【正文】 論文分類號(hào)： F23 學(xué)校代碼： 13681 畢業(yè)設(shè)計(jì)說(shuō)明書(shū) (論文 ) 題目： 基于財(cái)務(wù)報(bào)表分析企業(yè)價(jià)值 學(xué)生 姓名 ： XXX 學(xué) 號(hào)： XXX 系 部 ： XXX 專業(yè) 班級(jí) ： XXX 指導(dǎo)教師： XXX 二〇 一二 年 六 月 I Enterprise Value Based 0n The Analysis 0f Financial Statements ABSTRACT With the continuous development of market economy, more and more people began to notice the importance of corporate value and the value of the enterprise, and this is the basis of the financial statements as the value, and enterprises have a significant impact on, so the management of enterprise value based on the financial statements of the enterprise value significance. Analysis of data on the financial 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 value 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 goods, by the profits to maximize the conversion to maximize the value of. Therefore, the enterprise value based on financial statement analysis is particularly important. Financial statements as a reflection of the financial position and operating conditions of enterprises, statutory information of listed panies, the real financial statements data can reveal the enterprise39。s past operating results, the pros and cons of the identification of business, to forecast the future of the enterprise. The article first describes the limitations of the traditional statements and how to improve, and then the enterprise value is based on the improved report. KEYWORDS: financial statements, enterprise value, enterprise value evaluation II 基于財(cái)務(wù)報(bào)表分析企業(yè)價(jià)值 摘 要 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。 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。現(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)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)。 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 并找到比較合理的方法 。 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) III 目 錄 1 緒論 ........................................................................................................................................ 1 企業(yè)價(jià)值的含義 .......................................................................................................... 1 分析企業(yè)價(jià)值的意義 .................................................................................................. 1 評(píng)價(jià)企業(yè)價(jià)值的作用 .................................................................................................. 2 企業(yè)價(jià)值評(píng)價(jià)用于企業(yè)管理 ............................................................................ 2 企業(yè)價(jià)值評(píng)價(jià)用于投資決策 ............................................................................ 2 2 財(cái)務(wù)報(bào)表信息能反映企業(yè)價(jià)值 ............................................................................................ 3 企業(yè)價(jià)值通過(guò)財(cái)務(wù)報(bào)表表現(xiàn) ...................................................................................... 3 財(cái) 務(wù)數(shù)據(jù)與企業(yè)價(jià)值的相關(guān)性 .................................................................................. 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 .......................................................... 4 3 傳統(tǒng)財(cái)務(wù)報(bào)表分析存在的問(wèn)題 ............................................................................................ 5 傳 統(tǒng)財(cái)務(wù)報(bào)表的問(wèn)題 .................................................................................................. 5 歷史成本原則的局限性 .................................................................................... 5 權(quán)責(zé)發(fā)生制原則的局限性 ................................................................................ 5 貨幣計(jì)量原則的局 限性 .................................................................................... 5 財(cái)務(wù)報(bào)表分析指標(biāo)的問(wèn)題 .......................................................................................... 6 傳統(tǒng)財(cái)務(wù)報(bào)表分析方法的問(wèn)題 .................................................................................. 6 比率分析法和比較分析法 ................................................................................ 6 杜邦財(cái)務(wù)分析體系 ............................................................................................ 6 4 財(cái)務(wù)報(bào)表分析體系的改進(jìn) .................................................................................................... 8 財(cái)務(wù)報(bào)表的改進(jìn) .......................................................................................................... 8 財(cái)務(wù)報(bào)表分析的指標(biāo)的改進(jìn) ...................................................................................... 8 企業(yè)盈利能力分析 ............................................................................................ 8 企業(yè)風(fēng)險(xiǎn)分析 .................................................................................................... 8 財(cái)務(wù)報(bào)表分析方法的改進(jìn) ........................................................................................ 10 充分利用和分析現(xiàn)金流量表 .......................................................................... 10 5 財(cái)務(wù)報(bào)表分析企業(yè)價(jià)值的方法比較 ................................................................................... 11 現(xiàn)金流量法與相對(duì)價(jià)值法的比較 ............................................................................ 11 現(xiàn)金流量法的不足處 ...................................................................................... 11 EVA 的分析方法與相對(duì)價(jià)值法的比較 .................................................................... 11 EVA 的基本情況 .............................................................................................. 11 IV EVA 的優(yōu)勢(shì)所在 ..........................................