2014英语会计投资毕业论文格式范文

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Introduction介绍

研究问题和目标。

Research questions and objectives.

In this dissertation the main concept is search for the applications of different accounting valuation methods in investment decisions. The highlighting accounting methods used to apply for company valuation will be discussed. Also, the useful of the valuation methods will be distinguished. Further, what are he factors influence investment decisions will be defined.  Lastly, the most outstanding part is seeking the relationships between valuation results and investment decisions.在本论文的主要概念是不同的会计估值方法在投资决策的应用搜索。用来申请公司估值突出的会计方法将被讨论。此外，有用的估值方法加以区分。此外，他是什么因素影响投资决策将被定义。最后，最突出的部分是寻求估值结果和投资决策之间的关系。

Motivations.

Company valuation is highly repeated words nowadays. There are such meaningful reasons why to value a company. The most useful of the valuation is for select stocks. The investors who are going to buy a certain mount of shares are likely to investigate the company firstly by examined their value or market price. By calculating the value of the company, they often choose to buy some undervalued stocks or sell some overvalued stocks. 公司估值是高度重复的单词现在。有意义的原因有这样一家公司为什么要重视。其中最有用的估值是选择股票。谁是打算买某个山股份的投资者很可能首先由调查公司研究他们的价值或市场价格。通过计算公司的价值，他们往往会选择购买一些价值被低估的股票，或卖一些高估的股票。

From Corporate side, the corporate event such as merger and acquisition always brings significant impact on company’s future cash flow and equity. Financial institutions or corporate analyst used to choose convincible valuation method to justify how those impact going to be. In some case, once the company goes bankruptcy, valuation plays critical role in bankruptcy liquidation. 从企业方面，企业兼并和收购事件，如总是带来显着影响公司未来的现金流和股权。金融机构或用来选择convincible的估值方法来证明这些影响将是企业分析师。在某些情况下，一旦公司破产，估值起着关键作用，在破产清算。

Broadly on Management aspect, knowing the company value is necessary for these managers, especially senior mangers and subsidiaries mangers. Without that realization, it is impossible to choose an alternative business strategy for obtaining a healthy development company. Moreover, it helps the mangers defend themselves in convincible way when they are facing hostile takeover. Lastly, learning the true value of company also leading the mangers thinking about corporate activities such as expanding business by merger or closure.

The variety need on company valuation always make the valuation itself complexity. However, in this dissertation is regarding the company value as market price. Also doing this valuation for this investors concern to seeking undervalued or overvalued stocks and not interest in control the management of the company. In additional, it also helps shareholders making their decisions on hold, sell or buy share.  (this is important , whole concept of the paper, please keep this in mind all the time).

General background of company

Wm Morrison supermarket Plc. is established i

n UK in 1899. Until now, Morrison’s entirely business is focus on food market and its whole takeover is gathered in UK. In 1967, Morrison started to trade at London stock exchange. By 2012, Morrison has 439 stores and ranking the fourth in UK supermarket. It takes 12.3% food market share that is followed after Tesco, ASDA and Sainsbury.

There are few thought about the reasons why choose Morrison. Initially, the food market is most stable among all the industry even during credit crisis or economic recession. One school of thought, food industry has its potential to increase in bad economic conditions. Return to the UK market, most large super market companies, for instance, Tesco and Sainsbury have expanded their business in different ways. Tesco’s business is no longer only focus on food, it has joined mobile, clothing. Sainsbury also added bank also its location and target market is very specific not as Morrison and Tesco.  However, if compared between Tesco and Morrison, it conclude with the Morrison have large probabilities to growth faster and huge spaces for improvement. In the meantime, Tesco is close to saturation and keeping stable with unclear signals shows it’s going to change faster or any activity actions will take place.  As long as Morrison is focus on food market, it shows its ambition to achieve the first place of UK food market. By inspecting Morrison’s future business strategy, it’s going to open online store, which provide a good opportunities for improving efficiency and sales. It keeps cheaper and fresh as core concept of its business which will attract more new customers and also maintain its loyalty consumers as well.  To sum up, the most attraction part of Morrison is the potential result coming from its insistence on food market. Addition, it huge possibility of future development and its plenty of room for growth appealing to sensible investors.

Summary of methods and results

There will be contains three major accounting valuation models. They are net asset valuation model, residual earning mode, and discounted cash flow mode. All the procedures and variables used by the models are focus on equity aspect. As the results of each model is represents the value per share of the company. By contrasting with the market price, in order to notice whether this stock is undervalued or overvalued.  On the other hand, the credit analysis is crucial to any investors trying to buy any stock. Hence, the Z-score model will be used to test the credit of the company.

Structure

The whole dissertation is going to cover four major parts.  Firstly, the background of valuation will be given also with theoretical and empirical literature review. It demonstrate a broadly understanding of different accounting valuation models. Examining the advantages and disadvantages of these models. At the end will produce a comparison paragra

ph aim to distinguish the relationship and useful to enhance the understanding of model.

Second part is methodology; it contains fully description on all empirical techniques used in dissertation in details. These techniques are built up bridge direct related to the research topic.  Reasonable literature review and data availability will be explained as supporter to show the feasibility of methodology

The third part should be data analysis and result interprets. Reasonable assumptions of each model will be display and justify in clearly way.  The findings will be given in a logical way; meanwhile discussions refer to research questions and connect with literature review. At the end, limitations in doing the data and model will be stated.

Final part is conclusion. In this part, restate the research topic and echo back with introduction. Repeating the most valuable results that found in the third part. Discovering the limitations of entirely work also possible space for future research will be covered.

Contributions.

Literature review

The value of a company can be explained in different ways. The understanding of the evaluation of a corporation is undoubtedly affected by the specific valuation method which is preferred. When the target of analysis of the corporation transforms, the value of the company is likely to be constructed in a different way. The valuation of a company is an evaluating, measuring, and deciding process, in which the assessor makes the judgment of the whole value of the company. The value of a corporation can be shown in different perspectives. On the one hand, the pricing of a company, revealed in the form of ratios, is considered as a commodity in the security market, which is from the perspective of the investors. On the other hand, the value of the company measures the performance of a company, reflecting the competitiveness and the developing capacity of the corporation, which is on the side of the management. But in all, no matter which position and method is taken in the evaluation analysis, the quantifying of the value of a company is the focus of the numerous researches in this area.

The precondition of the valuation of a company, before the analysis of the valuation process, is that most of the assets, including the corporation itself, can be evaluated fairly and reasonably. Large amounts of relevant researches, on the valuation methods of a company, are proposed in the different positions and horizons. This dissertation will take a review on the four major branches of the relevant researches, which are the discounted cash flow method, the residual earning method, the net asset value method, and the full information forecast method.

Discounted cash flow model

The discounted cash flow model, as a widely used approach in equity valuation, highlights the importance of

free cash flow in a company. This technique of valuation takes a promising aspect, which believes that the value of the company is the cash flow created by the future activity of the firm. All the cash inflow in the future is discounted to the present, during the whole life of the enterprise, which represents the present value of the company.

It is no doubt that the start of the theoretical researches took a first step on the valuation of the company, which is followed by the empirical mode of research. According to Jensen (1986), the free cash flow is the additional cash flow, which can provide the net present value of a financial project to be positive after discounted by relevant cost of capital. The specific cash flows are elaborated in two sides, the stockholders and the company, which are respectively the total cash flow and the equity cash flow. Miller and Modigliani (1958) firstly put forward the theoretical framework on the valuation of a company. Furthermore, they proved the discounted cash flow model, which consisted of discounted dividends model, equity cash flow model, and income flow model (Miller and Modigliani, 1961). In 1963, Miller and Modigliani added the corporate income tax as an important factor into the dividends model, which modified the discounted cash flow model from a perspective of outsiders (Miller and Modigliani, 1963). Sequentially, there were several scholars talking about the calculation of the discounted cash flow model in the valuation of a company (Benninga and Sarig, 1997). For example, Sorensen and Williamson (1985) proved and modified the dividend discount model by applying the method to the value calculation. Both Copeland &Koller (2000) and Fernandez (2002) draw a conclusion of the valuation calculation of the company totally.

In recent years, much emphasis is on the empirical research mode in academic frontier, which gains popularity on quantifying the valuation of specific individual company.Kaplan and Ruback (1995) examined the equivalence of EBITDA (the earnings before interest, tax, depreciation and amortization) and DCF (discounted cash flow) in the calculation of corporate value. They found that the value of the company under the calculation of EBITDA was approximately equal to that under the discounted cash flow model. Besides, to value the IPOs, Kim and Ritter (1999) made a comparison of several ratios in the valuation and pricing of the initial public offerings (IPO). Some scholars suggested that the parameters and ratios applied in the judgment of corporate valuation should be standardized (DeAngelo, 1990; Benninga and Sarig, 1997), which can improve the comparativeness of different companies in the market. Especially, the difference of the subjects, or the comparative companies, should be considered in the valuation and assessment process (DeAngelo, 1990). In detail, there was industrial difference between the companies in actual, which broadens the horizon of val

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