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Financial decision-making and business benefits

. 00) prosperity taxes (84.35) (62.70) (50.40) 200 million net profit return on capital 32.6731.833O15 130.85127.30120.60 interest expense (20.00) (40.00) (80.00) Quiet soft taxes (a B.3O) a 16.503O million net profit a 3.3O 6.7O · '(a 6.70) (a 33.5O) return on capital for a 6.7 business Interest expense (20.00) (40.00) (80.O0) C Fan tax (33.00) (26.40) 03.20) 8O% net return on capital Lan 6753.6O26.8O 6753.6O26. 8% interest like rejection (20.00) (4O.00) (8O.O0) prosperity taxes (59.40) (67.80) (39.6O) ∞ O million net profit 120.698.208O. 4O return on capital t, 80.692.2O8O. 4O Third, an effective way to improve the return on capital after the establishment of modern enterprise system,[link widoczny dla zalogowanych], state-owned enterprises has been a fundamental change in property relations. Previous to the unlimited liability of the state 1} j into a state of limited liability. The management of state enterprises designated by the competent authorities of the direct management of the type to shareholders or controlling shareholders as a unique mode of supervision. This shift forms the business owner and managers of privilege separation. Country as a business investor, concerned about how managers use their assets to the level of profitability and ability to add value to assets. Operating efficiency of the assessment of business managers are also the output value from the previous targets or total profits and taxes into the multi-project assessment. One important indicator is the return on capital. How to improve the return on capital, by the preceding analysis, the change in asset-liability ratio is one of the ways. However, with the debt ratio increased, the additional financial risks companies face increased tread, when combined with weak market pressure, enterprises will result in distress and difficult turning point. Chinese state-owned enterprises with the current actual position, the average balance is higher than 7O, some even more than 9O. Hundreds of modern enterprise system in selected pilot enterprises, the indicators in 1995, although a certain level of asset-liability ratio decline, but still high-living 6 1996 65.84 Therefore, enterprises are faced with the question is how to reduce their huge debt, rather than using them to increase their profitability. We know: return on capital of a × 100 · plastic Bi Yan Wong Tong Teng Wang Da Cut Cut Si divinatory sales of capital assets × 100% total return on capital case means the cupboard _ by three effects: First, return on sales, Second, asset turnover, the three asset-liability ratio (equity capital to total assets is measured in multiples of Huang service ratio). These three indicators are as high as possible to improve the likelihood of the third HAVE BEEN rule out this from the first and second indicators to find ways to tap the potential and improve. Expand the market share of trying to increase sales revenue, in order to accelerate turnover} At the same time, control costs and expenses at the rate of increase is lower than the growth rate of sales revenue, thereby enhancing the level of net profit after taxes in order to achieve the purpose of increasing sales margins ; or keep the existing market conditions and costs from the consumption of lower costs start to increase the level of net profit margins to improve sales. To strengthen liquidity management, reduce inventory and accounts receivable and other current assets, working capital occupied, and the strengthening of the fixed assets inventory and management, the disposal of idle and future business machinery and equipment not in use, in order to reduce total assets The purpose of this result is not only the enterprise market share in the same case of increased turnover and improved operating cycle and accelerate the flow of funds to enhance capital efficiency. Strengthen the management of current liabilities, current assets to current liabilities established between the corresponding system. Reduce unnecessary blind loans, thereby reducing the financial costs of the expenditure,[link widoczny dla zalogowanych], reduce the additional financial risk and improve the net profit level, so the improvement of the above not only can improve the return on capital, but also reduce the debt rate that is , companies want to come out of the plight of high debt,[link widoczny dla zalogowanych], in addition to the external macro and micro conditions improve and support, must be dissected sparrows, to identify the key issues. Reality from the enterprise, the use of scientific management methods,[link widoczny dla zalogowanych], to strengthen internal management, lower production inputs and costs, improve return on assets,[link widoczny dla zalogowanych], establish a good corporate image. And it all depends on the quality of state-owned enterprise managers, discrimination, and improving the quality of decision-making, they are the key state-owned enterprises can thrive. (Select to edit Chen Yuan Wang) Nonferrous Metals Industry

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