财务外文翻译 基于财务报表分析企业价值.docx
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财务外文翻译 基于财务报表分析企业价值.docx
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财务外文翻译基于财务报表分析企业价值
中文4400字
BabicZ,PlazibatN.EnterpriseValueBasedOnTheAnalysisOfFinancialStatements[J].Internationaljournalofproductioneconomics,2008,56:
29-35
EnterpriseValueBasedOnTheAnalysisOfFinancialStatements
ZBabic,NPlazibat
Abstract
Analysisofdataonthefinancialstatements,theuseofdiscountedcashflowmethod,therelativevalueofothermethodstoanalyzefinancialstatementsandfinancialdatatofindusefuldataontheenterprisevalueanalysis,withitsinherentvalueistheclosestavaluetofacilitatemanagementbybettermanagementdecisionsandinvestmentdecisionsofenterprises.Now,undertheconditionsofmarketeconomy,theenterpriseitselfcanbetradedinthemarketofgoods,bytheprofitstomaximizetheconversiontomaximizethevalueof.Therefore,theenterprisevaluebasedonfinancialstatementanalysisisparticularlyimportant.Financialstatementsasareflectionofthefinancialpositionandoperatingconditionsofenterprises,statutoryinformationoflistedcompanies,therealfinancialstatementsdatacanrevealtheenterprise'spastoperatingresults,theprosandconsoftheidentificationofbusiness,toforecastthefutureoftheenterprise.
Thearticlefirstdescribesthelimitationsofthetraditionalstatementsandhowtoimprove,thentheenterprisevalueisbasedontheimprovedreport.
KEYWORD:
Financialstatements,corporatevalue,Enterprisevalueevaluation
1Introduction
1Themeaningofenterprisevalue
Theenterprisevalueisaccompaniedbytheemergenceofpropertyrightstradingmarketinthe1960s,aconceptfirstproposedbytheU.S.regulators.Undermarketeconomyconditions,thegoodsoftheenterpriseitselfisatransactionintheequitymarketasthecommoditystakeholders,includinginvestors,creditors,managersmustunderstandthevalueofthebusiness.Enterprisevalueasacommoditycurrencyperformance.
1.2Analysisofthesignificanceofenterprisevalue
Enterprisesmaximizethevalueofthinkinghelpstoimprovethecompany.Eachlistedcompanytomeettheinterestsofallcreditorsandpreferredshareholdersasaprecondition(thecommonshareholdersbytheboardofdirectorstomonitortheenterprisetoprotecttheirowninterests),thegreatertheenterprisevalue,themoresecuretheinterestsofcreditorsandpreferredshareholders;valueoftheenterprise,meansthatthehigheritsstockpricetotheshareholders.returnmoreandmoreabletoattractinvestors.
1.3Evaluatetheenterprisevalueoftheroleof
1.3.1Enterprisevalueevaluationforenterprisemanagement
Theenterprisevaluemaximizationasthefinancialtargetsinlinewiththecharacteristicsoftheenterpriseitself,theenterprisevalueisthecorporatelong-termprofitability.Theenterprisevaluemaximizationisreasonablemanagementoncorporatefinance,theoptimalfinancialpolicy,andtakesfullaccountoftherelationshipbetweenthetimevalueofmoneyandtherisksandrewardsonthebasisofensuringthelong-termandstabledevelopmentoftotalvalue.
1.3.2Enterprisevalueevaluationforinvestmentdecisions
Accordingtotheprincipleofthelawofvalueinthestockmarket,theenterprisevaluedeterminesthestockprice,stockprices,inessence,theexpectedjudgmentismadebytheinvestorsinthecompany'sfutureearnings,cashflow,investmentriskaroundtheenterprisevaluefluctuates,oftendeviatefromthestock'sintrinsicvalue.Themarketpriceandvaluedeviationfromtheregressionafteraperiodofadjustmenttotheenterprisevalue.Therefore,theenterprisevalueevaluation,judgment,investorscanfindandpurchaseundervaluedsecuritiesmarketorenterpriseinordertogethigherthanthemarketaveragerateofreturnofincome.
2Thefinancialstatementsinformationtoreflecttheenterprisevalue
2.1Theenterprisevalueofperformancethroughthefinancialstatements
Thefinancialstatementsareexpressedinthestatementsoftheenterprisevaluethroughtheprocessandresultsthatreflectthebusinessactivitiesofenterprises.
Thebalancesheetisaccountingstatementsreflectthefinancialconditionofenterprisesinacertainpointintimetorevealtheenterprisevalue.It'sontheleftisthevalueandthetotalvalueoftheassetsoftheenterpriseshaveavarietyofassets;therightoftheliabilitiesandnetassets,inwhichtheliabilitiesthatthecreditorsshouldsharetheshareofenterprisevalue,enterprisevalueshareofthenetassetsownedbytheowner.
2.2Financialdataandcorporatevalue
Financialreportmeansawrittendocumentoftheforeignenterprisesreflectaspecificdate,financialconditionandoperatingresults,cashflowsandotheraccountinginformationofaparticularaccountingperiod.Thefinancialreportshouldshowatleastthefollowingcomponents:
(1)balancesheet;
(2)theincomestatement;(3)CashFlowStatement;(4)changesinowners'equity(orequity);(5)Note.
2.3Financialstatementsforthetwobasicapproachestotheanalysisoftheenterprisevalue
2.3.1Ratioanalysisandcomparativeanalysis
Ratioanalysis,financialstatementsrelatedtotheamountofcontrast,todrawaseriesoffinancialindicatorswithacertainsense,andlogicalrelations,inordertorevealthefinancialposition,operatingresultsandcashflows,ananalyticalskills,isamodernfinancialstatementanalysisisthemostimportantandmostcommonlyusedanalyticalmethods,theuseofratioanalysistoanalyzewithsimplecalculationcanbeasignificantproblemcharacteristics.Ratioanalysisandrobust,butalsohasitslimitations,ifthereisnocomparablebasedonfinancialindicatorsdoesnotmakeanysense.Ratioanalysistobelongtothestaticanalysistopredictthefutureisnotabsolutelyreasonableandreliable,buttopredictthefuturebutitisadecisivefactorforassessingenterprisevalue.
2.3.2DuPontFinancialAnalysisSystem
DuPontFinancialAnalysisSystem(referredtoastheDuPontsystem)becauseoriginallyfoundedbytheUnitedStatesDuPontcorporateandsuccessfuluseofnamed.DuPontSystemofFinancialAnalysisisapopularexpression,therateofreturnonnetassetsbrokendownintothreeparts:
salesnetprofitmargin,totalassetturnoverandequitymultiplier.Reflecttheprofitabilityoftheenterpriseassetmanagementefficiencyandfinancialleverage.Itisasystematic,convenientwaytofinancialanalysis,toexplainthereasonsforthechangeandchangesintrends,analysisofcorporateprofitability,operationalcapacityandcapitalstructureandtotakemeasuresspecifiedinthesidesentence.
3Theproblemsofthetraditionalfinancialstatementanalysis
3.1Unifiedfinancialstatements
Thefinancialstatementsareanimportantsourceofinformationforenterprisevaluation,thefinancialstatementsfortheenterprisevalueassessmentprovidesavarietyofassetdata,importantinformationontheearningpowerofenterpriseassetsasawhole,thecorporateequitycapitalcashflowability.Itcanbesaidthatthefinancialaccountingdataismoreaccurate,themoreaccuratetheresultsoftheassessmentofenterprisevalue.Afternearlyacenturyofdevelopment,financialreportingsystemisbeingperfectedtheformationofthebalancesheet,incomestatement,cashflowstatement,equitychangesintheaccountingstatementstosupplementreflectingthefinancialresourcesandfinancialstatusoffourtablesnote.
3.1.1Thelimitationsofthehistoricalcostprinciple
Thehistoricalcostprincipleisanimportantprincipleoftheexistingfinancialaccounting,theassetsofanenterprise;theactualcostofthevariousliabilitiesandsoshouldbeaccordingtotheirachievedoroccur.Historicalcostiseasytoobtain,andhastheobjectivityandvalidationfeatures,pricingforlong-termuseofassetsdenominatedinthevalue-addedgoods,andthustheindustrialeconomyeraarewidelyusedforaccountingpractitioners.
3.1.2Accrualprinciplelimitations
Theaccrualisoneofthepillarsofthecurrentaccountingprinciples;theprincipleisbasedontheaccountingperiodassumption.Theprincipleofaccrualaccountingcanonlyconfirmthatthebusinessiscurrentincomehasbeenachievedandhasoccurredorshallbearthecostoftransactionsandeventshavenotyetactuallyoccurred,anddoesnotbelongtothecurrentincomeandexpenses,youcannotconfirm.
3.1.3Thelimitationsofmonetarymeasurementprinciples
Thisprincipleholdsthattheeconomicbusinessdealinmoneyasameasuretoconfirmtheaccountingtreatmentisauseofmonetarymeasurementofbusinessactivitiesandresultstobepassed.Withtheincreasinguncertaintyinthebusinessenvironment,corporatefinancialinformationreflectedinthecurrencyasthecarrierhasbecomeincreasinglydifficulttomeettherequirementsofpolicymakerstoseetheprofitabilityofthebusinessrealityrequiresnotonlyasdecisionmakers,operationalinformation,morehopetoreflectability,creativityandcomprehensivecompetitiveness.Userpreferencesontheinformationofthesame,therefore,thedisclosureofthebusinessenvironment,potentialfordevelopmentandnon-monetaryinformationtopredictthefuture,itbecomesincreasinglyimportant,andmeasuredusingthecurrencyusedinthecurrentfinancialstatementsisignorednon-financialinformationonthequalityofaccountinginformation.
3.2Indicatorsoffinancialstatementanalysis
Thesystemoffinancialstatementanalysis,financialindicatorsisthemainbasisforanalysisanddecisionmaking.Usingaseriesoffinancialindicatorsinthefinancialstatementsrevealtheenterprisevalueanalysistodeterminetheprofitabilityoftheenterpriseandthelevelofriskinordertoevaluatethevalueofthebusiness.However,theexistingfinancialindex
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