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

With the development and improvement of market economic system in China, the traditional financial analysis index system based on the balance sheet and profit statement, as well as "accountant profit" as core, create a demand for new financial analysis index system. Therefore, how to construct a set of comprehensive and systematic financial index system is a problem that should be solved quickly.After researching the theory of traditional financial index system, this paper has made the improvement in the traditional analysis appraisal system by pointing out the deficiencies of traditional financial index system .It 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 from the cash flow statement has been carried on the full proof, and using it to building the new financial index system of performance evaluation., which provides the basis for establishing a set of complete enterprises finance analysis index system. Finally, according to four aspects of the profit ability, pays off a debt ability, transport business ability and the development ability, using the Shanghai and Shenzhen stock markets 2004-2009 financial statements of listed companies of 20 manufacturing 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 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.