本文選題：企業(yè)價值 + 企業(yè)價值評估方法�。� 參考：《安徽財經(jīng)大學(xué)》2014年碩士論文

【摘要】：我國的資本市場由于起步比較晚,發(fā)展并不完善,許多傳統(tǒng)的企業(yè)價值評估方法是圍繞會計利潤展開的,使得管理者沒有認(rèn)識到機會成本和資本成本,這樣易造成企業(yè)的短期利益行為,一定程度上降低了利潤,不利于我國資本市場健康發(fā)展。EVA,即經(jīng)濟增加值,是稅后凈營業(yè)利潤減去包括股權(quán)和債務(wù)在內(nèi)的全部投入資本成本之后所得的值。其最重要的核心是說明了資本投入是有成本的,企業(yè)盈利必須高于其資本成本,這才會為股東創(chuàng)造價值,它是對企業(yè)管理者有效使用資本和為股東創(chuàng)造價值能力的一種全面評價,這種經(jīng)營業(yè)績考核工具體現(xiàn)了企業(yè)最終經(jīng)營目標(biāo),所以EVA是企業(yè)價值管理體系的基礎(chǔ)和核心。2007年國務(wù)院國有資產(chǎn)監(jiān)督管理委員會(簡稱國資委)就開始鼓勵中央企業(yè)開始采用EVA進行企業(yè)價值評估,并于2010年將EVA考核作為整體績效考評指標(biāo)的重要組成部分,成為企業(yè)管理層薪酬獎懲、職務(wù)任免重要參考依據(jù),越來越多的大型國有企業(yè)也認(rèn)識到不考慮權(quán)益資本成本給企業(yè)帶來的危害,逐漸認(rèn)識基于EVA為核心的企業(yè)價值管理體系的重要性。 本文選用案例進行基于EVA的企業(yè)價值評估。首先在企業(yè)價值評估理論及方法的文獻研究的基礎(chǔ)上,闡述了企業(yè)價值和EVA的有關(guān)理論,分析了EVA理論和應(yīng)用在我國發(fā)展的現(xiàn)狀,構(gòu)建本文的理論框架。緊接著分析企業(yè)價值評估的各種方法及其實用性和局限性,最終本文選擇企業(yè)價值評估方法—EVA法,提出EVA企業(yè)價值評估的優(yōu)勢：考慮資本成本,打破傳統(tǒng)只考慮會計利潤的理念,如實反映企業(yè)創(chuàng)造的價值,將股東的財富和企業(yè)管理決策聯(lián)系在一起等。接著以制造行業(yè)的大型國有企業(yè)中國石油天然氣集團上市公司的財務(wù)報告等資料為依據(jù),預(yù)測未來企業(yè)EVA,計算企業(yè)價值,進而分析了企業(yè)價值和股票價格的相關(guān)性,說明EVA指標(biāo)如何對企業(yè)管理和運營帶來影響。文章的最后進行總結(jié),提出展望,提出我國企業(yè)對于EVA估算企業(yè)價值在實際應(yīng)用中應(yīng)注意的問題,并且隨著我國資本市場的發(fā)展和經(jīng)濟體制的完善,EVA估值法因其在評估企業(yè)價值上的全面性和準(zhǔn)確性,所以文章在如何建立以EVA為核心的價值管理體系給出了兩點建議,并且以EVA指標(biāo)評價企業(yè)業(yè)績在企業(yè)中實施的問題也必須亟待解決。文章在第四章的案例中具體計算了未來EVA和企業(yè)價值。EVA企業(yè)價值評估體系的出現(xiàn)和形成,標(biāo)志著新的管理模式和價值評估體系的成立,它相較于傳統(tǒng)的評估方法,能更準(zhǔn)確全面的反映企業(yè)價值。EVA企業(yè)價值評估法全面考慮了公司的資產(chǎn)負(fù)債表、所有者權(quán)益表及利潤表的管理,與傳統(tǒng)評價指標(biāo)相比,更加注重投資者的回報,真正使得企業(yè)為股東創(chuàng)造財富。
[Abstract]:Because the capital market of our country starts relatively late, the development is not perfect, many traditional enterprise value evaluation methods are carried out around accounting profit, which makes managers fail to realize opportunity cost and capital cost. This is easy to cause short-term benefit behavior of enterprises, to some extent reduce profits, and is not conducive to the healthy development of our capital market. EVA, that is, economic added value, Net operating profit after tax minus the total cost of investment capital, including equity and debt. Its most important core is that the capital investment is cost, and the profit of the enterprise must be higher than the cost of its capital to create value for the shareholders. It is a comprehensive evaluation of the ability of managers to use capital effectively and create value for shareholders. So EVA is the foundation and core of the enterprise value management system. In 2007, the State-owned assets Supervision and Administration Commission of the State Council (SASAC) began to encourage central enterprises to start using EVA for enterprise value evaluation. In 2010, the EVA evaluation is regarded as an important part of the overall performance evaluation index, and it becomes the important reference basis for the compensation and punishment of the management, the appointment and removal of posts. More and more large state-owned enterprises also realize the harm caused by the cost of equity capital, and gradually realize the importance of enterprise value management system based on EVA. This article selects the case to carry on the enterprise value appraisal based on EVA. Firstly, on the basis of the literature research on the theory and method of enterprise value evaluation, this paper expounds the related theories of enterprise value and EVA, analyzes the present situation of the development of EVA theory and its application in our country, and constructs the theoretical framework of this paper. After analyzing the various methods of enterprise value evaluation and their practicability and limitation, this paper chooses the enterprise value evaluation method-EVA method, and puts forward the advantages of EVA enterprise value evaluation: considering the cost of capital. Breaking the traditional idea of only considering the accounting profit, reflecting the value created by the enterprise truthfully, connecting the wealth of the shareholders with the management decision of the enterprise and so on. Then, based on the financial reports of listed companies of China National Petroleum Corporation, a large state-owned enterprise in the manufacturing industry, this paper predicts the future enterprises EVA, calculates the enterprise value, and then analyzes the correlation between the enterprise value and the stock price. Explain how the EVA index has an impact on the management and operation of the enterprise. Finally, the paper summarizes, puts forward the prospect, and points out the problems that should be paid attention to in the practical application of estimating the enterprise value of EVA in our country. With the development of China's capital market and the perfection of economic system, the paper gives two suggestions on how to establish a value management system based on EVA because of its comprehensiveness and accuracy in evaluating enterprise value. And the problem of enterprise performance evaluation based on EVA index must be solved urgently. In the fourth chapter of the case, the paper calculates the emergence and formation of the future EVA and the enterprise value evaluation system, which marks the establishment of a new management model and a value evaluation system, which is compared with the traditional evaluation methods. The EVA method can reflect the enterprise value more accurately and comprehensively considering the management of the balance sheet, owner's equity statement and profit statement, and pays more attention to the investor's return than the traditional evaluation index. Really make an enterprise create wealth for shareholders.
【學(xué)位授予單位】：安徽財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.22;F406.7

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本文編號：1946047