【摘要】：隨著改革開放以來中國(guó)經(jīng)濟(jì)的崛起、加入WTO后金融逐步國(guó)際化，國(guó)內(nèi)資本市場(chǎng)不斷發(fā)展和完善，投資者越來越認(rèn)同價(jià)值投資的理念，上市公司內(nèi)在價(jià)值日益成為投資者關(guān)注的焦點(diǎn)。在全球會(huì)計(jì)誠(chéng)信危機(jī)的環(huán)境下，企業(yè)財(cái)務(wù)信息失真問題日益突出，人們已不能單純依靠傳統(tǒng)的財(cái)務(wù)會(huì)計(jì)報(bào)表和會(huì)計(jì)利潤(rùn)來評(píng)價(jià)一個(gè)公司價(jià)值并據(jù)此作出投資決策。因此，如何衡量企業(yè)價(jià)值并實(shí)現(xiàn)價(jià)值增值成為更加迫切的問題，如何選擇合理的評(píng)估模型對(duì)上市公司進(jìn)行科學(xué)評(píng)估以確定其內(nèi)在價(jià)值顯得尤為重要。 有鑒于傳統(tǒng)的會(huì)計(jì)利潤(rùn)指標(biāo)不能很好地反映企業(yè)為股東創(chuàng)造價(jià)值的情況，而且其評(píng)價(jià)指標(biāo)諸如投資收益率、凈資產(chǎn)收益率等本身存在缺陷，，本文選擇能夠更加全面、真實(shí)地反映企業(yè)內(nèi)在價(jià)值的EVA(經(jīng)濟(jì)增加值）模型對(duì)目標(biāo)公司作實(shí)證研究。本文以徐工集團(tuán)工程機(jī)械股份有限公司為研究對(duì)象，以對(duì)徐工集團(tuán)工程機(jī)械股份有限公司的基本分析為出發(fā)點(diǎn)，重視企業(yè)的經(jīng)濟(jì)利潤(rùn)，以價(jià)值投資為指導(dǎo)思想，采用規(guī)范研究和實(shí)證分析相結(jié)合的方法，以量化的表現(xiàn)形式對(duì)徐工機(jī)械進(jìn)行了實(shí)證分析和預(yù)測(cè)。通過對(duì)徐工機(jī)械2007年至2011年歷史財(cái)務(wù)報(bào)表的調(diào)整和對(duì)未來經(jīng)濟(jì)利潤(rùn)的預(yù)測(cè)，資本成本的確定等定量、定性分析相結(jié)合，進(jìn)行科學(xué)評(píng)估，最終確定了徐工機(jī)械的價(jià)值。 本文對(duì)徐工機(jī)械進(jìn)行價(jià)值評(píng)估的整個(gè)分析過程可以作為應(yīng)用經(jīng)濟(jì)增加值估值法對(duì)企業(yè)進(jìn)行價(jià)值評(píng)估的一個(gè)參考案例。其估價(jià)過程于同類中國(guó)企業(yè)對(duì)自身價(jià)值進(jìn)行客觀評(píng)估有一定的理論指導(dǎo)意義，同時(shí)對(duì)投資者進(jìn)行投資決策具有一定的借鑒意義。
[Abstract]:With the rise of China's economy since the reform and opening up, the gradual internationalization of finance after China's entry into WTO, and the continuous development and improvement of the domestic capital market, investors more and more agree with the concept of value investment. The intrinsic value of listed companies has become the focus of investors' attention. In the environment of global accounting credit crisis, the problem of financial information distortion is becoming more and more prominent. People can not simply rely on traditional financial statements and accounting profits to evaluate a company's value and make investment decisions accordingly. Therefore, how to measure the enterprise value and realize the value increment becomes a more urgent problem, and how to select a reasonable evaluation model to evaluate the listed company scientifically to determine its intrinsic value is particularly important. In view of the fact that the traditional accounting profit index can not well reflect the situation that the enterprise creates value for the shareholders, and its evaluation indexes such as the return on investment and the rate of return on net assets have their own defects, this paper can choose to be more comprehensive. The EVA (Economic value added) model, which truly reflects the intrinsic value of the firm, makes an empirical study on the target firm. This paper takes Xugong Group Construction Machinery Co., Ltd. as the research object, takes the basic analysis of Xugong Group Construction Machinery Co., Ltd. as the starting point, attaches importance to the economic profit of the enterprise, and takes the value investment as the guiding ideology. By combining normative research with empirical analysis, this paper makes empirical analysis and prediction of Xugong machinery in the form of quantitative expression. Through the adjustment of the historical financial statements of Xugong machinery from 2007 to 2011, the forecast of future economic profit and the quantitative and qualitative analysis of capital cost, the value of Xugong machinery is finally determined. In this paper, the whole process of value evaluation of Xugong machinery can be used as a reference case to evaluate the value of enterprises by the method of economic value added valuation. The process of valuation is of certain theoretical significance to the objective evaluation of the value of the same kind of Chinese enterprises, and it has certain reference significance for investors to make investment decisions at the same time.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F426.4

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