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论文编号：	11633
作者编号：	2320170628
上传时间：	2020/6/19 14:39:16
中文题目：	考量资产减值因素的企业效益评价指标研究---以东方精工为例
英文题目：	Study on the Evaluation Index of Enterprise Benefit Considering the Factor of Asset Impairment：A Case Study of Dongfang Precision Group
指导老师：	王全喜
中文关键字：	商誉减值;资产减值;企业效益评价指标;东方精工
英文关键字：	Goodwill impairment;Impairment of assets;Evaluation Index of Enterprise Benefit;Dongfang Precision Group
中文摘要：	本文针对我国一些上市公司商誉减值给公司盈利造成重大影响的事件，联系到各种资产减值可能形成的盈利损失，通过对国内外文献的回顾和研究，阐述了企业效益评价指标及资产减值的相关理论，从资产计量的角度，分析了部分资产较易出现减值的情况。从理论上看，资产本身由于计量属性中存在一定的主观性及市场信息不能完整客观获取，资产的价值客观上存在一定的不确定性。另外，资产的减值都会影响企业的收益，不同资产的减值对企业收益有不同的影响，可以将不同资产的减值风险根据不同的影响程度反映到企业效益的评价指标中来，使企业效益评价指标更完整、更真实。 本文以A股上市公司东方精工作为研究案例，梳理了其上市以来的经营情况，整理了其为后续埋下资产减值伏笔的多笔并购交易，阐述了其资产构成及变化情况，再通过对其2014年至2018年财务数据的汇总、分析，研究了资产减值对其利润指标、盈利能力、经营能力、运营效率和偿债能力的影响，发现其突然出现的资产减值使之前良好的盈利能力、经营能力中绝大部分财务指标失效的情况，同时对运营效率和偿债能力中各财务指标无影响情况。 本文在常规的企业效益评价分析之上，运用企业单项资产占净资产的比例与行业数据对比的方法，分析企业资产中可能存在的减值风险，设定相应的调节变量，将调节变量加入到对企业效益的分析中，形成考量资产减值因素的新企业效益评价指标。 本文建议在建立考量资产减值因素的企业效益评价指标时，企业需要加强对于自身商誉等资产的信息披露，监管机构应更多地主导对于行业资产情况的披露，以帮助投资者更好的利用行业信息进行对个体企业效益的分析。在建立考量资产减值因素的企业效益指标时，需根据不同行业的特性设定符合行业特征的指标与权重，运用德尔菲法制定更合理的指标和指标权重，使新效益指标更具准确性、科学性。基于资产减值会对企业效益造成实质影响，投资者需将企业资产减值因素加入到企业效益评价指标中，通过分析考量资产减值因素的企业效益指标，提升对企业效益的分析能力，从而提升对企业的投资决策能力。
英文摘要：	Through the review and research of domestic and foreign literatures, this paper expounds the relevant theories of enterprise benefit evaluation index and asset impairment. From the perspective of asset measurement, it analyzes the fact that some assets are more likely to be impaired. Theoretically, the asset itself cannot be completely and objectively acquired due to the certain subjectivity and market information in the measurement attribute. There is a certain uncertainty in the value of the asset objectively. In addition, the impairment of assets will affect the income of the enterprise. The impairment of different assets will have different impact on the income of the enterprise. The impairment of different assets can be reflected in the evaluation index of enterprise benefits according to different influence levels, so that the enterprise benefits The evaluation indicators are more complete and more realistic. This paper takes the A-share listed company Dongfang Precision Group as a research case, sorts out the strategic development path since its listing, and sorts out its multiple M&A transactions for the subsequent asset impairment test, expounds its asset composition and changes, and then passes Based on the summary and analysis of the financial data from 2014 to 2018, the impact of asset impairment on its profit index, profitability, operating capacity, operational efficiency and solvency was studied. It was found that its sudden asset impairment made good before. Most of the financial indicators in the profitability and operating capacity are invalid, and there is no impact on the financial indicators of operational efficiency and solvency. Based on the analysis of conventional enterprise benefit evaluation, this paper analyzes the possible impairment risk of enterprise assets by using the method of comparing individual assets to net assets ratio and industry data, and sets corresponding adjustment variables to add adjustment variables to In the analysis of enterprise benefits, a new enterprise benefit evaluation index that considers the asset impairment factor is formed. This paper proposes to establish an enterprise benefit evaluation index that considers the asset impairment factor. Enterprises need to strengthen information disclosure on assets such as their own goodwill. Regulators should be more dominant in the disclosure of industry assets to help investors better use industry information to analyze the benefits of individual companies. When establishing the enterprise benefit index considering the asset impairment factor, it is necessary to set corresponding indicators and weights according to the industry characteristics. The Delphi method can be used to formulate more reasonable indicators and index weights, making the new benefit indicators more accurate and scientific. Based on the impact of asset impairment on corporate profits, investors need to strengthen the analysis of corporate asset impairment factors and add them to the enterprise benefit analysis indicators. The ability to analyze the benefits of the company, thereby improving the ability to make investment decisions.
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