企业财务特征系列研究之五：企业过度负债的特征及原因.pdf
敬请参阅最后一页特别声明 -1- 证券研究报告 2018 12 12 CFO/ ( S0930516010001) 010-58452066 zhang_xuebscn ( S0930517100006) 021-52523678 chenliuebscn 0755-23894967 zengzhangrongebscn 010-58452070 weiwxebscn 2018-10-25 15 01 2018-08-05 2018-07-31 . . 2 0 1 8-07-30 . . 2 0 1 8-07-19 2018-12-12 敬请参阅最后一页特别声明 -2- 证券研究报告 1 2 2.1 2014 5 2016 67.48% 2017 103.72% 2016 63.31% 2017 103.72% 26.11 108.82 2017 178.98 2016 322.34 44.48% 1 Wind, 2011 -2018 6 40.42 56.11 58.58 62.23 77.53 67.48 103.72 112.08 40 60 80 100 120 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Jun-18 猝不及 防的跳 升， 主要是 经营亏 损以及 资产减 值2018-12-12 敬请参阅最后一页特别声明 -3- 证券研究报告 T-1 60% 2 2014 - Wind % T T-1 1 ”T-2” 2 - 238.73% 84.59% 133.82% 123.19% 81.54% 105.54% 94.41% 75.68% 98.23% 85.63% 53.08% 88.73% 83.68% 85.44% 97.29% 77.56% 73.02% 92.34% 76.98% 76.56% 93.42% 73.88% 56.60% 83.31% 73.14% 62.08% 85.90% 68.52% 33.71% 61.76% 66.65% 60.00% 81.81% 66.07% 81.36% 92.79% 63.44% 31.65% 55.87% 63.10% 75.76% 89.44% 60.75% 61.43% 80.23% 60.73% 41.29% 64.17% 60.36% 69.40% 85.12% 59.70% 41.29% 63.57% 58.90% 70.93% 85.58% 58.61% 44.69% 66.12% 57.81% 62.96% 80.12% 57.22% 46.43% 66.96% 57.13% 61.24% 78.66% 56.46% 35.15% 55.45% 56.37% 45.94% 66.08% 56.15% 53.07% 72.06% 55.48% 67.59% 82.41% 54.89% 79.05% 89.32% 54.09% 64.14% 79.58% 53.61% 60.12% 76.47% 53.49% 56.27% 73.45% 52.22% 75.39% 86.51% 52.22% 75.39% 86.51% 52.19% 65.05% 79.56% 2018-12-12 敬请参阅最后一页特别声明 -4- 证券研究报告 2.2 0-1 0 = / - 3 Wind 2017 238.73% 84.59% 133.82% 123.19% 81.54% 105.54% 94.41% 75.68% 98.23% 85.63% 53.08% 88.73% 83.68% 85.44% 97.29% 77.56% 73.02% 92.34% 76.98% 76.56% 93.42% 73.88% 56.60% 83.31% 73.14% 62.08% 85.90% 68.52% 33.71% 61.76% 66.65% 60.00% 81.81% 66.07% 81.36% 92.79% 63.44% 31.65% 55.87% 63.10% 75.76% 89.44% 60.75% 61.43% 80.23% 60.73% 41.29% 64.17% 60.36% 69.40% 85.12% 59.70% 41.29% 63.57% 58.90% 70.93% 85.58% 58.61% 44.69% 66.12% 57.81% 62.96% 80.12% 57.22% 46.43% 66.96% 57.13% 61.24% 78.66% 56.46% 35.15% 55.45% 56.37% 45.94% 66.08% 56.15% 53.07% 72.06% 55.48% 67.59% 82.41% 54.89% 79.05% 89.32% 54.09% 64.14% 79.58% 53.61% 60.12% 76.47% 53.49% 56.27% 73.45% 52.22% 75.39% 86.51% 52.22% 75.39% 86.51% 52.19% 65.05% 79.56% 2018-12-12 敬请参阅最后一页特别声明 -5- 证券研究报告 3 = / = / / 4 2014 - Wind % T T-1 1 ”T-2” 2 - T T-5 T-4 T-3 T-2 T-1 2014 41.11 33.39 94.39 375.12 1,259.78 2015 23.84 36.58 62.36 154.88 232.12 2015 161.65 234.90 413.95 363.15 593.72 2015 83.61 83.38 105.50 141.48 121.57 2015 222.86 258.19 443.97 413.05 627.38 2015 73.01 141.94 306.46 321.58 305.93 2015 89.06 73.76 85.22 98.88 114.16 2015 114.51 117.71 204.01 310.37 317.47 2016 113.78 186.85 232.02 279.07 363.66 2016 111.68 122.23 146.05 138.52 144.31 2016 175.59 204.07 239.78 274.91 399.89 2016 190.56 218.48 275.13 210.58 587.89 2016 68.13 67.61 79.81 89.93 105.95 2016 150.90 204.01 258.07 241.03 287.82 2017 75.28 65.74 78.78 282.05 188.33 2017 548.57 480.21 597.59 653.42 622.37 2017 153.69 137.01 171.07 184.82 188.58 2018 394.81 349.75 510.93 514.64 532.84 2018 353.99 458.36 546.67 532.48 399.29 2018 328.97 465.02 455.47 476.34 335.34 2018 194.41 337.01 352.99 352.36 365.89 2018 190.00 154.22 199.70 278.34 221.43 2018 220.69 247.06 383.22 432.97 534.03 2018 70.61 142.17 190.85 254.33 213.94 2018 328.71 262.01 235.21 224.84 305.27 2018 326.15 120.34 101.21 85.86 118.33 2018 183.95 282.55 287.08 431.07 674.23 2018 108.12 115.59 119.80 115.41 103.02 2018 320.47 429.57 306.93 271.12 352.10 2018 236.37 219.26 201.26 95.43 103.77 2018 185.10 230.93 129.33 134.73 251.35 2018 62.35 70.01 86.38 94.55 115.68 2018-12-12 敬请参阅最后一页特别声明 -6- 证券研究报告 1) 2) 2016 2011 2015 77.47% 87.94% 2011 0.44 2015 0.22 2011 180% 400% 5 Wind, 2011 -2015 0.2 0.3 0.4 0.5 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 70 80 90 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 1 2 3 4 5 = / 2018-12-12 敬请参阅最后一页特别声明 -7- 证券研究报告 2011 2015 6 Wind, 2011 -2015 3.1 2003 2011 50.98 2017 1830.22 81.63% -50 -30 -10 10 30 50 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
