沈阳禾丰牧业有限公司价值增值研究

发布时间：2018-06-11 12:23

本文选题：企业价值增值 + 自由现金流量折现法　；参考：《沈阳工业大学》2017年硕士论文

【摘要】：随着世界经济发展,企业管理目标也在变化,企业价值最大化变为最新管理核心。企业价值的概念是以经济学的价值涵义为主。随着研究范围的扩展,企业价值增值的研究逐步发展为以价值评估为手段、以研究价值驱动因素和价值创造的一系列的研究。同时结合内外部特征,对企业价值驱动因素进行分析,优化企业的资源配置,帮助企业进行融资、投资和做出经营决策等,使企业价值能得到不断持续性的增值,达到价值最大化的目的。沈阳禾丰牧业有限公司是国内饲料企业的龙头企业,具有传统饲料企业的典型特征。本文根据企业价值相关理论,采取自由现金流量折现法和价值链法分别对企业价值进行评估,从两个价值评估结果的角度去分析沈阳禾丰牧业有限公司的企业价值增值驱动因素。其中,用自由现金流量折现评估法的结果并结合关键价值驱动因素树原理,来分析企业价值增值的财务因素。经过深入价值驱动因素分析发现:沈阳禾丰牧业有限公司通过持续性地提高销售增长率和资产周转率、降低税负和加权资本成本,以及延长超额收益期间等,这五大财务角度的做法使沈阳禾丰有限公司的企业价值不断提升。本文通过深入分析价值链评估法算出企业价值,构建沈阳禾丰牧业有限公司的基础和辅助价值链,从评估结果进一步分析总结出沈阳禾丰牧业有限公司价值增值的非财务因素有:生产环节、营销环节、售后服务环节、采购环节、研究开发环节、人力资源环节和基础设施环节,这七大非财务方面价值增值驱动因素。结合财务和非财务角度已分析出的驱动因素,本文有针对性地提出未来企业价值增值措施。本文可以为我国的饲料企业价值增值驱动因素分析提供借鉴,更有利于企业认识企业价值创造过程、分析企业价值增值的驱动因素有哪些、促进企业资源优化配置、为企业未来更好地发展提出价值增值的措施。
[Abstract]:With the development of the world economy, the goal of enterprise management is changing, and the maximization of enterprise value becomes the core of the latest management. The concept of enterprise value is based on the value meaning of economics. With the expansion of the scope of the research, the research of enterprise value appreciation has gradually developed into a series of studies on value driving factors and value creation by means of value evaluation. At the same time, combined with the internal and external characteristics, this paper analyzes the driving factors of enterprise value, optimizes the resource allocation of the enterprise, helps the enterprise to make financing, investment and management decisions, so that the enterprise value can be continuously added. To maximize value. Shenyang Hefeng Animal Husbandry Co., Ltd. is the leading enterprise of domestic feed enterprises, which has the typical characteristics of traditional feed enterprises. According to the theory of enterprise value, this paper uses the free cash flow discounted method and the value chain method to evaluate the enterprise value. This paper analyzes the driving factors of enterprise value increment in Shenyang Hefeng Animal Husbandry Co., Ltd. The results of free cash flow discounted evaluation method and the key value driver tree principle are used to analyze the financial factors of enterprise value increment. Through in-depth value driving factor analysis, it is found that Shenyang Hefeng Animal Husbandry Co., Ltd. continuously increases sales growth rate and asset turnover rate, reduces tax burden and weighted capital cost, and prolongs the period of excess income, etc. These five major financial aspects of the practice of Shenyang Hefeng Co., Ltd. enterprise value continues to improve. In this paper, the value of enterprises is calculated through in-depth analysis of value chain evaluation method, and the foundation and auxiliary value chain of Shenyang Hefeng Animal Husbandry Co., Ltd are constructed. From the evaluation results, the non-financial factors of the value added value of Shenyang Hefeng Animal Husbandry Co., Ltd. Are further analyzed and summarized. They are: production link, marketing link, after-sales service link, procurement link, research and development link. Human resources and infrastructure links, these seven non-financial value-added drivers. Combined with the driving factors of financial and non-financial aspects, this paper puts forward some measures to increase the value of enterprises in the future. This paper can provide a reference for the analysis of the driving factors of the value increment of the feed enterprises in our country, which is more helpful for the enterprises to understand the process of the enterprise value creation, to analyze the driving factors of the value increment of the enterprises, and to promote the optimization of the allocation of the enterprise resources. For the future better development of enterprises put forward value-added measures.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F324.6;F302.6

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