譯文（字數 4429）

基于財務報表分析企業價值

摘要

基于對財務報表數據的分析，通過運用了現金流量折現法、相對價值法等方法對財務報表進行分析，在財務數據中找到對企業價值有用的數據進行分析，得到與企業的內在價值最相近的一個價值以便于管理者更好的對企業做出管理決策和投資決策?，F在,在市場經濟條件下,企業本身就是可以在市場中交易的商品,企業由利潤最大化轉化到企業價值最大化。因此，基于財務報表分析企業價值是非常重要的。財務報表作為企業的財務狀況和企業的經營狀況的反映，成為上市公司的法定資料，真實的財務報表數據，可以揭示企業過去的經營業績，識別企業的優劣，并預測企業的未來。

該文章首先介紹的是傳統的報表的局限性和如何改進，然后是基于改進后的報表對企業價值進行研究。

關鍵字：財務報表,企業價值,企業價值評價

1 緒論

1.1企業價值的含義

企業價值是20世紀60年代伴隨著產權交易市場的出現，由美國管理者最早提出的一個概念。在市場經濟條件下，企業本身也是一種可以在產權市場上交易的商品，作為該商品的利益相關者，包括投資人、債權人、管理者等，都必須要了解企業的價值。企業價值是指企業作為一種商品的貨幣表現。

1.2分析企業價值的重要性

對企業價值的最大化進行思考有助于改善公司。每一個上市公司把滿足所有債權人和優先股股東的利益作為前提（由董事會的股東共同監督企業保護他們自己的利益），企業價值越大，債權人和股東的權益就更有保障；企業價值意味著股東擁有更高的股票價格，獲得更多的回報，從而吸引更多的投資者。

外文原文（字符數 13633）

The Abbreviation Version Of The Thesis Of Undergraduates

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 andpreferred shareholders ; value of the enterprise, means that the higher its stock price to the shareholders. return more and more able to attract investors.