华锐风电财务报表分析及经营危机研究

摘要：作为曾经风电行业龙头的华锐风电科技集团自2011年以90元天价上市一年后股价开始大幅滑坡，财务状况持续恶化，陷入经营巨亏的危机。论文从分析该集团近五年的财务报表入手，通过财务比率分析、趋势分析、杜邦分析三种分析方法，对其经营状况与发展趋势进行全面了解，进而对其经营危机的成因进行分析并提出解决对策，从而对新能源行业企业做出启示。经过本文分析发现，该集团的偿债能力、营运能力和盈利能力均呈现下降趋势，企业经营面临巨大风险和危机。愿通过本文的论述，对新能源企业经营者、债权人和行业监管层有所帮助。80989

毕业论文关键词：华锐风电财务报表经营危机新能源

Analysis of Financial Statements of Sinovel and Research on its Management Crisis

Abstract:Sinovel wind group co。,ltd is used to be the leader of wind power industry。Since Sinovel came into market with share price of 90 yuan per share in 2011, its revenue and profit declined dramatically。Finally, Sinovel got into operating crisis。This article will analysis the financial statements of Sinovel over the past five years with three methods of analysis (financial ratio analysis, trend analysis, dupont analysis)to explore the root reasons of the operating crisis of Sinovel so as to give advice on solving the current problems ,and then inspire the new energy industry 。After the analysis we can find that the debt paying ability, operation ability and profitability of Sinovel show decreasing trend。Now Sinovel is faced with a serious crisis and risks 。I hope this article can offer some help to new energy enterprises ,regulators and investors。

Keywords: Sinovel financial statements analysis new energy

引言 1

一、华锐风电集团现状简介 2

二、财务比率分析 3

（一）偿债能力分析 3

1、短期偿债能力分析 3

2、长期偿债能力分析 5

(二) 资产管理比率分析 6

1、总资产周转率 6

2、流动资产周转率 7

3、固定资产周转率 8

4、存货周转率 9

5、应收账款周转率 10

（三）盈利能力分析 10

1、净资产收益率 11

2、总资产报酬率 11

3、收入利润率 12

（四）成长能力分析 13

1、销售增长率 13

2、总资产增长率 13

三、趋势分析 14

（一）资产负债表水平分析 14

（二）利润表水平分析 16

（三）现金流量表水平分析 18

四、杜邦分析 20

五、经营危机的成因 26

（一）内部控制的缺陷 26

1、不能良好处理与供应链上下游企业的关系华锐风电财务报表分析及经营危机研究:http://www.youerw.com/kuaiji/lunwen_94337.html