The Construction And The Demonstration Research On Financial Analysis Index System Based On Cash Flow

At present, China's market economic system is in a period of development and improvement.The modern enterprise system gradually standardized. At the same time, as the capital market continued to be refined, the diversification of investors, and the complex of investment and means of financing. the orientation of investment diversification, investment activities and financing activities which has become a major activity. This will also lead to the unceasing increase in the uncertainty and the fatalness of the enterprise management. The existence of these factors make the enterprise investors, the creditors as well as the collectivity and individual which have benefit relations with the company,even more pay attention to the information about the ability of paying off a debt and profiting and management process and so on.But the traditional financial analysis index system based on the balance sheet and profit statement, as well as "accountant profit" as core, including financial index of listed companies requested by China securities regulatory commission, financial index system designed as the reference of Dupont analysis system, valuation system of national capital operation performance as well as common index of China's listed companies'operational appraisal in the present stage actually not to be able to realize the above request. Therefore, how to construct a set of comprehensive and systematic financial index system appears to be more important.By reviewing traditional financial index system, this article has made the improvement in the traditional analysis appraisal system by analizing the limitation of existing financial index system and has brought the cash flow indicator index of correlation into line with the financial analysis appraisal system, to consummate the comprehensive and the systematic characteristic of the system. At the same time, the information and its usefulness reflected by the cash flow statement has been carried on the full proof, which provides the basis for establishing a set of complete enterprises finance analysis index system. Finally, using the Shanghai and Shenzhen stock markets 2000-2006 financial statements of listed companies of 30 steel industry data, carries on using the factor analytic method to condense data and give weight to each index, builds two sets of financial index system of performance evaluation. According to the two sets of systems, analyzing the financial report data through standardized and relevance analysis method on demonstration research, contrasts the evaluating result of two appraisals systems,analyzes it regarding the enterprise achievement appraisal different aspect fit and unfit quality and the appraisal ability, and summarizes the new appraisal system evaluating ability change tendency, to make some explorative contribution for the further consummation work of the financial index system .