战略收缩:上海百联集团价值探密

Strategic contraction: a value analysis of Bailian Group

本文根据上海百联集团最近五年的财务报告及相关资料,采用财务比率分析法、杜邦分析法和可持续增长分析法对其进行价值分析。研究表明:百联集团的盈利水平和资产运营效率呈稳步上升态势,但短期偿债能力较弱,营运资金短缺,而另一方面,财务政策较保守,负债水平逐年下降,长期偿债能力较强。2006年集团总资产和销售收入转为负增长,但净利润保持大幅增长,表明百联由规模扩张转为效益扩张。

This article presents a value analysis of Bailian Group based on its past five-year financial reports and related data by means of financial ratio analytic method, Dupont analytic method and sustainable growth analytic method. It is found that Bailian Group＇s profit level and capital operation efficiency have been growing steadily, though its short-term solvency is weak and its working capital is in short. On the other hand, its financial policy is conservative; its debt level has dropped year by year; and its long-term solvency is relatively stronger. In 2006, while the assets turnover and the revenue of the Group changed into negative growth, its net profit maintained a large growth, which indicates that Bailian Group has transformed itself from scale expansion into benefit expansion.