本文選題：企業(yè)價(jià)值 + 價(jià)值評估��； 參考：《青島理工大學(xué)》2014年碩士論文

【摘要】：20世紀(jì)80年代,現(xiàn)代企業(yè)價(jià)值評估方法進(jìn)入我國,經(jīng)過20多年的發(fā)展和磨合,逐漸形成了適合我國國情的評估體系。評估結(jié)果應(yīng)用范圍也由最初的企業(yè)產(chǎn)權(quán)變動擴(kuò)大到投資理財(cái)和公司治理領(lǐng)域,應(yīng)用性越來越強(qiáng)。本文通過對龍湖地產(chǎn)企業(yè)價(jià)值進(jìn)行評估來確定其價(jià)值是否被投資者低估,為投資者進(jìn)行投資決策提供了一條理性的思路。 首先,本文對龍湖地產(chǎn)的基本情況及評估方法的適用性做了論述。通過對龍湖地產(chǎn)近年運(yùn)營狀況進(jìn)行分析可以得出,龍湖地產(chǎn)已經(jīng)形成了自己的核心競爭力,是一家資產(chǎn)規(guī)模發(fā)展快、盈利能力好、資產(chǎn)質(zhì)量運(yùn)行穩(wěn)健、具有先進(jìn)管理理念和良好風(fēng)險(xiǎn)控制能力的優(yōu)秀房地產(chǎn)公司。龍湖地產(chǎn)占用了較多的股權(quán)資金,企業(yè)未來預(yù)期收益額較大,傳統(tǒng)的評估方法并不能很好的反映龍湖地產(chǎn)企業(yè)價(jià)值。EVA評估模型合理的考慮了股權(quán)資金成本,通過對會計(jì)數(shù)據(jù)進(jìn)行調(diào)整,評估價(jià)值更加符合企業(yè)的客觀實(shí)際情況。通過對各個方法的比較分析,最終選用EVA方法對龍湖地產(chǎn)企業(yè)價(jià)值進(jìn)行評估。 其次,本文對EVA模型的基本原理、應(yīng)用條件及重要指標(biāo)參數(shù)進(jìn)行了說明,重點(diǎn)論述了所需調(diào)整的會計(jì)項(xiàng)目。十八世紀(jì)末斯圖爾特對剩余收益學(xué)說進(jìn)行完善,提出了EVA的概念,EVA是指企業(yè)稅后凈營業(yè)利潤減除股東及債權(quán)人所投入的資金成本之后的余額。在計(jì)算EVA值時(shí)需要調(diào)整調(diào)整相應(yīng)的會計(jì)項(xiàng)目,包括研發(fā)費(fèi)用、商譽(yù)、遞延所得稅及減值準(zhǔn)備金等。會計(jì)項(xiàng)目是否需要調(diào)整遵循適用型、重要性、易理解性及可比性等原則。在此基礎(chǔ)上,對未來EVA的折現(xiàn)模型做了簡單介紹。 再次,本文結(jié)合龍湖地產(chǎn)的經(jīng)營數(shù)據(jù)對其企業(yè)價(jià)值進(jìn)行了評估。評估歷史EVA時(shí),按照之前章節(jié)的敘述對其歷史數(shù)據(jù)進(jìn)行了調(diào)整,合理的確定了其加權(quán)資金成本率。在預(yù)測EVA時(shí),本文考慮到了土地儲備量對于企業(yè)未來發(fā)展的影響,根據(jù)龍湖地產(chǎn)的實(shí)際土地儲備,對其未來發(fā)展期間進(jìn)行了假定。在對各個數(shù)據(jù)預(yù)測方法進(jìn)行比較后,本文選定指數(shù)平滑法進(jìn)行預(yù)測。 最后,本文對龍湖地產(chǎn)企業(yè)價(jià)值評估結(jié)果進(jìn)行了分析,并與證券市場上的價(jià)格進(jìn)行比較,發(fā)現(xiàn)每股股價(jià)評估值大于其市場價(jià)格。因此,本文認(rèn)為龍湖地產(chǎn)的企業(yè)價(jià)值存在被低估的可能,而這種低估可能是由于投資者未考慮到企業(yè)持續(xù)獲利能力造成的,結(jié)合龍湖地產(chǎn)的運(yùn)營及財(cái)務(wù)狀況,得出龍湖地產(chǎn)具有較高投資價(jià)值的結(jié)論。
[Abstract]:In the 1980s, the modern enterprise value evaluation method came into our country. After more than 20 years of development and running-in, the evaluation system suitable for the national conditions of our country was gradually formed. The scope of application of the evaluation results is extended from the initial change of enterprise property rights to the field of investment and financial management and corporate governance, and the application is becoming stronger and stronger. This paper evaluates the value of Longhu real estate enterprise to determine whether its value is undervalued by investors, which provides an orderly way of thinking for investors to make investment decisions. This paper discusses the basic situation of Longhu real estate and the applicability of evaluation method. Through the analysis of the operating conditions of Longhu real estate in recent years, it can be concluded that Longhu real estate has formed its own core competitiveness. It is an asset with rapid development, good profitability and stable operation of asset quality. Has the advanced management idea and the good risk control ability outstanding real estate company. Longhu real estate occupies a lot of equity funds, and the expected income of enterprises in the future is large. The traditional evaluation method can not reflect the value of Longhu real estate enterprises. Eva evaluation model reasonably considers the cost of equity capital. By adjusting the accounting data, the evaluation value is more in line with the objective actual situation of the enterprise. Through the comparison and analysis of each method, EVA method is used to evaluate the value of real estate enterprises in Longhu. Secondly, the basic principle, application conditions and important index parameters of EVA model are explained in this paper. The accounting items that need to be adjusted are discussed emphatically. At the end of the 18th century, Stewart perfected the theory of residual income, and put forward the concept of EVA. Eva refers to the balance of the net operating profit after tax, after the cost of capital invested by shareholders and creditors is deducted. In calculating EVA value, the corresponding accounting items should be adjusted, including R & D expenses, goodwill, deferred income tax and impairment reserve, etc. Whether accounting items need to be adjusted to follow the principles of applicability, importance, comprehensibility and comparability. On this basis, the discount model of EVA in the future is briefly introduced. Thirdly, this paper evaluates the enterprise value of EVA with the management data of Longhu real estate. When evaluating historical EVA, it adjusts its historical data according to the previous chapters, and reasonably determines its weighted capital cost ratio. In the prediction of EVA, this paper takes into account the influence of land reserve on the future development of enterprises, and according to the actual land reserve of Longhu real estate, the future development period is assumed. After comparing various data forecasting methods, this paper chooses exponential smoothing method to forecast. Finally, this paper analyzes the value evaluation results of Longhu real estate enterprises, and compares them with the prices in the stock market. It is found that the valuation value of each share price is greater than its market price. Therefore, this paper holds that the enterprise value of Longhu real estate is likely to be underestimated, and this undervaluation may be caused by the failure of investors to consider the sustainable profitability of the enterprise, combined with the operation and financial situation of Longhu real estate. The conclusion that Longhu real estate has higher investment value.
【學(xué)位授予單位】：青島理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42;F272.5

【參考文獻(xiàn)】

相關(guān)期刊論文 前8條

1 張先治;論以現(xiàn)金流量為基礎(chǔ)的價(jià)值評估[J];求是學(xué)刊;2000年06期

2 林文杰;吳博;孔顏;;基于風(fēng)險(xiǎn)調(diào)整的EVA測算模型的探討[J];商場現(xiàn)代化;2011年16期

3 劉春蕊;朱孔來;;基于EVA的企業(yè)價(jià)值評估分析[J];世界標(biāo)準(zhǔn)化與質(zhì)量管理;2006年07期

4 張玲;陳收;鄧霄敏;;EVA-MVA及會計(jì)指標(biāo)對股票收益解釋能力的比較研究[J];數(shù)理統(tǒng)計(jì)與管理;2006年01期

5 陳斌;;國內(nèi)非上市公司企業(yè)價(jià)值評估方法比較[J];商業(yè)時(shí)代;2011年06期

6 劉參;;我國央企EVA考核過程中難點(diǎn)及對策探討[J];商業(yè)文化(下半月);2011年01期

7 黃俊,李飛;經(jīng)濟(jì)增加值模型與我國上市公司價(jià)值的評估[J];統(tǒng)計(jì)與決策;2005年02期

8 畢皖霞,徐文學(xué);對資本結(jié)構(gòu)與企業(yè)價(jià)值相關(guān)性的實(shí)證研究[J];統(tǒng)計(jì)與決策;2005年12期

，

本文編號：1999837