財務外文翻譯--基于財務報表分析企業(yè)價值

1、<p><b>　　中文4400字</b></p><p>　　Babic Z, Plazibat N. Enterprise Value Based On The Analysis Of Financial Statements [J]. International journal of production economics, 2008, 56: 29-35</p>

2、;<p>　　Enterprise Value Based On The Analysis Of Financial Statements</p><p>　　Z Babic, N Plazibat</p><p><b>　　Abstract</b></p><p>　　Analysis of data on the finan

3、cial statements, the use of discounted cash flow method, the relative value of other methods to analyze financial statements and financial data to find useful data on the enterprise value analysis, with its inherent valu

4、e is the closest a value to facilitate management by better management decisions and investment decisions of enterprises. Now, under the conditions of market economy, the enterprise itself can be traded in the market of

5、goods, by the profits to maximi</p><p>　　The article first describes the limitations of the traditional statements and how to improve, then the enterprise value is based on the improved report.</p>&l

6、t;p>　　KEYWORD: Financial statements, corporate value, Enterprise value evaluation</p><p>　　1 Introduction</p><p>　　1 The meaning of enterprise value</p><p>　　The enterprise value

7、 is accompanied by the emergence of property rights trading market in the 1960s, a concept first proposed by the U.S. regulators. Under market economy conditions, the goods of the enterprise itself is a transaction in th

8、e equity market as the commodity stakeholders, including investors, creditors, managers must understand the value of the business. Enterprise value as a commodity currency performance.</p><p>　　1.2 Analysis

9、of the significance of enterprise value</p><p>　　Enterprises maximize the value of thinking helps to improve the company. Each listed company to meet the interests of all creditors and preferred shareholders

10、 as a precondition (the common shareholders by the board of directors to monitor the enterprise to protect their own interests), the greater the enterprise value, the more secure the interests of creditors and preferred

11、shareholders ; value of the enterprise, means that the higher its stock price to the shareholders. return more and more ab</p><p>　　1.3 Evaluate the enterprise value of the role of</p><p>　　1.3.

12、1 Enterprise value evaluation for enterprise management</p><p>　　The enterprise value maximization as the financial targets in line with the characteristics of the enterprise itself, the enterprise value is

13、the corporate long-term profitability. The enterprise value maximization is reasonable management on corporate finance, the optimal financial policy, and takes full account of the relationship between the time value of m

14、oney and the risks and rewards on the basis of ensuring the long-term and stable development of total value.</p><p>　　1.3.2 Enterprise value evaluation for investment decisions</p><p>　　Accordin

15、g to the principle of the law of value in the stock market, the enterprise value determines the stock price, stock prices, in essence, the expected judgment is made ??by the investors in the company's future earnings

16、, cash flow, investment risk around the enterprise value fluctuates, often deviate from the stock's intrinsic value. The market price and value deviation from the regression after a period of adjustment to the enterp

17、rise value. Therefore, the enterprise value evaluation, judg</p><p>　　2 The financial statements information to reflect the enterprise value</p><p>　　2.1 The enterprise value of performance thro

18、ugh the financial statements</p><p>　　The financial statements are expressed in the statements of the enterprise value through the process and results that reflect the business activities of enterprises.<

19、/p><p>　　The balance sheet is accounting statements reflect the financial condition of enterprises in a certain point in time to reveal the enterprise value. It's on the left is the value and the total valu

20、e of the assets of the enterprises have a variety of assets; the right of the liabilities and net assets, in which the liabilities that the creditors should share the share of enterprise value, enterprise value share of

21、the net assets owned by the owner.</p><p>　　2.2 Financial data and corporate value</p><p>　　Financial report means a written document of the foreign enterprises reflect a specific date, financia

22、l condition and operating results, cash flows and other accounting information of a particular accounting period. The financial report should show at least the following components: (1) balance sheet; (2) the income stat

23、ement; (3) Cash Flow Statement; (4) changes in owners' equity (or equity); (5) Note.</p><p>　　2.3 Financial statements for the two basic approaches to the analysis of the enterprise value</p><

24、p>　　2.3.1 Ratio analysis and comparative analysis</p><p>　　Ratio analysis, financial statements related to the amount of contrast, to draw a series of financial indicators with a certain sense, and logica

25、l relations, in order to reveal the financial position, operating results and cash flows, an analytical skills, is a modern financial statement analysis is the most important and most commonly used analytical methods, th

26、e use of ratio analysis to analyze with simple calculation can be a significant problem characteristics. Ratio analysis and robust, but</p><p>　　2.3.2 DuPont Financial Analysis System</p><p>　　D

27、uPont Financial Analysis System (referred to as the DuPont system) because originally founded by the United States DuPont corporate and successful use of named. DuPont System of Financial Analysis is a popular expression

28、, the rate of return on net assets broken down into three parts: sales net profit margin, total asset turnover and equity multiplier. Reflect the profitability of the enterprise asset management efficiency and financial

29、leverage. It is a systematic, convenient way to financial a</p><p>　　3 The problems of the traditional financial statement analysis</p><p>　　3.1 Unified financial statements</p><p>

30、　　The financial statements are an important source of information for enterprise valuation, the financial statements for the enterprise value assessment provides a variety of asset data, important information on the earn

31、ing power of enterprise assets as a whole, the corporate equity capital cash flow ability. It can be said that the financial accounting data is more accurate, the more accurate the results of the assessment of enterprise

32、 value. After nearly a century of development, financial repor</p><p>　　3.1.1 The limitations of the historical cost principle</p><p>　　The historical cost principle is an important principle of

33、 the existing financial accounting, the assets of an enterprise; the actual cost of the various liabilities and so should be according to their achieved or occur. Historical cost is easy to obtain, and has the objectivit

34、y and validation features, pricing for long-term use of assets denominated in the value-added goods, and thus the industrial economy era are widely used for accounting practitioners.</p><p>　　3.1.2 Accrual p

35、rinciple limitations</p><p>　　The accrual is one of the pillars of the current accounting principles; the principle is based on the accounting period assumption. The principle of accrual accounting can only

36、confirm that the business is current income has been achieved and has occurred or shall bear the cost of transactions and events have not yet actually occurred, and does not belong to the current income and expenses, you

37、 can not confirm.</p><p>　　3.1.3 The limitations of monetary measurement principles</p><p>　　This principle holds that the economic business deal in money as a measure to confirm the accounting

38、treatment is a use of monetary measurement of business activities and results to be passed. With the increasing uncertainty in the business environment, corporate financial information reflected in the currency as the ca

39、rrier has become increasingly difficult to meet the requirements of policy makers to see the profitability of the business reality requires not only as decision makers, operationa</p><p>　　3.2 Indicators of

40、financial statement analysis</p><p>　　The system of financial statement analysis, financial indicators is the main basis for analysis and decision making. Using a series of financial indicators in the financ

41、ial statements reveal the enterprise value analysis to determine the profitability of the enterprise and the level of risk in order to evaluate the value of the business. However, the existing financial index system is n

42、ot yet complete, With the further strengthening of the knowledge economy, information economy and globalization</p><p>　　3.3 The traditional financial statement analysis method</p><p>　　3.3.1 Ra

43、tio analysis and comparative analysis</p><p>　　3.3.2 DuPont Financial Analysis System</p><p>　　DuPont Financial Analysis System (referred to as the DuPont system) because originally founded by t

44、he United States DuPont corporate and successful use of named. DuPont System of Financial Analysis is a popular expression, the rate of return on net assets broken down into three parts: sales net profit margin, total as

45、set turnover and equity multiplier. Reflect the profitability of the enterprise asset management efficiency and financial leverage. It is a systematic, convenient way to financial a</p><p>　　4 Financial stat

46、ement analysis system improvements</p><p>　　4.1 The improvement of the financial statements</p><p>　　The idea of our improved financial and accounting reports on the basis of the current financi

47、al reporting system to increase the disclosure of information to meet the assessed needs of enterprise value.</p><p>　　4.2 Improvement in the analysis of indicators of financial statements</p><p&g

48、t;　　4.2.1 Profitability analysis</p><p>　　Corporate profitability assessment into existing profitability, potential profitability, and sustained profitability analysis. The existing profitability of enterpri

49、ses by the level of profitability, operational efficiency and develop the ability to reflect all the financial indicators. The potential profitability is determined by the growth of the industry and enterprise growth.<

50、;/p><p>　　4.2.2 Enterprise Risk Analysis</p><p>　　Due to the maximization of enterprise value is an abstract goal; there are some flaws in the use of:</p><p>　　The value of non-listed

51、companies to determine the degree of difficulty. Through a special assessment (such as the impact of asset evaluation) to determine its value, but the evaluation process by the evaluation criteria and evaluation methods

52、to make valuation difficult to objectively and standards, thus affecting the accuracy and objectivity of the enterprise value. In addition to the business factors, changes in stock prices, but also by factors beyond the

53、control of other companies.</p><p>　　4.3 An improved method of financial statement analysis.</p><p>　　4.3.1 To fully utilize and analyze the cash flow statement</p><p>　　Quantitativ

54、e structural analysis on the basis of the cash flow statement data, to further clear cash inflow, outflow and net flow of the composition. Can be divided into a cash inflow structure to outflow structure, the net cash fl

55、ow structure and the inflow and outflow structure analysis of four aspects. Quantitative structural analysis data on the structural conditions of the cash flow statement reflects the corporate activities, including opera

56、ting activities, investing activities, financing </p><p>　　5 Financial statements of the enterprise value</p><p>　　5.1 Cash flow method and the comparison of the relative value of the method<

57、/p><p>　　The cash flow statement cash basis, to provide enterprises a certain accounting period cash and cash equivalents inflow and outflow of information, the ability to obtain cash and cash equivalents in or

58、der to report the reader to understand and evaluate enterprise. Some enterprises although larger amounts of net profit, but due to lack of solvency which led to bankruptcy and liquidation. The ultimate goal of production

59、 and business activities in order to get more cash. Business success in the lon</p><p>　　5.2 EVA analysis and relative value method of comparison</p><p>　　EVA is the English abbreviation of Econ

60、omic Value Added, and can be translated as: capital increase in economic value added economic value or economic value added. EVA index of the basic idea is: rational investors look forward to the opportunity cost of gain

61、s exceed its assets by the cast of assets, namely, to obtain the incremental benefit.</p><p>　　6 Financial analysis of the enterprise value</p><p>　　6.1 Enterprise value evaluation method</p&

62、gt;<p>　　6.1.1 Discounted cash flow method</p><p>　　Cash flows for the state of the business impact analysis:</p><p>　　Sources of cash that is, the ratio of operating activities, investin

63、g activities, financing activities Net cash flow / Total sources of cash × 100%. This ratio shows the proportion of the source of all their cash flows to reflect the development of enterprises need of a cash flow fr

64、om the source of funds dependence.</p><p>　　6.1.2 Relative value of the method</p><p>　　Relative value of the method uses the ratio valuation method you first need to select a group of comparabl

65、e companies, will need to calculate the ratio of this group mean or median as a benchmark rate, and then pricing the company's actual rate value and the base rate values ??were compared, to reflect the company whethe

66、r there is "intrinsic value".</p><p>　　7 Conclusions</p><p>　　Through the analysis of the above financial information and the following conclusions:</p><p>　　In general, a

67、ll ratios tools error of plus or minus is not clear, but the mean measure of the deviation to be more accurate than the median measure of deviation.</p><p>　　Ratio results of the assessment of the value of t

68、he company when excluding non-tradable shares and the value contains the non-tradable shares assessment results are not totally consistent. Contains the non-tradable shares of the company valuation, based on the higher a

69、ccuracy of the ratio of the asset's carrying amount and the total profit, while the lowest operating profit ratio accuracy. Assessment of the total value contains the non-tradable shares, based on the lowest accuracy

70、 of the main bu</p><p>　　基于財務報表分析企業(yè)價值</p><p>　　Z Babic, N Plazibat</p><p><b>　　摘 要</b></p><p>　　隨著市場經(jīng)濟的不斷發(fā)展，越來越多的人開始注意到企業(yè)價值的重要性，并且開始對企業(yè)的價值進行研究，而且是以財務報表作為價值研

71、究的基礎，并對企業(yè)有重大的影響，所以基于財務報表對企業(yè)價值的研究對企業(yè)價值管理有重要的意義。</p><p>　　本文通過對財務報表數(shù)據(jù)的分析，運用了現(xiàn)金流量折現(xiàn)法、相對價值法等方法對財務報表進行分析，在財務數(shù)據(jù)中找到對企業(yè)價值有用的數(shù)據(jù)進行分析，得到與企業(yè)的內(nèi)在價值最相近的一個價值以便于管理者更好的對企業(yè)做出管理決策和投資決策?，F(xiàn)在,在市場經(jīng)濟條件下,企業(yè)本身就是可以在市場中交易的商品,企業(yè)由利潤最大化轉(zhuǎn)化到價

72、值最大化。因此，基于財務報表分析企業(yè)價值尤為重要。財務報表作為企業(yè)的財務狀況和企業(yè)的經(jīng)營狀況的反映，成為上市公司的法定資料，真實的財務報表數(shù)據(jù)，可以揭示企業(yè)過去的經(jīng)營業(yè)績，識別企業(yè)的優(yōu)劣，預測企業(yè)的未來。</p><p>　　該文章首先介紹的是傳統(tǒng)的報表的局限性和怎樣改進，然后是基于改進后的報表對企業(yè)價值進行研究。</p><p>　　關鍵字：財務報表,企業(yè)價值,企業(yè)價值評價</p&

73、gt;<p><b>　　1 緒論</b></p><p>　　1.1企業(yè)價值的含義</p><p>　　企業(yè)價值是20世紀60年代伴隨著產(chǎn)權(quán)交易市場的出現(xiàn)，由美國管理者最早提出的一個概念。在市場經(jīng)濟條件下，企業(yè)本身也是一種可以在產(chǎn)權(quán)市場上交易的商品，作為該商品的利益相關者，包括投資人、債權(quán)人、管理者等，都必須要了解企業(yè)的價值。企業(yè)價值是指企業(yè)作為一種商

74、品的貨幣表現(xiàn)。</p><p>　　1.3 評價企業(yè)價值的作用 </p><p>　　1.3.1 企業(yè)價值評價用于企業(yè)管理</p><p>　　隨著經(jīng)濟的發(fā)展和人們認識的提高，財務管理目標由“利潤最大化”轉(zhuǎn)為“企業(yè)價值最大化”，我們知道企業(yè)作為一類特殊的資產(chǎn)，有其自身的特點：盈利性、持續(xù)經(jīng)營性、整體性。而企業(yè)價值最大化作為財務目標符合企業(yè)本身的特點，即企業(yè)價值關注

75、的是企業(yè)長期的盈利能力。企業(yè)價值最大化是通過企業(yè)財務上的合理經(jīng)營，采用最優(yōu)的財務政策，充分考慮資金的時間價值和風險與報酬的關系，在保證企業(yè)長期穩(wěn)定發(fā)展的基礎上使企業(yè)總價值最大。</p><p>　　1.3.2 企業(yè)價值評價用于投資決策</p><p>　　根據(jù)價值規(guī)律原理，在股票市場上，企業(yè)價值決定股票價格，股票價格在本質(zhì)上是投資者對企業(yè)未來收益、現(xiàn)金流量、投資風險所做出的預期判斷，它圍繞

76、企業(yè)價值上下波動，經(jīng)常偏離股票的內(nèi)在價值。這種價格與價值的市場偏離經(jīng)過一段時間的調(diào)整會向企業(yè)價值回歸。因此，通過對企業(yè)價值的評價、判斷，投資者可以尋找并且購進被市場低估的證券或企業(yè)，以獲得高于市場平均報酬率的收益。</p><p>　　2 財務報表信息能反映企業(yè)價值</p><p>　　2.1 企業(yè)價值通過財務報表表現(xiàn)</p><p>　　財務報表本身就是通過反映企

77、業(yè)經(jīng)營活動過程和結(jié)果來表述企業(yè)價值的報表。 (1)資產(chǎn)負債表是通過反映企業(yè)在一定時點上的財務狀況來揭示企業(yè)價值的一種會計報表。它的左方是企業(yè)擁有的各種資產(chǎn)的價值和總資產(chǎn)的價值；右方是負債和凈資產(chǎn)，其中負債表示債權(quán)人應分享企業(yè)價值的份額，凈資產(chǎn)表示所有者所擁有的企業(yè)價值份額。</p><p>　　2.2 財務數(shù)據(jù)與企業(yè)價值的相關性</p><p>　　財務報告是指企業(yè)對外提供的反映企業(yè)某一特

78、定日期的財務狀況和某一會計期間的經(jīng)營成果、現(xiàn)金流量等會計信息的書面文件。財務報告至少應當表現(xiàn)為下列組成部分：（1）資產(chǎn)負債表；（2）利潤表；（3）現(xiàn)金流量表；（4）所有者權(quán)益（或股東權(quán)益）變動表；（5）附注。</p><p>　　2.3 財務報表用于企業(yè)價值分析的兩種基本方法</p><p>　　2.3.1 比率分析法和比較分析法</p><p>　　比率分析法，是

79、將財務報表的相關項目的金額進行對比，得出一系列具有一定意義和邏輯關系的財務指標，以此來揭示企業(yè)的財務狀況、經(jīng)營成果和現(xiàn)金流量情況的一種分析技巧，是現(xiàn)代財務報表分析中最重要、最常用的一種分析方法，運用比率分析法進行分析時具有計算簡易，可發(fā)現(xiàn)顯著問題等特點。比率分析法雖適應性較強，但也有局限性，如沒有可比性基礎的財務指標沒有任何意義。比率分析屬于靜態(tài)分析，對于預測未來并非絕對合理可靠，但預測未來卻是評估企業(yè)價值的決定性因素。</p&g

80、t;<p>　　2.3.2 杜邦財務分析體系</p><p>　　杜邦財務分析體系(簡稱杜邦體系)因其最初由美國杜邦企業(yè)創(chuàng)立并成功運用而得名。杜邦財務分析體系的一個流行表達式，是將凈資產(chǎn)收益率分解為三部分：銷售凈利率、總資產(chǎn)周轉(zhuǎn)率和權(quán)益乘數(shù)。分別反映企業(yè)的獲利能力、資產(chǎn)管理效率和財務杠桿。它是一條系統(tǒng)性進行財務分析的便捷之道，能夠解釋變動的原因和變動趨勢，綜合地分析企業(yè)獲利能力、營運能力和資本結(jié)構(gòu)情

81、況，為采取措施指明方句。</p><p>　　3 傳統(tǒng)財務報表分析的存在問題</p><p>　　3.1 傳統(tǒng)財務報表的問題</p><p>　　財務報表是企業(yè)價值評估的重要信息來源，財務報表為企業(yè)價值評估提供各種資產(chǎn)的數(shù)據(jù)、企業(yè)整體資產(chǎn)的收益能力、企業(yè)權(quán)益資本的未來現(xiàn)金流量能力等重要資料?？梢哉f，財務會計數(shù)據(jù)越準確，企業(yè)價值評估的結(jié)果就越準確。經(jīng)過近百年的發(fā)展，財

82、務報表體系日臻完善，形成以資產(chǎn)負債表、利潤表、現(xiàn)金流量表，所有者權(quán)益變動表為主體，會計報表附注為補充，反映企業(yè)財務資源和財務狀況的四表一注。</p><p>　　3.1.1 歷史成本原則的局限性</p><p>　　歷史成本原則是現(xiàn)行財務會計的一個重要原則，是指企業(yè)所取得的各項資產(chǎn)、所發(fā)生的各種負債等都應當按其取得或發(fā)生時的實際成本計價。由于歷史成本易于取得，且具有客觀性和驗證性等特點，適

83、合對長期使用的資產(chǎn)進行計價，對增值后的商品進行計價，因而在工業(yè)經(jīng)濟時代為會計實務界所廣泛采用。</p><p>　　3.1.2 權(quán)責發(fā)生制原則的局限性</p><p>　　權(quán)責發(fā)生制是現(xiàn)行會計的支柱原則之一，是基于會計分期假設的原則。權(quán)責發(fā)生制原則要求會計只能確認企業(yè)當期已經(jīng)實現(xiàn)的收入和已經(jīng)發(fā)生或應當負擔的費用，而對尚未實際發(fā)生的交易和事項以及不屬于本期的收入和費用，則不能進行確認。<

84、;/p><p>　　3.1.3 貨幣計量原則的局限性</p><p>　　這一原則認為經(jīng)濟業(yè)務的處理以貨幣作為量度來加以確認，會計處理是一個可運用貨幣對企業(yè)活動進行計量并把結(jié)果加以傳遞的過程。隨著企業(yè)經(jīng)營環(huán)境的不確定性與日俱增，以貨幣為載體所反映的企業(yè)財務信息已越來越難以滿足決策者的要求，作為決策者不僅要求看到企業(yè)現(xiàn)實的盈利、營運方面的資料，更希望能得到反映企業(yè)發(fā)展能力、創(chuàng)新能力及綜合競爭能力

85、方面的信息。使用者對信息相關性的偏好各不相同，因此，披露企業(yè)的經(jīng)營環(huán)境、發(fā)展?jié)摿皩ξ磥眍A測的非貨幣性信息，就顯得越來越重要，而現(xiàn)行財務報表所采用的貨幣計量卻忽略了非財務信息對會計信息質(zhì)量的影響。</p><p>　　3.2 財務報表分析指標的問題</p><p>　　在財務報表分析體系中，財務指標是分析和決策的主要依據(jù)。在揭示企業(yè)價值的財務報表分析中運用一系列的財務指標來判斷企業(yè)的盈利能

86、力和風險水平，進而評價企業(yè)的價值。但是現(xiàn)有的財務指標體系還不完整，主要是隨著知識經(jīng)濟、信息經(jīng)濟以及全球化的進一步加強，諸如人力資源、市場占有率、產(chǎn)品質(zhì)量等對企業(yè)價值評估有重要影響的非財務指標沒有包括在內(nèi)。</p><p>　　3.3 傳統(tǒng)財務報表分析方法的問題</p><p>　　3.3.1 比率分析法和比較分析法</p><p>　　比率分析法，是將財務報表的相關

87、項目的金額進行對比，得出一系列具有一定意義和邏輯關系的財務指標，以此來揭示企業(yè)的財務狀況、經(jīng)營成果和現(xiàn)金流量情況的一種分析技巧，是現(xiàn)代財務報表分析中最重要、最常用的一種分析方法，運用比率分析法進行分析時具有計算簡易，可發(fā)現(xiàn)顯著問題等特點。比率分析法雖適應性較強，但也有局限性，如沒有可比性基礎的財務指標沒有任何意義。比率分析屬于靜態(tài)分析，對于預測未來并非絕對合理可靠，但預測未來卻是評估企業(yè)價值的決定性因素。</p><

88、p>　　3.3.2 杜邦財務分析體系</p><p>　　杜邦財務分析體系(簡稱杜邦體系)因其最初由美國杜邦企業(yè)創(chuàng)立并成功運用而得名。杜邦財務分析體系的一個流行表達式，是將凈資產(chǎn)收益率分解為三部分：銷售凈利率、總資產(chǎn)周轉(zhuǎn)率和權(quán)益乘數(shù)。分別反映企業(yè)的獲利能力、資產(chǎn)管理效率和財務杠桿。它是一條系統(tǒng)性進行財務分析的便捷之道，能夠解釋變動的原因和變動趨勢，綜合地分析企業(yè)獲利能力、營運能力和資本結(jié)構(gòu)情況，為采取措施指

89、明方句。</p><p>　　4 財務報表分析體系的改進</p><p>　　4.1 財務報表的改進</p><p>　　我們對財務會計報告改進的思路是在現(xiàn)行財務會計報告體系的基礎上增加披露的信息, 以滿足企業(yè)價值評估的需要。</p><p>　　4.2 財務報表分析的指標的改進</p><p>　　4.2.1 企業(yè)盈

90、利能力分析</p><p>　　企業(yè)的盈利能力評估分為現(xiàn)有盈利能力、潛在盈利能力和持續(xù)盈利能力分析。企業(yè)現(xiàn)有盈利能力由企業(yè)的盈利水平、營運效率和發(fā)展能力反映，全部采用財務指標。企業(yè)潛在的盈利能力由行業(yè)成長性和企業(yè)成長性決定。</p><p>　　4.2.2 企業(yè)風險分析</p><p>　　由于企業(yè)價值最大化是一個抽象的目標，在運用時也存在一些缺陷：</p&g

91、t;<p>　　非上市企業(yè)的價值確定難度較大。雖然通過專門評價（如資產(chǎn)評估）可以確定其價值，但評估過程受評估標準和評估方式的影響使估價不易客觀和標準，從而影響企業(yè)價值的準確與客觀性。股票價格的變動除受企業(yè)經(jīng)營因素影響之外，還要受到其他企業(yè)無法控制的因素影響。</p><p>　　4.3 財務報表分析方法的改進</p><p>　　4.3.1 充分利用和分析現(xiàn)金流量表</

92、p><p>　　對現(xiàn)金流量表進行定量結(jié)構(gòu)分析定量結(jié)構(gòu)分析就是在現(xiàn)金流量表有關數(shù)據(jù)的基礎上，進一步明確現(xiàn)金流入、流出和凈流量的構(gòu)成?？梢苑譃楝F(xiàn)金流入結(jié)構(gòu)、流出結(jié)構(gòu)、現(xiàn)金凈流量結(jié)構(gòu)分析和流入流出結(jié)構(gòu)分析四個方面。定量結(jié)構(gòu)分析用數(shù)據(jù)說明了現(xiàn)金流量表的結(jié)構(gòu)狀況，反映了企業(yè)各項活動包括經(jīng)營活動、投資活動、籌資活動對企業(yè)現(xiàn)金流量的貢獻額，便于報表使用者客觀判斷企業(yè)的現(xiàn)金流量狀況，預測企業(yè)將來的現(xiàn)金流量情況。</p>

93、<p>　　5 財務報表分析企業(yè)價值的方法比較</p><p>　　5.1現(xiàn)金流量法與相對價值法的比較</p><p>　　現(xiàn)金流量表是以收付實現(xiàn)制為基礎，提供企業(yè)一定會計期間現(xiàn)金及現(xiàn)金等價物流入流出的信息，以便于報表閱讀者了解和評價企業(yè)獲取現(xiàn)金和現(xiàn)金等價物的能力。有些企雖有較大數(shù)額的凈利潤，但還是因償債能力不足而導致破產(chǎn)清算。企業(yè)生產(chǎn)經(jīng)營活動的最終目的是為了獲取更多的現(xiàn)金。企

94、業(yè)經(jīng)營的成功，從長期來看，取決于回收的現(xiàn)金大于耗用或投入現(xiàn)金的程度。通過經(jīng)營活動現(xiàn)金凈流量與凈利潤對應分析，也可以檢查利潤的質(zhì)量。</p><p>　　5.2 EVA的分析方法與相對價值法的比較</p><p>　　EVA是英文Economic Value Added的縮寫，可譯為：資本所增加的經(jīng)濟價值、附加經(jīng)濟價值或經(jīng)濟增加值等。EVA指標設計的基本思路是：理性的投資者都期望自己所投出的

95、資產(chǎn)獲得的收益超過資產(chǎn)的機會成本，即獲得增量受益。</p><p>　　6 企業(yè)價值的財務分析</p><p>　　6.1 企業(yè)價值評價的方法</p><p>　　6.1.1 現(xiàn)金流量折現(xiàn)法</p><p>　　現(xiàn)金流量對企業(yè)經(jīng)營狀況影響分析：a)現(xiàn)金來源比率即經(jīng)營活動、投資活動、籌資活動現(xiàn)金凈流量/現(xiàn)金來源總額×100%.該比率說

96、明了企業(yè)各項現(xiàn)金流量來源的比重，從資金來源上反映企業(yè)的發(fā)展需要對某項現(xiàn)金流量的依賴程度。</p><p>　　6.1.2 相對價值法相</p><p>　　對價值方法采用比率估價法首先需要選擇一組可比公司，計算出這組公司比率的均值或者中位數(shù)作為基準比率，然后將需要定價公司的實際比率值與這些基準比率值進行比較，以反映公司是否存在“內(nèi)在價值”。</p><p><

97、b>　　7 結(jié)論</b></p><p>　　通過對以上財務信息的分析和比較可以得出以下結(jié)論：1．一般說來，所有比率工具所產(chǎn)生誤差的正負是不明確的，但是用均值衡量偏差比用中位數(shù)衡量偏差要準確得多。2．比率對不含非流通股時的公司價值的評估結(jié)果和對包含非流通股時的公司價值的評估結(jié)果不完全一致。包含非流通股時的公司價值評估中，基于資產(chǎn)賬面值和利潤總額的比率準確性較高，而基于營業(yè)利潤的比率準確性最低。而