本文選題：房地產(chǎn)企業(yè) + 經(jīng)濟(jì)增加值�。� 參考：《河北師范大學(xué)》2017年碩士論文

【摘要】：隨著我國(guó)經(jīng)濟(jì)的不斷發(fā)展,無(wú)論是投資者還是管理層越來(lái)越重視對(duì)企業(yè)進(jìn)行合理的價(jià)值評(píng)估。房地產(chǎn)行業(yè)歷來(lái)是我國(guó)經(jīng)濟(jì)發(fā)展的支柱產(chǎn)業(yè),是拉動(dòng)我國(guó)經(jīng)濟(jì)增長(zhǎng)的強(qiáng)大動(dòng)力。近幾年,宏觀經(jīng)濟(jì)下行壓力突出、國(guó)家去庫(kù)存政策不斷推進(jìn),房地產(chǎn)行業(yè)面臨不小的挑戰(zhàn),房地產(chǎn)企業(yè)在高速發(fā)展時(shí)期積累的問(wèn)題逐漸顯現(xiàn)出來(lái),行業(yè)內(nèi)重組兼并越來(lái)越頻繁。因此,對(duì)房地產(chǎn)企業(yè)進(jìn)行客觀、合理的評(píng)估顯得越來(lái)越重要。對(duì)房地產(chǎn)企業(yè)來(lái)說(shuō),通過(guò)對(duì)自身價(jià)值進(jìn)行合理評(píng)估,能夠幫助管理者找到企業(yè)在經(jīng)營(yíng)過(guò)程中出現(xiàn)的問(wèn)題;對(duì)房地產(chǎn)企業(yè)內(nèi)在價(jià)值進(jìn)行合理的判斷,能夠使廣大的市場(chǎng)投資者作出理性投資的決策。傳統(tǒng)的價(jià)值評(píng)估方法雖然一直被管理者和投資者廣泛使用,但其存在諸多缺陷,它在進(jìn)行價(jià)值評(píng)估時(shí)不考慮權(quán)益資本成本對(duì)價(jià)值的影響,不能準(zhǔn)確反映出房地產(chǎn)企業(yè)的經(jīng)營(yíng)業(yè)績(jī)和持續(xù)發(fā)展能力。EVA價(jià)值模型在評(píng)估房地產(chǎn)企業(yè)價(jià)值時(shí),彌補(bǔ)了傳統(tǒng)價(jià)值評(píng)估方法的不足,考慮了企業(yè)的全部資本成本,強(qiáng)調(diào)股東財(cái)富最大化的思想,在一定程度上避免了會(huì)計(jì)信息失真對(duì)企業(yè)造成的影響;其次,EVA價(jià)值評(píng)估著重強(qiáng)調(diào)與企業(yè)經(jīng)營(yíng)活動(dòng)有關(guān)的收益,能夠凸顯出企業(yè)自身的實(shí)力;最后,EVA價(jià)值評(píng)估理念能夠使管理層注重企業(yè)的長(zhǎng)期發(fā)展,避免短視行為。本文首先從國(guó)內(nèi)外相關(guān)研究綜述著手,介紹了EVA價(jià)值評(píng)估體系,確立了研究?jī)?nèi)容及方法。并詳細(xì)闡述了EVA理論內(nèi)涵及其計(jì)算方法。其次,以保利地產(chǎn)為例,依據(jù)保利地產(chǎn)2011年至2015年的數(shù)據(jù),利用EVA價(jià)值模型對(duì)其進(jìn)行價(jià)值評(píng)估,對(duì)計(jì)算出的數(shù)據(jù)進(jìn)行分析并提出建議。通過(guò)理論與案例相結(jié)合的方法,從EVA基本理論出發(fā),對(duì)經(jīng)濟(jì)增加值(EVA)理論有了更深一步理解;通過(guò)對(duì)保利地產(chǎn)的案例分析,對(duì)房地產(chǎn)企業(yè)的價(jià)值評(píng)估理論和方法的發(fā)展起到了推動(dòng)作用。
[Abstract]:With the development of Chinese economy, investors and managers pay more and more attention to evaluating the value of enterprises. The real estate industry has always been the pillar industry of our country's economic development and the powerful motive force of our country's economic growth. In recent years, the macroeconomic downward pressure is prominent, the national destocking policy continues to advance, the real estate industry is faced with not small challenges, real estate enterprises in the period of rapid development of the accumulation of problems gradually emerged, the industry more and more frequent reorganization and merger. Therefore, to the real estate enterprise carries on the objective, the reasonable appraisal appears to be more and more important. To the real estate enterprise, it can help the managers to find out the problems that appear in the course of management by evaluating their own value reasonably, and to make a reasonable judgment on the intrinsic value of the real estate enterprise. Can enable the broad market investor to make the rational investment decision. Although the traditional valuation method has been widely used by managers and investors, it has many defects, and it does not consider the impact of the cost of equity capital on the value. It can not accurately reflect the management performance and sustainable development ability of real estate enterprises. The EVA value model can make up for the shortcomings of traditional valuation methods and consider the total capital cost of the real estate enterprises when evaluating the value of real estate enterprises. Emphasis on the idea of shareholder wealth maximization, to a certain extent, avoid the impact of accounting information distortion on the enterprise; secondly, EVA value evaluation emphasizes the income related to business activities, can highlight the strength of the enterprise itself; Finally, EVA value evaluation can make management pay attention to the long-term development of enterprises and avoid shortsightedness. Firstly, this paper introduces the value evaluation system of EVA, and establishes the research contents and methods. The connotation of EVA theory and its calculation method are expounded in detail. Secondly, taking Poly Real Estate as an example, according to the data of Poly Real Estate from 2011 to 2015, the EVA value model is used to evaluate the value of Poly Real Estate, and the calculated data are analyzed and some suggestions are put forward. Through the combination of theory and case, starting from the basic theory of EVA, we have a deeper understanding of the theory of economic value added. To the real estate enterprise's value appraisal theory and the method development has played the promotion role.
【學(xué)位授予單位】：河北師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.233.42

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本文編號(hào)：1785598