财务外文翻译 基于财务报表分析企业价值

中文4400字

Babic Z, Plazibat N. Enterprise Value Based On The Analysis Of Financial Statements [J]. International journal of production economics, 2008, 56: 29-35

Enterprise Value Based On The Analysis Of Financial Statements

Z Babic, N Plazibat

ABSTRACT

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 companies, the real financial statements data can reveal the enterprise'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, then the enterprise value is based on the improved report.

KEYWORD: Financial statements, corporate value, Enterprise value evaluation

1 Introduction

1 The meaning of enterprise value

The enterprise value 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 the equity market as the commodity stakeholders, including investors, creditors, managers must understand the value of the business. Enterprise value as a commodity currency performance.

1.2 Analysis of the significance of enterprise value

Enterprises maximize the value of thinking helps to improve the company. Each listed

company to meet the interests of all creditors and preferred shareholders 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 shareholders ; value of the enterprise, means that the higher its stock price to the shareholders. return more and more able to attract investors.

1.3 Evaluate the enterprise value of the role of

1.3.1 Enterprise value evaluation for enterprise management

The enterprise value maximization as the financial targets in line with the characteristics of the enterprise itself, the enterprise value is 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 money and the risks and rewards on the basis of ensuring the long-term and stable development of total value.

1.3.2 Enterprise value evaluation for investment decisions

According 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, 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 enterprise value. Therefore, the enterprise value evaluation, judgment, investors can find and purchase undervalued securities market or enterprise in order to get higher than the market average rate of return of income.

2 The financial statements information to reflect the enterprise

value

2.1 The enterprise value of performance through the financial statements

The financial statements are expressed in the statements of the enterprise value through the process and results that reflect the business activities of enterprises.

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 value 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 the net assets owned by the owner.

2.2Financial data and corporate value

Financial report means a written document of the foreign enterprises reflect a specific date, financial 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 statement; (3) Cash Flow Statement; (4) changes in owners' equity (or equity); (5) Note.

2.3 Financial statements for the two basic approaches to the analysis of the enterprise value

2.3.1 Ratio analysis and comparative analysis

Ratio analysis, financial statements related to the amount of contrast, to draw a series of financial indicators with a certain sense, and logical 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, the use of ratio analysis to analyze with simple calculation can be a significant problem characteristics. Ratio analysis and robust, but also has its limitations, if there is no comparable based on financial indicators does not make any sense. Ratio analysis to belong to the static analysis to predict the future is not absolutely reasonable and reliable, but to predict the future but it is a decisive factor for assessing enterprise value.

2.3.2 DuPont Financial Analysis System

DuPont 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, 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 leverage. It is a systematic, convenient way to financial analysis, to explain the reasons for the change and changes in trends, analysis of corporate profitability, operational capacity and capital structure and to take measures specified in the side sentence.

3 The problems of the traditional financial statement analysis

3.1 Unified financial statements

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 earning 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 value. After nearly a century of development, financial reporting system is being perfected the formation of the balance sheet, income statement, cash flow statement, equity changes in the accounting statements to supplement reflecting the financial resources and financial status of four tables note.

3.1.1 The limitations of the historical cost principle

The historical cost principle is an important principle of 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 objectivity 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.

3.1.2 Accrual principle limitations

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 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 can not confirm.

3.1.3 The limitations of monetary measurement principles

This principle holds that the economic business deal in money as a measure to confirm the accounting 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 carrier 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, operational information, more hope to reflect ability, creativity and comprehensive competitiveness. User preferences on the information of the same, therefore, the disclosure of the business environment, potential for development and non-monetary information to predict the future, it becomes increasingly important, and measured using the currency used in the current financial statements is ignored non-financial information on the quality of accounting information.

3.2 Indicators of financial statement analysis

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 financial 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 not yet complete, With the further strengthening of the knowledge economy, information economy and globalization, such as human resources, market share, product quality, enterprise value assessment of the important influence of non-financial indicators do not included.

3.3 The traditional financial statement analysis method

3.3.1 Ratio analysis and comparative analysis

3.3.2 DuPont Financial Analysis System

DuPont 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, 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 leverage. It is a systematic, convenient way to financial analysis, to explain the reasons for the change and changes in trends, analysis of corporate profitability, operational capacity and capital structure and to take measures specified in the side sentence.

4 Financial statement analysis system improvements

4.1 The improvement of the financial statements

The idea of our improved financial and accounting reports on the basis of the current financial reporting system to increase the disclosure of information to meet the assessed needs of enterprise value.

4.2 Improvement in the analysis of indicators of financial statements

4.2.1 Profitability analysis

Corporate profitability assessment into existing profitability, potential profitability, and sustained profitability analysis. The existing profitability of enterprises 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.

4.2.2 Enterprise Risk Analysis

Due to the maximization of enterprise value is an abstract goal; there are some flaws in the use of:

The value of non-listed 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 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 control of other companies.

4.3 An improved method of financial statement analysis.

4.3.1 To fully utilize and analyze the cash flow statement

Quantitative 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 flow 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 operating activities, investing activities, financing activities, the business cash flow contribution amount, to facilitate the users of financial statements to objectively judge the company's cash flow position, forecast the enterprise's future cash flows.

5 Financial statements of the enterprise value

5.1 Cash flow method and the comparison of the relative value of the method

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 order 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 and business activities in order to get more cash. Business success in the long run, depending on the recovery of cash is greater than the degree of consumption or investment in cash. Correspondence analysis, net operating cash flow and net profit can also check the quality of the profit.

5.2 EV A analysis and relative value method of comparison

EV A is the English abbreviation of Economic Value Added, and can be translated as: capital increase in economic value added economic value or economic value added. EV A index of the basic idea is: rational investors look forward to the opportunity cost of gains exceed its assets by the cast of assets, namely, to obtain the incremental benefit.

6 Financial analysis of the enterprise value

6.1 Enterprise value evaluation method

6.1.1 Discounted cash flow method

Cash flows for the state of the business impact analysis:

Sources of cash that is, the ratio of operating activities, investing 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 from the source of funds dependence.

6.1.2 Relative value of the method

Relative value of the method uses the ratio valuation method you first need to select a group of comparable 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 whether there is "intrinsic value".

7 Conclusions

Through the analysis of the above financial information and the following conclusions: In general, all 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.

Ratio results of the assessment of the value of the 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 accuracy 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 of the main business profit and operating profit ratio, based on the higher accuracy of the ratio of main business income and total profit.

基于财务报表分析企业价值

Z Babic, N Plazibat

摘要

随着市场经济的不断发展，越来越多的人开始注意到企业价值的重要性，并且开始对企业的价值进行研究，而且是以财务报表作为价值研究的基础，并对企业有重大的影响，所以基于财务报表对企业价值的研究对企业价值管理有重要的意义。

本文通过对财务报表数据的分析，运用了现金流量折现法、相对价值法等方法对财务报表进行分析，在财务数据中找到对企业价值有用的数据进行分析，得到与企业的内在价值最相近的一个价值以便于管理者更好的对企业做出管理决策和投资决策。现在,在市场经济条件下,企业本身就是可以在市场中交易的商品,企业由利润最大化转化到价值最大化。因此，基于财务报表分析企业价值尤为重要。财务报表作为企业的财务状况和企业的经营状况的反映，成为上市公司的法定资料，真实的财务报表数据，可以揭示企业过去的经营业绩，识别企业的优劣，预测企业的未来。

该文章首先介绍的是传统的报表的局限性和怎样改进，然后是基于改进后的报表对企业价值进行研究。

关键字：财务报表,企业价值,企业价值评价

1 绪论

1.1企业价值的含义

企业价值是20世纪60年代伴随着产权交易市场的出现，由美国管理者最早提出的一个概念。在市场经济条件下，企业本身也是一种可以在产权市场上交易的商品，作为该商品的利益相关者，包括投资人、债权人、管理者等，都必须要了解企业的价值。企业价值是指企业作为一种商品的货币表现。

1.3 评价企业价值的作用

1.3.1 企业价值评价用于企业管理

随着经济的发展和人们认识的提高，财务管理目标由“利润最大化”转为“企业价值最大化”，我们知道企业作为一类特殊的资产，有其自身的特点：盈利性、持续经营性、整体性。而企业价值最大化作为财务目标符合企业本身的特点，即企业价值关注的是企业长期的盈利能力。企业价值最大化是通过企业财务上的合理经营，采用最优的财务政策，充分考虑资金的时间价值和风险与报酬的关系，在保证企业长期稳定发展的基础上使企业总价值最大。

1.3.2 企业价值评价用于投资决策

根据价值规律原理，在股票市场上，企业价值决定股票价格，股票价格在本质上是投资者对企业未来收益、现金流量、投资风险所做出的预期判断，它围绕企业价值上下波动，经常偏离股票的内在价值。这种价格与价值的市场偏离经过一段时间的调整会向企业价值回归。因此，通过对企业价值的评价、判断，投资者可以寻找并且购进被市场低估的证券或企业，以获得高于市场平均报酬率的收益。

2 财务报表信息能反映企业价值

2.1 企业价值通过财务报表表现

财务报表本身就是通过反映企业经营活动过程和结果来表述企业价值的报表。 (1)资产负债表是通过反映企业在一定时点上的财务状况来揭示企业价值的一种会计报表。它的左方是企业拥有的各种资产的价值和总资产的价值；右方是负债和净资产，其中负债表示债权人应分享企业价值的份额，净资产表示所有者所拥有的企业价值份额。

2.2 财务数据与企业价值的相关性

财务报告是指企业对外提供的反映企业某一特定日期的财务状况和某一会计期间的经营成果、现金流量等会计信息的书面文件。财务报告至少应当表现为下列组成部分：（1）资产负债表；（2）利润表；（3）现金流量表；（4）所有者权益（或股东权益）变动表；（5）附注。

2.3 财务报表用于企业价值分析的两种基本方法

2.3.1 比率分析法和比较分析法

比率分析法，是将财务报表的相关项目的金额进行对比，得出一系列具有一定意义和逻辑关系的财务指标，以此来揭示企业的财务状况、经营成果和现金流量情况的一种分析技巧，是现代财务报表分析中最重要、最常用的一种分析方法，运用比率分析法进行分析时具有计算简易，可发现显著问题等特点。比率分析法虽适应性较强，但也有局限性，如没有可比性基础的财务指标没有任何意义。比率分析属于静态分析，对于预测未来并非绝对合理可靠，但预测未来却是评估企业价值的决定性因素。

2.3.2 杜邦财务分析体系

杜邦财务分析体系(简称杜邦体系)因其最初由美国杜邦企业创立并成功运用而得名。杜邦财务分析体系的一个流行表达式，是将净资产收益率分解为三部分：销售净利率、总资产周转率和权益乘数。分别反映企业的获利能力、资产管理效率和财务杠杆。

它是一条系统性进行财务分析的便捷之道，能够解释变动的原因和变动趋势，综合地分析企业获利能力、营运能力和资本结构情况，为采取措施指明方句。

3 传统财务报表分析的存在问题

3.1 传统财务报表的问题

财务报表是企业价值评估的重要信息来源，财务报表为企业价值评估提供各种资产的数据、企业整体资产的收益能力、企业权益资本的未来现金流量能力等重要资料。可以说，财务会计数据越准确，企业价值评估的结果就越准确。经过近百年的发展，财务报表体系日臻完善，形成以资产负债表、利润表、现金流量表，所有者权益变动表为主体，会计报表附注为补充，反映企业财务资源和财务状况的四表一注。

3.1.1 历史成本原则的局限性

历史成本原则是现行财务会计的一个重要原则，是指企业所取得的各项资产、所发生的各种负债等都应当按其取得或发生时的实际成本计价。由于历史成本易于取得，且具有客观性和验证性等特点，适合对长期使用的资产进行计价，对增值后的商品进行计价，因而在工业经济时代为会计实务界所广泛采用。

3.1.2 权责发生制原则的局限性

权责发生制是现行会计的支柱原则之一，是基于会计分期假设的原则。权责发生制原则要求会计只能确认企业当期已经实现的收入和已经发生或应当负担的费用，而对尚未实际发生的交易和事项以及不属于本期的收入和费用，则不能进行确认。

3.1.3 货币计量原则的局限性

这一原则认为经济业务的处理以货币作为量度来加以确认，会计处理是一个可运用货币对企业活动进行计量并把结果加以传递的过程。随着企业经营环境的不确定性与日俱增，以货币为载体所反映的企业财务信息已越来越难以满足决策者的要求，作为决策者不仅要求看到企业现实的盈利、营运方面的资料，更希望能得到反映企业发展能力、创新能力及综合竞争能力方面的信息。使用者对信息相关性的偏好各不相同，因此，披露企业的经营环境、发展潜力及对未来预测的非货币性信息，就显得越来越重要，而现行财务报表所采用的货币计量却忽略了非财务信息对会计信息质量的影响。

3.2 财务报表分析指标的问题

在财务报表分析体系中，财务指标是分析和决策的主要依据。在揭示企业价值的财务报表分析中运用一系列的财务指标来判断企业的盈利能力和风险水平，进而评价企业的价值。但是现有的财务指标体系还不完整，主要是随着知识经济、信息经济以及全球

化的进一步加强，诸如人力资源、市场占有率、产品质量等对企业价值评估有重要影响的非财务指标没有包括在内。

3.3 传统财务报表分析方法的问题

3.3.1 比率分析法和比较分析法

比率分析法，是将财务报表的相关项目的金额进行对比，得出一系列具有一定意义和逻辑关系的财务指标，以此来揭示企业的财务状况、经营成果和现金流量情况的一种分析技巧，是现代财务报表分析中最重要、最常用的一种分析方法，运用比率分析法进行分析时具有计算简易，可发现显著问题等特点。比率分析法虽适应性较强，但也有局限性，如没有可比性基础的财务指标没有任何意义。比率分析属于静态分析，对于预测未来并非绝对合理可靠，但预测未来却是评估企业价值的决定性因素。

3.3.2 杜邦财务分析体系

杜邦财务分析体系(简称杜邦体系)因其最初由美国杜邦企业创立并成功运用而得名。杜邦财务分析体系的一个流行表达式，是将净资产收益率分解为三部分：销售净利率、总资产周转率和权益乘数。分别反映企业的获利能力、资产管理效率和财务杠杆。它是一条系统性进行财务分析的便捷之道，能够解释变动的原因和变动趋势，综合地分析企业获利能力、营运能力和资本结构情况，为采取措施指明方句。

4 财务报表分析体系的改进

4.1 财务报表的改进

我们对财务会计报告改进的思路是在现行财务会计报告体系的基础上增加披露的信息, 以满足企业价值评估的需要。

4.2 财务报表分析的指标的改进

4.2.1 企业盈利能力分析

企业的盈利能力评估分为现有盈利能力、潜在盈利能力和持续盈利能力分析。企业现有盈利能力由企业的盈利水平、营运效率和发展能力反映，全部采用财务指标。企业潜在的盈利能力由行业成长性和企业成长性决定。

4.2.2 企业风险分析

由于企业价值最大化是一个抽象的目标，在运用时也存在一些缺陷：

非上市企业的价值确定难度较大。虽然通过专门评价（如资产评估）可以确定其价值，但评估过程受评估标准和评估方式的影响使估价不易客观和标准，从而影响企业价

值的准确与客观性。股票价格的变动除受企业经营因素影响之外，还要受到其他企业无法控制的因素影响。

4.3 财务报表分析方法的改进

4.3.1 充分利用和分析现金流量表

对现金流量表进行定量结构分析定量结构分析就是在现金流量表有关数据的基础上，进一步明确现金流入、流出和净流量的构成。可以分为现金流入结构、流出结构、现金净流量结构分析和流入流出结构分析四个方面。定量结构分析用数据说明了现金流量表的结构状况，反映了企业各项活动包括经营活动、投资活动、筹资活动对企业现金流量的贡献额，便于报表使用者客观判断企业的现金流量状况，预测企业将来的现金流量情况。

5 财务报表分析企业价值的方法比较

5.1现金流量法与相对价值法的比较

现金流量表是以收付实现制为基础，提供企业一定会计期间现金及现金等价物流入流出的信息，以便于报表阅读者了解和评价企业获取现金和现金等价物的能力。有些企虽有较大数额的净利润，但还是因偿债能力不足而导致破产清算。企业生产经营活动的最终目的是为了获取更多的现金。企业经营的成功，从长期来看，取决于回收的现金大于耗用或投入现金的程度。通过经营活动现金净流量与净利润对应分析，也可以检查利润的质量。

5.2 EVA的分析方法与相对价值法的比较

EVA是英文Economic Value Added的缩写，可译为：资本所增加的经济价值、附加经济价值或经济增加值等。EVA指标设计的基本思路是：理性的投资者都期望自己所投出的资产获得的收益超过资产的机会成本，即获得增量受益。

6 企业价值的财务分析

6.1 企业价值评价的方法

6.1.1 现金流量折现法

现金流量对企业经营状况影响分析：a)现金来源比率即经营活动、投资活动、筹资活动现金净流量/现金来源总额×100%.该比率说明了企业各项现金流量来源的比重，从资金来源上反映企业的发展需要对某项现金流量的依赖程度。

6.1.2 相对价值法相

对价值方法采用比率估价法首先需要选择一组可比公司，计算出这组公司比率的均值或者中位数作为基准比率，然后将需要定价公司的实际比率值与这些基准比率值进行比较，以反映公司是否存在“内在价值”。

7 结论

通过对以上财务信息的分析和比较可以得出以下结论：1．一般说来，所有比率工具所产生误差的正负是不明确的，但是用均值衡量偏差比用中位数衡量偏差要准确得多。2．比率对不含非流通股时的公司价值的评估结果和对包含非流通股时的公司价值的评估结果不完全一致。包含非流通股时的公司价值评估中，基于资产账面值和利润总额的比率准确性较高，而基于营业利润的比率准确性最低。而在包含非流通股时的公司总价值的评估中，基于主营业务利润和营业利润的比率准确性最低，而基于主营业务收入和

利润总额的比率准确性较高。目录

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