企业价值评估EVA模型的市场修正研究

发布时间：2018-03-08 15:27

本文选题：EVA　切入点：企业价值评估　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：伴随着我国经济的快速发展,资本市场日益完善,越来越多的企业通过上市融资、并购等方式促进了自身的发展。在这些经济活动中,企业价值评估活动发挥了重要的作用。一方面,企业价值评估可以为投资者购买上市公司的股票提供最基本的参考;另一方面,在进行企业并购时,双方可以通过企业价值评估确定自己的价格底线。企业价值评估也由此受到投资者与企业决策者的广泛关注,在学界和实际应用中得到了重视。在进行企业价值评估时,可供选择的方法主要有成本法、收益法及市场法,各种方法下又有各种可供选择的模型。其中,收益法下的EVA估值模型由于充分考虑了股东的价值创造,并且具备广泛的适用性而成为了企业价值评估的重要选择。EVA,即经济增加值,考虑的是扣除企业成本之后的剩余收入。然而,EVA模型也存在缺陷,主要表现在模型的各种假设前提过于严苛,在现实中很难满足。为了尽可能减小这些因素对企业价值评估结果的误差影响,本文考虑通过引入市场法下的修正参数,构建市场修正模型进行完善。本文先从理论上论述了构建修正模型的可行性,之后依据理论假设构建了具体的修正模型。为了验证修正模型的修正效果,本文选择了上市公司进行了验证。在选择目标企业时,本文综合考虑了目标企业所处行业的特征以及该行业企业的模型适用性,最终选择了医药制造业作为研究行业,并且选择其中的复星医药作为目标企业。本文首先介绍了选题来源,对国内外相关的研究现状进行了介绍;之后对于企业价值评估的相关理论进行了简要的介绍,对企业价值评估的作用、特点及方法进行了说明;再次,对EVA模型进行了具体介绍,并从其缺陷出发构建了市场修正模型;最后,选取了目标企业复星医药对修正模型进行了验证,并且对修正结果给出了解释。
[Abstract]:With the rapid development of China's economy, the capital market is becoming more and more perfect. More and more enterprises have promoted their own development through listed financing, mergers and acquisitions, etc. In these economic activities, Enterprise value evaluation plays an important role. On the one hand, enterprise value evaluation can provide the most basic reference for investors to buy the shares of listed companies; on the other hand, when undertaking mergers and acquisitions, Both sides can determine their own price bottom line through enterprise value evaluation. Therefore, enterprise value evaluation has been widely concerned by investors and enterprise decision makers, and has been attached importance to in academic and practical application. The main alternative methods are cost method, income approach and market approach, and there are various alternative models under various methods. Among them, the EVA valuation model under income approach takes full account of the value creation of shareholders. And has a wide range of applicability and become an important choice of enterprise value assessment. EVA, that is, economic added value, consider the residual income after deducting the cost of the enterprise. However, EVA model also has some defects. In order to minimize the error effect of these factors on the results of enterprise value evaluation, this paper considers introducing the revised parameters under the market method, because the assumptions of the model are too strict and difficult to satisfy in reality. This paper first discusses the feasibility of constructing the modified model theoretically, and then constructs the specific correction model according to the theoretical hypothesis, in order to verify the correction effect of the modified model, In this paper, the listed companies are selected for verification. In selecting the target enterprises, this paper comprehensively considers the characteristics of the industry in which the target enterprises are located and the applicability of the model of the enterprises in this industry. Finally, the pharmaceutical manufacturing industry is chosen as the research industry. And select Fosun medicine as the target enterprise. Firstly, this paper introduces the source of the topic, and introduces the current situation of research at home and abroad, and then briefly introduces the relevant theory of enterprise value evaluation. The function, characteristics and methods of enterprise value evaluation are explained. Thirdly, the EVA model is introduced in detail, and the market correction model is constructed from its defects. The modified model is verified by Fosun Medicine, a target enterprise, and the result is explained.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7

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