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,
