译文（字数 4429）

基于财务报表分析企业价值

摘要

基于对财务报表数据的分析，通过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企业价值最大化。因此，基于财务报表分析企业价值是非常重要的。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，并预测企业的未来。

该文章首先介绍的是传统的报表的局限性和如何改进，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。

1.2分析企业价值的重要性

对企业价值的最大化进行思考有助于改善公司。每一个上市公司把满足所有债权人和优先股股东的利益作为前提（由董事会的股东共同监督企业保护他们自己的利益），企业价值越大，债权人和股东的权益就更有保障；企业价值意味着股东拥有更高的股票价格，获得更多的回报，从而吸引更多的投资者。

外文原文（字符数 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.