基于EVA的YZGK企業(yè)價值評估
發(fā)布時間：2019-05-15 22:59
【摘要】：近幾年,以新三板企業(yè)為代表的成長型高新技術(shù)企業(yè)迅速發(fā)展,其規(guī)模與影響力已經(jīng)成為國民經(jīng)濟中不可或缺的一環(huán)。如何科學合理地對這類企業(yè)的價值進行評估,已經(jīng)成為眾多學者、企業(yè)管理者以及投資者等人的研究熱點。對于以技術(shù)創(chuàng)新為導向,現(xiàn)金流經(jīng)常為負,且以股權(quán)融資為主的新三板企業(yè)來說,繼續(xù)使用現(xiàn)金流量折現(xiàn)法、相對價值法等常用評價方法對其進行價值評估顯然不合適。文章基于對新三板企業(yè)特點以及評估方法的適用性、股東財富最大化等問題的考慮,將常用企業(yè)價值評估方法和EVA價值評估法進行了對比分析,認為EVA估值法是最合適的。接著,文章從EVA的概念出發(fā),對EVA的計算過程以及評估模型進行了介紹,并引入評估目標——YZGK。對企業(yè)的基本情況進行介紹后,計算出企業(yè)的歷史EVA值,并結(jié)合行業(yè)特點與企業(yè)自身發(fā)展情況,選擇EVA兩階段模型對其價值進行評估。文章計算得出評估基準日的企業(yè)價值為3,832,629,677.90元,即每股內(nèi)在價值為28.91元,與評估基準日前后一個月的股票收盤均價28.62元十分接近。為了驗證評估結(jié)果的有效性,文章再將評估結(jié)果分別與評估基準日前后兩個月的股票收盤均價(27.47元)以及評估基準日前后三個月的股票收盤均價(26.50元)進行對比,均與文章的評估結(jié)果相近,誤差率均在可接受的范圍內(nèi),驗證了基于EVA進行企業(yè)價值評估的有效性。在此基礎(chǔ)上,對企業(yè)進行EVA驅(qū)動因素分析,通過與對標企業(yè)以及行業(yè)平均水平進行比較分析,找到不利于提升企業(yè)EVA的短板,并提出相應的改善建議。由于以往對于EVA的研究主要集中在績效考核方面,即便有價值評估方面的研究也是以主板企業(yè)為主,對于新三板企業(yè)的研究相對稀少。文章通過理論與案例分析,證明了EVA價值評估法對于新三板企業(yè)的適用性。最后,為提升企業(yè)價值對EVA展開驅(qū)動因素分析并提出相關(guān)建議。
[Abstract]:In recent years, the growth high-tech enterprises represented by the new third board enterprises have developed rapidly, and their scale and influence have become an indispensable part of the national economy. How to evaluate the value of this kind of enterprises scientifically and reasonably has become the research focus of many scholars, enterprise managers and investors. For the new third board enterprises guided by technological innovation, whose cash flow is often negative and mainly based on equity financing, it is obviously inappropriate to continue to use cash flow discount method, relative value method and other common evaluation methods to evaluate their value. Based on the consideration of the characteristics of the new third board enterprises, the applicability of the evaluation methods and the maximization of shareholders' wealth, this paper compares the common enterprise value evaluation methods with the EVA value evaluation method, and holds that the EVA valuation method is the most suitable. Then, based on the concept of EVA, this paper introduces the calculation process and evaluation model of EVA, and introduces the evaluation target YZGK.. After introducing the basic situation of the enterprise, the historical value of the enterprise is calculated, and the EVA two-stage model is selected to evaluate the value of the enterprise according to the characteristics of the industry and the development of the enterprise itself. The paper calculates that the enterprise value of the evaluation reference date is 3832629677.90 yuan, that is, the intrinsic value per share is 28.91 yuan, which is very close to the average closing price of the stock in one month before and after the evaluation reference date. In order to verify the validity of the evaluation results, the paper compares the evaluation results with the average closing price of stocks for two months before and after the evaluation base date (27.47 yuan) and the average closing price of stocks for three months before and after the evaluation base date (26.50 yuan). All of them are similar to the evaluation results of this paper, and the error rate is within an acceptable range, which verifies the effectiveness of enterprise value evaluation based on EVA. On this basis, the driving factors of EVA are analyzed, and by comparing with the average level of standard enterprises and industries, the shortcomings that are not conducive to improving the EVA of enterprises are found, and the corresponding improvement suggestions are put forward. Because the previous research on EVA is mainly focused on performance evaluation, even the research on valuable evaluation is mainly based on motherboard enterprises, and the research on the new third board enterprises is relatively rare. Through theoretical and case analysis, this paper proves the applicability of EVA value evaluation method to the new third board enterprises. Finally, in order to enhance the value of enterprises, the driving factors of EVA are analyzed and some suggestions are put forward.
【學位授予單位】：湘潭大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.72;F406.7
本文編號：2477827
[Abstract]:In recent years, the growth high-tech enterprises represented by the new third board enterprises have developed rapidly, and their scale and influence have become an indispensable part of the national economy. How to evaluate the value of this kind of enterprises scientifically and reasonably has become the research focus of many scholars, enterprise managers and investors. For the new third board enterprises guided by technological innovation, whose cash flow is often negative and mainly based on equity financing, it is obviously inappropriate to continue to use cash flow discount method, relative value method and other common evaluation methods to evaluate their value. Based on the consideration of the characteristics of the new third board enterprises, the applicability of the evaluation methods and the maximization of shareholders' wealth, this paper compares the common enterprise value evaluation methods with the EVA value evaluation method, and holds that the EVA valuation method is the most suitable. Then, based on the concept of EVA, this paper introduces the calculation process and evaluation model of EVA, and introduces the evaluation target YZGK.. After introducing the basic situation of the enterprise, the historical value of the enterprise is calculated, and the EVA two-stage model is selected to evaluate the value of the enterprise according to the characteristics of the industry and the development of the enterprise itself. The paper calculates that the enterprise value of the evaluation reference date is 3832629677.90 yuan, that is, the intrinsic value per share is 28.91 yuan, which is very close to the average closing price of the stock in one month before and after the evaluation reference date. In order to verify the validity of the evaluation results, the paper compares the evaluation results with the average closing price of stocks for two months before and after the evaluation base date (27.47 yuan) and the average closing price of stocks for three months before and after the evaluation base date (26.50 yuan). All of them are similar to the evaluation results of this paper, and the error rate is within an acceptable range, which verifies the effectiveness of enterprise value evaluation based on EVA. On this basis, the driving factors of EVA are analyzed, and by comparing with the average level of standard enterprises and industries, the shortcomings that are not conducive to improving the EVA of enterprises are found, and the corresponding improvement suggestions are put forward. Because the previous research on EVA is mainly focused on performance evaluation, even the research on valuable evaluation is mainly based on motherboard enterprises, and the research on the new third board enterprises is relatively rare. Through theoretical and case analysis, this paper proves the applicability of EVA value evaluation method to the new third board enterprises. Finally, in order to enhance the value of enterprises, the driving factors of EVA are analyzed and some suggestions are put forward.
【學位授予單位】：湘潭大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.72;F406.7
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