影响上市公司企业价值的财务绩效研究

发布时间：2018-03-10 13:24

本文选题：企业价值　切入点：财务绩效　出处：《沈阳理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：在价值创造中改进财务绩效，提高企业价值，一直是上市公司不断追求的目标，也是一个国内外广泛关注的研究课题。上市公司作为公众经济实体，推动着市场经济的正常运转，创造巨大的社会财富，是经济和企业价值研究的重要对象。在价值创造中改进上市公司的财务绩效，通过改进财务绩效进一步创造企业价值不仅具有较高的学术价值，而且有着巨大的社会应用价值。在日益发展市场经济中，提高和改善财务绩效，促进企业价值的提高，保持企业健康稳定发展，创造更多的价值，这关系到各投资人、债权人的相关利益，所以对价值创造中改进财务绩效，利用财务绩效进一步促进价值创造的研究极其重要。本文首先分析了我国受经济危机影响的背景，阐述了上市公司价值创造中，改进财务绩效对进一步提高企业价值的重要性，全面介绍了企业价值的含义及表现形式、价值评估理论和基于企业价值创造的企业财务绩效理论，在此基础上对影响上市公司企业价值的财务绩效进行分析。企业在价值创造中要有良好的财务绩效作保障，充分利用财务绩效去引导价值创造。接着，在定性分析的基础上，结合采用大量的问卷调查和头脑风暴法，利用层次分析，，选取引导企业价值创造的主要财务绩效指标，为改进财务绩效，提高企业价值提供策略和方法，并评价和衡量企业财务绩效，建立上市公司比较客观且有效的企业价值计量方法。最后得出结论，提出文章的不足之处。研究结果表明：盈利能力是企业价值的源泉，是企业价值创造的领头羊，但营运能力和发展能力也不容小觑，此外还要注意偿债能力，以免有破产风险。经营活动现金净流量净资产比率、经营活动现金净流量与净利润比率、现金流量与总资产比率在价值创造中分居第一、二、三位。表明现金流量是价值创造的火车头，是价值和财富的象征。上市公司可以在财务绩效指标的引导下，具体分析各指标更深层次的指标驱动力和企业价值驱动力；在企业价值创造的过程中注重价值链的整合，在价值创造中保持和提高企业财务绩效，有助于进一步提高企业价值。
[Abstract]:To improve financial performance and improve enterprise value in value creation is always the goal of listed companies, and it is also a widely concerned research topic at home and abroad. Promoting the normal operation of the market economy, creating huge social wealth, is an important object of economic and enterprise value research. Further creating enterprise value through improving financial performance has not only higher academic value, but also great social application value. In the increasingly developing market economy, improving and improving financial performance, promoting the improvement of enterprise value, To maintain the healthy and stable development of enterprises and create more value, which is related to the interests of investors and creditors, so it is extremely important to improve the financial performance in value creation and to further promote the value creation by using financial performance. This paper first analyzes the background of the economic crisis in China, expounds the importance of improving the financial performance in the value creation of listed companies, and introduces the meaning and manifestation of the enterprise value in an all-round way. On the basis of the theory of value evaluation and the theory of enterprise financial performance based on enterprise value creation, this paper analyzes the financial performance that affects the value of listed company. Then, on the basis of qualitative analysis, combined with a large number of questionnaires and brainstorming methods, the main financial performance indicators to guide the value creation of enterprises are selected by using hierarchical analysis. In order to improve financial performance, provide strategies and methods for improving enterprise value, and evaluate and measure enterprise financial performance, a more objective and effective measurement method of enterprise value of listed companies is established. Finally, the conclusion is drawn and the deficiencies of the article are pointed out. The results show that profitability is the source of enterprise value and the leader of enterprise value creation, but the ability of operation and development should not be underestimated, in addition, we should pay attention to solvency. To avoid the risk of bankruptcy. Net assets ratio of operating activities, net cash flow to net profit ratio of operating activities, cash flow to total assets ratio are first and second in value creation, It shows that cash flow is the locomotive of value creation and the symbol of value and wealth. Under the guidance of financial performance index, listed companies can analyze the deeper driving force of each index and the driving force of enterprise value; In the process of value creation, we should pay attention to the integration of value chain and maintain and improve the financial performance of enterprises in the process of value creation, which will help to further improve the value of enterprises.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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