(會(huì)計(jì)本科畢業(yè)論文,相似率30%以下)基于自由現(xiàn)金流量的XJ公司價(jià)值評(píng)估

基于自由現(xiàn)金量的XJ司價(jià)值評(píng)估【摘要】：企業(yè)價(jià)值評(píng)估是市場(chǎng)經(jīng)濟(jì)和現(xiàn)代企業(yè)制度結(jié)合的產(chǎn)物。近年來，隨著我國(guó)市場(chǎng)經(jīng)濟(jì)的不斷完善與發(fā)展，價(jià)值最大化是企業(yè)利益核心，價(jià)值評(píng)估成為企業(yè)進(jìn)行外部投資和內(nèi)部管理的重要工具。自由現(xiàn)金流量是企業(yè)通過經(jīng)營(yíng)活動(dòng)創(chuàng)造的財(cái)富，是價(jià)值評(píng)估體系最重要的環(huán)節(jié)之一，其能準(zhǔn)確衡量公司經(jīng)營(yíng)業(yè)績(jī)及投資價(jià)值，挖掘企業(yè)的長(zhǎng)期發(fā)展?jié)摿τ涩F(xiàn)金流量對(duì)企業(yè)價(jià)值進(jìn)行準(zhǔn)確評(píng)估完善我國(guó)資本市場(chǎng)運(yùn)行機(jī)制，提高上市公司的現(xiàn)金管理水平?！娟P(guān)鍵詞】：自由現(xiàn)金流量企業(yè)價(jià)值價(jià)值評(píng)估1

目錄一自現(xiàn)流與業(yè)值估涵...................................................................................1...................................................................................1二企價(jià)評(píng)方及較3......................................................................三案分析55..................................................................................................5四結(jié)與望.................................................................................................10................................................................................................（）估望.................................................................................................11【考獻(xiàn)】1

潤(rùn)折舊1

）））2

（1）企）值資產(chǎn)值資產(chǎn)值∑資3

=（1）要（2）要（3）在4

汽汽車1998獨(dú)在上汽XJ汽車股汽車司歷史自附1和附年XJ201020151表2示，（1）稅5

汽車股份X車2010年到2015年度25%于其子公，營(yíng)業(yè)XJab所示。（2）營(yíng)本經(jīng)營(yíng)貨應(yīng)收票預(yù)+待=應(yīng)應(yīng)付賬預(yù)收賬應(yīng)應(yīng)交金其他=經(jīng)年以6

汽車a和表示（3）固。XJ車股a和b所示（4）累示（5）歷1和表2所示。表1XJ汽車股份有公司2010年凈營(yíng)業(yè)潤(rùn)

單位：元項(xiàng)目201020112012201320142015主營(yíng)業(yè)務(wù)收入1,082,9221,243,1501,431,1441,980,0182,139,3182,158,727減務(wù)成本1,066,7921,241,9281,425,2171,991,7332,155,0862,158,422減務(wù)稅金及附加20,06821,37919,67130,34234,03135,022減價(jià)損失3,4636,4927,23612,6953,6335,717減：營(yíng)業(yè)費(fèi)用69,10374,13292,017114,294127,787132,155減：管理費(fèi)用47,09551,09567,64789,14477,27481,266息前稅前利潤(rùn)60,64639,23832,78059,11743,09550,159減：所得稅4,1391,5215,6332,6236,2883,522稅后凈營(yíng)業(yè)利潤(rùn)57,19441,46136,48360,36455,69759,433貨幣資金376,910245,127459,171403,158354,025368,458應(yīng)收票據(jù)159,992140,711245,307504,602512,573536,870應(yīng)收賬款93,29271,62247,00370,75579,10981,255其他應(yīng)收款12,52615,85012,0798,96037,71256,433預(yù)付賬款28,40715,11021,73727,60632,22053,269存貨228,445242,727252,575272,502256,315284,7377

應(yīng)付賬款預(yù)收賬款預(yù)付工資應(yīng)交稅金其他應(yīng)付款營(yíng)運(yùn)資本營(yíng)運(yùn)資本增加額固定資產(chǎn)原價(jià)固定資產(chǎn)折舊固定資產(chǎn)凈值在建工程無形資產(chǎn)及其他資產(chǎn)合計(jì)資本凈額合計(jì)資本凈支出自由現(xiàn)金流量

254,827220,287350,708468,644423,277424,83737,84537,73755,18474,52484,70285,2147,6487,30813,45322,59322,23522,527248-20,736-6,97417,07722,93329,63546,54135,87662,69997,290125,581128,455163,839163,839268,465125,696203,549365,95552,65259,92062,3702,686,595165,835161,533265,850285,849298,766236,566296,535358,43256,96569,458123,57065,48774,13584,235209,875216,411175,206175,470225,488274,57022,12024,77463,11754,103119,011125,72515,64135,47143,00941,90669,20469,526142,396157,634231,961186,550235,498354,872-75,7701,52374,326-25,43242,36786,45265,899125,470135,488165,830215,488298,755自由金流走勢(shì)020102011201220132014自由金流圖1XJ車股份限公司由現(xiàn)金流量

單位：1和1可汽2011年到2012年速年到2015年自公司未8

2表表4。表2XJ汽股份有公司歷史自現(xiàn)金流比率分析項(xiàng)目主營(yíng)業(yè)務(wù)收入增長(zhǎng)率主營(yíng)業(yè)務(wù)成本/收入

20110.1420.841

20110.2580.942

2012201320140.3120.4640.5160.8940.9710.825

20150.3420.934主營(yíng)業(yè)務(wù)稅金及附加/主營(yíng)業(yè)務(wù)收入

0.002

0.003

0.0020.0050.004

0.004管理費(fèi)用加營(yíng)業(yè)費(fèi)用/主營(yíng)業(yè)務(wù)收入息稅前利潤(rùn)/主營(yíng)業(yè)務(wù)收入息稅后利潤(rùn)/主營(yíng)業(yè)務(wù)收入息稅后營(yíng)業(yè)利潤(rùn)增長(zhǎng)率投資回報(bào)率營(yíng)運(yùn)資本增長(zhǎng)率營(yíng)運(yùn)資本/主營(yíng)業(yè)務(wù)收入貨幣資本/主營(yíng)業(yè)務(wù)收入存貨/主營(yíng)業(yè)務(wù)收入應(yīng)收賬款/主營(yíng)業(yè)務(wù)收入

0.0840.1250.0890.1250.1480.1570.3210.3210.1260.016

0.0640.1570.0780.1340.2140.2570.3570.2840.1840.031

0.0730.1640.0840.1420.1620.2640.3640.2640.0980.028

0.0710.1470.1240.2450.1320.3160.4120.3410.1420.026

0.0450.1890.060.1680.2140.3270.3840.2970.1130.027

0.0620.2140.1350.0980.2850.3420.3940.3490.1450.034除應(yīng)收款貨外營(yíng)運(yùn)資本/主營(yíng)業(yè)務(wù)收入資本凈支出/主營(yíng)業(yè)務(wù)收入主營(yíng)業(yè)務(wù)收入/資本凈額

0.1580.0211.547

0.1640.0381.324

0.1840.2150.2130.0470.0640.0841.9451.4751.348

0.1980.0212.134主營(yíng)業(yè)務(wù)收入/在建工程及固定資產(chǎn)凈值資本額增長(zhǎng)率

2.3150.048

1.2640.026

3.2173.6492.8450.1240.0360.027

1.6550.166固定資產(chǎn)折舊額/主營(yíng)業(yè)務(wù)收入無形資產(chǎn)及其他增長(zhǎng)率

0.1740.248

0.2150.214

0.3240.3120.2210.3240.2660.341

0.2640.647表3XJ汽股份有公司未來自現(xiàn)金流比率預(yù)測(cè)表預(yù)測(cè)項(xiàng)目

增長(zhǎng)率

預(yù)測(cè)項(xiàng)目

增長(zhǎng)率主營(yíng)業(yè)務(wù)收入增長(zhǎng)率0.2主營(yíng)業(yè)務(wù)成本/主營(yíng)業(yè)務(wù)收入0.7主營(yíng)業(yè)務(wù)稅金0.004

貨幣資金/主營(yíng)業(yè)務(wù)收入存貨/主營(yíng)業(yè)務(wù)收入應(yīng)收賬款/主營(yíng)業(yè)務(wù)收入9

0.30.170.07

及附加/主營(yíng)業(yè)務(wù)收入營(yíng)業(yè)費(fèi)用加管理費(fèi)用/主營(yíng)業(yè)務(wù)收入

0.1

除應(yīng)收賬款、存貨外營(yíng)運(yùn)資本/主營(yíng)業(yè)務(wù)收入

0.19息稅前利潤(rùn)/主營(yíng)業(yè)務(wù)收入

0.2

資本凈支出/主營(yíng)業(yè)務(wù)收入

0.02息稅后營(yíng)業(yè)利潤(rùn)/主營(yíng)業(yè)務(wù)收入息稅后營(yíng)業(yè)利潤(rùn)增長(zhǎng)率投資回報(bào)率

0.070.040.012

主營(yíng)業(yè)務(wù)收入/資本凈額主營(yíng)業(yè)務(wù)收入/在建工程及固定資產(chǎn)凈值資本凈額增長(zhǎng)額

1.220.08營(yíng)運(yùn)資本增長(zhǎng)率

0.27

固定資產(chǎn)折舊/主營(yíng)業(yè)務(wù)收入

0.24營(yíng)運(yùn)資本/主營(yíng)業(yè)務(wù)收入

0.45

無形資產(chǎn)及其他資產(chǎn)增長(zhǎng)率

0.4表4XJ汽車股份有公司未自由現(xiàn)金流預(yù)測(cè)結(jié)

單位：元年份2016201720182019未來自由現(xiàn)金流量221,515336,598568,492636,554年份2020202120222023未來自由現(xiàn)金流量803,212969,8651,158,9641,435,468）以XJ企

））【參考文獻(xiàn)】[1]劉秋潔.從會(huì)計(jì)報(bào)表角度看企業(yè)價(jià)值的本質(zhì)J].湖南農(nóng)業(yè)大學(xué)學(xué)報(bào)（社會(huì)科學(xué)版2014,(06).[2]王文.從現(xiàn)金流量表的視覺角度觀察企業(yè)價(jià)值J].現(xiàn)代商業(yè),2014,(01).[3]李宏杰.金流量的信息含量及在企業(yè)價(jià)值評(píng)估中的應(yīng)