【作者】 张庆；

【导师】 杨青；

【作者基本信息】 武汉理工大学 ， 技术经济及管理学， 2002， 硕士

【摘要】 上市公司业绩是证券市场各方人士共同关注的问题。如何客观、合理评价上市公司业绩已成为当前证券投资理论和实践中的主要问题。虽然上市公司业绩不可以由财务指标一概而全，但它仍然能较好的反映上市公司质量，是诊断上市公司经营业绩的重要工具。 综合评价指标体系从上市公司的盈利能力、偿债能力、资产管理能力、成长性、股本扩张能力和主营业务鲜明状况六个方面来反映上市公司的经营业绩。 目前，上市公司通过各种方法对利润进行操纵，与利润相比，自由现金流量更少的受到经理的调控。它是一种现金贴现模型，并将经营现金流量分为战略性支出和非战略性支出两部分。其中，战略性支出指公司为了创造新的价值的支出，而非战略性投资则为保证现有的竞争能力的支出。自由现金流量难于预测，目前运用自由现金流量进行预测的单位仅限于银行、信用分析师和公司财务部门。 《新财富》推出以“基本成长率”作为衡量中国上市公司的指标。即通过公司最近实现的盈利能力，以及所掌握资源（有息负债及未分配股利）的多少，来计算一个企业在正常的情况下，具有多高的成长性。 经济增加值（EVA）由美国Stern．Stewart管理咨询公司创建，其本质是经济利润。它代表股东的利益，考虑到资金成本，认为公司只有在其资本收益超过为获得该收益所投入的资本的全部成本时，才能为股东带来价值。 本文对综合评价指标体系作出修正，并提出了基于自由现金流量和经济增加值的评价模型的初步设想。更多还原

【Abstract】 The performances of the listed corporations have become the focus of the investors, analysts and media. The just and reasonable methods to evaluate the performance are of great importance.Multiple Financial System is obtained by some indexes which can reflect the profitability, solvency, the ability to manage the capital, growth ability, expansibility of capital stock and the distinct of the main operation.Comparing with profit and some indexes based on profit, FCF (free cash flow) can not be easily controlled by listed corporations. FCF is a Net Present Value model that periodizes the Net Present Value calculation and classifies investments into two categories, Strategic and Non-strategic Investments. Strategic Investments are those which objective is to create new value for the shareholders, such as expansion, while Non-strategic Investments are the ones made to maintain the value the Strategic In-vestments create. FCF is used only by invest bank, and credit analysts because it is difficult to be forecasted.New Fortune put forward a new method to evaluate the listed corporation performance which is based on its Basic Growth Rate.Economic Value Added (EVA) is created by Stern. Stewart Company. It is the after-tax cash flow generated by a business minus the cost of the capital it has deployed to generate that cash flow. Representing real profit versus paper profit, EVA underlies shareholder value, increasingly the main target of leading companies’ strategies.更多还原