基于财务报告的A公司价值投资分析

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1、西南交通大学硕士学位论文基于财务报告的A公司价值投资分析姓名：李京申请学位级别：硕士专业：工商管理指导教师：傅浩20080401西南交通大学硕士研究生学位论文第1l页AbstractSinceBenjaminGrahamandDavidL．Doddputforwardthebasicvalueanalysistheory,theenterprisevalueanalysisbasedonfinancialreporthasbeengrowingtobethemajorfoundationofvalueinvestmentofacompa

2、ny．ThispaperprovidesthereferenceforinterestedpartytomakedecisiononvalueinvestmentbygivinggeneralevaluationonthefmancialstatusandmanagementperformanceofCompanyAanditsoperationstrategy．TheinternalvalueofthiscaseistoevaluatethepastoperationstatusofCompanyAwithoutcoveringthe

3、futurevalueestimationandfinancialforecast，whichwillnotinfluencethevalueinvestmentdecisions．Thepastsituationwillreflectthefutureoperation，especiallyassetsandliabilities—thefoundationofcontinuousoperation，cashflow—theprocessofcontinuousoperation，andprofit—theresultofcontin

4、uousoperation，whichgiveawholepictureofcompanyoperation．Therefore，theconclusionbasedonsuchananalysisiscredibleandreliableformakingdecisionsonvalueinvestment．Moreover,thisresearchmayofpaperfocusesonfinancialreportanalysis，togetherwithotheranalysissuchasoperationstrategy．Th

5、ecompanyAhasbeenmakingsignificantprogressinimprovingshorttermliquidityandcapitalstructure，SOtheutilizationefficiencyofcurrentassets，suchasstockandaccountsreceivable，Wasincreased，andtheoperationriskswerereduced．Moreimportantly,strongrefinancingabilityhasensuredcontinuouso

6、perationandgrowingofthecompanyinlackofworkingcapitalfor4years．Itisalsofoundthattheownershiprewardofthecompanymainlybenefitsfromfmancialleverage．Therewardrateofownershipdecreasedaftertheasset-liabilityratiowasimprovedin2006．Thereturnrateofassetshasbeengrowingforyearsbecau

7、seoftheincreaseofsalesmargins，whilelittleimprovementofassetsutilityhasdepressedtheincreaseoftherewardrateofownership．Thus，thenetprofithasbeenfluctuatingobviouslysince2003．It’Sfortunatethattheincreasingprofitabilityofthecompanyensuresitscontinuousgrowinginspiteoftheintens

8、ivecompetitioninaviationindustryandtheriseoffuelcost．Atthesametime，insenseofoperationandfinancialstrate