价值链理论视角下的长城汽车企业价值评估案例研究

发布时间：2018-04-30 23:22

本文选题：企业价值评估 + 价值链　；参考：《辽宁大学》2017年硕士论文

【摘要】：企业价值评估,有助于衡量企业的公平市场价值,帮助投资者和管理者改善决策。传统的价值评估方法主要从财务报表出发,更多的是体现企业的历史状况和现实状况,但企业价值评估不仅要体现企业过去和现在的经营业绩,同时应该对未来的盈利能力,发展能力加以预测。而对于企业未来盈利能力、发展能力的预测,不单单只考虑财务因素,非财务因素也是企业发展的重要因素,因而传统的评估方法存在忽略了非财务因素的不足,为了更全面的让并购者、投资者、管理者了解企业的整体价值,本文通过引入价值链这一概念,来考虑企业的非财务因素,对于企业整体价值的影响,但是不同行业的价值链千差万别,价值链中的环节也不尽相同,为了更好的、更全面、更细致的考虑非财务因素对企业的整体价值的影响。从全世界汽车产业来看,中国是全世界增长最大和增长最快的市场,我国过去一年生产汽车2372万辆,销售汽车2349万辆,同比增长7. 3%和6. 9%,对于增长幅度放缓主要原因是整个经济大形势增长放缓。本文将通过对汽车行业价值链的分析,确定一套适用于汽车行业的非财务指标评估体系。为了更加深度地了解价值链理论视角下的企业价值评估方法的优势与不足,本文从投资者的角度,对长城汽车股份有限公司的企业整体价值按此理论进行评估,提出了相关建议。本文以汽车行业价值链为研究对象,同一行业的企业具有共通性,对于汽车行业进行行业内的透视,并比较和分析传统的自由现金流折现模型的评估结果,与价值链理论视角下的企业价值评估模型的评估结果。从价值链的角度出发,改进了以往价值评估体系的评估指标,对汽车行业的评估指标,评估标准进行深度分析和改善,通过价值链理论视角下的企业价值评估在长城汽车股份有限公司的具体应用,通过实例分析,用现实数据证实价值链理论视角下的企业价值评估体系,增强理论说服力对汽车行业的增值活动进行分析,将汽车行业的非财务指标标准化,确定一套对于汽车行业通用的非财务指标,不仅可以简化评估过程,也可以是汽车行业间的企业之间的价值更具有可比性。
[Abstract]:Enterprise value evaluation is helpful to measure the fair market value of enterprises and help investors and managers to improve their decisions. The traditional valuation method is mainly based on the financial statements, and more on the historical and realistic conditions of the enterprise. However, the enterprise value evaluation should not only reflect the past and present business performance of the enterprise, but also the profitability of the future. Develop capacity to predict. For the future profitability of enterprises, the forecast of development ability, not only consider financial factors, non-financial factors are also an important factor in the development of enterprises, so the traditional evaluation method has neglected the lack of non-financial factors. In order to make M & A, investors and managers understand the overall value of the enterprise more comprehensively, this paper introduces the concept of value chain to consider the non-financial factors of the enterprise, and the impact on the overall value of the enterprise. However, the value chain of different industries is different, and the links in the value chain are also different. In order to better, more comprehensive, more detailed consideration of the impact of non-financial factors on the overall value of the enterprise. Judging from the world auto industry, China is the largest and fastest growing market in the world, producing 23.72 million cars and selling 23.49 million cars in the past year, an increase of 7. 5% over the same period last year. Three percent and six percent. The main reason for the slowdown is a slowdown in the overall economic situation. By analyzing the value chain of automobile industry, this paper determines a set of non-financial index evaluation system suitable for automobile industry. In order to better understand the advantages and disadvantages of the enterprise value evaluation method from the perspective of value chain theory, this paper evaluates the whole enterprise value of the Great Wall Automotive Co., Ltd according to this theory from the perspective of investors. Some suggestions are put forward. This article takes the automobile industry value chain as the research object, the same industry enterprise has the common, carries on the industry perspective to the automobile industry, and compares and analyzes the traditional free cash flow discount model appraisal result, And the evaluation results of the enterprise value evaluation model from the perspective of value chain theory. From the point of view of value chain, this paper improves the evaluation index of the previous value evaluation system, and makes a deep analysis and improvement of the evaluation index and the evaluation standard of the automobile industry. Through the concrete application of enterprise value evaluation in the Great Wall Automobile Co., Ltd under the view of value chain theory, the enterprise value evaluation system under the view of value chain theory is proved by practical data. Strengthening the theoretical persuasion to analyze the value-added activities of the automobile industry, standardizing the non-financial indicators of the automobile industry, and determining a set of non-financial indicators for the automobile industry can not only simplify the evaluation process, It can also be more comparable between companies in the automotive industry.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.471

【参考文献】