2012论文题目

题目:传统财务分析与EVA分析比较研究 摘要:经济附加值(EVA,Economic Value Added)考察的是上市公司当前创造的真正价值,往往上市公司按公认会计准则编制的会计报表各项财务指标(包括净利润、主营业务收入、净资产收益率、每股收益、每股净资产、市盈率等)优良;但因为传统会计方法忽略股权资本成本,即未考虑投资人因投资该企业所付出的机会成本代价,所以单纯的传统财务报表分析未能衡量企业内在的真正价值。长期以来,以净资产收益率、每股收益、市盈率为代表的财务指标一直作为上市公司业绩衡量的标准被广泛使用,众多的咨询机构和投资者以其作为评估上市公司股票的基石。但上市公司最终的目标是为实现股东价值最大化(Shareholder Value Maximization),因此势必对用来衡量公司业绩指标的准确性提出了更高的要求。经济附加值EVA价值评估法恰恰在一定程度上满足这一要求,帮助股东、投资者等各方进行理性的分析投资决策。 本文以信息技术行业上市公司为研究对象,原因是经济附加值EVA考虑的资本成本与企业风险直接相关,信息技术行业企业恰恰在目前的中国市场处于成长阶段,增加了上市公司进行一系列投资的不确定性和高风险性。在传统财务分析的基础上进行经济附加值EVA分析尤其适用于此行业。不否认传统财务分析评价企业价值的作用,事实上,对传统会计报表进行适当调整,利用经济附加值EVA分析方法为企业进行更加全面考量,揭示企业内在的真正价值。 关键词:经济附加值(EVA),资本成本,财务指标 目录 一、序言…………………………………………………………………1 二、文献综述………………………………………………………..........2 (一)企业价值概念..................................................................................2 (二)三个不朽理论……………………………………………………..2 (三)目前较为流行的企业价值评估方法……………………………..2 (四)责任中心业绩评价………………………………………………..3 (五)EVA理论来由……………………………………………………..4 三、EVA理论现有成果…………………………………………………..5 四、传统财务指标与EVA指标模型介绍…………………………….....6 (一)传统财务指标模型………………………………………………..6 (二)EVA指标模型……………………………………………………..7 (三)目前市场数据……………………………………………………..8 五、比较应用实例——“青岛啤酒”盈利增长的背后…………………..9 六、实证检验……………………………………………………………10 (一)上市公司基本概念阐释…………………………………………10 (二)实证比较传统财务指标与EVA指标应用——以四种信息技术行业上市公司为研究对象……………………………………………..11 (三)比较结果…………………………………………………………13 七、结论与展望…………………………………………………………

《 Float 》 , is my favorite book.Like the beauty of si brave strong, like the rui especially of tactful is resolute, like the outside of the meilanrui soft inside just. For the beauty of si this person thing, my felling is self-contradict, is to dislike the but again and have to respect and admire her.She is a person for having the character very much, loving two men in her whole life, but she didn't an is an understanding of.If she understands the rare gift of a, that she will not love him;If she understands the rui especially, that she will not lose him.She always is to be ungrateful to the rui especially of, she is just not to stop the rare gift of prince- a who make track for oneself's in a dream.She is just to think the characteristics that loves by herself that the rare gift of a have, she just does a gorgeous clothes, letting rare gift of a put on, being in love with him and then.But fact is, she love just that clothes. For her, I am to have to admire of, admire her strong, admire her to the persist of land, admire her ability under the education that that in environment under let go of before be subjected to the farmland stem live, admiring the speech that she can neglect the society but founding own business.Her life contain a few souls, an is her mother.His mother is a madam with expensive very able and gentle and soft typical model, is the person who she respect and admire most .But, mother typhoid for saving the person but ising infect, die.Another, is her more than ten in the last years favourite of person- a rare gift.Her ability stands up in the adverse circumstances, have very greatly a part of reason is a rare gift of a .She the rare to a gift persists unusually.Still have a, is the meilanli .More than ten years that struggle together in, the meilanli has already become her life in the indispensability of a part. I feel that the beauty of si is like a child, persisting to the thing that oneself want unusually, but to the thing that oneself own but disdain to on attend to.An at try very hard to make the oneself happy, a push the happiness to leave constantly again, push the lover toward abyss. The beauty of si is loving is a rare gift of a , but,a rare gift but don't want her.Be like the rui to especially say of, the rare gift of a is a gentleman, just wasing born in an and he inharmonious ages.He still uses the rules of the game of the old world life, will bump only rejection.The beauty of si doeses not understand the a to hope the gift, so she loves him, think that exhausted whole wayses get him, but when she recognize pure he, she did not love him any further. The beauty of si is a contradictory body, can have again who not is a contradictory body?She is in the life of road up all the way walk, be when she face the difficulty, she chooses the accolade, be when she face the responsibility, she chooses to carry, can be she face loving choice is, at first, he choose to hoodwink the oneself, being her to recognize finally pure, to face, but is already the hour already late.But she, at incapable is a dint, will tell the oneself, tomorrow is new day, everythings will like tomorrow, the Tomorrow is another day.She is all an in the whole story full of fire, be filled with the person of the will to fight.I enjoy most of, would be her this" Tomorrow is another day.".Was filled with the hope forever, be filled with the will to fight, can never give up, can never despair.This spirit, the most worthy of I study.So, whenever I meet the difficulty, mood not good, I will tell the oneself then:" Tomorrow is another day.".The another in book make the female that me admire very, would be the meilanli .She is an outside soft inside just of female, she almost owned the whole virtue that female can own.Positive if the rui especially says of, she is a that a handful of expensive madam that he saw win.She is strong, she is patriotic, she uses her heart love nearby all people.When her husband fight, she silent in the rear guard the hon, do the business of her what lies in one's power, be the north guy to beat in the city and she again soon about to deliver child, she still the town settle, being the next stem of the her body infirmity and nobodies to live soon didn't When the rice eat, she similar to beauty of si , let go of past education for be subjected to and sense of superiorities, trail weak of body next stem live, be she see the beauty of si kill a north guy, she did not be rattled, but help to bury the corpse, searching the money, wiping the blood stain, being the war finally end, north guy soldier whom she hate bitterly before arriving at her door request to look after and themselves also have no excessive food, she still fulfil her ability the ground helped them, because she hopes to also have the north guy woman of a good heart afar to her just at homing a rice of husband eat. Such strong female, the but again is a such gentleness kind and considerate.She persists the ground to believe the rare gift of beauty of si and a's, even someone see with own eyes they hug together, also persisting the ground to believe them, protection si beauty.She knows perfectly well pain and sufferings that own body can't bear again to grow, but persist the ground to want to hope the gift to give birth to a child for the a again, end leave she loved the close relatives of the lifetime. Is really too great, looking at themeilanli, make me thought of much more Chinese ancient times females of, they are also such dociles, work hard in spite of criticism, assist husband and bring up children, then silent unknownly old go to and depart from this life. In the whole book, I is a rui for the person that like most especially.He is brave and persists, he can love the beauty of si so and deeply for more than ten years constant.He wants to protect the beauty of si , the doter si beauty, look after the beauty of si, let her everything feel happy, but the beauty of si refused.He says, again the time that eternal love also will dub out, but his love, drive beauty of si, drive rare gift of a , was dub out by the adherence that the si beauty is stupid of.His heart, die.When his daughter leaves him, his heart, return any further not to come.He says, he has always been to have no that patience shear the ground pants and sew and like, then tells the oneself this is similar to lately, just deceive yourself as well as others.Ground is ground, return and don't go to any further, even make allies, the top still stays the crack, is not originally any further that. 《飘》，是我最喜爱的书。喜欢斯佳丽的勇敢坚强，喜欢瑞特的机智果断，喜欢玫兰妮的外柔内刚。 对于斯佳丽这个人物，我的感觉是矛盾的，是讨厌却又不得不敬佩她。她是个非常有个性的人物，她一生中爱了两个男人，而她却没一个是了解的。如果她了解阿希礼，那她就不会爱他；如果她了解瑞特，那她就不会失去他。她一直以来是辜负瑞特的，她只是不停追寻着自己梦中的王子——阿希礼。她只是把自己爱的特点认为阿希礼有，她只是做了一件华丽的衣服，让阿希礼穿上，而后爱上他。而事实是，她爱的只是那件衣服。 对于她，我是不得不佩服的，佩服她的坚强，佩服她对土地的执着，佩服她能在那中环境下放下以前所受的教育下田干活，佩服她能不顾社会上的言论而开创自己的事业。她生命有几个灵魂，一个是她的母亲。他的母亲是一位非常能干、温柔的典型贵夫人，是她最敬佩的人。可是，母亲为了救人而被传染伤寒，去世了。另一个，是她十几年来最爱的人——阿希礼。她能在逆境中站起来，有很大一部分原因就是阿希礼。她对阿希礼是异常执着的。还有一个，就是玫兰妮。在一起奋斗的十几年里，玫兰妮已经成为她生命中不可缺少的一部分了。 我觉得斯佳丽就像个小孩子一样，对自己想要的东西异常执着，而对自己所拥有的东西却不屑一顾。一面在拼命让自己幸福，一面又不断地把幸福推离，把爱人推向深渊。 斯佳丽爱的是阿希礼，可是，阿希礼却不要她。就像瑞特说的，阿希礼是个君子，只是生在了一个和他格格不入的时代。他还是用旧世界的游戏规则生活，只会撞得一鼻子灰。斯佳丽不了解阿希礼，所以她爱他，想尽一切办法得到他，而当她认清他时，她再也不爱他了。 斯佳丽是个矛盾体，可又有谁不是矛盾体呢？她在生命的道路上一路走来，当她面对困难时，她选择迎接，当她面对责任时，她选择担负，可当她面对爱的抉择是，起初，他选择蒙蔽自己，当她终于认清，要面对时，却已为时已晚。而她，在无能为力时，就会告诉自己，明天是新的一天，明天一切都会好了，Tomorrow is another day。她在整个故事中，都是个充满生气、充满斗志的人。我最欣赏的，便是她的这句“Tomorrow is another day.”。永远充满了希望，充满斗志，永远不会放弃，永远不会绝望。这份精神，是最值得我学习的。所以，每当我遇到困难、心情不佳时，我便会告诉自己：“Tomorrow is another day.”。 书中另一个使我十分佩服的女性，便是玫兰妮。她是个外柔内刚的女性，她几乎拥有了女性所能拥有的一切美德。正如瑞特说的，她是他所见过的少数贵夫人中的一个。她是坚强的，她是爱国的，她用她的心爱身边所有的人。当她丈夫打仗时，她在后方默默守侯，做她力所能及的事，当北佬打进城而她又快要临盆时，她依然镇定，当她身体虚弱而没人下地干活快要没饭吃时，她和斯佳丽一样，放下过去所受的教育和优越感，拖着虚弱的身体下地干活，当她看到斯佳丽杀了一个北佬时，她没有惊慌失措，而是帮着掩埋尸体，搜查钱财，擦拭血迹，当战争终于结束，她痛恨的北佬士兵来到她门前要求照顾而她们自己也没有过多粮食时，她还是尽她所能地帮助他们，因为她希望在远方也有一个好心的北佬女人给她正在回家的丈夫一口饭吃。 如此一位坚强的女性，却又是如此的温柔善良和善解人意。她执着地相信斯佳丽和阿希礼，即使有人亲眼看见他们搂在一起，也执着地相信他们，保护斯佳丽。她明知自己的身体无法再承受生育的痛苦，却执着地要再为阿希礼生个孩子，最终离开了她爱了一辈子的亲人们。 真的是太伟大了，看着玫兰妮，使我想到许许多多的中国古代女性，她们也是如此的善良，任劳任怨，相夫教子，然后默默无名地老去、死去。 整部书中，我最为喜欢的人物就是瑞特。他勇敢、执着，他能那么深地爱着斯佳丽十几年不变。他想保护斯佳丽，宠爱斯佳丽，照料斯佳丽，让她事事称心，而斯佳丽却拒绝了。他说过，再永恒的爱也会有磨光的时候，而他的爱，是被斯佳丽，被阿希礼，被斯佳丽愚蠢的固执磨光的。他的心，死了。当他女儿离开他时，他的心，再也回不来了。他说过，他从来没有那个耐心把剪碎的裤子缝好，再告诉自己这就和新的一样，自欺欺人罢了。碎了就是碎了，再也回不去了，即使修好，上面仍然留有裂缝，再也不是原来那条了。 瑞特是个复杂的人，他有良好的家世，但却仍和旧时代格格不入，他有锐利的眼睛，可以在乱世找到自己的处身之道，他对国家有热情，即使他明知必败无疑，却仍在最后关头入了军。他爱斯佳丽，但他更了解斯佳丽，所以他从不说，只是通过行动表达，而斯佳丽却从来不想去了解他。最后，他绝望了，一次又一次的失望使他再也没有勇气再去尝试，他累了。 《飘》绝对是部值得再三品味的好书，文字优美，情节跌荡起伏、扣人心弦，虽然其中由于作者的主观因素，对于美国南北战争的评价并不客观和全面，但以文学角度来说，这绝对是一部绝世佳作，值得一看。备注：中文后几段英文好像没有翻译，宁外《飘》英文名应该是《go with wind》10招赶走办公室瞌睡虫瞌睡，使人没精打彩；瞌睡，使人们工作效率降低；在高危工作、开车等犯困会危及人的生命。别小看瞌睡，对工作有小害，也有大害，其害还真无穷。 利用茶和咖啡提神：动作过程带来片刻清醒 香氛饰品或者干花：美好的气味清醒头脑 做运动：办公室中三分动七分静最适宜 降温:外来的新鲜空气可注入精神和活力 嚼薄荷：香口胶薄荷糖有助于提神醒脑去洗手间：坐在里面打个5分钟的小盹 想心事：在电脑前装模作样不算开小差 找经理：找无伤大雅的事"烦"他一下 打电话：时间不宜过长忌煲电话粥 聊天：就近在办公室里找个人说说话满足口欲不增肥 10种办公室零食在办公室久坐的OL们是不是都有吃零食的习惯呢？小编和同事们就在抽屉里贮藏了满满的零食哦，和大家一起来分享这些办公室中必备的健康零食！ 花生：亚油酸成分可帮助脑部血液畅通 海苔：含有多种维生素和矿物质 豆腐干：营养均衡哪一样都不缺也不过多 牛肉干： 富含蛋白质有一些血红素铁 即食果蔬片：多吃无益，以新鲜为最佳话梅和橄榄都能够止咳祛痰、生津止渴 黑巧克力是含糖量和脂肪量最低的 一杯低脂牛奶，加一小勺咖啡粉 绿茶：咖啡因能提神 茶多酚抗辐射 燕麦片：错过了正餐不妨吃碗麦片粥经典瑜伽动作扫除办公室急症 一字展胸式调节肩膀和肩部的僵硬状态，矫正耸肩的现象，帮助增加肺活量，美化胸部线条。 立式展胸式调节呼吸，可以治疗便秘、哮喘、支气管炎、手部痉挛，帮助增加肺活量。 鸽子式强化大腿及小腿肌肉，美化手臂线条，增强腰部和肩关节的柔韧性，使腰部纤细柔软。 骆驼式加强肺活量和血液循环，调整背部和脊柱，消除肩膀、背部和脚踝的紧张。 扭体侧三角伸展式治疗便秘、胃酸过多、肥胖症、肩周炎、促进内脏的血液循环和消化系统的新陈代谢。