上市公司内在价值分析外文翻译

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上市公司盈利能力分析外文文献

The path-to-profitability of Internet IPO firms ☆Bharat A.Jain a,1,Narayanan Jayaraman b,2,Omesh Kini c,⁎aCollege of Business and Economics,Towson University,Towson,MD 21044,United States b College of Management,Georgia Institute of Technology,Atlanta,GA 30332,United Statesc Robinson College of Business,Georgia State University,Atlanta,GA 30303,United StatesReceived 1October 2006;received in revised form 1December 2006;accepted 1February 2007AbstractExtant empirical evidence indicates that the proportion of firms going public prior to achieving profitability has been increasing over time.This phenomenon is largely driven by an increase in the proportion of technology firms going public.Since there is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public,identifying factors that influence their ability to attain key post-IPO milestones such as achieving profitability represents an important area of research.We employ a theoretical framework built around agency and signaling considerations to identify factors that influence the probability and timing of post-IPO profitability of Internet IPO firms.We estimate Cox Proportional Hazards models to test whether factors identified by our theoretical framework significantly impact the probability of post-IPO profitability as a function of time.We find that the probability of post-IPO profitability increases with pre-IPO investor demand and change in ownership at the IPO of the top officers and directors.On the other hand,the probability of post-IPO profitability decreases with the venture capital participation,proportion of outsiders on the board,and pre-market valuation uncertainty.©2007Published by Elsevier Inc.Keywords:Initial public offerings;Internet firms;Path-to-profitability;Hazard models;SurvivalJournal of Business Venturing xx (2007)xxx –xxxMODEL 1AJBV-05413;No of Pages 30☆We would like to thank Kalpana Narayanan,Raghavendra Rau,Sankaran Venkataraman (Editor),Phil Phan (Associate Editor),two anonymous referees,and participants at the 2002Financial Management Association Meetings in San Antonio for helpful comments.We thank Paul Gilson and Sandy Lai for excellent research assistance.The usual disclaimer applies.⁎Corresponding author.Tel.:+14046512656;fax:+14046522630.E-mail addresses:bjain@ (B.A.Jain),narayanan.jayaraman@ (N.Jayaraman),okini@ (O.Kini).1Tel.:+14107043542;fax:+14107043454.2Tel.:+14048944389;fax:+14048946030.0883-9026/$-see front matter ©2007Published by Elsevier Inc.doi:10.1016/j.jbusvent.2007.02.004Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business2 B.A.Jain et al./Journal of Business Venturing xx(2007)xxx–xxx1.Executive summaryThere has been an increasing tendency for firms to go public on the basis of a promise of profitability rather than actual profitability.Further,this phenomenon is largely driven by the increase in the proportion of technology firms going public.The risk of post-IPO failure is particularly high for unprofitable firms as shifts in investor sentiment leading to negative market perceptions regarding their prospects or unfavorable financing environments could lead to a shutdown of external financing sources thereby imperiling firm survival. Therefore,the actual accomplishment of post-IPO profitability represents an important milestone in the company's evolution since it signals the long-term economic viability of the firm.While the extant research in entrepreneurship has focused on factors influencing the ability of entrepreneurial firms to attain important milestones prior to or at the time of going public,relatively little is known regarding the timing or ability of firms to achieve critical post-IPO milestones.In this study,we construct a theoretical framework anchored on agency and signaling theories to understand the impact of pre-IPO factors such as governance and ownership structure,management quality,institutional investor demand,and third party certification on firms'post-IPO path-to-profitability.We attempt to validate the testable implications arising from our theoretical framework using the Internet industry as our setting.Achieving post-issue profitability in a timely manner is of particular interest for Internet IPO firms since they are predominantly unprofitable at the time of going public and are typically characterized by high cash burn rates thereby raising questions regarding their long-term economic viability.Since there is a repeated tendency for high technology firms in various emerging sectors of the economy to go public in waves amid investor optimism followed by disappointing performance,insights gained from a study of factors that influence the path-to-profitability of Internet IPO firms will help increase our understanding of the development path and long-term economic viability of entrepreneurial firms in emerging, high technology industries.Using a sample of160Internet IPO firms that went public during the period1996–2000, we estimate Cox Proportional Hazards(CPH)models to analyze the economic significance of factors that influence the post-IPO path-to-profitability.Consistent with agency explanations,we find that a higher proportion of inside directors on the board and the change in pre-to-post-IPO ownership of top management are both significantly positively related to the probability of attaining post-IPO profitability.These results support arguments in the governance literature pointing to the beneficial impact of the presence of more insiders on the boards of high technology companies as well as the signaling value of the ownership stake of top management in the post-IPO firm.Additionally,we find evidence to indicate that higher institutional investor demand serves as an effective signal of the ability of Internet firms to attain post-IPO profitability,while greater pre-IPO valuation uncertainty reflects higher divergence of opinion about the future prospects of the IPO firm, and serves as a negative signal of the ability to achieve post-IPO profitability.Finally,we find that while underwriter prestige is unrelated to the probability of post-IPO profitability, VC participation decreases the probability of post-IPO profitability.Our results regarding the impact of VC participation on the probability of post-IPO profitability support arguments in the literature that VCs during the Internet boom period had incentives to grandstand by Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Businesstaking their companies public prematurely and that their monitoring role in the post-IPO period was rather limited since they cashed out earlier due to shorter lock-up periods.Our study makes several contributions.First,we construct a theoretical framework based on agency and signaling theories to identify factors that may influence the path-to-profitability of IPO firms.Second,we provide empirical evidence on the economic viability (path-to-profitability and firm survival)of newly public Internet firms.Third,our study adds to the theoretical and empirical literature that has focused on factors influencing the ability of entrepreneurial firms to achieve critical milestones during the transition from private to public ownership.While previous studies have focused on milestones during the private phase of firm development such as receipt of VC funding and completion of a public offering,our study extends this literature by focusing on a post-issue milestone such as attaining profitability.2.IntroductionThe past few decades have witnessed the formation and development of several vitally important technologically oriented emerging industries such as disk drive,biotechnology,and most recently the Internet industry.Entrepreneurial firms in such knowledge intensive industries are increasingly going public earlier in their life cycle while there is still a great deal of uncertainty and information asymmetry regarding their future prospects (Janey and Folta,2006).A natural consequence of the rapid transition from founding stage firms to public corporations is an increasing tendency for firms to go public on the basis of a promise of profitability rather than actual profitability.3Although sustained profitability is no longer a requirement for firms in order to go public,actual accomplishment of post-IPO profitability represents an important milestone in the firm's evolution since it reduces uncertainty regarding the long-term economic viability of the firm.In this paper,we focus on identifying observable factors at the time of going public that have the ability to influence the likelihood and timing of attaining post-IPO profitability by Internet firms.We restrict our study to the Internet industry since it represents a natural setting to study the long-term economic viability of an emerging industry where firms tend to go public when they are predominantly unprofitable and where there is considerably uncertainty and information asymmetry regarding their future prospects.4The attainment of post-IPO profitability assumes significance since the IPO event does not provide the same level of legitimizing differentiation that it did in the past as sustained profitability is no longer a prerequisite to go public particularly in periods where the market is favorably inclined towards investments rather than demonstration of profitability (Stuart et al.,1999;Janey and Folta,2006).During the Internet boom,investors readily accepted the mantra of “growth at all costs ”and enthusiastically bid up the post-IPO offering prices to irrational levels (Lange et al.,2001).In fact,investor focus on the promise of growth rather than profitability resulted in Internet start-ups being viewed differently from typical 3For example,Ritter and Welch (2002)report that the percentage of unprofitable firms going public rose form 19%in the 1980s to 37%during 1995–1998.4Schultz and Zaman (2001)report that only 8.72%of the Internet firms that went public during January 1999to March 2000were profitable in the quarter prior to the IPO.3B.A.Jain et al./Journal of Business Venturing xx (2007)xxx –xxx Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business4 B.A.Jain et al./Journal of Business Venturing xx(2007)xxx–xxxnew ventures in that they were able to marshal substantial resources virtually independent of performance benchmarks(Mudambi and Treichel,2005).Since the Internet bubble burst in April2000,venture capital funds dried up and many firms that had successful IPOs went bankrupt or faced severe liquidity problems(Chang, 2004).Consequently,investors'attention shifted from their previously singular focus on growth prospects to the question of profitability with their new mantra being“path-to-profitability.”As such,market participants focused on not just whether the IPO firm would be able to achieve profitability but also“when”or“how soon.”IPO firms unable to credibly demonstrate a clear path-to-profitability were swiftly punished with steeply lower valuations and consequently faced significantly higher financing constraints.Since cash flow negative firms are not yet self sufficient and,therefore,dependent on external financing to continue to operate,the inability to raise additional capital results in a vicious cycle of events that can quickly lead to delisting and even bankruptcy.5Therefore,the actual attainment of post-IPO profitability represents an important milestone in the evolution of an IPO firm providing it with legitimacy and signaling its ability to remain economically viable through the ups and downs associated with changing capital market conditions.The theoretical framework supporting our analysis draws from signaling and agency theories as they relate to IPO firms.In our study,signaling theory provides the theoretical basis to evaluate the signaling impact of factors such as management quality,third party certification,institutional investor demand,and pre-IPO valuation uncertainty on the path-to-profitability.Similarly,agency theory provides the theoretical foundations to allow us to examine the impact of governance structure and change in top management ownership at the time of going public on the probability of achieving the post-IPO profitability milestone.Our empirical analysis is based on the hazard analysis methodology to identify the determinants of the probability of becoming profitable as a function of time for a sample of160Internet IPOs issued during the period1996–2000.Our study makes several contributions.First,we construct a theoretical framework based on agency and signaling theories to identify factors that may influence the path-to-profitability of IPO firms.Second,we provide empirical evidence on the economic viability of newly public firms(path-to-profitability and firm survival)in the Internet industry.Third, we add to the theoretical and empirical entrepreneurship literature that has focused on factors influencing the ability of entrepreneurial firms to achieve critical milestones during the transition from private to public ownership.While previous studies have focused on milestones during the private phase of firm development such as receipt of VC funding and successful completion of a public offering(Chang,2004;Dimov and Shepherd,2005; Beckman et al.,2007),our study extends this literature by focusing on post-IPO milestones. Finally,extant empirical evidence indicates that the phenomenon of young,early stage 5The case of E-Toys an Internet based toy retailer best illustrates this cyclical process.E-Toys was successful in developing an extensive customer base and a strong brand.However,the huge investment in technology, advertising,and promotion to sustain their activities as well as increased competition from both new entrants and old economy firms adopting the Internet to sell toys resulted in depressed profit margins and a longer than expected post-IPO time-to-profitability.Investors discouraged by the firm not reaching profitability within the expected time frame reacted negatively,leading to a steep drop in stock prices and consequently drying up of additional sources of external financing.As a result,the firm was forced to file for bankruptcy within a short period of time after its highly successful IPO.Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Businessfirms belonging to relatively new industries being taken public amid a wave of investor optimism fueled by the promise of growth rather than profitability tends to repeat itself over time.6However,profitability tends to remain elusive and takes much longer than anticipated which results in investor disillusionment and consequently high failure rate among firms in such sectors.7Therefore,our study is likely to provide useful lessons to investors when applying valuations to IPO firms when this phenomenon starts to repeat itself.This articles proceeds as follows.First,using agency and signaling theories,we develop our hypotheses.Second,we describe our sample selection procedures and present descriptive statistics.Third,we describe our research methods and present our results.Finally,we discuss our results and end the article with our concluding remarks.3.Theory and hypothesesSignaling models and agency theory have been extensively applied in the financial economics,management,and strategy literatures to analyze a wide range of economic phenomena that revolve around problems associated with information asymmetry,moral hazard,and adverse selection.Signaling theory in particular has been widely applied in the IPO market as a framework to analyze mechanisms that are potentially effective in resolving the adverse selection problem that arises as a result of information asymmetry between various market participants (Baron,1982;Rock,1986;Welch,1989).In this study,signaling theory provides the framework to evaluate the impact of pre-IPO factors such as management quality,third party certification,and institutional investor demand on the path-to-profitability of Internet IPO firms.The IPO market provides a particularly fertile setting to explore the consequences of separation of ownership and control and potential remedies for the resulting agency problems since the interests of pre-IPO and post-IPO shareholders can diverge.In the context of the IPO market,agency and signaling effects are also related to the extent that insider actions such as increasing the percentage of the firm sold at the IPO,percentage of management stock holdings liquidated at the IPO,or percentage of VC holdings liquidated at the IPO can accentuate agency problems with outside investors and,as a consequence,signal poor performance (Mudambi and Treichel,2005).We,therefore,apply agency theory to evaluate the impact of board structure and the change in pre-to-post IPO ownership of top management on the path-to-profitability of Internet IPO firms.ernance structureIn the context of IPO firms,there are at least two different agency problems (Mudambi and Treichel,2005).The first problem arises as a result of opportunistic behavior of agents to 6Interestingly,just a few years after the bust,technology companies have again started going public while they are still unprofitable (Lashinsky,2006).7For instance,in the biotechnology industry where the first company went public a quarter century ago,public companies have taken in close to $100billion dollars from stock market investors but have delivered cumulative losses of more than $40billion (Hamilton,2004).Similarly,the disk drive industry in the early 1980s passed through phases similar to the Internet industry in terms of high firm founding rates,explosive growth,overoptimistic investors,IPO clusters,and high post-IPO failure rate (Lerner,1995).5B.A.Jain et al./Journal of Business Venturing xx (2007)xxx –xxx Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business6 B.A.Jain et al./Journal of Business Venturing xx(2007)xxx–xxxincrease their share of the wealth at the expense of principals.The introduction of effective monitoring and control systems can help mitigate or eliminate this type of behavior and its negative impact on post-issue performance.The extant corporate governance literature has argued that the effectiveness of monitoring and control functions depends to a large extent on the composition of the board of directors.We,therefore,examine the relationship between board composition and the likelihood and timing of post-IPO profitability.The second type of agency problem that arises in the IPO market is due to uncertainty regarding whether insiders seek to use the IPO as an exit mechanism to cash out or whether they use the IPO to raise capital to invest in positive NPV projects.The extent of insider selling their shares at the time of the IPO can provide an effective signal regarding which of the above two motivations is the likely reason for the IPO.We,therefore,examine the impact of the change in ownership of officers and directors around the IPO on the likelihood and timing of attaining post-issue profitability.3.1.1.Board compositionThe corporate governance literature has generally argued that a greater proportion of outside directors on the board increases board independence and results in better monitoring of management and thereby lowers agency costs(Fama,1980;Fama and Jensen,1983; Williamson,1984).Therefore,a greater proportion of outside directors on the board of Internet IPO firms is likely to lead to a more effective monitoring and control environment, thus ensuring that managers pursue shareholder value maximizing strategies.In addition, due to their short operating history,management of Internet IPO firms are unlikely to have developed the necessary links with customers,suppliers,bankers,and other important stakeholders of the firm.Outside directors can be instrumental in facilitating the establishment of such links,thereby allowing these firms to better compete in the product market as well as capital market.On the basis of the above discussion,we would expect Internet IPO firms with more independent boards to be on a faster path-to-profitability. Hypothesis1:The proportion of outsiders on the board of Internet IPO firms is positively related to the probability of profitability and negatively related to time-to-profitability during the post-IPO period.The extant empirical evidence on the positive relation between board composition and performance,however,has been mixed,both for IPO firms as well as more seasoned corporations(Dalton et al.,1998;Baker and Gompers,2003).The ambiguous results can be partly attributed to the tradeoff between the benefits from the presence of outside directors such as more effective monitoring and control,greater objectivity,and assistance in resource acquisitions versus the benefits provided by inside directors such as detailed knowledge of the firm's operations,customer requirements,and technology that in turn can help the strategic planning process.Viewed through the innovation and technology prism, high technology Internet IPO firms may actually benefit more from in-depth technological knowledge,expertise,commitment,and innovative thinking that insiders bring to the board,rather than from the monitoring and control benefits provided by outside directors.In support of this argument,Zahra(1996)points out that boards comprised of a higher proportion of insiders may be more innovative and better positioned to serve management Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Businessas knowledgeable sounding boards in the formulation of strategy.Further,since high technology Internet firms are unlikely to generate substantial free cash flows in the period immediately after the IPO,the potential for wasteful expenditure is lower,and therefore,the benefits of monitoring and control provided by outsiders is less likely to be substantive.If there is a greater need for creative thinking and decision-making in high technology knowledge-based industries that only insiders are uniquely qualified to provide,we expect a negative relation between the proportion of outsiders on the board and the probability of profitability and a positive relation with time-to-profitability.Hypothesis 1A:The proportion of outsiders on the board of Internet firms is negatively related to the probability of profitability and positively related to time-to-profitability during the post-IPO period.3.1.2.Ownership of officers and directorsCorporate governance studies have also focused extensively on corporate ownership and its impact on performance,both in isolation and in conjunction with board composition.Both agency and signaling theories provide similar predictions regarding the relationship between the extent of insider ownership and post-issue performance.Agency theory suggests that high insider ownership reduces agency conflicts and enhances organizational performance,while signaling theory argues that higher insider ownership is a credible signal of insider's confidence regarding the future prospects of the firm.The change in the ownership of the top managers and directors around the offering can be viewed as an important signal of the issuing firm's future prospects (Leland and Pyle,1977).In the context of the IPO market,a large post-IPO decline in top management ownership can be interpreted as a signal of their lack of confidence in the ability of the firm to generate sufficient cash flows to reach the profitability milestone.Additionally,any decline in the ownership stakes of owners/managers is likely to adversely affect post-IPO performance due to higher agency costs (Jensen and Meckling,1976).While the extent of the change in ownership of insiders around the IPO is an informative signal for all types of IPO firms,it is particularly relevant in the context of Internet firms that go public while predominantly unprofitable and where the informational and incentive problems are particularly acute.For instance,Mudambi and Treichel (2005)find that a substantial reduction in equity holdings of the top management of Internet firms signals an impending cash crisis.We,therefore,argue that the greater the decline in the pre-to-post IPO ownership of top managers and directors,the lower the probability of attaining profitability,and consequently the longer the time-to-profitability.Hypothesis 2:The decline in ownership of officers and directors from pre-to-post-IPO is negatively related to the probability of attaining profitability and positively related to time-to-profitability after the IPO.3.2.Management qualityAn extensive body of research has examined the impact of top management team (TMT)characteristics on firm outcomes for established firms as well as for new ventures by drawing from human capital and demography theories (Eisenhardt and Schoonhoven,7B.A.Jain et al./Journal of Business Venturing xx (2007)xxx –xxx Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business8 B.A.Jain et al./Journal of Business Venturing xx(2007)xxx–xxx1990;Finkelstein and Hambrick,1990;Wiersema and Bantel,1992;Hambrick et al.,1996; Beckman et al.,2007).For instance,researchers drawing from human capital theories study the impact of characteristics such as type and amount of experience of TMTs on performance(Cooper et al.,1994;Gimeno et al.,1997;Burton et al.,2002;Baum and Silverman,2004).Additionally,Beckman et al.(2007)argue that demographic arguments are distinct from human capital arguments in that they examine team composition and diversity in addition to experience.The authors consequently examine the impact of characteristics such as background affiliation,composition,and turnover of TMT members on the likelihood of firms completing an IPO.Overall,researchers have generally found evidence to support arguments that human capital and demographic characteristics of TMT members influence firm outcomes.Drawing from signaling theory,we argue that the quality of the TMTof IPO firms can serve as a signal of the ability of a firm to attain post-IPO profitability.Since management quality is costly to acquire,signaling theory implies that by hiring higher quality management,high value firms can signal their superior prospects and separate themselves from low value firms with less capable managers.The beneficial impact of management quality in the IPO market includes the ability to attract more prestigious investment bankers,generate stronger institutional investor demand,raise capital more effectively,lower underwriting expenses, attract stronger analyst following,make better investment and financing decisions,and consequently influence the short and long-run post-IPO operating and stock performance (Chemmanur and Paeglis,2005).Thus,agency theory,in turn,would argue that higher quality management is more likely to earn their marginal productivity of labor and thus have a lower incentive to shirk,thereby also leading to more favorable post-IPO outcomes.8 We focus our analyses on the signaling impact of CEO and CFO quality on post-IPO performance.We focus on these two members of the TMT of IPO firms since they are particularly influential in establishing beneficial networks,providing legitimacy to the organization,and are instrumental in designing,communicating,and implementing the various strategic choices and standard operating procedures that are likely to influence post-IPO performance.3.2.1.CEO characteristicsCEOs play a major role in designing and implementing strategic choices and policies for their firms.Their actions can have long-term significance since they typically define long-term policies of the firm(Parrino,1997).While the role and influence of CEOs on strategic choices,incentive mechanisms,accountability issues,and consequently performance is vital for all types of organizations,their impact is especially relevant for newly public firms that face significant competitive,product market,and financing challenges during the post-IPO phase.The role and impact of CEOs can be even more critical for the subset of technology related IPO firms since they may require fundamentally different skill sets and competencies from CEOs compared to those required to run companies in more traditional industries.We assess CEO quality by focusing on variables that capture the extent of general and specific human capital developed by them through their prior work experience and their risk propensity and decision-making behavior.In distinguishing between general and specific8We thank the Associate Editor,Phil Phan for suggesting this explanation.Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business。

企业盈利质量分析中英文对照外文翻译文献

企业盈利质量分析中英文对照外文翻译文献企业盈利质量分析中英文对照外文翻译文献企业盈利质量分析中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Measuring the quality of earnings1. IntroductionGenerally accepted accounting principles (GAAP) offer some flexibility in preparing the financial statements and give the financial managers some freedom to select among accounting policies and alternatives. Earning management uses the flexibility in financial reporting to alter the financial results of the firm (Ortega and Grant, 2003).In other words, earnings management is manipulating the earning to achieve a企业盈利质量分析中英文对照外文翻译文献predetermined target set by the management. It is a purposeful intervention in the external reporting process with the intent of obtaining some private gain (Schipper, 1989).Levit (1998) defines earning management as a gray area where the accounting is being perverted; where managers are cutting corners; and, where earnings reports reflect the desires of management rather than the underlying financial performance of the company.The popular press lists several instances of companies engaging in earnings management. Sensormatic Electronics, which stamped shipping dates and times on sold merchandise, stopped its clocks on the last day of a quarter until customer shipments reached its sales goal. Certain business units of Cendant Corporation inflated revenues nearly $500 million just prior to a merger; subsequently, Cendant restated revenuesand agreed with the SEC to change revenue recognition practices. AOL restated earnings for $385 million in improperly deferred marketing expenses. In 1994, the Wall Street Journal detailed the many ways in which General Electric smoothed earnings, including the careful timing of capital gains and the use of restructuring charges and reserves, in response to the article, General Electric reportedly received calls from other corporations questioning why such common practices were“front-page〞 news.Earning management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers (Healy and Whalen, 1999).Magrath and Weld (2002) indicate that abusive earnings management and fraudulent practices begins by engaging in earnings management schemes designed primarily to “smooth〞 earnings to meet internally or externally imposed earnings forecasts and analysts’ expectations. Even if earnings management does not explicitly violate accounting rules, it is an ethically questionable practice. An organization that manages its earnings sends a企业盈利质量分析中英文对照外文翻译文献message to its employees that bending the truth is an acceptable practice. Executives who partake of this practice risk creating an ethical climate in which other questionable activities may occur. A manager who asks the sales staff to help sales one day forfeits the moral authority to criticize questionable sales tactics another day.Earnings management can also become a very slippery slope, which relatively minor accounting gimmicks becoming more and more aggressiveuntil they create material misstatements in the financial statements (Clikeman, 2003)The Securities and Exchange Commission (SEC) issued three staff accounting bulletins (SAB) to provide guidance on some accounting issues in order to prevent the inappropriate earnings management activities by public companies: SAB No. 99 “Materiality〞, SAB No. 100 “Restructuring and Impairment Charges〞 and SAB No. 101 “Revenue Recognition〞.Earnings management behavior may affect the quality of accounting earnings, which is defined by Schipper and Vincent (2003) as the extent to which the reported earnings faithfully represent Hichsian economic income, which is the amount that can be consumed (i.e. paid out as dividends) during a period, while leaving the firm equally well off at the beginning and the end of the period.Assessment of earning quality requires sometimes the separations of earnings into cash from operation and accruals, the more the earnings is closed to cash from operation, the higher earnings quality. As Penman (2001) states that the purpose of accounting quality analysis is to distinguish between the “hard〞 numbers resulting from cash flows and the “soft〞 numbers resulting from accrual accounting.The quality of earnings can be assessed by focusing on the earning persistence; high quality earnings are more persistent and useful in the process of decision making.Beneish and Vargus (2002) investigate whether insider trading is informative about earnings quality using earning persistence as a measure for the quality of earnings, they find that income-increasing accruals are significantly more persistent for firms with abnormal insider buying and significantly less persistent for firms with abnormal insider selling, relative to firms which there is no abnormal insider trading.Balsam et al. (2003) uses the level of discretionary accruals as a direct measure企业盈利质量分析中英文对照外文翻译文献for earning quality. The discretionary accruals model is based on a regression relationship between the change in total accruals as dependent variable and change in sales and change in the level of property, plant and equipment, change in cash flow from operations and change in firm size (total assets) as independent variables. If the regression coefficients in this model are significant that means that there is earning management in that firm and the earnings quality is low.This research presents an empirical study on using three different approaches of measuring the quality of earnings on different industry. The notion is; if there is a complete consistency among the three measures, a general assessment for the quality of earnings (high or low) can be reached and, if not, the quality of earnings is questionable and needs different other approaches for measurement and more investigations and analysis.The rest of the paper is divided into following sections: Earnings management incentives, Earnings management techniques, Model development, Sample and statistical results, and Conclusion.2. Earnings management incentives 2.1 Meeting analysts’ expectations In general, analysts’ expectations and company predictions tend to address two high-profile components of financial performance: revenue and earnings from operations.The pressure to meet revenue expectations is particularly intense and may be the primary catalyst in leading managers to engage in earning management practices that result in questionable or fraudulent revenue recognition practices. Magrath and Weld (2002) indicate that improperrevenue recognition practices were the cause of one-third of all voluntary or forced restatements of income filed with the SEC from 1977 to 2000. Ironically, it is often the companies themselves that create this pressure to meet the market’s earnings expectations. It is common practice for companies to provide earnings estimates to analysts and investors. Management is often faced with the task of ensuring their targeted estimates are met.企业盈利质量分析中英文对照外文翻译文献Several companies, including Coca-Cola Co., Intel Corp., and Gillette Co., have taken a contrary stance and no longer provide quarterly and annual earnings estimates to analysts. In doing so, these companies claim they have shifted their focus from meeting short-term earnings estimates to achieving their long-term strategies (Mckay and Brown, 2002).2.2 To avoid debt-covenant violations and minimize political costs Some firms have the incentive to avoid violating earnings-based debt covenants. If violated, the lender may be able to raise the interest rate on the debt or demand immediate repayment. Consequently, some firms may use earnings-management techniques to increase earnings to avoid such covenant violations. On the other hand, some other firms have the incentive to lower earnings in order to minimize political costs associated with being seen as too profitable. For example, if gasoline prices have been increasing significantly and oil companies are achieving record profit level, then there may be incentive for the government to intervene and enact an excess-profit tax or attempt to introduce price controls.2.3 To smooth earnings toward a long-term sustainable trendFor many years it has been believed that a firm should attempt to reduce the volatility in its earnings stream in order to maximize share price. Because a highly violate earning pattern indicates risk, therefore thestock will lose value compared to others with more stable earnings patterns. Consequently, firms have incentives to manage earnings to help achieve a smooth and growing earnings stream (Ortega and Grant, 2003).2.4 Meeting the bonus plan requirementsHealy (1985) provides the evidence that earnings are managed in the direction that is consistent with maximizing executives’ earnings-based bonus. When earnings will be below the minimum level required to earn a bonus, then earning are managed upward so that the minimum is achieved and a bonus is earned. Conversely, when earning will be above the maximum level at which no additional bonus is paid, then earnings are managed downward. The extra earnings that will not generate extra bonus this current period are saved to be used to earn a bonus in a future period.。

与上市公司会计信息披露有关的外文文献及翻译

与上市公司会计信息披露有关的外文文献及翻译Analysis of the Relationship between Listed Companies’ Earnings Quality and Internal Control Information Disclosure* Jianfei Leng, Lu LiSchool of Business, Hohai University, Nanjing, China1、IntroductionThe cases of financial fraud lead to incalculable losses in these years, which are related to firm’s weak system of internal control. Now, both domestic and foreign have issued a series of legal norms. For example, Sarbanes- Oxley (SOX) Act force listed Companies to disclose their internal control information, including internal control deficiencies and internal self-assessment report and external auditor’s audit opinion. We formulate two important files: “Shanghai Stock Exchange listed companies internal control guidelines”and “Shenzhen Stock Exchange listed companies internal control guidelines”. These files require companies to disclose internal control self-assessment report and comments of external auditor’s audit, which greatly improve company’s effectiveness of internal control and quality of financial information. Accounting earnings is the score and one of the most important elements in all of the accounting information, which mainly refers to the company’s ability of forecasting future net cash flow. Higher earnings quality is the key to the effective function of the market and the insurance of the company’s future cash flow. The better quality of company’s earnings inclined to disclose more internal control information and to get more outside investment. Therefore, earnings quality is one of the most important factorsto affect internal control information disclosure. In this article, with the analysis of multiple regressions, we examine the relationship of earnings quality and internal control disclosure of information in the sample of 1273 nonfinancial firms in shanghai and Shenzhen Stock Exchange in 2010.2. Prior Research on Internal Control Information DisclosureListed companies’ internal control information disclosure is mostly voluntary before 2002, but few companies are willing to do so. Since Sarbanes-Oxley (SOX) Act is enforced, many listed companies are forced to disclose their information of internal control, which providing more material and information to scholars who study listed companies’internal control. Researches on internal control information disclosure are mainly concentrated on the following four aspects:1) The current situation and solutions of internal control information disclosure.There are lots of researches on the current situation of internal control information disclosure,Mc. Mullen，Raghunandan and Rama [1] studied 4154 companies during 1989-1993, suggesting that only 26.5% companies are willing to disclose their internal control information, and that only 10.5% provide their internal control report among those companies with deficiencies on their financial reports. It shows that the proportion of companies voluntarily disclosing their internal control information is little, and that the companies with deficient financial report are more unwilling to provide the internal control self-assessment report. Hermanson [2] also did corresponding empirical research on listed company’s internal control information disclosure and got the same conclusion. Minghui Li[3] and Dongmei Qin [4] made related researches on the current situation of internal control information disclosure. They believed that current listed companies’ enthusiasm of disclosing internal control information is not strong, and much internal control information was not substantial but formal. Minghui Li [3] also drawn on the experiences of the United States in internal control information disclosure, and provided a series of suggestions and measures of improving internal control information disclosure. Hua Li, Lina Chen [5], Xiaofeng Dai and Jun Pan [6] analyzed the current situation of internal control information disclosure with internal control theories, and pointed out the problems and put forward the corresponding solution. Xinhua Dai and Qiang Zhang [7] mainly did the research on listed banks’internal control information disclosure, finding that our listed banks’system of internal control information disclosure is not standardized and sufficient. They interpreted the corresponding requirements of the US internal control information disclosure set by “Sarbanes-Oxley Act”, suggesting China to promote the improvement of listed banks’ internal control information step by step. According to relevant provisions of internal control information disclosure required by “Shanghai Stock Exchange Guidelines”and “The Notice on Listed Companies’Annual Report in 2006”, Youhong Yang and Wei Wang [8] analyzed the internal control information disclosure of listed companies on Shanghai Stock Exchange in 2006 with descriptive statistics, and found many problems.2) Impact factors of internal control information disclosure.Bronson, carcello, Raghunandan and Doyle, Ge, McVay suggested that there is a correlation between corporate identityand internal control information dis-closure. Company size, the proportion of institutional investor holding, the number of audit committee and the speed of earnings growth have impact on internal control information disclosure. Many other experts did empirical study on such question. Ge and McVay used a survey method to analyze the sample, discovering that the disclosure of material defects is related to the complexity of the company but there is no direct correlation with company size and profitability. Jifu Cai made a relevant empirical study of A-share listed companies to find impact factors of listed companies’ internal control information disclosure. The results showed that the companies with a better operating performance and higher reliability of financial report are more inclined to disclose its internal control information, and vice versa. This indicates that the company’s operating performance and reliability of financial report affect the listed companies’internal control information disclosure. Adrew J. Lcone selected listed companies who disclosed material defects of their internal control information in their annual reports as samples to study the impact factors of internal control information disclosure. The results show that the complexity of corporate structures, the changes in company structure and the inputs to internal control are all the impact factors of internal control information disclosure. Shaoqing Song and Yao Zhang studied A-share listed companies on Shanghai and Shenzhen Stock Exchange from 2006 to 2007, finding that there is a correlation between corporate governance characteristics and internal control information disclosure. Audit committee, annual statistics, company size and the place of listing have a significant impact on internal control information disclosure. Bin Wang andHuanhuan Liang [15] studied 1884 listed companies on Shenzhen Stock Exchange between 2001 and 2004. They made use of their rating reports of information disclosure quality to examine the inherent relationship between listed companies’corporate governance characteristics, characteristics of operating condition and information disclosure quality, finding that corporate governance characteristics and characteristics of operating condition have a certain impact on internal control information disclosure.3) The cost of internal control information disclosure.The studies on the cost of internal control information disclosure are not very much. J. Efrim, Boritz, Ping Zhang thought that the costs of disclosing internal control information is enormous, and the management did not believe that the benefits of internal control information disclosure would surpass the corresponding costs. Maria analyzed the sample which discloses their internal control information in accordance with SEC requirements, primarily study the relationship between the costs of disclosing internal control information and the effectiveness of the internal control system. It is found that the cost of disclosing deficiencies of internal control information is far more than that of defect-free.4) Correlation between internal control and earnings quality.There are many researches on the correlation between internal control and earnings quality. Doyle [11] studied the relationship between internal control and earnings quality, and found that internal control is a motivation of earnings quality. The studies of Chan [18] and Goh and Li [19] are similar. Chan [18] discovered that earnings management of those who disclose thematerial defects of internal control has a higher degree but the return on investment is very low. Goh and Li’s [19] also found that company’s earnings stability can be increased after improving the defects of internal control. Lobo and Zhou [20] made a comparison on companies’discretionary accruals between before implementing “Sarbanes-Oxley Act” and after implementing it, finding that companies’ discretionary accruals decreased a lot after the implementation of “Sarbanes-Oxley Act”. Doyle, Ge and Mcvay [10] divided the internal control defects into two aspects: corporate level and account level, finding that internal control defects on corporate level is influential to earnings quality, but there is no correlation between internal control defects on account level and earnings quality. Guoqing Zhang [21] selected nonfinancial A-share listed companies in 2007 as a research object to study the internal control quality on earnings quality. The results have shown that there is no close link between high quality internal control and earnings quality, but company’s characteristics and corporate governance factors may affect internal control quality and earnings quality systematically. Chunsheng Fang et al. [22] used questionnaire survey to examine the relationship between internal control system and financial reporting quality, finding that financial reporting quality improved after implementation of internal control system. Jun Zhang and Junzhi Wang [23] selected listed companies on Shanghai Stock Exchange in 2007 as sample, and used adjusted Jones model to calculate discretionary accruals and found that discretionary accruals significantly reduced after the review of internal control. Shengwen Xie and Wenhai Lai [24] selected A-share listed companies on Shanghai Stock Exchange in 2007 and 2008 as samples. They analyzed therelationship between internal control deficiencies and earnings quality by using a paired study, and found that listed companies’internal control information disclosure had an effect on earnings quality.Based on the above studies, we can see that internal control gets more attention after the promulgation of “Sarbanes-Oxley Act”. Current researches centralize on the defects of existing laws and regulations, the current situations of listed companies’internal control information disclosure, the relationship between listed companies’internal control information disclosure and their operating conditions, financial report quality and earnings quality. Among the current studies, most have focused on descriptive statistics and the relationship be-tween internal control quality and earnings quality, while there is no study use earnings quality as explanatory variable to reflect its effect on internal control information disclosure. Therefore, this article uses earnings quality as main explanatory variable and disclosure of internal control as the dependent variable to do empirical study, which compensate for the lack of current research to some extent.3. Method3.1. HypothesisHypothesis: the better the quality of earnings is, the higher the level of internal control information disclosure will be.According to agency theory and signaling theory, corporate trustee has obligation to report relevant information to the corporate capital owners, which give help to the operation of business. In the process of reporting, corresponding information is to pass the corporate relevant signal to the capital market. The signal can make the operator affect the flow of resources incapital market in a certain extent to improve the enterprise’s interests. There is the mutually reinforcing relationship between internal control information disclosure and the quality of earnings. A company that can fully disclose its information of internal control means that its managers have a good description of ethics. Meanwhile, a company that can take the initiative to show its internal control information in detail indicates that its company has a higher self-confidence, which will attract more capital market resources, increase its cash flow, enhance the quality of earnings, and improve management capabilities. Conversely, companies with good earnings quality will choose to voluntarily disclose their information of internal control in detail. They can distinguish themselves to the companies with inferior earnings quality and get more favor from investors.上市公司盈余质量与内部控制信息披露关系研究冷建飞，李璐（河海大学商学院，南京）1、前言近年来金融诈骗案件的发生带来了不可估量的损失，这与公司内部控制系统弱是有关系的。

中国上市公司盈利能力研究英文

Profitability of Chinese listed companies1 Profitability study: Significance and key conclusions1.1 Significance of profitability studyProfits are the core of business operations in a modern economy. Drive for profits keep producers producing and retailers selling. As companies expand, capacity expansion starts to grow beyond its own means. Fund raising becomes a necessity. This can be achieved through loans, bonds or stocks. The key for bank loans or bond issuance is credit worthiness, or borr owers’ ability to pay back debt. For the stock market, the focus is on present and future profitability, in terms of earnings, earnings growth, cash flows, margins and market shares. In the direct capital market, capital investment destinations are determined through comparing return on equity (ROE). Companies that can deliver earnings and create maximum return on investment deserve the top picks.Unlike the original capitalist or entrepreneur, money at the stock market level has many choices of investment. It is much less attached to the original investment plan and typically less picky about which industry or management (smart investors do care about sector and management, but mainly from an investment perspective, not from a personal one) it will invest in. Money is committed to make money. The higher and the stronger profits are, the bigger the returns the investment will reap.While ROE profitability is at the centre of equity markets worldwide, less emphasis to it has been given in China. The short life span of China’ s stock exchange, excessive domestic liquidity in the past years and restrictions on capital flow all appear to have directed attention away from profitability. Management of some listed Chinese companies may also not to be focusing on this issue.In overseas markets, Chinese companies’ lack of profitability is probably the most frequently cited concern amongst equity investors. Less anxiety is expressed in 4 the domestic A-shares markets, but a rising awareness of earnings and other fundamentals has been evident recently. As Chinese equity markets develop and mature, we believe that domestic investors will place a stronger emphasis on profitability and demand higher returns on equity.The profitability i ssue goes beyond capital markets and investors’ interests. It is also a central pillar of a country’ s sustainable growth path, because profits represent wealth accumulation. Improvement in profitability is a proxy of productivity gains. One key lesson to be learnt from the Asian Financial Crisis in the late 1990s is that economic growth must be associated with improvement in productivity and profitability. The old Asian model of pursuing high growththrough continued capital and labour inputs delivered impressive results for years or even decades, but ultimately failed. There is an abundant amount of economics literature detailing the “ Asian model” and its flaws, so we shall not extend the discussion further in this paper.Nonetheless, it is clear that shifting away from “ quantitative expansion” or a market share driven development pattern to “ qualitative expansion” or a productivity driven development pattern is crucial for Chin a’ s long term development strategy. This is about the sustainability of on-going rapid economic development. This is about the long-term prospects of China.Research articles focusing on the profitability and corporate governance of Chinese listed companies from a macro perspective from China or international financial institutions have been few and far between until recent years. Moreover, we took our study a little further by comparing profitability on a global scale as well as on an industry basis. To our knowledge, this has never been done before, but is significant in order to understand the strength and weakness of the listed companies. We also surveyed institutional investors, domestic and aboard, taking advantage of the unique combination of this project. Again, we believe this to bea new attempt at such work. 51.2 Basic conclusionsThe key findings and conclusions from this project are listed below.1) The Chinese listed companies in our survey generally recorded respectable profitability, in comparison to listed companies in US, Europeand Japan. A-shares companies seem to have higher ROE and marginsthan those listed in Hong Kong, though a bad macro environment in HongKong in the past few years probably lowered the profitability of Chinese companies, which receive a large source of their revenue flow from theSAR. Most overseas investors do not seem to be aware of the fact that theA-shares have a higher profitability than the Hong Kong listed Chinese companies.2) There is a clear trend of declining R OE and net income margins amongst companies listed in Shanghai and Shenzhen. While average margins inthe mid-1990s are in line with world standards; by the end of the 1990s,they had fallen significantly. This may be related to the deflationary environment at the macro level; this downward momentum in profitability is worrying. Hong Kong listed Chinese companies do not seem to be afflictedwith this problem.3) The falling margins of the Chinese manufacturing and consumer product sectors are particularly alarming, because these of the key sectors ofChina’ s economy. Profitability of some industries may be tied to the global cycle, such as petrochemicals and aviation sectors, where pricemovements and demand/supply balances are determined by globalmarkets. Utility companies have the steadiest ROE amongst the surveyed companies, and enjoy higher margins and returns than their international peers.4) Both ROE and net income margins of the China listed companies tend to fall once the listing process is completed. We divided companies by theiryear of listing. From 1994 to 2000, each and every category saw their 6ROE peak in either the year immediately before listing or in the listing year. Most classes recorded consecutive falls in profitability since then. There isno clear evidence that the Hong Kong listed Chinese companies follow the same pattern.5) In a poll we conducted amongst overseas and domestic institutional investors, all the fund mangers surveyed marked profitability high on their priority list. Most of them also think the margins of Chinese companies are probably below the world average. While domestic investors areenthusiastic to invest in the Hong Kong market through the QDII scheme,only one third of the surveyed international fund managers indicated they would invest in the A-shares market once QFII is introduced.Our basic conclusion from this study is: listed companies, investors and stock exchange authorities all need to place more emphasis on profitability and ROE because they are the cornerstones of modern capitalism and capital markets. It is a particularly challenging task, as China is set to liberalise its capital markets in the next decade. This means both domestic and international capital would have more options on what, or even whether, to invest in Chinese companies in the future. Chinese companies will have to compete against their global peers for capital. Profitability and return on equity are key valuation tools to attract investors. Improving profita bility is also crucial for China’ s long-term prospects, as the economy needs to raise productivity.。

上市公司估值【英文】

• better forecasts mean better
decisions • firms make more profits • consumers better off • Federal Reserve is better at achieving goals
why not rational?
rationally for markets to be efficient • just most of them
Are markets efficient?
changes in the behavior of a variable
changes in how we forecast this variable
examples
• yield curve usually slopes up • but now suppose it starts being flat
• buyers & sellers of Microsoft stock,
• trying to profits from trading • use all info that will help them arrive at true value of stock
• return on microsoft stock always
example
• Microsoft stock, $25
• value of $25 based on --past prices, profits, trading, litigation --forecasts about future profits, litigation, market share --relevant economic conditions

企业价值评估文献综述英文版

企业价值评估文献综述英文版Literature Review for the Theory of Business Value measurementABSTRACTBusiness value measurement depends on expectations for the future earnings, there are many ways to assess earnings, and the mainly methods are DCF method, Residual Income valuation theory, Economic Value Added valuation method and Real Options Valuation method. This article bases on the development of domestic and foreign business value theory, and gives a brief summary of the latest research, then compares thedifferent valuation theory at home and abroad.Finally, combining with practical features of Chinese enterprise value assessment concluded that assessments of the latest theories in Chinese enterprises.KEY WORDS : Business Value, Measurement Theory, Literature Review1、 IntroductionBusiness value measurement theory rose in the United States in the earlyth1960 of the 20th century. With the 50 years’ development and application , Westerndeveloped countries have been greatly applied in practice. At present, the theory and method of enterprise value evaluation in Western developed countries have been more and more mature，and it has been used to assess in practice. In China, the application of business value measurement theory is later than western countries which is nowrelatively slowly. Therefore, arranging the present research results and analysis the theory structure have been an important aspects so as to form a tight,coherent theory system. On the guidance of the business valuation practice it can establish new methods of business valuation in China, and it is essential to promote the development of theoretical study.2、 Studies AbroadBusiness value measurement have a history of hundreds of years as an industry in Western countries. During those hundreds of years, many scholars in Western countries on business valuation have done a large number of theoretical studies.Shiller (1981) used the discounted cash flow model to describe stock prices fluctuating boundaries, and the research shows that real stock prices change significantly beyond this range. Because these uncertain information is estimated with hypothesis and data processing technology. Its disadvantage is that it required too many intuition for decision makers, but also achieving many possible distribution[1]hypothesisIn 1995, Ohlson use the conception of clean surplusin residual income valuation model based on the use of clean-surplus (clean surplus) constructing and perfecting the concept of residual income valuation model [2]. Felthan and Ohlson (1995) further developed this theory, that extraordinary income sources are twofold: first, monopoly rents, second, accounting for sound doctrine. Their mostprominent contribution is presented for the evaluation of linear information models (1inear information model) [3]. Evaluation of applying the residual income model, relates to the extraordinary income is not included in the current period in the time series estimates of future earnings, more difficult.1995年，Ohlson在剩余收益定价模型的基础上利用干净盈余(clean[2]surplus)的概念构建并完善了剩余收益估值模型。

上市公司市场价值与内在价值的比较

非流通股股权大小排次
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２．评估方法。ｘ上市公司存在非流通股和流通股，所以，全部股东权益的市场价值＝非流通股的市场
价值＋流通股的市场价值。评估方法采用市场法。＜企业价值评估指导意见＞第三十条指出，“企业价值评估中的市场法，是指将评估对象与参考企业、在市场上已有交易案例的企业、股东权益、证券等权益性资产进行比较以确定评估对象价值的评估思路”。但三十一条却指出，“注册资产评估师应当确信所选择的参考企业与被评估企业具有可比性。参考企业通常应当与被评估企业属于同
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价值分析VA(Value Analysis)概述(ppt 38页)

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3.价值分析的目标：
价值是“为了获得可资信赖的工作或服务所需支付的最低价格”或“制造产品或服务所必备的功能，所需要的最低成本”。
V（价值）＝ F(功能或品质)
C（成本或价格）
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a：在不影响品质条件下，欲提高价值，要降低成本。
b：品质提高后，如仍保持原有的成本，价值亦可提高。
成本一定，机能提高V＝F /C 成本降低，机能保持V＝F /C 成本提高，机能也提高V＝F /C 成本降低，机能提高V＝F /C ⑤成本降低,机能降低V＝ F /C
1. 2. 3. 4. 5. 6. 7. 8.
该产品用途为何？工作精密度如何？是否满足功能上需求？是否达到品质上要求？是否符合可靠度条件？安全性如何？大量生产有否困难？保养修理是否容易？
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（七）建议及实施：价值分析研究完成，务必写成方案呈报
上级核准后施行。报告书内容： 1. 改进目的及概要方法 2. 采用的理由 3. 改进方案的特点 4. 前后成本比较 5. 各种试验记录资料 6. 其他附属资料
6.消除障碍
13.当作自己资金去使用
5.计划
3.从可靠的情报来源取得解答
6.消除障碍
7.利用业者可用的功能制品
10.利用制造者的技能
11.使用专门的生产程序
12.使用标准的产品
6.执行
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（二）明确评定功能：
任何产品均有主要功能及次要功能，在价值分析时应将制品的各种功能一一分析，按其构造及零件，对功能重要性之比例是否平衡再行评定，何者可减除，何者必须保留或改进。

上市公司价值分析中英文对照外文翻译文献

上市公司价值分析中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：上市公司内在价值分析一、关于内在价值随着中国资本市场的发展，中国股市将逐步走向成熟，价值投资将在未来中国股市中占主导地位，证券市场的价值投资就是当证券的市场价格低于它的内在价值时买入，并长期持有或当证券的市场价格高于它的内在价值一定程度时卖出。

因此，对于中国股市的价值投资而言首要问题是确定上市公司股票的内在价值。

同时为了风险投资，企业并购和资产重组等资本运作的需要，迫切需要适合中国公司的可操作性强的价值评估体系。

本杰明.格雷厄姆在《证券分析》这本书中是这样描写内在价值这个概念的总结性地概括：1、内在价值是无法确定具体数值的，难以把握的概念。

2、内在价值可根据公司历史收益数据来推算，但只可做参考。

因为从历史收益数据是无法估算出不确定的未来收益的。

3、虽然无法得出内在价值的精确数字，但内在价值可以用一个近似值范围来表达并用它判断股价被高估或低估。

4 、市场价格经常偏离证券的实际价值。

5、当市场价格偏离证券的实际价值时，市场中会出现自我纠正的趋势。

但对某些证券价值的高估和低估经常会持续极长的一段时间。

国内外评估公司内在价值的主要方法有：(一)资产价值基础法它是通过对公司资产进行估价的方式来评估公司的价值。

目前国际上通行的资产估价标准主要有账面价值重置成本法和清算价值等。

1、账面价值法账面价值法是一种基于会计理论的方法根据资产负债表得出净资产并进行适当调整但结果可能不代表盈利能力，特点是简便但不准确。

2 、重置成本法重置成本法是指以目前的价格水平重新建造一个与被评估资产完全相同或类似的资产的成本特点是立足于现在时点的资产价值未考虑未来资产的收益情况。

3 、清算价值法清算价值法是基于公司的总资产在市场变现后减去总负债的价值，特点是只考虑资产价值而没有考虑机构组织的无形资产和商誉（goodwill）适合于破产企业。

(二)现金流量贴现法现金流量贴现法的基石是现值规律。

上市公司内在价值的分析与评价

上市公司内在价值的分析与评价【摘要】本文围绕上市公司内在价值展开分析与评价。

在介绍了研究的背景和目的。

正文部分包括内在价值含义、影响因素、评价指标、案例分析以及现状和挑战。

通过对内在价值进行全面评估，可以更好地了解公司的实际价值。

结论部分总结了内在价值的重要性，并展望了未来研究方向。

通过对不同上市公司的内在价值进行研究分析，可以帮助投资者和管理者更好地把握市场机会，提高投资效率和公司价值。

【关键词】上市公司、内在价值、分析、评价、指标、案例分析、现状、挑战、重要性、展望、研究方向1. 引言1.1 背景介绍上市公司是指通过股票交易所公开发行股票，其中的公司股票可以在交易所进行买卖。

上市公司的内在价值是指公司本身所具有的真实价值，它反映了公司在经济活动中所扮演的角色及其未来发展潜力。

内在价值的分析与评价可以帮助投资者更准确地判断一家公司的价值，并为投资决策提供参考依据。

随着经济的发展和全球化的进程，上市公司在国民经济中的地位越来越重要。

各国的股票市场成为吸引资金、实现价值增值的重要平台。

投资者通过股票市场参与公司的股权投资，从而分享公司的经济成果。

不同公司的内在价值存在差异，投资者需要通过对公司内在价值的分析与评价，才能更好地进行投资决策。

对上市公司的内在价值进行分析与评价，不仅可以帮助投资者准确把握公司的真实价值，也有助于公司管理层更好地了解自身的竞争优势和发展方向。

研究上市公司内在价值的含义、影响因素、评价指标等问题具有重要的理论和实践意义。

通过本文的分析与探讨，我们将深入了解上市公司内在价值的核心内容及其对公司和投资者的意义。

1.2 研究目的本文旨在通过对上市公司内在价值的分析与评价，探讨其在资本市场中的重要性和影响因素。

具体研究目的包括以下几点：1. 探讨上市公司内在价值的概念和内涵，以帮助投资者更全面地理解公司的价值所在。

2. 分析影响上市公司内在价值的因素，包括公司管理层、财务业绩、行业环境等方面，从而揭示其价值波动的原因。

企业价值评估文献综述英文版

关于品牌价值的外文文献原文以及翻译译文

关于品牌价值的外文文献原文以及翻译译文INTERNATIONAL FACTORINGON THE BRAND STRATEGY AND COUNTERMEASURESRESEARCHBy T.BettinaWith economic development and people's living standards, increasing the wealth of material and products, business competition from products and services, competition, to a higher stage of the competition between brands. Brand is both a business products and services unique to the mark, to some extent also is a standard and commitment. It is a business permit to enter the market and consumers a bridge between the enterprises are relying on market positioning.Brand strategy and practice of systematic research, only started in the late 1980s. In 1988, Philip. Morris and Nestle's acquisition of two well-known, so that the brand value of the assets of the market to be officially confirmed, marking the modern era of the brand. Chinese enterprises in the theory and practice of brand strategy in recent years has made considerable progress and development, but the West still a big gap compared with developed countries. Promoting the brand strategy will help enterprises establish an advanced view of the market, and strengthen the awareness of the market.First, the concept of brand strategy-related analysis(A) the definition of brand and constituteThe most basic brand is defined as one intended to be used to identify (or group) vendor in terms of quality products and services names, terms, mark, symbol or design, or their combination, and intended to be used to distinguish one (or a group) and its vendor Competitors. Brands include brand names, trademarks and brand logo. Brand, in essence, represents the seller to the buyer on the delivery of the product features, benefits and services, consistent commitment to the brand is the best guarantee of quality.The brand is divided into 6 levels of meaning: attributes, interests, values, culture, personality, the user. Therefore, the most durable brand is the meaning of their values, cultures and personalities, including visual, emotional, the idea that they constitute the essence of the brand.(B) the definition of brand strategy with the aim of Brand Strategy, as its name implies, is the corporate brand to create, use and maintenance of the core, in its analysis of conditions and the external environment on the basis of the development of the overall business plan of action. From the practical point of view, is the choice of brand strategy, packaging, training, promotion and protection of a particular brand, reputation make it step by step and give full play to the effects of brand-name brands and companies to promote their own development and growth.The main purpose of the brand strategy is to create high visibility, high credibility, and a larger market share enormous economic benefits.First, high visibility. High-profile corporate products and services to smooth the sale an important factor in business and a great intangible asset.Secondly, the high degree of credibility. A high degree of credibility is a business and all employees and even years of hard struggle of several generations, well-formed operation of theenterprises and products in the market a good impression on the minds of consumers. To the consumer, the high degree of credibility means that the quality of high-tech content and a good level of service; cooperation of enterprises and banks, financing, a higher degree of redibility means that reliable and trustworthy. In a market economy, only about reputation, business can be the main market recognition can be long-term development.Thirdly, a larger market share. Market share from the market coverage and market share both to consider. Corporate brand through the implementation of the strategy, to increase brand awareness, reputation, business products and services to increase market share, which is good business to ensure effective.Fourth, the huge economic benefits. The success of the brand strategy can make the product more of the sales market, but also in the market than similar products of a higher sale price. As a result, brand-name products and good services to achieve significant sales and higher profits for companies bring in huge commercial profits.We can see that the brand strategy is to expand the direct purpose of the enterprise products and services in the market, so as to increase market share and achieved great economic benefits. In the long run, the brand strategy is to achieve the brand and grow the business and sustainable development.Second, China's enterprises of the importance of brand strategySince the reform and opening up, China's economy has experienced sustained growth for decades. With the economy expanding and opening up, China's domestic market has been in the international market has become an important component of China's enterprises to participate in international competition means great changes have taken place. World-renowned enterprise in an increasingly competitive and complex Chinese market, the implementation of brand strategy, brand China is facing severe challenges in international competition. In particular after the accession to the WTO, China will be in the majority of enterprises with foreign competitors in a powerful position face-to-face contest, a growing number of famous foreign brands will enter into our life. In the face of this unprecedented impact on the brand, China is only the implementation of brand strategy, create brand and corporate brand products in order to enter the international market and international market competition with foreign brand rivals. On the other hand, with progress in science and technology, consumer demand and continuous improvement in the level and pay attention to brand, the pursuit of brand and increase brand-name consumer phenomenon is increasingly clear, the implementation of corporate brand strategy is not only conducive to the expansion of market share, but also more Large economic benefits. China's domestic enterprises to take part in market competition, and only the implementation of brand strategy in order to enhance the competitiveness of enterprises in the competition.(A) business development must be to promote the growth of the brand strategyAs China's market economy reform, in particular China's accession to the WTO. China's all over the original system of small businesses, the impact of a market economy, gradually formed a number of cross-regional business and the well-known brands. In the competition, non-brand-name slowly out of the market, an industry often controlled by a few big brands, market competition into a major competition between brands. With the world-class international brands to enter China, domestic brands will lose the advantages of the original, faced with severe competition. In this case, the number of domestic famous brands have "Yi Zhi", or the acquisition by multinational companies, or joint ventures with foreign brands, domestic brands positions arenibbled away. The right to choose and implement the brand strategy to improve our products and services in the domestic market, step by step into the world, with the developed countries of the world famous enterprises match, China's entrepreneurs is incumbent upon the sacred mission. Number of national brand value of the industry (1,000,000 U.S. dollars)Coca-Cola Beverage 83845 U.S. 12 U.S. Microsoft software 56,654U.S. 3 IBM computer 437814 General Electric of the United States diversified 33,5205 Ford Motor of the United States 331976 Disney entertainment of the United States 32,2757 INTEL U.S. computer 300218 McDonald's 26,231 U.S. Food9 AT & T of the United States Telecom 2418110 Marlboro 21,048 U.S. tobacco11 NOKIA Finland Telecom 20694Mercedes-Benz car 12 Germany 1778113, Switzerland Nestle Beverage 17595Hewlett-Packard computer 17132 U.S. 1415, Guillermo personal belongings of the United States 15,89416 KODAK image of the United States 1483017 ERISSION Swedish telecommunications 14,76618 SONY Japanese electronics 1423119 U.S. financial services 12,550 American Stock Exchange20 TOKYO Japan Automobile 12,310Table 2-1 World brand value of the top 20 list (Source: /962577.html) You Shangbiao, it is not hard to see that the size of the value of the brand also reflects the brand owner (or group of transnational corporations) in the global enterprise or industry position and competitiveness.China's major cities has been a strong consumer brand awareness of the consumer, small and medium-sized cities and rural markets have gradually enhance brand awareness. Young people to pursue well-known consumer brands to achieve self-worth, has become a fashion, but they are small in the consumption of foreign brands such as Nestle, McDonald's grow up so as to pursue the development of foreign brands for fashion, which can not have Sighted people for the national brand of domestic concerns. In the Chinese market, foreign brands through joint ventures, wholly or in a variety of ways, such as mergers and acquisitions, to create a successful local brands. In contrast, China's opening up, in addition to an earlier, compared with full competition in the industry, such as household appliances, cosmetics, food and beverage industries better than brand development, the protection of national policy and restrictions on the industry, the real strength of the brand little. If you do not go on this way to strengthen the focus on brand protection, brand promotion of growth in these areas would not be able to enterprises and foreign enterprises to compete, can not be developed.(B) market in China has become the brand competitionWith the reform and opening up of China's socialist market economy and building the prosperous development of China's market situation has changed dramatically, showing thefollowing trends: from a single-system to the needs of the diverse needs of change; by the identical to the individual needs of demand Change; by the type of poverty, food and clothing needs-to-well-off, rich-changing needs. Require a change in demand for a corresponding change in supply, which led to the need to intensify competition among enterprises and changes in the way, in such circumstances, China has gradually formed the pattern of brand competition.First of all, competition among enterprises has been content to seek resources, the advantage into a commodity to seek technical advantages, strengths and talent brand, and technology, human resources advantages will ultimately have to be reflected in the brand. As a result, the economy entered a "relative surplus" of the times, the importance of resources has declined to seek brand has become a large enterprise to achieve long-term development of the most urgent task.This was followed by gradual means of competition on price-based competition means, in order to shift the main means of non-price competition. In the past, China's market price war among enterprises is the main means of competition, but consumer demand as by the type of food and clothing to the well-off-the-well-off change in the quality of goods at low cost is no longer subject to mainstream consumers, they are more important Is the brand, quality, service and so on non-price factors. Although the price reduction strategy in a certain period of time so that competitors at a disadvantage, but it will benefit their own business down, resulting in a lose-lose outcome. And rely on high quality, innovative products and superior service set up by the brand advantage, the enterprise market will rise, increasing economic efficiency, sustainable development of the enterprise.Finally, the structure of the competition has been limited to domestic competition among enterprises, to between domestic and foreign enterprises to compete more. Since China opened the door, a number of powerful multinational corporations in developed countries to enter the Chinese market on a large scale, with local enterprises in China's heated market competition, our international market competition, in an increasingly competitive market. As a result, Chinese enterprises should use the favorable conditions for local enterprises, and strive to create a national brand, with foreign brands and fight to safeguard national industries. Only after a firm footing in order to get out, to participate in the international market competition, international operations.关于当代品牌战略与对策的思考发展概况前景作者：T.贝蒂娜随着经济的发展和人们生活水平的提高，物质产品的日益丰富，企业经营的竞争已由产品的生产和服务的竞争，转向更高阶段的品牌之间的竞争。

基于经济增加值(EVA)的公司价值评估外文文献翻译最新译文

文献出处: Fernandez P. The company valuation based on the economic value added (EV A) [J]. European Journal of Business and Management, 2015, 5(3): 98-109.原文The company valuation based on the economic value added (EV A)Fernandez PAbstractThe traditional performance indicators without considering equity capital cost inherent deficiency Limit, can't measure the value of the new creation, cannot accurately reflect the change of shareholder wealth, unable to assess the real value of the enterprise, can make a scientific evaluation of value-added performance appraisal system is particularly urgent. Stemstewart consulting firm founded by the United States EV A (Economic Value Added, EV A) Value management performance evaluation method, overcome the deficiency of the traditional performance indicators, including the equity capital cost will be deducted from the calculation, the full cost of debt capital cost, expenses, reflecting the company in a certain period to create Value for shareholders. After promotion and application of the discount valuation model based on EV A and traditional derivative EV A value evaluation model arises at the historic moment, made from the perspective of shareholder wealth growth assessment of enterprise value to become a reality, and achieved remarkable achievement in some famous enterprises in the west.Keywords: Value of the company; Value of the investment; Economic value added (EV A); Value evaluation1 IntroductionDue to the generalization of listed companies, the mutual fusion strategy theory and financial theory, and corporate reliance on monetary market and capital market, forcing management is undergoing a revolution, which closely around the center, "value" to create more wealth for shareholders, enterprise management into on the basis of value, in order to realize the enterprise value maximization as the objective point of view is becoming more and more widely recognized. From the aspect of shareholders' equity, shareholders' wealth can be defined as the product of stockquantity and stock price, shareholder value is an important part of enterprise value, shareholder value will cause the increase or decrease of the enterprise value, increase or decrease of shareholders' wealth maximization is equal to the enterprise value maximization, realizes the shareholder wealth maximization is maximize the enterprise value. According to effective capital market theory, in strong type of capital market, decided to stock value, enterprise value and stock value decided to stock prices or stock prices always fluctuating around the value, therefore, the enterprise value determines the enterprise's share price, namely the enterprise market value. For investors, when the stock price is higher than the value, investors can sell stocks, make its prices tend to value; similarly, when the stock price is lower than the value, investors can buy shares, make its prices tend to value. For managers, whether to create value for the enterprise, can be tested in the market, the value was temporarily undervalued stocks have performance support, found later by the market, prices will go hand in hand with the value of the company. Obviously, how to accurately determine the true value of a company, the relationship between the market price of the value of the company and the company have become an enterprise owners, managers, and venture capitalists primary focus. Classic theory of enterprise value is pointed out that the enterprise value is equal to the invested capital and future new discount the value of the sum, from a wider field of vision about the enterprise value is the new value of the sum of the discount. This requires establishing scientific evaluation of value and value-added performance appraisal system, to measure the company's performance indicators must be able to reflect the company to create value for shareholders, standing in the perspective of shareholders to redefine the "profits”. Equity capital is the cost, obviously, the company to create value for shareholders should be minus all the costs include the cost of equity capital, relief is reasonable.2 Literature reviewIn the early 1920 s, American general motors company will introduce the EV A thought the company management, then once forgotten. In the 1980s, consulting company (Stemtewart&Co.) reintroduced to the ideas of the value assessment and company in the field of management, put forward the economic value added (EV A)index, to evaluate a firm's ability to create shareholder wealth. The Real Key To Creating Wealth (AIEhrbar, 1998), and other comprehensive expounds The theoretical value of EV A and in some companies use The model of case, think that EV A is a revolution of modern company management, performance evaluation is The correct way. Belmett Stewart found that EV A is a useful management tool; it has been internationally recognized as a corporate governance standards. EV A is a integrated analysis framework of financial management and incentive compensation of important indicators. EV A by providing such a framework that can reconfigure resources for the company, customers, employees, shareholders and managers to create lasting value. Tullv (1993) suggested that EV A as "the most popular financial indicators", points out that there are three ways to improve EV A: first, under the condition of without increasing capital gain more profit. Secondly, use less capital. Third, the capital invested in high return projects. Byme (1996) using regression model is examined and EV A and market value net operating profit after tax (NORAI,) the relationship between, when considering EV A and market value changes, the change of EV A explained 55% of the market value change. Chenand Dodd (1997) studied the accounting index (earnings per share, return on assets and equity yield) and residual income, as well as a variety of different and related to EV A index in the ability to explain stock returns, results show that the EV A index in explaining stock returns than other accounting index has better performance. Discussion in the calculation of the added value of economic indicators, whether need to adjust accounting course treatment is a bigger one argument EV A index research topic. Such as Biddle at (1997), the results show that the ability of the interpretation of the added value of economic indicators to 41.4% before the adjustment, and adjusted to explain ability of around 41.5%.Practice compromise methods used at present, only adjust some important projects. To adjust EV A calculation program of study (schouten, consultancy, concluded that too much adjustment not only takes much cost but also not conducive to the widespread use of EV A. Fortune magazine (Fortune) more to increase the economic value as the key of "wealth", and since 1993, reported by stemstewart&Co. 1000 large enterprises economic increase value. Giant Druckermanagement (Pcter Drucker) is also in the Harvard management review in 1995, said: "in the present various kinds of factors to measure the overall production method, EV A reflects all aspects of value management."3 Enterprise valueWith understanding of enterprise management goal of optimization, the understanding has been basically consistent, namely around the value maximization goal, according to the change in the environment, science and configuration of internal and external resources, enhance the initiative of the organization and strain capacity, and ultimately create more wealth for investors. Now popular value investment idea is a key concept based on the enterprise value. This article recommended investors to focus on and study the intrinsic value of listed companies, to evaluate the operation of listed companies, which have an objective understanding to the enterprise performance. Therefore, enterprise value theory of historical evolution and the connotation of enterprise value, is the first thing we need to know and clarify. In fact, the emergence of the theory of enterprise value is not only the strategic goal of enterprise and decision-making on the basis of the standard, and unified the short-term profits and enterprise long-term development and the relationship between the shareholders overall revenue, in order to promote the sustained and healthy development of enterprises, and prompted investors to scientific and rational investment.3.1 The various forms of the value of the companyThe value of the company is a company as a study object, is the enterprise characteristics, functions meet the demand of users, the relationship between the enterprise value of subjective color, clearly define the connotation of the value of the company to become the starting point of value evaluation research. The same enterprise will be due to the different main body needs, preferences and judgment, will present a different assessment. In order to clarify the concept, the different forms of enterprise value, book value, fair market value, intrinsic value and market value compares and analyses the several forms of the introduction of this paper studies the connotation of the value of the company.(l) The book valueThe book value of the company (Book Value) is the accounting value of the balance sheet reveals. With the company's books Value to represent the company is based on the assumption, that is, the value of a company is all investors (including creditors and shareholders) for the company's assets the value of the claim. Company's book value in accordance with the requirements of objectivity and caution, measured on the basis of historical cost accounting value. First of all, because is based on the historical cost valuation of assets in the financial report, m unchanged for a long time, ignoring inflation, factors such as technology innovation, make the book value over time, increasingly deviated from its true value, and management and investors the relevance of information needed. Second, the balance sheet reflect the assets of the company is formed by past transactions and events, from the point of view of investment, how much more attention in the future to create profits, that is the essential attribute of assets. Finally, due to the accountant processing limits, many have important value of the non-monetary information cannot be reflected, but also because there is no deduction of equity capital cost, cannot reflect the investment risk, thus greatly reduced the usefulness of the book value. Rarely used alone, in fact, the book value assessment, but investors can take advantage of the book value and the reference of other factors to make a rough estimate, the enterprise value of assets income function make basic judgment.(2) The fair market valueAccording to the international accounting standards and international standards set by the assessment criteria committee, from the fairness of market transaction and the point of trading, the fair value refers to the buyers and sellers on the basis of fully understand the relevant information, in the absence of any pressure to trading, the price of this definition is based on the visible strict business market, capital market hypothesis. Compared to traditional accounting historical cost measurement attribute, fair value reflects the present value, its essence is a kind of based on the evaluation of market information, the value that is associated with the current situation of enterprise management, is the market rather than other subjects for the cognizance of the valueof assets and liabilities, therefore appraiser and transaction both sides emphasizes a concept.(3) The intrinsic valueThe company's intrinsic value refers to the company for the foreseeable future the present value of the expected to produce revenue. Compared with other value idea, the company's intrinsic value is existed in the enterprise internal essential growth ability, profit ability, belongs to a kind of objective nature of enterprises, but the intrinsic value is the objective evaluation and subjective, mainly through the number and distribution on the future earnings of scientific prediction, reasonable choice of discount rate discount, these predictions are based on the company's operating situation, the management level, the trend of growth, profitability, etc., and consider some external predictive factors, therefore has the obvious subjective color. Even so, if the proper evaluation method, on the basis of abundant information, effectively within the company to carry on the investment decision to share, or deal with the problem related to the future and subjectivity, is still of great reference value.(4) The company's market valueFor listed companies, the company's Market value (Market, T-shirt) is a stock Market value and the sum of the debt markets, if the Market value as the company's real value must be strong and effective capital Market is the precondition of, that is, all of the public information included in stocks and bonds in the Market prices fully reflect. Value investment theory is the main representative of graham, Mr. Buffett pointed out that the stock price is influenced by various factors, such as the company's performance is one of important factors, poor performance in the stock market, the situation of the high price, and a strong capital market completely after all is a kind of ideal condition, especially in China, so the company's market value cannot effectively reflect the value of the company.3.2 The theory basis of enterprise value assessment(1) Capital budgeting evaluation theoryCompany value evaluation thoughts can be traced back to the beginning of the 20th century. Fisher's capital value. Fisher in 1906 in the capital and the income of thenature of the monograph comprehensively expatiate the relationship between capital and income and the source of value, laid the theoretical basis of modern company valuation. Fisher believes that people's monetary income, can show the wages, dividends, rent, interest and profit, etc. Sometimes money income is not the same as real income in people's lives (the actual consumption enjoy), depending on the currency income, and the comparison of actual consumption amount. Part of the monetary income is greater than the actual consumption if deposited in Banks or buy bonds to invest, it is converted into capital, and the future can be achieved when interest or investment income, so capital is the present value of future income present value, in other words, the value is the capitalization of the future income.(2) The value assessment theoryAmerican economist Annie and miller in view of existing problems of fisher, "uncertainty" pioneering into the enterprise value assessment theory system, and the enterprise value and the relationship between the capital structure of the classic expatiates that plagued the enterprise value evaluation theory of "mystery" capital structure have a certain degree of cracking, laid the foundation of modern theories of enterprise value evaluation. In the analysis of capital structure due to the "tax shield effect" has always been the debt as a core variables into consideration, make up the fisher capital value evaluation methods of enterprise existence as an investment defects, correct the company value maximization has nothing to do with the shareholders' equity and debt capital cost of error, is the "right" to reveal the real business situation of enterprises, and the average cost of capital for enterprise to carry on the correct definition, make the discount cash flow evaluation method has become the mainstream of enterprise value assessment methods, entered the practical stage. Their research in the history of enterprise value evaluation has played a role in inheriting and authentic.译文基于经济增加值(EV A)的公司价值评估Fernandez P摘要传统业绩指标由于没有考虑股本资本成本等固有缺限，不能衡量新创造的价值，不能准确反映股东财富的变化，无法评估企业的真实价值，使建立能对价值增值进行科学评价的业绩考核体系就显得尤为迫切。

企业盈亏分析报告英文

企业盈亏分析报告英文IntroductionIn this report, we will analyze the financial performance of XYZ Company for the fiscal year ending December 31, 20XX. The purpose of this analysis is to assess the company's profitability and identify potential areas for improvement.Profitability AnalysisRevenueThe company recorded a total revenue of 10 million during the fiscal year. This represents a 5% increase compared to the previous year. The growth in revenue can be attributed to an increase in sales volume and an expansion into new markets.Cost of Goods Sold (COGS)The COGS for the year amounted to 6 million. This includes the direct costs associated with the production of goods, such as raw materials, labor, and manufacturing overhead. The COGS as a percentage of revenue was 60%.Gross ProfitThe gross profit for the year is calculated by deducting COGS from revenue. In this case, the gross profit is 4 million, with a gross margin of 40%. The gross margin indicates the profitability of the company's core operations.Operating ExpensesOperating expenses include costs incurred in running the day-to-day operations of the business, such as salaries, rent, utilities, marketing, and administrative expenses. XYZ Company's operating expenses for the year amounted to 2.5 million.Operating ProfitThe operating profit is obtained by deducting operating expenses from the gross profit. In this case, the operating profit is 1.5 million, with an operating margin of 15%. The operating margin measures the profitability of the company's core operations as a percentage of revenue.Other Income and ExpensesXYZ Company had other income of 100,000 during the fiscal year, which includes interest income and gains from the sale of assets. On the other hand, there were other expenses of 50,000, mainly comprising interest expenses and losses from the sale of assets.Net ProfitThe net profit is calculated by adding other income to the operating profit and deducting other expenses. In this case, the net profit is 1.55 million, with a net profit margin of 15.5%. The net profit margin indicates the overall profitability of the company after considering all expenses and income.Analysis of ProfitabilityXYZ Company has achieved a solid level of profitability during the fiscal year. The gross margin of 40% indicates that the company has efficient control over its production costs. However, the operating margin of 15% implies that there may be room for improvement in managing operating expenses.Areas for ImprovementCost ControlAlthough the company has shown efficient control over production costs, there is a need to assess the current cost structure and identify opportunities for further cost savings. This can involve negotiating better deals with suppliers, improving production efficiency, or implementing cost-cutting measures in overhead expenses.Marketing StrategyAnalyzing the marketing expenses and their impact on revenue growth is crucial to identify the effectiveness of the company's marketing efforts. If marketing expenses are high but not resulting in proportionate revenue growth, it may be necessary to revise the marketing strategy to ensure a better return on investment.Asset ManagementAnalyzing the asset turnover ratio can provide insights into how efficiently the company is utilizing its assets to generate revenue. If theratio is low, it may indicate that the company has excess inventory or inefficient utilization of fixed assets. Optimizing inventory levels and improving asset utilization can contribute to higher profitability. ConclusionDespite a respectable level of profitability, XYZ Company should focus on cost control, marketing strategy, and asset management to further enhance its financial performance. By implementing the suggested improvements, the company can increase its profitability and ensure long-term sustainability in a highly competitive market.。

上市公司价值分析中英文对照外文翻译文献

因此，对于中国股市的价值投资而言首要问题是确定上市公司股票的内在价值。

同时为了风险投资，企业并购和资产重组等资本运作的需要，迫切需要适合中国公司的可操作性强的价值评估体系。

本杰明.格雷厄姆在《证券分析》这本书中是这样描写内在价值这个概念的总结性地概括：1、内在价值是无法确定具体数值的，难以把握的概念。

2、内在价值可根据公司历史收益数据来推算，但只可做参考。

因为从历史收益数据是无法估算出不确定的未来收益的。

3、虽然无法得出内在价值的精确数字，但内在价值可以用一个近似值范围来表达并用它判断股价被高估或低估。

4 、市场价格经常偏离证券的实际价值。

5、当市场价格偏离证券的实际价值时，市场中会出现自我纠正的趋势。

但对某些证券价值的高估和低估经常会持续极长的一段时间。

国内外评估公司内在价值的主要方法有：(一)资产价值基础法它是通过对公司资产进行估价的方式来评估公司的价值。

目前国际上通行的资产估价标准主要有账面价值重置成本法和清算价值等。

1、账面价值法账面价值法是一种基于会计理论的方法根据资产负债表得出净资产并进行适当调整但结果可能不代表盈利能力，特点是简便但不准确。

(二)现金流量贴现法现金流量贴现法的基石是现值规律。

毕业论文外文文献翻译-上市公司内在价值分析论文文献翻译-中英文论文对照翻译

中文2340字题目：《上市公司内在价值分析》外文原文The intrinsic value of the listed companies is analyzed First, about the intrinsic value. Along with the development of China's capital market, China's stock market will be gradually maturing, the value investment will account for the dominant position in China's stock market in the future, the value of the securities market is when the market price of the securities investment below its intrinsic value when buying, and hold for a long time or when the stock market price is higher than its intrinsic value to a certain extent when selling. Therefore, for the value of China's stock market investment primary problem is to determine theintrinsic value of the shares of listed companies. To risk investment at the same time, the needs of the enterprise merger and reorganization of assets in the capital operation, the urgent need for China's strong operability of value evaluation system of thecompany. Benjamin graham in "securities analysis" in the book are intrinsic value is summarized in the summary of the concept:1, the intrinsic value is unable to determine the specific numerical, difficult to grasp the concept.2, intrinsic value according to the company history data to calculate returns, but can only be used for your reference. Because earnings figures from history is unable to estimate the uncertainty of future earnings.3, although can't get an accurate number of the intrinsic value, but the intrinsic value can express and use it in a range of approximation to determine share price is overvalued or undervalued.4, often deviate from the stock market price of real value.5, when the real value of the market price deviating from the securities market will be the trend of self correcting. But for some overvalued or undervalued securities value often lasts for very long period of time.Second, to assess the intrinsic value of the company's main methods at home and abroad are:(a) asset value based methodIt is the way through the study of the valuation of the company's assets to evaluate the value of the company. Current international book value of assets valuation standards are onthe replacement cost method and the liquidation value, etc. 1, book value methodBased on the theory of the accounting book value method is a kind of method According to the balance sheet net assets and make appropriate adjustments But the result may not represent the profitability, the characteristic is easy but not accurate. 2, the replacement cost methodReplacement cost method refers to the current price level to build a evaluation, and to be identical or similar assets cost characteristic is now based on the point value of the assets Did not think of the future asset returns.3, the liquidation valueLiquidation value method is based on the company's total assets minus the value of total liabilities, after market to liquidate characteristic is only considered assets value without considering the organization's intangible assets and goodwill (goodwill) is suitable for the bankrupt enterprise.(2) cash flow (DCF) methodThe cornerstone of discounted cash flow method is present value rule. The value of any asset is equal to the total present value of all cash flows in the future. Cash flow for the assets valuation varies. For stock, cash flow is dividends. For bonds,cash flow is the interest and principal. For a practical project, cash flow is the after-tax net cash flows. The discount rate will depend on the degree of risk of the cash flow forecast, the higher risk assets, the higher the discount rate. On the contrary, the lower the risk assets, the lower the discount rate. Depending on the source of the cash flow, can be used to assess the intrinsic value of the company mainly has the following three:1, the dividend discount methodDividend discount method and the company's future is expected dividend discount the value of the company now. Dividend method theoretically can accurately calculate the real value of the assets, but in practice it is difficult to operate. Because mostcorporate dividend distribution is irregular and not quantitative, some enterprises in its root is not hair dividends for a long time, so it is difficult to predict its dividend payments and calculate its value.2, corporate free cash flow discount methodFree cash flow is refers to the company after pay for business expenses and income tax, to all companies, includingcreditors rights requirement to pay cash before all of the cash flow.3, equity free cash flow discount methodFree cash flow of equity is to point to in the performance of the company to repay the debt, compensate for capital expenditure, increase working capital and other financial obligations after left that part of the cash flow.Theoretically to have earnings assets, cash flow (DCF) method can accurately calculate the most the real value of the assets, cash flow (DCF) method is considered to be the most scientific, most professional literature method to estimate the most mature company.Equal to the value of the enterprise to present value of expected future cash flows discounted by the appropriate discount rate, so this kind of method to estimate the future cash flow of the asset to the company, and to choose the reasonable discount rate, features is difficult, and complicated operation.(3) p/e ratio methodIf we can estimate the target company's future sustainable yield, and there is a stock market average p/e ratio of industry, with the company's after-tax profitmultiplied by the industry average p/e ratio can be relatively simple to calculate the value of company is roughly, p/e ratio method and feasible, but the underlying premise is that the local stock market is a strong form efficiency market, the company's market value is equal to the intrinsic value, otherwise the calculation results with the company's actual intrinsic value will probably have a great error.(4) other methodsDisperse aggregation have comparable transactions, comparable companies,valuation method, the target company's stock price history analysis, M&A multiplier, leveraged buyouts, leveraged capital adjustment method and income multiplier method, etc. Usually investment Banks in enterprise merger, acquisition and reorganization method.(5) economic value added (EVA) discountEconomic value added of the most basic form is surplus income of the company. In other words, if investors get the expected return on investment is equal to the investors investment benefit, the company's residual income is equal to zero, the investment is equal to the value of the investment. If the company to produceeconomic value added, will be the future of the company after discounting Eva plus the company's total investment should be equal to the intrinsic value of the company. Three, the intrinsic value of traditional analysis principle of evaluationIntrinsic value traditional analysis principle, blend in a variety of financial and management theory, has formed a relatively complete theory system, and has been deeply rooted in the hearts of the people in the practice, good results have been achieved. Mr Buffett has applied intrinsic value traditional analysis principle and deepen to perfection, investment in the real world has been a huge success. But the inherent value of traditional analysis principle also has some defects, need to be further improved.From the method level, intrinsic value is the main defect of traditional analysis principle did not form a unified analysis framework:(1) the qualitative analysis of the system, but the lack of a unified, simple and strict causal analysis framework.(2) quantitative analysis only financial consequences, not back to the cause of the results.(3) there is no established between qualitative and quantitative analysis of causal relationship, no unified framework will combine qualitative analysis and quantitative analysis.(4) the qualitative analysis, quantitative analysis, and lack of causal logic closely relationship between value estimate.This article for the analysis of the intrinsic value of listed companies is only a preliminary, in the future we can consider to case studies of companies in different industries, to improve the intrinsic value causal analysis principle and procedures. Because the industry characteristics of different companies in different industries, and the characteristics of the company, applied research can have a good feedback.Existing programs just ~ a preliminary plan, it needs a large number of case studies to be revised. Motivation for example: we are on the selection of select only the macro, industry and enterprise motivation taxonomy. In the follow-up study, we canaccording to the need of analysis, selection of different classification, building the intrinsic value of the different causal analysis table. Based on the analysis of cases, mainlyaccording to the enterprise actual profit index, adopted in the subsequent study, can choose different according to different industry special cash flow indicator, this depends on the analysis for the industry's understanding.文献译文《上市公司内在价值分析》一、关于内在价值随着中国资本市场的发展，中国股市将逐步走向成熟，价值投资将在未来中国股市中占主导地位，证券市场的价值投资就是当证券的市场价格低于它的内在价值时买入，并长期持有或当证券的市场价格高于它的内在价值一定程度时卖出。

上市公司盈利能力分析外文文献翻译

文献出处：Gnanasooriyar M S. Profitability analysis of listed manufacturing companies in Sri Lanka: An empirical investigation[J]. European Journal of Business and Management, 2014, 6(34): 358-364第一部分为译文，第二部分为原文。

默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。

制造业上市公司在斯里兰卡的盈利能力分析：一个实证调查摘要：本文是对2008年至2012年期间的选择10家在斯里兰卡的制造业上市公司的盈利能力，以及对四种常用的财务业绩指标分析：总利润（GR），净利润（NP），资产收益率（ROA）和净资产收益率（ROE）。

结果表明，在此期间斯里兰卡制造企业是相当多的盈利在GP和ROA，但利润较低的条件在NP和净资产收益率方面。

结果表明，制造企业的盈利能力是不太令人满意的。

皇家陶瓷有限公司的毛利率和净利率排第一，ABANS电气公司资产收益率第一，皇家陶瓷公司净资产收益率第一。

这项研究的结果对学者，政策制定者，从业人员等有借鉴意义的。

关键词：盈利能力分析，上市制造企业，斯里兰卡引言利润是收入超过相关费用过量在一段时间的活动。

凯恩斯勋爵指出，“利润是驱动企业的发动机”。

每个企业都应该获得足够的利润来生存和发展在一段较长的时间。

这是该指数在经济发展，提高国民收入和生活水平的不断提高。

利润是判断不只是经济准绳，但管理效率和社会目标也。

盈利手段，使利润从组织，公司，公司或企业的所有业务活动的能力。

它显示了如何有效地管理，可以通过使用所有市面上的资源赚取利润。

据Harward和厄普顿，“盈利是“赚其使用返回给定投资的能力。

”然而，长期的盈利能力“不是同义术语‘效率’。

利润率是效率的索引; 和被认为是效率和管理指南，更高的效率的量度。

企业利润分析中英文对照外文翻译文献

中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Profit PatternsThe most important objective of companies is to create, develop and maintain one or more competitive advantages in order to generate dividends for the shareholders. For a long time, it was simply a question of dominating the market, either by costs or by a policy of differentiation. As Michael Porter advised, it was essential to avoid being “stuck in the middle”. This way of thinking set up competitive rivalry in a closed world, and tended towards stability. This model is less and less relevant today for whole sectors of the economy. We see a multitude of strategic movements which defy the logic of the old system. “Profit Patterns” lists numerous strategies which have joined the small number that we knew before. These patterns often combine to give rise to strategic models which are better adapted to the new and changing needs of the consumer.Increasing the value of a company depends on its capacity to predict Valuemigration from one economic sector to another or from one company to another has unimaginable proportions, in particular because of the new phenomena that mass investment and venture capital represent. The public is looking for companies that will succeed in the future and bet on the winner.Major of managers have a talent for recognizing development market trends There are some changing and development trends in all business sectors. They can be erected into models, thereby making it possible to acquire a technique for predicting them. This consists of recognizing them in the actual economic context. This book proposes thirty strategic prediction models divided into seven families. Predicting is not enough: one still has to act in time! Managers analyze development trends in the environment in order to identify opportunities. They then have to determine a strategic plan for their company, and set up a system aligning the internal and external organizational structure as a function of their objectives.For most of the 20th century, mastering strategic evolution models was not a determining factor, and formulas for success were fixed and relatively simple. In industry, the basic model stated that profit was a function of relative market share. Today, this rule is confronted with more and more contradictions: among car manufacturers for example, where small companies like Toyota are more profitable than General Motors and Ford. The highest rises in value have become the exclusive right of the companies with the most efficient business designs. These upstart companies have placed themselves in the profit zone of their sectors thanks, in part, to their size, but also to their new way of doing business – exploiting new rules which are sources of value creation. Among the new rules which define a good strategic plan are:1. Strong orientation towards the customer2. Internal decisions which are coherent with the overall activity, concerning the products and services as well as the involvement in the different activities of the value chain3. An efficient mechanism for value–capture.4. A powerful source of differentiation and of strategic control, inspiring investorconfidence in future cash-flow.5. An internal organization carefully designed to support and reinforce the company’s strategic plan.Why does value migrate? The explanation lies largely in the explosion of risk-capital activities in the USA. Since the 40’s, of the many companies that have been created, about a thousand have allowed talented employees, the “brains”, to work without the heavy structures of very big companies. The risk–capital factor is now entering a new phase in the USA, in that the recipes for innovation and value creation are spreading from just the risk-capital companies to all big companies. A growing number of the 500 richest companies have an internal structure for getting into the game of investing in companies with high levels of value-creation. Where does this leave Eur ope? According to recent research, innovation in strategic thinking is under way in Europe, albeit with a slight time-lag. Globalization is making the acceptation of these value-creation rules a condition of global competitively .There is a second phenomenon that has an even more radical influence on value-creation –polarization: The combination of a convincing and innovative strategic plan, strategic control and a dominant market share creates a terrific increase in investor confidence. The investors believe that the company has established its position of strength not only for the current, but also for the next strategic cycle. The result is an exponential growth in value, and especially a spectacular out-distancing of the direct rivals. The polarization process typically has two stages. In phase 1, the competitors seem to be level. In fact, one of them has unde rstood, has “got it”, before the others and is investing in a new strategic action plan to take into account the pattern which is starting to redefine the sector. Phase 2 begins when the conditions are right for the pattern to take over: at this moment, th e competitor who “got it”, attracts the attention of customers, investors and potential recruits (the brains). The intense public attention snowballs, the market value explodes to leave the nearest competitor way behind. Examples are numerous in various sectors: Microsoft against Apple and Lotus, Coca-Cola against Pepsi, Nike against Reebok and so on. Polarization of value raises the stakes and adds a sense of urgency: The first company to anticipate market changeand to take appropriate investment decisions can gain a considerable lead thanks to recognition by the market.In a growing number of sectors today, competition is concentrated on the race towards mindshare. The company which leads this race attracts customers who attract others in an upwards spiral. At the transition from phase 1 to phase 2, the managing team’s top priority is to win the mindshare battle. There are three stages in this strategy: mind sharing with customers gives an immediate competitive advantage in terms of sales; mind sharing with investors provides the resources to maintain this advantage, and mind sharing with potential recruits increases the chances of maintaining the lead in the short and the long term. This triple capture sets off a chain reaction releasing an enormous amount of economic energy. Markets today are characterized by a staggering degree of transparency. Successes and failures are instantaneously visible to the whole world. The extraordinary success of some investors encourages professional and amateurs to look for the next hen to lay a golden egg. This investment mentality has spread to the employment market, where compensations (such as stock-options) are increasingly linked to results. From these three components - customers, investors and new talent – is created the accelerating phenomenon, polarization: thousands of investors look towards the leader at the beginning of the race. The share value goes up at the same time as the rise in customer numbers and the public perception that the current leader will be the winner. The rise in share-price gets more attention from the media, and so on. How to get the knowledge before the others, in order to launch the company into leadership? There are several attitudes, forms of behavior and knowledge that can be used: being paranoiac, thinking from day to day that the current market conditions are going to change; talking to people with different points of view; being in the field, looking for signs of change. And above all, building a research network to find the patterns of strategic change, not only in one’s particular sector, but in the whole economy, so as always to understand the patterns a bit better and a bit sooner than the competitors.Experienced managers can detect similarities between movements of value in different circumstances. 30 of these patterns can be divided into 7 categories.Some managers understand migrations of value before other managers, allowing them to continually improvise their business plan in order to find and exploit value. Experience is an obvious advantage: situations can repeat themselves or be similar to others, so that experienced managers recognize and assimilate them quickly. There about 30 patterns .which can be put into 7 groups according to their key factors. It is important to understand that the patterns have three general characteristics: multiplicity,variants and cycles. The principle of multiplicity indicates that while a sector or a company may be affected by just one simple strategic pattern, most situations are more complicated and involve several simultaneously evolving patterns. The variants to the known models are developed in different circumstances and according to the creativity of the users of the models. Studying the variants gives more finesse in model-analysis. Finally, each model depends on economic cycles which are more or less long. The time a pattern takes to develop depends on its nature and also on the nature of the customers and sector in question.1) The first family of strategic evolution patterns consists of the six “Mega patterns”: these models do not address any particular dimension of the activity (customer, channels of distribution and value chain), but have an overall and transversal influence. They owe their name “Mega” to their range and their impact (as much from the point of view of the different economic sectors as from the duration). The six Mega models are: No profit, Back to profit, Convergence, Collapse in the middle, De facto standard and Technology shifts the board. • The No profit pattern is characterized by a zero or negative result over several years in a company or economic sector. The first factor which favors this pattern is the existence of a single strategic a plan in several competitors: they all apply differentiation by price to capture market-share. The second factor is the loss of the “crutch” of the sector, that is the end of a system of the help, such as artificially maintained interest levels, or state subsidies. Among the best examples of this in the USA are in agriculture and the railway industry in the 50’s and 60’s,and in the aeronautical industry in the 80’s and 90’s.• The Back to profit pattern is characterized by the emergence of innovative strategic plans or the projects which permit the return of profits. In the 80’s, the watch industry was stagnating in a noprofits zone. The vision of Nicolas Hayek allowed Swatch and other brands to get back into a profit-making situation thanks to a products pyramid built around the new brand.The authors rightly attribute this phenomenon to investors’ recognition of the superiority of these new business designs. However this interpretation merits refinement: the superiority resides less in the companies’ current capacity to identify the first an indications of strategic discontinuity than in their future capacity to develop a portfolio of strategic options and to choose the right one at the right time. The value of a such companies as Amazon and AOL, which benefit from financial polarization, can only be explained in this way. To be competitive in the long-term, a company must not only excel in its “real” market, but also in its financial market. Competition in both is very fierce, and one can not neglect either of these fields of battle without suffering the consequences. This share-market will assume its own importance alongside the commercial market, and in the future, its successful exploitation will be a key to the strategic superiority of publicly-quoted companies.Increasing the value of a company depends on its capacity to predictValue migration from one economic sector to another or from one company to another has unimaginable proportions, in particular because of the new phenomena that mass investment and venture capital represent. The public is looking for companies that will succeed in the future and bet on the winner.Major managers have a talent for recognizing development market trendsThere are some changing and development trends in all business sectors. They can be erected into models, thereby making it possible to acquire a technique for predicting them. This consists of recognizing them in the actual economic context.Predicting is not enough: one still has to act in timeManagers analyze development trends in the environment in order to identify opportunities. They then have to determine a strategic plan for their company, and set up a system aligning the internal and external organizational structure as a function of their objectivesSource: David .J. Morrison, 2001. “Profit Patterns”. Times Business.pp.17-27.译文：利润模式一个公司价值的增长依赖于公司自身的能力的预期，价值的迁移也只是从一个经济部门转移到另外一个经济部门或者是一个公司到另外一个意想不到的公司。

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中文2340字毕业论文外文翻译所在学院经济与管理学院专业财务管理班级学号姓名指导教师2014年11月01日译文：《上市公司内在价值分析》一、关于内在价值随着中国资本市场的发展，中国股市将逐步走向成熟，价值投资将在未来中国股市中占主导地位，证券市场的价值投资就是当证券的市场价格低于它的内在价值时买入，并长期持有或当证券的市场价格高于它的内在价值一定程度时卖出。

因此，对于中国股市的价值投资而言首要问题是确定上市公司股票的内在价值。

同时为了风险投资，企业并购和资产重组等资本运作的需要，迫切需要适合中国公司的可操作性强的价值评估体系。

本杰明.格雷厄姆在《证券分析》这本书中是这样描写内在价值这个概念的总结性地概括：1、内在价值是无法确定具体数值的，难以把握的概念。

2、内在价值可根据公司历史收益数据来推算，但只可做参考。

因为从历史收益数据是无法估算出不确定的未来收益的。

3、虽然无法得出内在价值的精确数字，但内在价值可以用一个近似值范围来表达并用它判断股价被高估或低估。

4 、市场价格经常偏离证券的实际价值。

5、当市场价格偏离证券的实际价值时，市场中会出现自我纠正的趋势。

但对某些证券价值的高估和低估经常会持续极长的一段时间。

国内外评估公司内在价值的主要方法有：(一)资产价值基础法它是通过对公司资产进行估价的方式来评估公司的价值。

目前国际上通行的资产估价标准主要有账面价值重置成本法和清算价值等。

1、账面价值法账面价值法是一种基于会计理论的方法根据资产负债表得出净资产并进行适当调整但结果可能不代表盈利能力，特点是简便但不准确。

(二)现金流量贴现法现金流量贴现法的基石是现值规律。

任何资产的价值等于其预期未来全部现金流的现值总和。

现金流量因所估价资产的不同而各异。

对股票而言，现金流是红利。

对债券而言，现金流是利息和本金。

对于一个实际项目而言，现金流是税后净现金流。

贴现率将取决于所预测的现金流的风险程度，资产风险越高，贴现率就越高。

反之，资产风险越低，贴现率就越低。

根据现金流的来源不同，用于评估公司内在价值的主要有以下三种：1、股利贴现法股利贴现法也就是将公司未来预期股利贴现公司目前的价值。

股利法从理论上能准确地计算出资产的真实价值，但在实际中很难操作。

因为大部分企业派发股利是不定期和不定量的，部分企业在其成长期根就不发股利，所以很难预测其股利派发情况并计算其价值。

2、公司自由现金流贴现法公司自由现金流是指在支付了经营费用和所得税后，向包括债权人在内的所有公司权利要求者支付现金之前的全部现金流。

3 、股权自由现金流贴现法股权自由现金流是指公司在履行了偿还债务、弥补资本性支出、增加营运资本等各种财务上的义务后所剩的那部分现金流。

从理论上讲对，有收益的资产，现金流量贴现法最能准确地计算出资产的真实价值，现金流量贴现法被绝大多数专业文献认为是最科学，最成熟的公司评估方法。

企业的价值等于该企业以适当的贴现率所贴现的预期现金流量现值，所以这种方法要对公司资产未来的现金流量进行估计，并要选择合理的贴现率，特点是难度较大，操作比较复杂。

（三）市盈率法如果能估计出目标公司未来可持续收益，而且股票市场存在一个平均的行业市盈率，用公司的当年税后利润乘以行业平均市盈率就可比较简单地计算出公司大致的价值，市盈率法操作性强，但其隐含的前提是当地的股票市场是一个强式效率市场，即公司的市场价值等于内在价值，否则其计算结果与公司的实际内在价值将可能产生极大的误差。

（四）其他方法有可比交易法、可比公司法、分散加总估价法、目标公司股价历史分析法、M&A乘数法、杠杆收购法、杠杆资本调整法和总收入乘数法等。

通常是投资银行在企业兼并，收购和重组中使用的方法。

（五）经济增加值（EVA）贴现法经济增加值最基本的形式就是公司的剩余收入。

也就是说，如果投资人得到的投资回报等于投资人投资的期望收益，公司的剩余收入等于零，该项投资的价值就等于该项投资的投资额。

如果公司产生经济增加值，将公司未来的经济增加值折现后再加上公司的投资总额就应该等于公司的内在价值。

二、内在价值传统分析原理评价内在价值传统分析原理，融入各种财务和管理等理论，已形成较完备的原理体系，并已经在实务操作中深入人心，取得了较好的效果。

而巴菲特则将内在价值传统分析原理运用和深化到了极致，在现实投资世界里取得了巨大成功。

但内在价值传统分析原理还存在一些缺陷，需要进一步改进。

从方法层面来看，内在价值传统分析原理的主要缺陷就是没有形成一个统一分析框架：(1)定性分析较系统，但缺乏一个统一、简单而严密的因果分析框架。

(2)定量分析只分析财务后果，没有追溯至导致该结果的原因。

(3)定性与定量分析之间没有建立应有的因果联系，没有统一的框架将定性分析和定量分析融于一体。

(4)定性分析、定量分析和价值估算之间缺乏紧密的因果逻辑联系。

这篇文章对于上市公司内在价值的分析还只是初步的，在未来我们可以考虑对更多不同行业的公司进行案例研究，以完善内在价值因果分析原理和程序。

因为不同行业的公司存在不同的行业特点和公司特点，应用研究可以起到较好的反馈效果。

现有的程序只是～个初步的方案，它需要大量的案例研究来加以修正。

例如：我们在动因的选取上，只选择了宏观、行业及企业动因的分类法。

在后续的研究中，我们可以针对分析的需要，选取不同的动因分类，构建不同的内在价值因果分析表。

本文在分析案例时，主要根据企业实际采用了利润指标，在后续的研究中，可以针对不同行业选择不同的特殊现金流指标，这有赖于分析者对于该行业的深入理解。

原文：The intrinsic value of the listed companies is analyzed First, about the intrinsic value. Along with the development of China's capital market, China's stock market will be gradually maturing, the value investment will account for the dominant position in China's stock market in the future, the value of the securities market is when the market price of the securities investment below its intrinsic value when buying, and hold for a long time or when the stock market price is higher than its intrinsic value to a certain extent when selling. Therefore, for the value of China's stock market investment primary problem is to determine the intrinsic value of the shares of listed companies. To risk investment at the same time, the needs of the enterprise merger and reorganization of assets in the capital operation, the urgent need for China's strong operability of value evaluation system of the company. Benjamin graham in "securities analysis" in the book are intrinsic value is summarized in the summary of the concept:1, the intrinsic value is unable to determine the specific numerical, difficult to grasp the concept.2, intrinsic value according to the company history data to calculate returns, but can only be used for your reference. Because earnings figures from history is unableto estimate the uncertainty of future earnings.3, although can't get an accurate number of the intrinsic value, but the intrinsic value can express and use it in a range of approximation to determine share price is overvalued or undervalued.4, often deviate from the stock market price of real value.5, when the real value of the market price deviating from the securities marketwill be the trend of self correcting. But for some overvalued or undervalued securities value often lasts for very long period of time.Second, to assess the intrinsic value of the company's main methods at home and abroad are:(a) asset value based methodIt is the way through the study of the valuation of the company's assets to evaluate the value of the company. Current international book value of assets valuation standards are on the replacement cost method and the liquidation value, etc.1, book value methodBased on the theory of the accounting book value method is a kind of method According to the balance sheet net assets and make appropriate adjustments But the result may not represent the profitability, the characteristic is easy but not accurate.2, the replacement cost methodReplacement cost method refers to the current price level to build a evaluation, and to be identical or similar assets cost characteristic is now based on the point value of the assets Did not think of the future asset returns.3, the liquidation valueLiquidation value method is based on the company's total assets minus the value of total liabilities, after market to liquidate characteristic is only considered assets value without considering the organization's intangible assets and goodwill (goodwill) is suitable for the bankrupt enterprise.(2) cash flow (DCF) methodThe cornerstone of discounted cash flow method is present value rule. The value of any asset is equal to the total present value of all cash flows in the future. Cash flow for the assets valuation varies. For stock, cash flow is dividends. For bonds, cash flow is the interest and principal. For a practical project, cash flow is the after-tax net cash flows. The discount rate will depend on the degree of risk of the cash flow forecast, the higher risk assets, the higher the discount rate. On the contrary, the lower the risk assets, the lower the discount rate. Depending on the source of the cash flow, can be used to assess the intrinsic value of the company mainly has the following three:1, the dividend discount methodDividend discount method and the company's future is expected dividend discount the value of the company now. Dividend method theoretically can accurately calculate the real value of the assets, but in practice it is difficult to operate. Because most corporate dividend distribution is irregular and not quantitative, some enterprises in its root is not hair dividends for a long time, so it is difficult to predict its dividend payments and calculate its value.2, corporate free cash flow discount methodFree cash flow is refers to the company after pay for business expenses and income tax, to all companies, including creditors rights requirement to pay cash before all of the cash flow.3, equity free cash flow discount methodFree cash flow of equity is to point to in the performance of the company to repay the debt, compensate for capital expenditure, increase working capital and other financial obligations after left that part of the cash flow.Theoretically to have earnings assets, cash flow (DCF) method can accurately calculate the most the real value of the assets, cash flow (DCF) method is considered to be the most scientific, most professional literature method to estimate the most mature company.Equal to the value of the enterprise to present value of expected future cash flows discounted by the appropriate discount rate, so this kind of method to estimate the future cash flow of the asset to the company, and to choose the reasonable discount rate, features is difficult, and complicated operation.(3) p/e ratio methodIf we can estimate the target company's future sustainable yield, and there is a stock market average p/e ratio of industry, with the company's after-tax profit multiplied by the industry average p/e ratio can be relatively simple to calculate the value of company is roughly, p/e ratio method and feasible, but the underlying premise is that the local stock market is a strong form efficiency market, the company's market value is equal to the intrinsic value, otherwise the calculation results with the company's actual intrinsic value will probably have a great error.(4) other methodsDisperse aggregation have comparable transactions, comparable companies, valuation method, the target company's stock price history analysis, M&A multiplier, leveraged buyouts, leveraged capital adjustment method and income multiplier method, etc. Usually investment Banks in enterprise merger, acquisition and reorganization method.(5) economic value added (EVA) discountEconomic value added of the most basic form is surplus income of the company. In other words, if investors get the expected return on investment is equal to the investors investment benefit, the company's residual income is equal to zero, the investment is equal to the value of the investment. If the company to produce economic value added, will be the future of the company after discounting Eva plus the company's total investment should be equal to the intrinsic value of the company.Three, the intrinsic value of traditional analysis principle of evaluationIntrinsic value traditional analysis principle, blend in a variety of financial and management theory, has formed a relatively complete theory system, and has been deeply rooted in the hearts of the people in the practice, good results have been achieved. Mr Buffett has applied intrinsic value traditional analysis principle and deepen to perfection, investment in the real world has been a huge success. But the inherent value of traditional analysis principle also has some defects, need to be further improved.From the method level, intrinsic value is the main defect of traditional analysis principle did not form a unified analysis framework:(1) the qualitative analysis of the system, but the lack of a unified, simple and strict causal analysis framework.(2) quantitative analysis only financial consequences, not back to the cause of the results.(3) there is no established between qualitative and quantitative analysis of causal relationship, no unified framework will combine qualitative analysis and quantitative analysis.(4) the qualitative analysis, quantitative analysis, and lack of causal logic closely relationship between value estimate.This article for the analysis of the intrinsic value of listed companies is only a preliminary, in the future we can consider to case studies of companies in different industries, to improve the intrinsic value causal analysis principle and procedures. Because the industry characteristics of different companies in different industries, and the characteristics of the company, applied research can have a good feedback. Existing programs just ~ a preliminary plan, it needs a large number of case studies to be revised. Motivation for example: we are on the selection of select only the macro, industry and enterprise motivation taxonomy. In the follow-up study, we can according to the need of analysis, selection of different classification, building the intrinsic value of the different causal analysis table. Based on the analysis of cases, mainly according to the enterprise actual profit index, adopted in the subsequent study, can choose different according to different industry special cash flow indicator, this depends on the analysis for the industry's understanding.。

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