財(cái)務(wù)外文翻譯--基于財(cái)務(wù)報(bào)表分析企業(yè)價(jià)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(cái)務(wù)報(bào)表分析企業(yè)價(jià)值</p><p>　　Z Babic, N Plazibat</p><p><b>　　摘 要</b></p><p>　　隨著市場(chǎng)經(jīng)濟(jì)的不斷發(fā)展，越來(lái)越多的人開(kāi)始注意到企業(yè)價(jià)值的重要性，并且開(kāi)始對(duì)企業(yè)的價(jià)值進(jìn)行研究，而且是以財(cái)務(wù)報(bào)表作為價(jià)值研

71、究的基礎(chǔ)，并對(duì)企業(yè)有重大的影響，所以基于財(cái)務(wù)報(bào)表對(duì)企業(yè)價(jià)值的研究對(duì)企業(yè)價(jià)值管理有重要的意義。</p><p>　　本文通過(guò)對(duì)財(cái)務(wù)報(bào)表數(shù)據(jù)的分析，運(yùn)用了現(xiàn)金流量折現(xiàn)法、相對(duì)價(jià)值法等方法對(duì)財(cái)務(wù)報(bào)表進(jìn)行分析，在財(cái)務(wù)數(shù)據(jù)中找到對(duì)企業(yè)價(jià)值有用的數(shù)據(jù)進(jìn)行分析，得到與企業(yè)的內(nèi)在價(jià)值最相近的一個(gè)價(jià)值以便于管理者更好的對(duì)企業(yè)做出管理決策和投資決策?，F(xiàn)在,在市場(chǎng)經(jīng)濟(jì)條件下,企業(yè)本身就是可以在市場(chǎng)中交易的商品,企業(yè)由利潤(rùn)最大化轉(zhuǎn)化到價(jià)

72、值最大化。因此，基于財(cái)務(wù)報(bào)表分析企業(yè)價(jià)值尤為重要。財(cái)務(wù)報(bào)表作為企業(yè)的財(cái)務(wù)狀況和企業(yè)的經(jīng)營(yíng)狀況的反映，成為上市公司的法定資料，真實(shí)的財(cái)務(wù)報(bào)表數(shù)據(jù)，可以揭示企業(yè)過(guò)去的經(jīng)營(yíng)業(yè)績(jī)，識(shí)別企業(yè)的優(yōu)劣，預(yù)測(cè)企業(yè)的未來(lái)。</p><p>　　該文章首先介紹的是傳統(tǒng)的報(bào)表的局限性和怎樣改進(jìn)，然后是基于改進(jìn)后的報(bào)表對(duì)企業(yè)價(jià)值進(jìn)行研究。</p><p>　　關(guān)鍵字：財(cái)務(wù)報(bào)表,企業(yè)價(jià)值,企業(yè)價(jià)值評(píng)價(jià)</p&

73、gt;<p><b>　　1 緒論</b></p><p>　　1.1企業(yè)價(jià)值的含義</p><p>　　企業(yè)價(jià)值是20世紀(jì)60年代伴隨著產(chǎn)權(quán)交易市場(chǎng)的出現(xiàn)，由美國(guó)管理者最早提出的一個(gè)概念。在市場(chǎng)經(jīng)濟(jì)條件下，企業(yè)本身也是一種可以在產(chǎn)權(quán)市場(chǎng)上交易的商品，作為該商品的利益相關(guān)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(jià)值。企業(yè)價(jià)值是指企業(yè)作為一種商

74、品的貨幣表現(xiàn)。</p><p>　　1.3 評(píng)價(jià)企業(yè)價(jià)值的作用 </p><p>　　1.3.1 企業(yè)價(jià)值評(píng)價(jià)用于企業(yè)管理</p><p>　　隨著經(jīng)濟(jì)的發(fā)展和人們認(rèn)識(shí)的提高，財(cái)務(wù)管理目標(biāo)由“利潤(rùn)最大化”轉(zhuǎn)為“企業(yè)價(jià)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(diǎn)：盈利性、持續(xù)經(jīng)營(yíng)性、整體性。而企業(yè)價(jià)值最大化作為財(cái)務(wù)目標(biāo)符合企業(yè)本身的特點(diǎn)，即企業(yè)價(jià)值關(guān)注

75、的是企業(yè)長(zhǎng)期的盈利能力。企業(yè)價(jià)值最大化是通過(guò)企業(yè)財(cái)務(wù)上的合理經(jīng)營(yíng)，采用最優(yōu)的財(cái)務(wù)政策，充分考慮資金的時(shí)間價(jià)值和風(fēng)險(xiǎn)與報(bào)酬的關(guān)系，在保證企業(yè)長(zhǎng)期穩(wěn)定發(fā)展的基礎(chǔ)上使企業(yè)總價(jià)值最大。</p><p>　　1.3.2 企業(yè)價(jià)值評(píng)價(jià)用于投資決策</p><p>　　根據(jù)價(jià)值規(guī)律原理，在股票市場(chǎng)上，企業(yè)價(jià)值決定股票價(jià)格，股票價(jià)格在本質(zhì)上是投資者對(duì)企業(yè)未來(lái)收益、現(xiàn)金流量、投資風(fēng)險(xiǎn)所做出的預(yù)期判斷，它圍繞

76、企業(yè)價(jià)值上下波動(dòng)，經(jīng)常偏離股票的內(nèi)在價(jià)值。這種價(jià)格與價(jià)值的市場(chǎng)偏離經(jīng)過(guò)一段時(shí)間的調(diào)整會(huì)向企業(yè)價(jià)值回歸。因此，通過(guò)對(duì)企業(yè)價(jià)值的評(píng)價(jià)、判斷，投資者可以尋找并且購(gòu)進(jìn)被市場(chǎng)低估的證券或企業(yè)，以獲得高于市場(chǎng)平均報(bào)酬率的收益。</p><p>　　2 財(cái)務(wù)報(bào)表信息能反映企業(yè)價(jià)值</p><p>　　2.1 企業(yè)價(jià)值通過(guò)財(cái)務(wù)報(bào)表表現(xiàn)</p><p>　　財(cái)務(wù)報(bào)表本身就是通過(guò)反映企

77、業(yè)經(jīng)營(yíng)活動(dòng)過(guò)程和結(jié)果來(lái)表述企業(yè)價(jià)值的報(bào)表。 (1)資產(chǎn)負(fù)債表是通過(guò)反映企業(yè)在一定時(shí)點(diǎn)上的財(cái)務(wù)狀況來(lái)揭示企業(yè)價(jià)值的一種會(huì)計(jì)報(bào)表。它的左方是企業(yè)擁有的各種資產(chǎn)的價(jià)值和總資產(chǎn)的價(jià)值；右方是負(fù)債和凈資產(chǎn)，其中負(fù)債表示債權(quán)人應(yīng)分享企業(yè)價(jià)值的份額，凈資產(chǎn)表示所有者所擁有的企業(yè)價(jià)值份額。</p><p>　　2.2 財(cái)務(wù)數(shù)據(jù)與企業(yè)價(jià)值的相關(guān)性</p><p>　　財(cái)務(wù)報(bào)告是指企業(yè)對(duì)外提供的反映企業(yè)某一特

78、定日期的財(cái)務(wù)狀況和某一會(huì)計(jì)期間的經(jīng)營(yíng)成果、現(xiàn)金流量等會(huì)計(jì)信息的書(shū)面文件。財(cái)務(wù)報(bào)告至少應(yīng)當(dāng)表現(xiàn)為下列組成部分：（1）資產(chǎn)負(fù)債表；（2）利潤(rùn)表；（3）現(xiàn)金流量表；（4）所有者權(quán)益（或股東權(quán)益）變動(dòng)表；（5）附注。</p><p>　　2.3 財(cái)務(wù)報(bào)表用于企業(yè)價(jià)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(cái)務(wù)報(bào)表的相關(guān)項(xiàng)目的金額進(jìn)行對(duì)比，得出一系列具有一定意義和邏輯關(guān)系的財(cái)務(wù)指標(biāo)，以此來(lái)揭示企業(yè)的財(cái)務(wù)狀況、經(jīng)營(yíng)成果和現(xiàn)金流量情況的一種分析技巧，是現(xiàn)代財(cái)務(wù)報(bào)表分析中最重要、最常用的一種分析方法，運(yùn)用比率分析法進(jìn)行分析時(shí)具有計(jì)算簡(jiǎn)易，可發(fā)現(xiàn)顯著問(wèn)題等特點(diǎn)。比率分析法雖適應(yīng)性較強(qiáng)，但也有局限性，如沒(méi)有可比性基礎(chǔ)的財(cái)務(wù)指標(biāo)沒(méi)有任何意義。比率分析屬于靜態(tài)分析，對(duì)于預(yù)測(cè)未來(lái)并非絕對(duì)合理可靠，但預(yù)測(cè)未來(lái)卻是評(píng)估企業(yè)價(jià)值的決定性因素。</p&g

80、t;<p>　　2.3.2 杜邦財(cái)務(wù)分析體系</p><p>　　杜邦財(cái)務(wù)分析體系(簡(jiǎn)稱杜邦體系)因其最初由美國(guó)杜邦企業(yè)創(chuàng)立并成功運(yùn)用而得名。杜邦財(cái)務(wù)分析體系的一個(gè)流行表達(dá)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(cái)務(wù)杠桿。它是一條系統(tǒng)性進(jìn)行財(cái)務(wù)分析的便捷之道，能夠解釋變動(dòng)的原因和變動(dòng)趨勢(shì)，綜合地分析企業(yè)獲利能力、營(yíng)運(yùn)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(cái)務(wù)報(bào)表分析的存在問(wèn)題</p><p>　　3.1 傳統(tǒng)財(cái)務(wù)報(bào)表的問(wèn)題</p><p>　　財(cái)務(wù)報(bào)表是企業(yè)價(jià)值評(píng)估的重要信息來(lái)源，財(cái)務(wù)報(bào)表為企業(yè)價(jià)值評(píng)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(lái)現(xiàn)金流量能力等重要資料。可以說(shuō)，財(cái)務(wù)會(huì)計(jì)數(shù)據(jù)越準(zhǔn)確，企業(yè)價(jià)值評(píng)估的結(jié)果就越準(zhǔn)確。經(jīng)過(guò)近百年的發(fā)展，財(cái)

82、務(wù)報(bào)表體系日臻完善，形成以資產(chǎn)負(fù)債表、利潤(rùn)表、現(xiàn)金流量表，所有者權(quán)益變動(dòng)表為主體，會(huì)計(jì)報(bào)表附注為補(bǔ)充，反映企業(yè)財(cái)務(wù)資源和財(cái)務(wù)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(cái)務(wù)會(huì)計(jì)的一個(gè)重要原則，是指企業(yè)所取得的各項(xiàng)資產(chǎn)、所發(fā)生的各種負(fù)債等都應(yīng)當(dāng)按其取得或發(fā)生時(shí)的實(shí)際成本計(jì)價(jià)。由于歷史成本易于取得，且具有客觀性和驗(yàn)證性等特點(diǎn)，適

83、合對(duì)長(zhǎng)期使用的資產(chǎn)進(jìn)行計(jì)價(jià)，對(duì)增值后的商品進(jìn)行計(jì)價(jià)，因而在工業(yè)經(jīng)濟(jì)時(shí)代為會(huì)計(jì)實(shí)務(wù)界所廣泛采用。</p><p>　　3.1.2 權(quán)責(zé)發(fā)生制原則的局限性</p><p>　　權(quán)責(zé)發(fā)生制是現(xiàn)行會(huì)計(jì)的支柱原則之一，是基于會(huì)計(jì)分期假設(shè)的原則。權(quán)責(zé)發(fā)生制原則要求會(huì)計(jì)只能確認(rèn)企業(yè)當(dāng)期已經(jīng)實(shí)現(xiàn)的收入和已經(jīng)發(fā)生或應(yīng)當(dāng)負(fù)擔(dān)的費(fèi)用，而對(duì)尚未實(shí)際發(fā)生的交易和事項(xiàng)以及不屬于本期的收入和費(fèi)用，則不能進(jìn)行確認(rèn)。<

84、;/p><p>　　3.1.3 貨幣計(jì)量原則的局限性</p><p>　　這一原則認(rèn)為經(jīng)濟(jì)業(yè)務(wù)的處理以貨幣作為量度來(lái)加以確認(rèn)，會(huì)計(jì)處理是一個(gè)可運(yùn)用貨幣對(duì)企業(yè)活動(dòng)進(jìn)行計(jì)量并把結(jié)果加以傳遞的過(guò)程。隨著企業(yè)經(jīng)營(yíng)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(cái)務(wù)信息已越來(lái)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(shí)的盈利、營(yíng)運(yùn)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(jìng)爭(zhēng)能力

85、方面的信息。使用者對(duì)信息相關(guān)性的偏好各不相同，因此，披露企業(yè)的經(jīng)營(yíng)環(huán)境、發(fā)展?jié)摿皩?duì)未來(lái)預(yù)測(cè)的非貨幣性信息，就顯得越來(lái)越重要，而現(xiàn)行財(cái)務(wù)報(bào)表所采用的貨幣計(jì)量卻忽略了非財(cái)務(wù)信息對(duì)會(huì)計(jì)信息質(zhì)量的影響。</p><p>　　3.2 財(cái)務(wù)報(bào)表分析指標(biāo)的問(wèn)題</p><p>　　在財(cái)務(wù)報(bào)表分析體系中，財(cái)務(wù)指標(biāo)是分析和決策的主要依據(jù)。在揭示企業(yè)價(jià)值的財(cái)務(wù)報(bào)表分析中運(yùn)用一系列的財(cái)務(wù)指標(biāo)來(lái)判斷企業(yè)的盈利能

86、力和風(fēng)險(xiǎn)水平，進(jìn)而評(píng)價(jià)企業(yè)的價(jià)值。但是現(xiàn)有的財(cái)務(wù)指標(biāo)體系還不完整，主要是隨著知識(shí)經(jīng)濟(jì)、信息經(jīng)濟(jì)以及全球化的進(jìn)一步加強(qiáng)，諸如人力資源、市場(chǎng)占有率、產(chǎn)品質(zhì)量等對(duì)企業(yè)價(jià)值評(píng)估有重要影響的非財(cái)務(wù)指標(biāo)沒(méi)有包括在內(nèi)。</p><p>　　3.3 傳統(tǒng)財(cái)務(wù)報(bào)表分析方法的問(wèn)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(cái)務(wù)報(bào)表的相關(guān)

87、項(xiàng)目的金額進(jìn)行對(duì)比，得出一系列具有一定意義和邏輯關(guān)系的財(cái)務(wù)指標(biāo)，以此來(lái)揭示企業(yè)的財(cái)務(wù)狀況、經(jīng)營(yíng)成果和現(xiàn)金流量情況的一種分析技巧，是現(xiàn)代財(cái)務(wù)報(bào)表分析中最重要、最常用的一種分析方法，運(yùn)用比率分析法進(jìn)行分析時(shí)具有計(jì)算簡(jiǎn)易，可發(fā)現(xiàn)顯著問(wèn)題等特點(diǎn)。比率分析法雖適應(yīng)性較強(qiáng)，但也有局限性，如沒(méi)有可比性基礎(chǔ)的財(cái)務(wù)指標(biāo)沒(méi)有任何意義。比率分析屬于靜態(tài)分析，對(duì)于預(yù)測(cè)未來(lái)并非絕對(duì)合理可靠，但預(yù)測(cè)未來(lái)卻是評(píng)估企業(yè)價(jià)值的決定性因素。</p><

88、p>　　3.3.2 杜邦財(cái)務(wù)分析體系</p><p>　　杜邦財(cái)務(wù)分析體系(簡(jiǎn)稱杜邦體系)因其最初由美國(guó)杜邦企業(yè)創(chuàng)立并成功運(yùn)用而得名。杜邦財(cái)務(wù)分析體系的一個(gè)流行表達(dá)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(cái)務(wù)杠桿。它是一條系統(tǒng)性進(jìn)行財(cái)務(wù)分析的便捷之道，能夠解釋變動(dòng)的原因和變動(dòng)趨勢(shì)，綜合地分析企業(yè)獲利能力、營(yíng)運(yùn)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(cái)務(wù)報(bào)表分析體系的改進(jìn)</p><p>　　4.1 財(cái)務(wù)報(bào)表的改進(jìn)</p><p>　　我們對(duì)財(cái)務(wù)會(huì)計(jì)報(bào)告改進(jìn)的思路是在現(xiàn)行財(cái)務(wù)會(huì)計(jì)報(bào)告體系的基礎(chǔ)上增加披露的信息, 以滿足企業(yè)價(jià)值評(píng)估的需要。</p><p>　　4.2 財(cái)務(wù)報(bào)表分析的指標(biāo)的改進(jìn)</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(píng)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(yíng)運(yùn)效率和發(fā)展能力反映，全部采用財(cái)務(wù)指標(biāo)。企業(yè)潛在的盈利能力由行業(yè)成長(zhǎng)性和企業(yè)成長(zhǎng)性決定。</p><p>　　4.2.2 企業(yè)風(fēng)險(xiǎn)分析</p><p>　　由于企業(yè)價(jià)值最大化是一個(gè)抽象的目標(biāo)，在運(yùn)用時(shí)也存在一些缺陷：</p&g

91、t;<p>　　非上市企業(yè)的價(jià)值確定難度較大。雖然通過(guò)專門(mén)評(píng)價(jià)（如資產(chǎn)評(píng)估）可以確定其價(jià)值，但評(píng)估過(guò)程受評(píng)估標(biāo)準(zhǔn)和評(píng)估方式的影響使估價(jià)不易客觀和標(biāo)準(zhǔn)，從而影響企業(yè)價(jià)值的準(zhǔn)確與客觀性。股票價(jià)格的變動(dòng)除受企業(yè)經(jīng)營(yíng)因素影響之外，還要受到其他企業(yè)無(wú)法控制的因素影響。</p><p>　　4.3 財(cái)務(wù)報(bào)表分析方法的改進(jìn)</p><p>　　4.3.1 充分利用和分析現(xiàn)金流量表</

92、p><p>　　對(duì)現(xiàn)金流量表進(jìn)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(guān)數(shù)據(jù)的基礎(chǔ)上，進(jìn)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(gè)方面。定量結(jié)構(gòu)分析用數(shù)據(jù)說(shuō)明了現(xiàn)金流量表的結(jié)構(gòu)狀況，反映了企業(yè)各項(xiàng)活動(dòng)包括經(jīng)營(yíng)活動(dòng)、投資活動(dòng)、籌資活動(dòng)對(duì)企業(yè)現(xiàn)金流量的貢獻(xiàn)額，便于報(bào)表使用者客觀判斷企業(yè)的現(xiàn)金流量狀況，預(yù)測(cè)企業(yè)將來(lái)的現(xiàn)金流量情況。</p>

93、<p>　　5 財(cái)務(wù)報(bào)表分析企業(yè)價(jià)值的方法比較</p><p>　　5.1現(xiàn)金流量法與相對(duì)價(jià)值法的比較</p><p>　　現(xiàn)金流量表是以收付實(shí)現(xiàn)制為基礎(chǔ)，提供企業(yè)一定會(huì)計(jì)期間現(xiàn)金及現(xiàn)金等價(jià)物流入流出的信息，以便于報(bào)表閱讀者了解和評(píng)價(jià)企業(yè)獲取現(xiàn)金和現(xiàn)金等價(jià)物的能力。有些企雖有較大數(shù)額的凈利潤(rùn)，但還是因償債能力不足而導(dǎo)致破產(chǎn)清算。企業(yè)生產(chǎn)經(jīng)營(yíng)活動(dòng)的最終目的是為了獲取更多的現(xiàn)金。企

94、業(yè)經(jīng)營(yíng)的成功，從長(zhǎng)期來(lái)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(guò)經(jīng)營(yíng)活動(dòng)現(xiàn)金凈流量與凈利潤(rùn)對(duì)應(yīng)分析，也可以檢查利潤(rùn)的質(zhì)量。</p><p>　　5.2 EVA的分析方法與相對(duì)價(jià)值法的比較</p><p>　　EVA是英文Economic Value Added的縮寫(xiě)，可譯為：資本所增加的經(jīng)濟(jì)價(jià)值、附加經(jīng)濟(jì)價(jià)值或經(jīng)濟(jì)增加值等。EVA指標(biāo)設(shè)計(jì)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(guò)資產(chǎn)的機(jī)會(huì)成本，即獲得增量受益。</p><p>　　6 企業(yè)價(jià)值的財(cái)務(wù)分析</p><p>　　6.1 企業(yè)價(jià)值評(píng)價(jià)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(duì)企業(yè)經(jīng)營(yíng)狀況影響分析：a)現(xiàn)金來(lái)源比率即經(jīng)營(yíng)活動(dòng)、投資活動(dòng)、籌資活動(dòng)現(xiàn)金凈流量/現(xiàn)金來(lái)源總額×100%.該比率說(shuō)

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

97、b>　　7 結(jié)論</b></p><p>　　通過(guò)對(duì)以上財(cái)務(wù)信息的分析和比較可以得出以下結(jié)論：1．一般說(shuō)來(lái)，所有比率工具所產(chǎn)生誤差的正負(fù)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(zhǔn)確得多。2．比率對(duì)不含非流通股時(shí)的公司價(jià)值的評(píng)估結(jié)果和對(duì)包含非流通股時(shí)的公司價(jià)值的評(píng)估結(jié)果不完全一致。包含非流通股時(shí)的公司價(jià)值評(píng)估中，基于資產(chǎn)賬面值和利潤(rùn)總額的比率準(zhǔn)確性較高，而基于營(yíng)業(yè)利潤(rùn)的比率準(zhǔn)確性最低。而