本文選題：企業(yè)價(jià)值增值 + 自由現(xiàn)金流量折現(xiàn)法��； 參考：《沈陽(yáng)工業(yè)大學(xué)》2017年碩士論文

【摘要】：隨著世界經(jīng)濟(jì)發(fā)展,企業(yè)管理目標(biāo)也在變化,企業(yè)價(jià)值最大化變?yōu)樽钚鹿芾砗诵�。企業(yè)價(jià)值的概念是以經(jīng)濟(jì)學(xué)的價(jià)值涵義為主。隨著研究范圍的擴(kuò)展,企業(yè)價(jià)值增值的研究逐步發(fā)展為以價(jià)值評(píng)估為手段、以研究?jī)r(jià)值驅(qū)動(dòng)因素和價(jià)值創(chuàng)造的一系列的研究。同時(shí)結(jié)合內(nèi)外部特征,對(duì)企業(yè)價(jià)值驅(qū)動(dòng)因素進(jìn)行分析,優(yōu)化企業(yè)的資源配置,幫助企業(yè)進(jìn)行融資、投資和做出經(jīng)營(yíng)決策等,使企業(yè)價(jià)值能得到不斷持續(xù)性的增值,達(dá)到價(jià)值最大化的目的。沈陽(yáng)禾豐牧業(yè)有限公司是國(guó)內(nèi)飼料企業(yè)的龍頭企業(yè),具有傳統(tǒng)飼料企業(yè)的典型特征。本文根據(jù)企業(yè)價(jià)值相關(guān)理論,采取自由現(xiàn)金流量折現(xiàn)法和價(jià)值鏈法分別對(duì)企業(yè)價(jià)值進(jìn)行評(píng)估,從兩個(gè)價(jià)值評(píng)估結(jié)果的角度去分析沈陽(yáng)禾豐牧業(yè)有限公司的企業(yè)價(jià)值增值驅(qū)動(dòng)因素。其中,用自由現(xiàn)金流量折現(xiàn)評(píng)估法的結(jié)果并結(jié)合關(guān)鍵價(jià)值驅(qū)動(dòng)因素樹原理,來(lái)分析企業(yè)價(jià)值增值的財(cái)務(wù)因素。經(jīng)過深入價(jià)值驅(qū)動(dòng)因素分析發(fā)現(xiàn):沈陽(yáng)禾豐牧業(yè)有限公司通過持續(xù)性地提高銷售增長(zhǎng)率和資產(chǎn)周轉(zhuǎn)率、降低稅負(fù)和加權(quán)資本成本,以及延長(zhǎng)超額收益期間等,這五大財(cái)務(wù)角度的做法使沈陽(yáng)禾豐有限公司的企業(yè)價(jià)值不斷提升。本文通過深入分析價(jià)值鏈評(píng)估法算出企業(yè)價(jià)值,構(gòu)建沈陽(yáng)禾豐牧業(yè)有限公司的基礎(chǔ)和輔助價(jià)值鏈,從評(píng)估結(jié)果進(jìn)一步分析總結(jié)出沈陽(yáng)禾豐牧業(yè)有限公司價(jià)值增值的非財(cái)務(wù)因素有:生產(chǎn)環(huán)節(jié)、營(yíng)銷環(huán)節(jié)、售后服務(wù)環(huán)節(jié)、采購(gòu)環(huán)節(jié)、研究開發(fā)環(huán)節(jié)、人力資源環(huán)節(jié)和基礎(chǔ)設(shè)施環(huán)節(jié),這七大非財(cái)務(wù)方面價(jià)值增值驅(qū)動(dòng)因素。結(jié)合財(cái)務(wù)和非財(cái)務(wù)角度已分析出的驅(qū)動(dòng)因素,本文有針對(duì)性地提出未來(lái)企業(yè)價(jià)值增值措施。本文可以為我國(guó)的飼料企業(yè)價(jià)值增值驅(qū)動(dòng)因素分析提供借鑒,更有利于企業(yè)認(rèn)識(shí)企業(yè)價(jià)值創(chuàng)造過程、分析企業(yè)價(jià)值增值的驅(qū)動(dòng)因素有哪些、促進(jìn)企業(yè)資源優(yōu)化配置、為企業(yè)未來(lái)更好地發(fā)展提出價(jià)值增值的措施。
[Abstract]:With the development of the world economy, the goal of enterprise management is changing, and the maximization of enterprise value becomes the core of the latest management. The concept of enterprise value is based on the value meaning of economics. With the expansion of the scope of the research, the research of enterprise value appreciation has gradually developed into a series of studies on value driving factors and value creation by means of value evaluation. At the same time, combined with the internal and external characteristics, this paper analyzes the driving factors of enterprise value, optimizes the resource allocation of the enterprise, helps the enterprise to make financing, investment and management decisions, so that the enterprise value can be continuously added. To maximize value. Shenyang Hefeng Animal Husbandry Co., Ltd. is the leading enterprise of domestic feed enterprises, which has the typical characteristics of traditional feed enterprises. According to the theory of enterprise value, this paper uses the free cash flow discounted method and the value chain method to evaluate the enterprise value. This paper analyzes the driving factors of enterprise value increment in Shenyang Hefeng Animal Husbandry Co., Ltd. The results of free cash flow discounted evaluation method and the key value driver tree principle are used to analyze the financial factors of enterprise value increment. Through in-depth value driving factor analysis, it is found that Shenyang Hefeng Animal Husbandry Co., Ltd. continuously increases sales growth rate and asset turnover rate, reduces tax burden and weighted capital cost, and prolongs the period of excess income, etc. These five major financial aspects of the practice of Shenyang Hefeng Co., Ltd. enterprise value continues to improve. In this paper, the value of enterprises is calculated through in-depth analysis of value chain evaluation method, and the foundation and auxiliary value chain of Shenyang Hefeng Animal Husbandry Co., Ltd are constructed. From the evaluation results, the non-financial factors of the value added value of Shenyang Hefeng Animal Husbandry Co., Ltd. Are further analyzed and summarized. They are: production link, marketing link, after-sales service link, procurement link, research and development link. Human resources and infrastructure links, these seven non-financial value-added drivers. Combined with the driving factors of financial and non-financial aspects, this paper puts forward some measures to increase the value of enterprises in the future. This paper can provide a reference for the analysis of the driving factors of the value increment of the feed enterprises in our country, which is more helpful for the enterprises to understand the process of the enterprise value creation, to analyze the driving factors of the value increment of the enterprises, and to promote the optimization of the allocation of the enterprise resources. For the future better development of enterprises put forward value-added measures.
【學(xué)位授予單位】：沈陽(yáng)工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F324.6;F302.6

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本文編號(hào)：2005238