【摘要】：近幾年,以新三板企業(yè)為代表的成長(zhǎng)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(guó)民經(jīng)濟(jì)中不可或缺的一環(huán)。如何科學(xué)合理地對(duì)這類企業(yè)的價(jià)值進(jìn)行評(píng)估,已經(jīng)成為眾多學(xué)者、企業(yè)管理者以及投資者等人的研究熱點(diǎn)。對(duì)于以技術(shù)創(chuàng)新為導(dǎo)向,現(xiàn)金流經(jīng)常為負(fù),且以股權(quán)融資為主的新三板企業(yè)來(lái)說(shuō),繼續(xù)使用現(xiàn)金流量折現(xiàn)法、相對(duì)價(jià)值法等常用評(píng)價(jià)方法對(duì)其進(jìn)行價(jià)值評(píng)估顯然不合適。文章基于對(duì)新三板企業(yè)特點(diǎn)以及評(píng)估方法的適用性、股東財(cái)富最大化等問(wèn)題的考慮,將常用企業(yè)價(jià)值評(píng)估方法和EVA價(jià)值評(píng)估法進(jìn)行了對(duì)比分析,認(rèn)為EVA估值法是最合適的。接著,文章從EVA的概念出發(fā),對(duì)EVA的計(jì)算過(guò)程以及評(píng)估模型進(jìn)行了介紹,并引入評(píng)估目標(biāo)——YZGK。對(duì)企業(yè)的基本情況進(jìn)行介紹后,計(jì)算出企業(yè)的歷史EVA值,并結(jié)合行業(yè)特點(diǎn)與企業(yè)自身發(fā)展情況,選擇EVA兩階段模型對(duì)其價(jià)值進(jìn)行評(píng)估。文章計(jì)算得出評(píng)估基準(zhǔn)日的企業(yè)價(jià)值為3,832,629,677.90元,即每股內(nèi)在價(jià)值為28.91元,與評(píng)估基準(zhǔn)日前后一個(gè)月的股票收盤均價(jià)28.62元十分接近。為了驗(yàn)證評(píng)估結(jié)果的有效性,文章再將評(píng)估結(jié)果分別與評(píng)估基準(zhǔn)日前后兩個(gè)月的股票收盤均價(jià)(27.47元)以及評(píng)估基準(zhǔn)日前后三個(gè)月的股票收盤均價(jià)(26.50元)進(jìn)行對(duì)比,均與文章的評(píng)估結(jié)果相近,誤差率均在可接受的范圍內(nèi),驗(yàn)證了基于EVA進(jìn)行企業(yè)價(jià)值評(píng)估的有效性。在此基礎(chǔ)上,對(duì)企業(yè)進(jìn)行EVA驅(qū)動(dòng)因素分析,通過(guò)與對(duì)標(biāo)企業(yè)以及行業(yè)平均水平進(jìn)行比較分析,找到不利于提升企業(yè)EVA的短板,并提出相應(yīng)的改善建議。由于以往對(duì)于EVA的研究主要集中在績(jī)效考核方面,即便有價(jià)值評(píng)估方面的研究也是以主板企業(yè)為主,對(duì)于新三板企業(yè)的研究相對(duì)稀少。文章通過(guò)理論與案例分析,證明了EVA價(jià)值評(píng)估法對(duì)于新三板企業(yè)的適用性。最后,為提升企業(yè)價(jià)值對(duì)EVA展開(kāi)驅(qū)動(dòng)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(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.72;F406.7

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