基于EVA的机械类企业价值评估研究

发布时间：2018-01-20 19:09

本文关键词： 企业价值评估机械行业 EVA估值法财务指标　出处：《云南大学》2016年硕士论文　论文类型：学位论文

【摘要】：在经济全球化发展不断深入的今天,我国经济发展也日新月异。资本市场发展迅速,充满活力。随着价值投资的理念成为越来越多投资者的共同价值观,企业的内在价值愈发得到广泛关注,资本活动也随之愈发频繁。企业作为资本市场的重要组成单位,其价值评估向来是投资者和股东关注的重点。企业价值是其整体获利能力的体现,而企业的不断发展即是为了实现企业价值的最大化。价值评估为企业实现理财目标提供了可靠的参考途径,因此,如何对企业价值进行准确的价值确定和预测就成为企业进行经营决策的关键点。在我国,机械行业是国民经济发展的基础,不仅与国内建筑、电力、煤炭等行业的发展有着千丝万缕的联系,更与我国整体的经济建设的发展休戚相关。要想实现机械行业的技术革命,就要进行大量的资金投放和对国外先进技术的引进,能否成功吸引更多的资金投入,关键在于能否对企业进行准确的价值评估。投资者基于对此的参考,通过合理的企业因素分析和行业前景预测来进行投资判断。而经济增加值(EVA)法则为投资者进行一系列的投资活动提供了可能性,也为价值管理和评估提供了一种新的思路和途径。EVA估值法在未来必定会随着机械行业的深化发展而产生深刻的影响。笔者根据对机械行业的了解,阐述了EVA是如何在机械类企业评估中发挥作用的。一方面,可以给投资者的投资活动提供参考指标,另一方面,也可以使企业的管理理念转向以价值为导向,以公司的长远发展为最终目标,发掘公司潜在价值,以实现股东财富最大化。文章通过对机械行业的基本情况分析和市场,以及对目前较为常见的评估模型进行对比分析,从EVA的理论过渡到针对机械类上市公司的EVA评估模型,最后以上海电气为对象进行实证考察,明确该公司的整体价值。通过具体的实例分析,以期本文能够为投资者提供机械类企业价值评估的系统化参考。
[Abstract]:In the development of economic globalization today, China's economic development will change rapidly. The rapid development of capital market, full of vitality. With the concept of value investing has become the common value of more and more investors view the intrinsic value of the enterprise is increasingly widely concerned about capital activities will become more frequent. Enterprises as an important component of the capital market. Its value is always a focus of concern of investors and shareholders. The enterprise value is a reflection of the overall profitability, and the development of the enterprise is to maximize the value of the enterprise value evaluation provides a reference way for theenterprise to achieve financial goals so how to accurately determine the enterprise value and value the prediction of enterprises has become the key points of the management decision. In China, the machinery industry is the foundation of national economic development, not only with domestic construction, electric power That is inextricably linked to the development of coal industry development, and bound together in a common cause of our country's overall economic construction. In order to realize the technological revolution of machinery industry, will be carried out on the introduction of foreign advanced technology and a large amount of money, can attract more capital investment, the key is whether the accurate valuation for the company. Investors are based on reference, through reasonable enterprise factor analysis and industry forecast to investment judgment. But the economic value added (EVA) Rules for investors provided the possibility of a series of investment activities, but also for the value management and evaluation provides a new idea and approach of.EVA valuation method in the future will deepen with the development of machinery industry has a profound impact. According to the understanding of the machinery industry, expounds how EVA in the evaluation of machinery enterprises in The essential role. On the one hand, can give investors a reference index, on the other hand, also can make the enterprise management concept to value oriented, with the company's long-term development as the ultimate goal, to explore the potential value of the company, to realize the maximization of shareholder wealth. Through the analysis of basic situation and market of machinery the industry, as well as the more common evaluation model for comparative analysis, the transition from the theory of EVA to the EVA evaluation model for listed companies of machinery, finally to Shanghai electric as the object of empirical study, clear the company's overall value. Through detailed analysis, this paper in order to provide a systematic evaluation of mechanical reference enterprise value for investors.

【学位授予单位】：云南大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F426.4;F406.7

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