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Research of Financial Statement Analysis System Based on ReOI Model

Author: GuoDeCun
Tutor: LvYueYing
School: Taiyuan University of Science and Technology
Course: Industrial Economics
Keywords: Residual Operating Income Valuation Financial Analysis RoCE Changyu
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 133
Quote: 0
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Abstract


With the development of capital market in China, The concept of portfolio investment has gained widely recognition.But how to analyse the listed companies properly, and then how to use valuation models, such problems are still not clear.The aim of this paper is to provide a method of security analysis for investors. This approach is based on residual operating income model, by ananlyzing its drivers, we can identify the sustainable and unsustainable parts, and then using the valuation model to estimate the intrinsic value of the company, finally, investors can make their decision according to the result.This paper includes five parts:Part one is introduction of this paper. It gives a brief introduction of the research background and significance, relevant research, main points and structure of this paper.Part two is about the ananlysis of RE and ReOI models.ReOI model is a derivative of RE model.By analyzing the two model, we can get their drivers. If the net financial liabilities (NFO) measured at their fair value, then ReOI model is a better choice.Part three is about financial analysis system based on ReOI model. We first analyse how the financial statements to describe the company’s economic activities, then we reconstruct the four statements, finally, we give the financial analysis framework based on adjusted statements, including ratio analysis, common ratio analysis, trend analysis, profitability analysis, and growth analysis.Part four is case study. The paper takes Changyu (600869) for example to apply the above financial analysis and ReOI model, it includes company overview, macroeconomic analysis, Wine industry analysis, product analysis, corporate financial analysis and valuation, investment advice is also given.Part five are conclusions and prospects. The main conclusion is that the financial analysis system is applicable in China’s security market.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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