(chǎn)的比重由年初的61.73%，上升為年末的65.46%，上升了3.73個(gè)百分點(diǎn)，資產(chǎn)總體結(jié)構(gòu)變化不大。比擬引人注目的是貨幣資金、應(yīng)收票據(jù)、其他應(yīng)收款的漲幅較大，年內(nèi)增長(zhǎng)幅度分別為1.5倍、2.2倍、3.2倍，在總資產(chǎn)中的比重分別到達(dá)了20%、8%、5%，各自增加了8.61、4.21、3.5個(gè)百分點(diǎn)。尤其是貨幣資金，連續(xù)兩年高速增長(zhǎng)，增幅遠(yuǎn)遠(yuǎn)超過(guò)

31、總資產(chǎn)的增長(zhǎng)規(guī)模。此外，存貨的變化也比擬明顯，在總資產(chǎn)中的比重由年初的30.4%下降到年末的19.76%，減少了10.64個(gè)百分點(diǎn)。存貨下降的原因有可能是企業(yè)減少了采購(gòu)量和產(chǎn)量，也可能是企業(yè)加大了銷(xiāo)售的力度。根據(jù)利潤(rùn)表數(shù)據(jù)可算出企業(yè)營(yíng)業(yè)收入增幅為7%，遠(yuǎn)遠(yuǎn)小于總資產(chǎn)的增幅；另外，根據(jù)報(bào)表附注中原材料和在產(chǎn)品期末金額均小于期初的事實(shí)來(lái)看，柳工存貨下降原因應(yīng)屬于第一種可能，企業(yè)存貨周轉(zhuǎn)率略有下降2021年為5.06,2021年為4.76也進(jìn)一步驗(yàn)證了這一推斷。而貨幣資金增長(zhǎng)主要原因在于經(jīng)營(yíng)活動(dòng)現(xiàn)金凈流量的增長(zhǎng)，銷(xiāo)售總額的增長(zhǎng)帶來(lái)了更多的現(xiàn)金，購(gòu)置商品、接受勞務(wù)支付的現(xiàn)金卻下降，開(kāi)源與節(jié)流并舉，使得

32、貨幣資金的增速加快。企業(yè)報(bào)表附注說(shuō)明，其他應(yīng)收款的增長(zhǎng)主要是因?yàn)殇N(xiāo)售產(chǎn)品整機(jī)代墊運(yùn)費(fèi)增長(zhǎng)所致,屬于銷(xiāo)售增長(zhǎng)帶動(dòng)的結(jié)果。在非流動(dòng)資產(chǎn)中除固定資產(chǎn)、長(zhǎng)期股權(quán)投資有一定程度下降外，其余各工程的比重變化均很小，其絕對(duì)值的增長(zhǎng)是隨著資產(chǎn)總規(guī)模的增長(zhǎng)而增長(zhǎng)，水漲船高，比擬正常。綜合流動(dòng)資產(chǎn)及長(zhǎng)期股權(quán)投資、固定資產(chǎn)的變化情況，可以看出企業(yè)資產(chǎn)的流動(dòng)性增強(qiáng)，投資增速減緩，經(jīng)營(yíng)風(fēng)險(xiǎn)降低。但企業(yè)后期應(yīng)注意進(jìn)一步加強(qiáng)應(yīng)收款的回款力度，因?yàn)閼?yīng)收賬款、應(yīng)收票據(jù)、預(yù)付款項(xiàng)、其他應(yīng)收款在總資產(chǎn)中的比重合計(jì)上升了5個(gè)百分點(diǎn)，應(yīng)收賬款周轉(zhuǎn)率從2021年的12.7下降到2021年的10.8，回款時(shí)間變長(zhǎng)，預(yù)示著企業(yè)有更多的資金被

33、其他單位占用。（二） 負(fù)債變化情況分析負(fù)債是企業(yè)籌集資金的渠道之一，負(fù)債的變化反映了企業(yè)籌資方式的變化，表達(dá)了不同時(shí)期企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)水平。從負(fù)債總額來(lái)看，年末比年初增長(zhǎng)了10608萬(wàn)元，增幅為33%。資產(chǎn)負(fù)債率由57%下降到53%，降了4個(gè)百分點(diǎn)。說(shuō)明企業(yè)對(duì)負(fù)債籌資的依賴程度有所下降，企業(yè)自有資金比例上升。從負(fù)債內(nèi)部構(gòu)成看，流動(dòng)負(fù)債年末比年初增加了62.73%，占總資金的比重為51.2%，增長(zhǎng)了近6個(gè)百分點(diǎn)。相應(yīng)的，長(zhǎng)期負(fù)債比年初下降了81%，占總資金的比重下降了10個(gè)百分點(diǎn)。流動(dòng)負(fù)債的增長(zhǎng)明顯的是應(yīng)付票據(jù)、應(yīng)付賬款、應(yīng)交稅費(fèi)，三者增幅分別為1.3倍和2.7倍和1倍。在總資金中的比重分別增長(zhǎng)了

34、5.9和12.56、0.38個(gè)百分點(diǎn)。應(yīng)付票據(jù)和應(yīng)付賬款是企業(yè)在購(gòu)置商品、接受勞務(wù)中應(yīng)付的款項(xiàng)，是一種商業(yè)信用籌資，根本沒(méi)有利息支出，是一種低本錢(qián)的籌資方式，但如果長(zhǎng)期拖欠那么會(huì)影響企業(yè)信用。從二者的性質(zhì)來(lái)看，其是隨采購(gòu)發(fā)生的，一般采購(gòu)量越大，應(yīng)付賬款的量也就越大。如果存貨數(shù)量沒(méi)有增加，應(yīng)付款卻大幅上漲，那么可能是企業(yè)長(zhǎng)期拖欠積累導(dǎo)致，通常拖欠造成的應(yīng)付款惡性增長(zhǎng)往往伴隨著銀行短期借款的增長(zhǎng)。如果排除拖欠的可能性，那就是企業(yè)在商業(yè)談判中掌握了更多的主動(dòng)權(quán)，獲得更多更優(yōu)惠的延期付款條件。對(duì)于柳工而言，其存貨和短期借款都是下降的，因此其應(yīng)付款的增長(zhǎng)應(yīng)屬于良性增長(zhǎng)，值得肯定。商業(yè)信用的大幅增長(zhǎng)緩解了

35、企業(yè)對(duì)銀行信用的依賴，短期借款籌資方式下降了11.5個(gè)百分點(diǎn)，使得本期財(cái)務(wù)費(fèi)用大幅下降，對(duì)企業(yè)利潤(rùn)增長(zhǎng)做出了奉獻(xiàn)。應(yīng)交稅費(fèi)盡管漲幅較大，但比重變化卻很小，說(shuō)明這不是企業(yè)長(zhǎng)期欠繳稅款，而是經(jīng)營(yíng)規(guī)模擴(kuò)大帶來(lái)的正常結(jié)果。長(zhǎng)期負(fù)債中，變化顯著的是應(yīng)付債券，在總資金中的比重下降了11個(gè)百分點(diǎn)，降幅為100%；根據(jù)董事會(huì)報(bào)告，可知企業(yè)的應(yīng)付債券均為之前發(fā)行的可轉(zhuǎn)換債券，2021年除了局部贖回外，其余全部轉(zhuǎn)為企業(yè)股票，并未對(duì)企業(yè)資金總量造成重大影響。至于長(zhǎng)期借款工程，盡管有近一倍的增幅，但比重變化卻不明顯，且連續(xù)三年均呈低比重趨勢(shì)，不屬于分析的重點(diǎn)。由于流動(dòng)負(fù)債的籌資本錢(qián)較長(zhǎng)期負(fù)債低，企業(yè)負(fù)債內(nèi)部結(jié)構(gòu)的變化

36、可以降低財(cái)務(wù)費(fèi)用的支出，但是流動(dòng)負(fù)債的還款期短，財(cái)務(wù)風(fēng)險(xiǎn)比長(zhǎng)期負(fù)債要高，因此，盡管理論上企業(yè)資產(chǎn)負(fù)債率下降會(huì)降低總體的財(cái)務(wù)風(fēng)險(xiǎn)，但增長(zhǎng)的流動(dòng)負(fù)債將給企業(yè)近期造成更大的還款壓力，企業(yè)必須持續(xù)加強(qiáng)銷(xiāo)售回款，確保經(jīng)營(yíng)現(xiàn)金凈流量的穩(wěn)定增長(zhǎng)，以保證流動(dòng)負(fù)債的按期歸還。（三） 所有者權(quán)益變化情況分析 所有者權(quán)益是企業(yè)籌集資金的另一渠道，所有者權(quán)益在總資產(chǎn)中的比重上下，對(duì)債權(quán)人而言有重要影響，表達(dá)了企業(yè)債權(quán)人權(quán)益受保障的程度。從企業(yè)所有者權(quán)益總額來(lái)看，年末比年初增長(zhǎng)了58%，占總資產(chǎn)的比重那么增加了4.3個(gè)百分點(diǎn)，到達(dá)47.27%，可見(jiàn)，企業(yè)總資金中有近一半屬于投資者投入，對(duì)債權(quán)人權(quán)益的保障程度比擬大，債權(quán)人的資金平安性較高。所有者權(quán)益中增長(zhǎng)較大的是資本公積和未分配利潤(rùn)，增幅均超過(guò)70%，在總資產(chǎn)中的比重那么分別增長(zhǎng)了2.37和3.21個(gè)百分點(diǎn)。資本公積的增長(zhǎng)是因?yàn)閭D(zhuǎn)股所致，對(duì)資金總量沒(méi)有影響。未分配利潤(rùn)比重增長(zhǎng)是由于企業(yè)降低利潤(rùn)分配比例所致，2021年報(bào)表附注顯示，當(dāng)年利潤(rùn)分配方案為每10股派送4.5元現(xiàn)金，當(dāng)年每股收益為0.7，每股分紅比例為64%，而2021年利潤(rùn)分配方案為每10股派送1元現(xiàn)金，同期每股收益為1.33，分紅比例僅為7.5%。利潤(rùn)分配比例的下降