基于企业价值分析财务报表 论文(7)

基于财务报表分析的企业价值研究

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应用与好评。然而随着经济与环境的发展、变化和人们对企业目标认识的进一步升华，许多人对杜邦财务分析体系进行了变形、补充，使其不断完善与发展。

第六章列出财务报表分析企业价值的基本框架，通过对其进行行业分析、会计分析、经营战略分析、战略分析和前景分析。可以看出，会计分析和财务分析为评价企业内在价值奠定了坚实的基础。除能使会计分析和财务分析更加合理外，行业分析和战略分析还有助于评估企业竞争优势的可能变化及其对企业未来资产收益率和增长率的影响。会计分析提供了企业当前账面价值和资产收益率的无偏估计值，财务分析则有助于深入了解企业当前资产收益率的影响因素。尽管企业价值是由企业未来决定的，根据当前企业资产的账面价值、未来可能实现的资产收益率和增长率来分析企业价值是可行的和比较简便的方法。

通过财务报表的会计数据,初步了解企业的经营业绩,识别企业的优劣,预测企业的未来.也就是说,对财务报表所提供的会计资料的分析,可以评估企业价值,对企业未来进行预测,从而做出合理决策,在市场经济条件下，股份有限公司的对外财务报表是一个信息群体，通过对财务报表的会计数据进行分析，可以了解企业的经营业绩、识别企业的优劣、预测企业的未来。

总之，财务报表是反映企业价值、进行企业价值评估的重要载体，是企业的利益相关者报表使用者进行决策的重要手段。但一般的报表使用者只能不准确地估计企业的业绩，预测企业的前景，评估企业的价值。用科学的方法对企业财务报表进行分析，从而了解企业真实的财务状况、经营业绩。对企业的未来前景进行预期，进而评估企业价值并进行相应的决策是财务报表分析的出发点和落脚点。本文通过对传统财务报表分析方法及其局限性进行分析，提出了一些对传统财务报表分析方法进行改进的措施，并最后介绍了运用财务报表进行企业价值评估的基本框架。

随着经济环境的不断变化，其它问题的不断出现，财务报表的不断完善，运用财务报表进行分析和评估企业价值的方法体系也需要不断的完善与发展，以更适应经济发展的需要，这也是以后的研究工作的方向和目标。

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第十二章 毕业设计说明书（论文）缩写稿译文

第十二章 毕业设计说明书（论文）缩写稿译文

This paper is intended to study based on financial analysis of enterprise value research. Through the analysis of financial statements to understand the enterprise value, enterprise's financial situation and business performance, so that the financial statements of a listing Corporation regularly publish the statutory information. With the development of capital market, financial reporting and corporate value relationship is being paid more and more attention, this article is through the analysis of the financial statements of the enterprise value, discuss how to use the financial statements to reveal the corporate value, the traditional financial statements reflect the business value of the limitations for further analysis, puts forward the improvement measures, financial statements analysis is more accurate to reflect the value of the enterprise. Each chapter of the center thinking as follows:

The first chapter is introduction, understood the enterprise value of the meaning and definition and analysis of financial statements of meaning and significance.

The second chapter discusses the financial statements of the relationship between enterprise value and enterprise value, the argument in the research process, assessment of the value of enterprises and a large part of the information from financial statements, so the analysis of the financial statements of the enterprise value assessment is an important component of. However in the study will find that corporate financial statements in the evaluation of enterprise value have great flexibility. Even by the fair accounting guideline limits, rarely have the two company's accounting methods and means exactly the same.

The third chapter is explained based on the analysis of financial statements of the enterprise value research content, first through the balance sheet, cash flow statement and the statement of changes in equity to prove the enterprise financial statement analysis is the carrier of company value. Secondly, through the enterprise profit ability and risk level of analysis, judgments’ of financial statement analysis is the analysis of enterprise value tool. Although financial statements provides creditors, shareholders and other analysis of enterprise value information, but because the financial statements is itself highly concentrated financial index system, we cannot directly use it to make the right decision, in order to make it more fully play its role, the need for its deep processing, the processing is the analysis of financial statements

The fourth chapter of the traditional system of financial statement analysis are discussed,

基于财务报表分析的企业价值研究

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respectively discusses the limitations of the traditional financial statements, the traditional financial statement analysis limitation of law and the traditional financial statements analysis the limitation of index. Through the historical cost principle, the principle of accrual and monetary measurement principle analysis of traditional enterprise financial report limitation, by ratio analysis method and comparative analysis and DuPont analysis method to the evaluation of enterprise financial statement analysis limitation of law, through the enterprise profit ability and risk level analysis of enterprise value

The financial statements are an important source of information in enterprise value assessment, financial statements for the value assessment of enterprises to provide all kinds of assets data, including the whole enterprise asset profitability, equity capital of the future cash flow and other important information. Can say, the financial accounting data more accurate valuation results more accurate. With the coming of knowledge economy, enterprise development external economy environment and internal resources to produce profound change, the traditional financial statements to meet the needs of enterprise value evaluation has certain limitation. Financial statement analysis system, financial index analysis and decision-making of enterprise value are the main basis. Use a series of financial indexes to judge the enterprise's profit ability and risk level and the evaluation of enterprise value. But the existing financial system is not complete, mainly with the knowledge economy, information economy and globalization to further strengthen: traditional financial index system can not meet the enterprise value assessment. In the analysis of financial statement analysis, the main use of ratio analysis financial statements to be related the amount of the project undertakes contrast, obtains a series of has a certain meaning and logical relations of financial indicators, in order to reveal the financial situation of enterprises, operating results and cash flow an analysis techniques, is a modern financial statement analysis in the important, one of the most commonly used analysis method, using ratio analysis method to analysis with calculation, can be found such characteristics. Ratio analysis methods have strong adaptability, but also have limitations, such as no comparability based on financial index without any meaning. Ratio analysis of static analysis, for predicting the future is not absolutely reliable, but to predict the future is the decisive factor of enterprise value assessment. Ratio analysis method has stronger adaptability but also have limitations, such as: The system financial report not comparable to the financial index does not have any meaning. Comparative analysis is also in the analysis report often unseeing a method. According to the analysis of objective statements analysts in all aspects of the comparison, and can make the correct judgment. However, different industries at different life cycle of enterprises, the lack

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第十二章 毕业设计说明书（论文）缩写稿译文

of unified and perfect financial index and standard of comparison, which will inevitably influence the comparison results. DuPont financial analysis system (referred to as the Du Pont System) because of it’s initially by American DuPont company was founded and the successful use of named. DuPont financial analysis system is a popular expression, is the rate of return on net assets is divided into three parts: sales net profit rate, total assets turnover and equity multiplier. Reflect the profitability of enterprises, the efficiency of asset management and financial leverage. It is a system of financial analysis and convenient, can explain the reason for changes and trends, integrated analysis of corporate profitability, operation ability and capital structure situation, take measures specified party sentence. Pont analysis system is the product of the era of industrialization, focuses on the analysis of the profitability of the business.

The fifth chapter is on the improvement of the financial statements measures, respectively, on the financial statements, financial statement analysis and financial analysis indexes improvement. On the financial accounting statement improvement train of thought is in the current financial accounting report system based on increased disclosure of information, in order to meet the need of enterprise value evaluation, the improvement of the financial statements is the historical cost measurement and accounting basis in the improvement of financial statement analysis, index were improved when, according to its limitations, on profitability and business analysis indexes were improved.

The financial statement analysis indexes were improved, the enterprise's profit ability assessment into the existing potential profitability, profit ability and sustained profitability analysis. Existing enterprise profitability by corporate profitability, operation efficiency and develop the ability to reflect, all using financial index. On enterprise financial risk analysis of financial risk and management risk evaluation of commonly used indicators include the operating lever, the current ratio and quick ratio. External risk is by the enterprise external uncertainties caused by the risk, including macroeconomic risk, basically is macroscopically economy fluctuant risk; risk comes from the competition, competitors’ strength changes and changes in customer needs. Internal risk is by enterprise interior the uncertainties caused by the risk management capabilities, including lack of risk, cultural risk, operation risk and information risk. The evaluation indicators of increased, fully reflects the financial index and index of blame finance affairs combination. Financial indicators for existing to the enterprise profit ability and risk level evaluation, and non financial indicators of enterprise future growth and future risk level to make the assessment, and the profit ability and risk level to make the side validation.

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The financial statement analysis methods was improved, and make full use of the cash flow statement, the qualitative and quantitative analysis, and the use of DuPont analysis, Du Pont financial analysis system has, in practice widely used and well. However, with economic and environmental development, change and the people of understanding further sublimation, many people on the Du Pont financial analysis system for deformation, complement, make its are perfected ceaselessly and development.

The sixth chapter lists the financial statement analysis enterprise value the basic framework, through carries on the analysis, accounting analysis, strategy analysis, strategy analysis and foreground analysis. As can be seen, accounting analysis and financial analysis for the evaluation of the intrinsic value of the enterprise laid solid foundation. In addition to the accounting analysis and financial analysis more reasonable, industry analysis and strategy analysis also helps evaluate the competitive advantage of the enterprise may change and the future of the enterprise assets income rate and growth rate influence. Accounting analysis provides enterprise current book value and asset yield unbiased estimates, financial analysis is helpful to understand deeply the enterprise current assets income rate influencing factors. Although the enterprise value is by the enterprise future decisions, based on the book value of assets, the future may be realized capital gains rate and growth rate of the enterprise value is feasible and simple method.

Through the accounting data of the financial statement, a preliminary understanding of the business performance of enterprises, discern the quality of enterprises, predict the future of enterprises. That is to say, on the financial statements provided by the accounting data analysis, can assess the value of enterprises, to predict the future of enterprises, so as to make a reasonable decision-making, under the condition of market economy, the foreign Limited by Share Ltd financial statements is an information group, through the accounting data of the financial statement analysis, can understand the business performance of enterprises, discern the quality of enterprises, predict the future of enterprises.

In short, the financial statements reflect the enterprise value, enterprise value evaluation the important carrier, is the enterprise stakeholders in decision-making important means for users of financial statements. But the general users of financial statements can not accurately estimate the performance of the enterprise: forecast the enterprise prospect, assessment of enterprise value. Use the scientific method to the enterprise financial statements analysis, so as to understand the true financial situation of enterprises, operation performance. On the enterprise's future prospects, and assess the value of enterprises and the corresponding decision is financial statement analysis starting point and foothold. Based on the traditional

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第十二章 毕业设计说明书（论文）缩写稿译文

financial analysis methods and their limitations are analyzed, some of the traditional financial statement analytical method of improvement measures, and finally introduces the application of financial statements of the enterprise value assessment framework.

With the changing economic environment, other problems arise continuously, financial statements, and constantly improve, use financial statement analysis and enterprise value appraisal method system also needs to continuously improve and develop, to better meet the needs of economic development, and it is also the future research work direction and target.

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