基于EVA的HCD公司财务分析体系研究
发布时间：2018-11-15 12:48
【摘要】：随着我国经济的飞速发展,各类企业间的竞争进入白热化。为保持健康的发展趋势,更多的企业开始注重对公司价值创造的管理。在企业财务管理目标不断变化并向前演进的过程中,传统财务分析体系已经无法满足这些需求。在各企业普遍施行的财务分析体系往往不能紧贴企业价值最大化的目标。它们以利润为核心,忽略了公司的权益资本成本,不利于长期可持续发展。为了帮助企业更加有效的利用财务信息资源,促进企业的健康运行,提高企业价值创造能力,我们亟需建立一套能够有效满足企业管理新需求的财务分析体系。因此,本文通过有关EVA和财务分析体系的理论研究,以杜邦财务分析体系为框架基础,根据HCD公司实际情况,建立基于EVA的财务分析体系,克服传统财务分析体系的不足,更加全面的反映出公司的财务状况。本文通过广泛搜集和整理国内外相关文献,对财务分析体系和经济增加值的相关理论现状进行研究,详细阐述了财务分析与财务分析体系的理论基础和研究现状。同时,还对经济增加值的涵义、计算方法及特点进行研究。并且,参考了经济增加值与企业价值的相关性研究结果,了解了基于经济增加值理论改进财务分析体系的研究现状,认定有关企业经济增加值的一系列财务指标可以准确衡量企业价值创造能力,为本文构建全新财务分析指标体系奠定了理论基础;通过对HCD公司现行财务分析体系情况的阐述与分析,发现其存在不足之处。为弥补该公司财务分析体系的不足,本文依据财务分析指标构建原则,选择以净资本增值率(EVAOE)指标为核心构建财务分析体系;并将构建的全新财务分析体系应用到自动化设备制造行业中的HCD公司,对该公司在价值创造层面、盈利效益层面、资产营运层面、偿债能力层面、发展能力层面的状况进行分析和评估,在一定程度上揭示出HCD公司存在的问题。使得公司利益相关者更好的掌握公司的财务状况,进而做出合理的决策。并且,提出在HCD公司推行基于EVA的财务分析体系的保障措施。
[Abstract]:With the rapid development of economy in our country, the competition among all kinds of enterprises is becoming more and more intense. In order to maintain a healthy development trend, more enterprises began to pay attention to the management of value creation. In the process of enterprise financial management objectives changing and evolving, the traditional financial analysis system has been unable to meet these needs. The financial analysis system which is widely used in various enterprises often can not stick to the goal of maximization of enterprise value. They take profit as the core and ignore the cost of equity capital, which is not conducive to long-term sustainable development. In order to help enterprises make more effective use of financial information resources, promote the healthy operation of enterprises and improve the ability of creating enterprise value, we urgently need to establish a set of financial analysis system that can effectively meet the new needs of enterprise management. Therefore, based on the theoretical research of EVA and financial analysis system, based on the framework of DuPont financial analysis system and according to the actual situation of HCD Company, this paper establishes a financial analysis system based on EVA, which overcomes the shortcomings of traditional financial analysis system. A more comprehensive reflection of the company's financial position. Based on the extensive collection and collation of relevant literature at home and abroad, this paper studies the relevant theories of financial analysis system and economic added value, and expounds the theoretical basis and research status of financial analysis and financial analysis system in detail. At the same time, the meaning, calculation method and characteristics of economic added value are studied. In addition, referring to the research results of the correlation between economic added value and enterprise value, we understand the current research situation of improving the financial analysis system based on economic added value theory. It is concluded that a series of financial indexes related to economic added value of enterprises can accurately measure the value creation ability of enterprises, which lays a theoretical foundation for the construction of a new financial analysis index system in this paper. Based on the analysis of the current financial analysis system of HCD Company, it is found that there are some shortcomings. In order to make up for the deficiency of the financial analysis system of the company, according to the principle of constructing the financial analysis index, this paper chooses the net capital added rate (EVAOE) index as the core to construct the financial analysis system. And the new financial analysis system is applied to the HCD company in the automation equipment manufacturing industry, and it is applied to the value creation level, the profit level, the asset operation level, the solvency level, the value creation level, the profit level, the asset operation level, the solvency level. To some extent, the problems of HCD are revealed by the analysis and evaluation of the development capacity level. Make the company stakeholders better grasp the company's financial situation, and then make reasonable decisions. At the same time, it puts forward the safeguard measures of implementing the financial analysis system based on EVA in HCD Company.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.4
本文编号：2333344
[Abstract]:With the rapid development of economy in our country, the competition among all kinds of enterprises is becoming more and more intense. In order to maintain a healthy development trend, more enterprises began to pay attention to the management of value creation. In the process of enterprise financial management objectives changing and evolving, the traditional financial analysis system has been unable to meet these needs. The financial analysis system which is widely used in various enterprises often can not stick to the goal of maximization of enterprise value. They take profit as the core and ignore the cost of equity capital, which is not conducive to long-term sustainable development. In order to help enterprises make more effective use of financial information resources, promote the healthy operation of enterprises and improve the ability of creating enterprise value, we urgently need to establish a set of financial analysis system that can effectively meet the new needs of enterprise management. Therefore, based on the theoretical research of EVA and financial analysis system, based on the framework of DuPont financial analysis system and according to the actual situation of HCD Company, this paper establishes a financial analysis system based on EVA, which overcomes the shortcomings of traditional financial analysis system. A more comprehensive reflection of the company's financial position. Based on the extensive collection and collation of relevant literature at home and abroad, this paper studies the relevant theories of financial analysis system and economic added value, and expounds the theoretical basis and research status of financial analysis and financial analysis system in detail. At the same time, the meaning, calculation method and characteristics of economic added value are studied. In addition, referring to the research results of the correlation between economic added value and enterprise value, we understand the current research situation of improving the financial analysis system based on economic added value theory. It is concluded that a series of financial indexes related to economic added value of enterprises can accurately measure the value creation ability of enterprises, which lays a theoretical foundation for the construction of a new financial analysis index system in this paper. Based on the analysis of the current financial analysis system of HCD Company, it is found that there are some shortcomings. In order to make up for the deficiency of the financial analysis system of the company, according to the principle of constructing the financial analysis index, this paper chooses the net capital added rate (EVAOE) index as the core to construct the financial analysis system. And the new financial analysis system is applied to the HCD company in the automation equipment manufacturing industry, and it is applied to the value creation level, the profit level, the asset operation level, the solvency level, the value creation level, the profit level, the asset operation level, the solvency level. To some extent, the problems of HCD are revealed by the analysis and evaluation of the development capacity level. Make the company stakeholders better grasp the company's financial situation, and then make reasonable decisions. At the same time, it puts forward the safeguard measures of implementing the financial analysis system based on EVA in HCD Company.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.4
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