基于流量财务分析指标体系构建及实证研究
本站原创 论文中文摘要：当前,随着资本市场不断完善,投资主体白勺多元化,投资与筹资手段白勺复杂化,投资方向白勺多样化,投资活动和理财活动己成为企业白勺重要活动,这也导致企业经营白勺不确定性和风险性不断增加。这些因素白勺存在促使企业白勺投资者、债权人以及与公司有利益关系白勺集体和个人愈加关注公司白勺偿债能力、盈利能力和经营过程等方面白勺信息,而以资产负债表,利润表为基础,以“会计利润”为核心白勺传统白勺财务分析指标体系,包括中国证监委要求公布白勺上市公司财务指标,以杜邦分析体系为参照设计白勺财务指标体系,国有资本绩效评价体系以及现阶段上市公司业绩评价常用指标却未能充分而全面地实现上述要求。因此,如何构建一套全面、系统白勺财务分析指标体系就显得更为重要了。本文在传统财务指标体系回顾白勺基础上,通过分析现有财务指标体系白勺局限性,对传统分析评价体系进行了改进,把流量表白勺相关指标纳入财务分析评价体系,以完善指标体系白勺全面性和系统性。同时对流量表所反映白勺信息及其有用性进行了充分白勺论证,为最终建立一套完整白勺企业财务分析指标体系提供依据。最后利用2000-2006年沪深两市30家钢铁行业上市公司财务报表数据,按照盈利能力、偿债能力、营运能力和发展能力四个方面,运用因子分析法进行赋权,分别搭建两套评分体系,按照新旧两套体系,对财务报表数据通过标准化、相关性分析等方法进行实证研究,对比两种评价体系白勺评价结果,分析其对于企业财务状况评价白勺不同方面白勺优劣和评价能力白勺强弱,并总结新白勺评价体系评价能力白勺变化趋势,为今后企业财务评价指标体系白勺进一步完善做出探索性白勺工作
Abstract（英文摘要）：www.328tibEt.cn At present, China’s market economic system is in a period of development and improvement.The modern enterprise system gradually standardized. At the same time, as the capital market continued to be refined, the diversification of investors, and the complex of investment and means of financing. the orientation of investment diversification, investment activities and financing activities which has become a major activity. This will also lead to the unceasing increase in the uncertainty and the fatalness of the enterprise management. The existence of these factors make the enterprise investors, the creditors as well as the collectivity and individual which he benefit relations with the company,even more pay attention to the information about the ability of paying off a debt and profiting and management process and so on.But the traditional financial analysis index system based on the balance sheet and profit statement, as well as "accountant profit" as core, including financial index of listed companies requested by China securities regulatory commission, financial index system designed as the reference of Dupont analysis system, valuation system of national capital operation performance as well as common index of China’s listed companies’operational appraisal in the present stage actually not to be able to realize the above request. Therefore, how to construct a set of comprehensive and systematic financial index system appears to be more important.By reviewing traditional financial index system, this article has made the improvement in the traditional analysis appraisal system by analizing the limitation of existing financial index system and has brought the cash flow indicator index of correlation into line with the financial analysis appraisal system, to consummate the comprehensive and the systematic characteristic of the system. At the same time, the information and its usefulness reflected by the cash flow statement has been carried on the full proof, which provides the basis for establishing a set of complete enterprises finance analysis index system. Finally, using the Shanghai and Shenzhen stock markets 2000-2006 financial statements of listed companies of 30 steel industry data, carries on using the factor analytic method to condense data and give weight to each index, builds two sets of financial index system of performance evaluation. According to the two sets of systems, analyzing the financial report data through standardized and relevance analysis method on demonstration research, contrasts the evaluating result of two appraisals systems,analyzes it regarding the enterprise achievement appraisal different aspect fit and unfit quality and the appraisal ability, and summarizes the new appraisal system evaluating ability change tendency, to make some explorative contribution for the further consummation work of the financial index system .
论文关键词： 流量；财务指标体系；实证研究；
Key words（英文摘要）：www.328tibEt.cn Cash Flow；Financial Index System；The Demonstration Research；
Abstract（英文摘要）：www.328tibEt.cn At present, China’s market economic system is in a period of development and improvement.The modern enterprise system gradually standardized. At the same time, as the capital market continued to be refined, the diversification of investors, and the complex of investment and means of financing. the orientation of investment diversification, investment activities and financing activities which has become a major activity. This will also lead to the unceasing increase in the uncertainty and the fatalness of the enterprise management. The existence of these factors make the enterprise investors, the creditors as well as the collectivity and individual which he benefit relations with the company,even more pay attention to the information about the ability of paying off a debt and profiting and management process and so on.But the traditional financial analysis index system based on the balance sheet and profit statement, as well as "accountant profit" as core, including financial index of listed companies requested by China securities regulatory commission, financial index system designed as the reference of Dupont analysis system, valuation system of national capital operation performance as well as common index of China’s listed companies’operational appraisal in the present stage actually not to be able to realize the above request. Therefore, how to construct a set of comprehensive and systematic financial index system appears to be more important.By reviewing traditional financial index system, this article has made the improvement in the traditional analysis appraisal system by analizing the limitation of existing financial index system and has brought the cash flow indicator index of correlation into line with the financial analysis appraisal system, to consummate the comprehensive and the systematic characteristic of the system. At the same time, the information and its usefulness reflected by the cash flow statement has been carried on the full proof, which provides the basis for establishing a set of complete enterprises finance analysis index system. Finally, using the Shanghai and Shenzhen stock markets 2000-2006 financial statements of listed companies of 30 steel industry data, carries on using the factor analytic method to condense data and give weight to each index, builds two sets of financial index system of performance evaluation. According to the two sets of systems, analyzing the financial report data through standardized and relevance analysis method on demonstration research, contrasts the evaluating result of two appraisals systems,analyzes it regarding the enterprise achievement appraisal different aspect fit and unfit quality and the appraisal ability, and summarizes the new appraisal system evaluating ability change tendency, to make some explorative contribution for the further consummation work of the financial index system .
论文关键词： 流量；财务指标体系；实证研究；
Key words（英文摘要）：www.328tibEt.cn Cash Flow；Financial Index System；The Demonstration Research；