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 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 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 method

It 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 method

Based 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 value

Liquidation 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) method

The 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,