《基于财务报告分析的企业投资价值研究.doc

摘 要 随着我国的国民经济体制向市场经济改变，越来越多的个人和企业将投资证券市场作为一种投资途径。而随着高新技术行业高速的发展，尽管其本身具有很高的风险性，但其带来的潜在高收益还是吸引了大批投资者的目光。但是，投资者如何才能了解企业是否具有投资价值？ 财务报告分析是研究企业价值的重要工具。通过财务报告分析所揭示出的企业信息，可以帮助我们了解企业的特征。有了这些特征再加上运用绝对估值法和相对估值法对企业进行分析计算，我们就能完成对企业价值的预测和评估。 本文通过定性、定量的方法就如何基于财务报告分析对企业投资价值进行研究展开讨论。本文选取了上海现代制药股份有限公司为分析案例，通过其资产负债表、利润表和现金流量表，对其进行了结构与比较分析，偿债能力、获利能力和市场价值的指标分析，以及运用改进的杜邦分析体系进行综合分析。基于上述分析，认为上海现代制药股份有限公司价值投资的基本面较好。最后运用了市盈率法和自由现金流折现模型对公司的内在价值进行分析，以期为各利益相关方价值投资决策提供一定的参考。 关键词：财务报告；企业投资价值；上海现代制药 Abstract Along with Chinas national economy to a market economy change, more individual and enterprise will invest in the stock market as an investment ways. With the development of high and new technology industry high-speed, although the itself has very high risks, but its bring potential high yield or attracted many investors attention. However, investors how to understand whether is the enterprise has investment value? Financial report analysis is an important tool to study the enterprise value. Through analysis of the financial report which were revealed in enterprise information, can help us understand enterprise characteristics. With these features plus use absolute valuation method and relative valuations analysis method of enterprise, we can finish calculation of enterprise value of the prediction and evaluation. This article through qualitative and quantitative methods based on the analysis of financial reports on how to study for enterprise investment value discussions. This paper selects the Shanghai modern pharmaceutical Co., LTD. For analysis case, through its balance sheet, an income statement and a cash flow statement, analyses the structure and comparative analysis, solvency, profitability and market value index analysis, and an improved dupont analysis system analysis. Based on the above analysis, thinks that Shanghai modern pharmaceutical Co., LTD. Is the fundamental value investment. Finally using a p/e ratio method and free cash flow discount model the intrinsic value