【正文】 III 目 錄 1 緒論 ........................................................................................................................................ 1 企業(yè)價值的含義 .......................................................................................................... 1 分析企業(yè)價值的意義 .................................................................................................. 1 評價企業(yè)價值的作用 .................................................................................................. 2 企業(yè)價值評價用于企業(yè)管理 ............................................................................ 2 企業(yè)價值評價用于投資決策 ............................................................................ 2 2 財務(wù)報表信息能反映企業(yè)價值 ............................................................................................ 3 企業(yè)價值通過財務(wù)報表表現(xiàn) ...................................................................................... 3 財 務(wù)數(shù)據(jù)與企業(yè)價值的相關(guān)性 .................................................................................. 3 財務(wù)報表用于企業(yè)價值分析的兩種基本方法 .......................................................... 4 3 傳統(tǒng)財務(wù)報表分析存在的問題 ............................................................................................ 5 傳 統(tǒng)財務(wù)報表的問題 .................................................................................................. 5 歷史成本原則的局限性 .................................................................................... 5 權(quán)責發(fā)生制原則的局限性 ................................................................................ 5 貨幣計量原則的局 限性 .................................................................................... 5 財務(wù)報表分析指標的問題 .......................................................................................... 6 傳統(tǒng)財務(wù)報表分析方法的問題 .................................................................................. 6 比率分析法和比較分析法 ................................................................................ 6 杜邦財務(wù)分析體系 ............................................................................................ 6 4 財務(wù)報表分析體系的改進 .................................................................................................... 8 財務(wù)報表的改進 .......................................................................................................... 8 財務(wù)報表分析的指標的改進 ...................................................................................... 8 企業(yè)盈利能力分析 ............................................................................................ 8 企業(yè)風險分析 .................................................................................................... 8 財務(wù)報表分析方法的改進 ........................................................................................ 10 充分利用和分析現(xiàn)金流量表 .......................................................................... 10 5 財務(wù)報表分析企業(yè)價值的方法比較 ................................................................................... 11 現(xiàn)金流量法與相對價值法的比較 ............................................................................ 11 現(xiàn)金流量法的不足處 ...................................................................................... 11 EVA 的分析方法與相對價值法的比較 .................................................................... 11 EVA 的基本情況 .............................................................................................. 11 IV EVA 的優(yōu)勢所在 .............................................................................................. 12 6 企業(yè)價值的財務(wù)分析 .......................................................................................................... 14 企業(yè)價值評價的方法 ................................................................................................ 14 現(xiàn)金流量折現(xiàn)法 .............................................................................................. 14 相對價值法 ...................................................................................................... 14 基于實例相對價值法的評價 .................................................................................... 20 不含非流通股時的公司價值評估 .................................................................. 20 包含非流通股時的公司價值評估 .................................................................. 21 7 結(jié)論 ...................................................................................................................................... 24 致 謝 ........................................................................................................................................ 25 參 考 文 獻 ............................................................................................................................ 26 畢業(yè)設(shè)計說明書（論文）縮寫稿 .......................................................................................... 27 The Abbreviation Version Of The Thesis Of Undergraduates ................................................. 33 基于財務(wù)報表分析企業(yè)價值 1 1 緒論 企業(yè)價值的含義 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。 論文分類號： F23 學(xué)校代碼： 13681 畢業(yè)設(shè)計說明書 (論文 ) 題目： 基于財務(wù)報表分析企業(yè)價值 學(xué)生 姓名 ： XXX 學(xué) 號： XXX 系 部 ： XXX 專業(yè) 班級 ： 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 val