本文選題：價值評估 + 企業(yè)價值　； 參考：《長沙理工大學》2015年碩士論文

【摘要】：我國鋼鐵行業(yè)自1996年成為世界第三個粗鋼產量過億噸的國家起,其鋼鐵產量急劇增加。至2010年,中國以6.72億噸的鋼鐵產量、占世界總產量的44.3%成為世界第一。雖然在產量上中國位居世界第一,為生產鋼鐵的大國,但并非鋼鐵強國。資源的短缺、落后的管理水平及生產技術等導致中國的鋼鐵產品結構發(fā)展不平衡、鋼鐵業(yè)發(fā)展受到限制。隨著經濟環(huán)境的變幻莫測以及全球化,為了更好地適應市場的形勢,企業(yè)比以往更注重對其自身的管理,而基于企業(yè)價值的管理成為了企業(yè)最為有效的管理方式。而對企業(yè)的價值進行評估是找尋價值驅動因素、研究如何提升企業(yè)價值的基礎。本文首先采用企業(yè)自由現(xiàn)金流折現(xiàn)模型對XL進行了價值評估,得出了企業(yè)的內在價值。之后出于如下目的來探討XL價值提升策略：(1)將評估的價值與企業(yè)的股價進行比較發(fā)現(xiàn)目前企業(yè)市值低于其內在價值。通常企業(yè)價值被低估的原因除了受市場整體表現(xiàn)低迷的影響及投資者掌握企業(yè)信息不完全等原因之外主要是企業(yè)管理者目前的管理水平及方式并未使企業(yè)充分展現(xiàn)其價值。因此,為了防止由于這一原因造成的企業(yè)價值被低估,故對XL的價值提升進行探討；(2)XL作為特鋼行業(yè)的龍頭企業(yè)之一,隨著特鋼市場日益激烈的競爭形勢,如果不積極地提升自己的管理水平、最大化的挖掘企業(yè)的潛在價值,即使目前企業(yè)具有較高的內在價值,但在未來的經營發(fā)展中必然會由于無法適應未來市場的形勢而逐漸被其他同類型的企業(yè)取代。因此,基于此目的對XL進行價值提升非常必要。最后對價值構成要素進行分解,并分析了部分要素的變動對企業(yè)價值的影響程度,發(fā)現(xiàn)營業(yè)收入、成本費用、資本結構、營運資本等因素對企業(yè)價值的影響較大,從而根據這些因素探討了相關的提升措施供管理者參考。
[Abstract]:Since China's iron and steel industry became the third country in the world to produce more than 100 million tons of crude steel in 1996, its steel output has increased sharply. By 2010, China had produced 672 million tons of steel, accounting for 44.3 percent of the world's total output. Although China is the world's largest producer of steel by output, it is not a steel power. The shortage of resources, the backward management level and the production technology lead to the unbalanced development of iron and steel products in China, which limits the development of steel industry. With the unpredictable economic environment and globalization, in order to better adapt to the market situation, enterprises pay more attention to their own management than ever before, and the management based on enterprise value has become the most effective management mode. The evaluation of enterprise value is to find the driving factor of value and study the basis of how to improve the enterprise value. In this paper, the enterprise free cash flow discount model is used to evaluate the value of XL, and the intrinsic value of the enterprise is obtained. Then for the following purposes to explore the XL value promotion strategy: 1) compare the evaluated value with the stock price of the enterprise and find that market value is lower than its intrinsic value at present. Usually, the reason why the enterprise value is undervalued is that the current management level and mode of the enterprise managers do not make the enterprise fully display its value, except for the influence of the market overall performance and the incomplete information of the investors. Therefore, in order to prevent the undervaluation of the enterprises caused by this reason, this paper discusses the promotion of XL value, as one of the leading enterprises in the special steel industry, with the increasingly fierce competition situation in the special steel market. If you do not actively improve your management level, maximize the potential value of the enterprise, even if the current enterprise has a higher intrinsic value, But in the future business development will be gradually replaced by other similar enterprises because they can not adapt to the future market situation. Therefore, it is necessary to enhance the value of XL for this purpose. Finally, it decomposes the elements of value, and analyzes the influence of the change of some elements on the enterprise value, and finds that the factors such as operating income, cost cost, capital structure, working capital and so on have great influence on the enterprise value. According to these factors, the relevant promotion measures are discussed for managers' reference.
【學位授予單位】：長沙理工大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F426.31;F406.7

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