基于米勒-奥尔模型的短期偿债能力分析——以士兰微为例

Analysis of Short-Term Solvency Based on Miller-Orr Model--Take Silan Microelectronics as an Example

在企业的日常经营活动中,短期偿债能力指标是企业的核心指标。士兰微作为集成电路行业具有全产业链制造能力的公司,分析其偿债能力具有一定的代表性。以士兰微2017-2021年的财务数据为基础,分析其5年内的短期偿债能力。根据分析出的短期偿债能力并结合米勒-奥尔模型对现金持有量进行分析,测算出士兰微现金持有量的范围。根据分析出的结果,给出企业在日常的经营管理活动中,提高资金使用效率的建议。

The short-term debt paying ability is the core index to evaluate the daily operation of an enterprise.Silan Microelectronics,as a company with the manufacturing capacity in the whole industry chain in integrated circuit,is a representative to be chose to analyze its debt paying ability.Based on the financial data of 2017-2021,this paper analyzes the short-term debt paying ability of the Silan Microelectronics in the five years.According to the short-term debt paying ability analyzed and combined with Miller-Orr model,the cash holdings are analyzed,and then the range of cash holdings in Silan Microelectronics is calculated.Based on the analysis results,suggestions are put forward to improve the efficiency of capital use in the daily operation and management activities of enterprises.