基于EVA的YZGK企业价值评估
发布时间：2019-05-15 22:59
【摘要】：近几年,以新三板企业为代表的成长型高新技术企业迅速发展,其规模与影响力已经成为国民经济中不可或缺的一环。如何科学合理地对这类企业的价值进行评估,已经成为众多学者、企业管理者以及投资者等人的研究热点。对于以技术创新为导向,现金流经常为负,且以股权融资为主的新三板企业来说,继续使用现金流量折现法、相对价值法等常用评价方法对其进行价值评估显然不合适。文章基于对新三板企业特点以及评估方法的适用性、股东财富最大化等问题的考虑,将常用企业价值评估方法和EVA价值评估法进行了对比分析,认为EVA估值法是最合适的。接着,文章从EVA的概念出发,对EVA的计算过程以及评估模型进行了介绍,并引入评估目标——YZGK。对企业的基本情况进行介绍后,计算出企业的历史EVA值,并结合行业特点与企业自身发展情况,选择EVA两阶段模型对其价值进行评估。文章计算得出评估基准日的企业价值为3,832,629,677.90元,即每股内在价值为28.91元,与评估基准日前后一个月的股票收盘均价28.62元十分接近。为了验证评估结果的有效性,文章再将评估结果分别与评估基准日前后两个月的股票收盘均价(27.47元)以及评估基准日前后三个月的股票收盘均价(26.50元)进行对比,均与文章的评估结果相近,误差率均在可接受的范围内,验证了基于EVA进行企业价值评估的有效性。在此基础上,对企业进行EVA驱动因素分析,通过与对标企业以及行业平均水平进行比较分析,找到不利于提升企业EVA的短板,并提出相应的改善建议。由于以往对于EVA的研究主要集中在绩效考核方面,即便有价值评估方面的研究也是以主板企业为主,对于新三板企业的研究相对稀少。文章通过理论与案例分析,证明了EVA价值评估法对于新三板企业的适用性。最后,为提升企业价值对EVA展开驱动因素分析并提出相关建议。
[Abstract]:In recent years, the growth high-tech enterprises represented by the new third board enterprises have developed rapidly, and their scale and influence have become an indispensable part of the national economy. How to evaluate the value of this kind of enterprises scientifically and reasonably has become the research focus of many scholars, enterprise managers and investors. For the new third board enterprises guided by technological innovation, whose cash flow is often negative and mainly based on equity financing, it is obviously inappropriate to continue to use cash flow discount method, relative value method and other common evaluation methods to evaluate their value. Based on the consideration of the characteristics of the new third board enterprises, the applicability of the evaluation methods and the maximization of shareholders' wealth, this paper compares the common enterprise value evaluation methods with the EVA value evaluation method, and holds that the EVA valuation method is the most suitable. Then, based on the concept of EVA, this paper introduces the calculation process and evaluation model of EVA, and introduces the evaluation target YZGK.. After introducing the basic situation of the enterprise, the historical value of the enterprise is calculated, and the EVA two-stage model is selected to evaluate the value of the enterprise according to the characteristics of the industry and the development of the enterprise itself. The paper calculates that the enterprise value of the evaluation reference date is 3832629677.90 yuan, that is, the intrinsic value per share is 28.91 yuan, which is very close to the average closing price of the stock in one month before and after the evaluation reference date. In order to verify the validity of the evaluation results, the paper compares the evaluation results with the average closing price of stocks for two months before and after the evaluation base date (27.47 yuan) and the average closing price of stocks for three months before and after the evaluation base date (26.50 yuan). All of them are similar to the evaluation results of this paper, and the error rate is within an acceptable range, which verifies the effectiveness of enterprise value evaluation based on EVA. On this basis, the driving factors of EVA are analyzed, and by comparing with the average level of standard enterprises and industries, the shortcomings that are not conducive to improving the EVA of enterprises are found, and the corresponding improvement suggestions are put forward. Because the previous research on EVA is mainly focused on performance evaluation, even the research on valuable evaluation is mainly based on motherboard enterprises, and the research on the new third board enterprises is relatively rare. Through theoretical and case analysis, this paper proves the applicability of EVA value evaluation method to the new third board enterprises. Finally, in order to enhance the value of enterprises, the driving factors of EVA are analyzed and some suggestions are put forward.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7
本文编号：2477827
[Abstract]:In recent years, the growth high-tech enterprises represented by the new third board enterprises have developed rapidly, and their scale and influence have become an indispensable part of the national economy. How to evaluate the value of this kind of enterprises scientifically and reasonably has become the research focus of many scholars, enterprise managers and investors. For the new third board enterprises guided by technological innovation, whose cash flow is often negative and mainly based on equity financing, it is obviously inappropriate to continue to use cash flow discount method, relative value method and other common evaluation methods to evaluate their value. Based on the consideration of the characteristics of the new third board enterprises, the applicability of the evaluation methods and the maximization of shareholders' wealth, this paper compares the common enterprise value evaluation methods with the EVA value evaluation method, and holds that the EVA valuation method is the most suitable. Then, based on the concept of EVA, this paper introduces the calculation process and evaluation model of EVA, and introduces the evaluation target YZGK.. After introducing the basic situation of the enterprise, the historical value of the enterprise is calculated, and the EVA two-stage model is selected to evaluate the value of the enterprise according to the characteristics of the industry and the development of the enterprise itself. The paper calculates that the enterprise value of the evaluation reference date is 3832629677.90 yuan, that is, the intrinsic value per share is 28.91 yuan, which is very close to the average closing price of the stock in one month before and after the evaluation reference date. In order to verify the validity of the evaluation results, the paper compares the evaluation results with the average closing price of stocks for two months before and after the evaluation base date (27.47 yuan) and the average closing price of stocks for three months before and after the evaluation base date (26.50 yuan). All of them are similar to the evaluation results of this paper, and the error rate is within an acceptable range, which verifies the effectiveness of enterprise value evaluation based on EVA. On this basis, the driving factors of EVA are analyzed, and by comparing with the average level of standard enterprises and industries, the shortcomings that are not conducive to improving the EVA of enterprises are found, and the corresponding improvement suggestions are put forward. Because the previous research on EVA is mainly focused on performance evaluation, even the research on valuable evaluation is mainly based on motherboard enterprises, and the research on the new third board enterprises is relatively rare. Through theoretical and case analysis, this paper proves the applicability of EVA value evaluation method to the new third board enterprises. Finally, in order to enhance the value of enterprises, the driving factors of EVA are analyzed and some suggestions are put forward.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7
【参考文献】
相关期刊论文 前10条
1 杨璐;李丽;;浅谈大数据在资产评估中的应用[J];中国资产评估;2015年06期
2 方心童;高诚昊;;我国城市商业银行价值创造能力研究——基于经济增加值(EVA)绩效考核视角[J];财经问题研究;2015年02期
3 边瑞;吴东荣;曹巍魏;;基于EVA的万科价值评估[J];财经界(学术版);2015年01期
4 金蕊;;国有企业推行经济增加值(EVA)考核的探索与建议[J];经营管理者;2014年24期
5 蒋博姝;;浅谈对经济增加值(EVA)的比较性研究[J];现代商业;2014年18期
6 黄琳;黄海芳;孙成涛;;新三板挂牌企业估值与投资机会[J];中国市场;2014年19期
7 毕玮;;经济增加值在国有企业业绩考核中的不足与改进[J];西部财会;2014年04期
8 冯金;;基于经济增加值(EVA)的中国石油价值评估研究[J];北京石油管理干部学院学报;2014年01期
9 姚颐;刘志远;冯程;;央企负责人、货币性薪酬与公司业绩[J];南开管理评论;2013年06期
10 陈立波;;灰色马尔科夫法在企业价值评估中的应用[J];统计与决策;2013年15期
相关硕士学位论文 前1条
1 何蕊华;以EVA为核心的财务战略研究[D];云南财经大学;2011年
，本文编号：2477827
本文链接：https://www.wllwen.com/guanlilunwen/caiwuguanlilunwen/2477827.html
