Based On The Analysis Of The Financial Statements Of The Residual Income System Construction And Application

With the development of the market economy, the establishment and development of corporations increasingly deepening, as the key content of modern company system, maximize shareholder rights and interests, this concept is more and more thorough popular feeling. For a long time, how to correctly, reasonable reflect the value of the company is financial workers tireless hope to solve the problem. Ancient and modern Chinese and foreign, many experts and scholars paid a hard efforts, has been very gratifying results. Of course, not all the problems are solved. The separation of ownership and managerial authority makes financial statements investors understand the important way of enterprise management situation, but how to interpret financial statements contained in the enterprise value of information, how to make because of the two rights separation caused by the operators and managers and owners of goal deviate from the problem, that is how to implement the "incentive compatibility", the traditional financial statement analysis system has been unable to give an answer.The introduction of residual income index, makes it easy to solve this problem a lot of, also produced so many solutions. This article through to the historical documents, combined with the practical surplus income index, index decomposition, to construct a residual income as the core indicators of financial analysis system, the system around the residual income, raises the enterprise combined with the related sales revenue, sales net interest rate, the total asset turnover, equity multiplier and equity capital cost rate index, comprehensive to reflect the financial position of the enterprise, and to assess the enterprise combined with the situation, to the prosperity and development of the socialist market economy.In this article constructed the comprehensive financial analysis system based on residual income, Sichuan Changhong, for example, the article build analysis system has carried on the empirical test. At2011-2013Sichuan Changhong financial data as the foundation, based on the analysis in this paper, build system has the following findings: one is the increase of profit in Sichuan Changhong in the current financial environment to the maximization of enterprise value (shareholder wealth). Second, Sichuan Changhong need to improve the capital structure, can be appropriate to buy back shares. Finally the analysis mentioned above and puts forward some suggestions from the enterprise value management perspective, hope to benefit the future development of Sichuan Changhong.