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: 29-35Enterprise Value Based On The Analysis Of Financial StatementsZ Babic, N PlazibatABSTRACTAnalysis 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 evaluation1 Introduction1 The meaning of enterprise valueThe 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 valueEnterprises maximize the value of thinking helps to improve the company. Each listedcompany 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 of1.3.1 Enterprise value evaluation for enterprise managementThe 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 decisionsAccording 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 enterprisevalue2.1 The enterprise value of performance through the financial statementsThe 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 valueFinancial 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 value2.3.1 Ratio analysis and comparative analysisRatio 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 SystemDuPont 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 analysis3.1 Unified financial statementsThe 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 principleThe 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 limitationsThe 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 principlesThis 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 analysisThe 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 method3.3.1 Ratio analysis and comparative analysis3.3.2 DuPont Financial Analysis SystemDuPont 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 improvements4.1 The improvement of the financial statementsThe 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 statements4.2.1 Profitability analysisCorporate 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 financialindicators. The potential profitability is determined by the growth of the industry and enterprise growth.4.2.2 Enterprise Risk AnalysisDue 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 statementQuantitative 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 value5.1 Cash flow method and the comparison of the relative value of the methodThe 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 comparisonEV 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 value6.1 Enterprise value evaluation method6.1.1 Discounted cash flow methodCash 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 methodRelative 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 ConclusionsThrough 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。