天业股份有限公司企业价值评估案例分析

发布时间：2018-04-14 09:31

本文选题：天业股份有限公司 + 股权现金流量折现法　；参考：《石河子大学》2013年硕士论文

【摘要】：随着我国经济的飞速发展，，资本市场也发生了巨大的变化，相应的对化工行业的发展也产生了深远的影响。企业价值评估是分析和衡量企业或者企业内部的经营单位、分支机构的公平市场价值．以帮助投资人和管理者改善决策，因而企业价值评估越来越受到人们的重视。本文以新疆天业股份有限公司为对象，以公开数据资料为基础，客观地反映天业股份有限公司的经营策略和财务状况;并对其进行价值评估。第一部分：对本文的研究背景、研究意义、研究内容、研究思路、以及国内外研究现状进行简要分析。第二部分：系统的梳理国内外企业价值评估理论与方法的文献，并在此基础上进行总结和述评。比较和研究了各类价值评估的模型与方法，分析了各类评估方法的优点及其局限性并据此选出本文价值评估时所运用的价值模型，结合企业的经营状况和财务指标，关注的是企业的未来收益能力，反映企业的内在价值，为企业管理者和投资者提供有用的信息。第三部分：基于案例企业所属化工行业，本文对化工行业的情况做了较为详细的阐述，首先简要介绍化工行业的基本情况，并且对该行业的现状、相关特点、未来趋势的发展以及宏观的经济环境和国家的政策等都做了较为详细的分析。第四部分：本段从企业的财务以及经营等方面着手分析了目标企业，结合杜邦分析并且在盈利能力、偿债能力、成长能力、营运能力这四个方面对目标企业进行分析研究。第五部分：对案例企业新疆天业股份有限公司的价值进行评估分析，运用几种基本企业价值评估法比如股权现金流量折现法以及相对价值法来对天业股份有限公司的价值进行评估，进而得出该企业的合理评估价值，并且分别对这两种方法得出的有关结论进行了分析比较。
[Abstract]:With the rapid development of China's economy, the capital market has also undergone tremendous changes, which has a profound impact on the development of chemical industry.Enterprise value evaluation is to analyze and measure the fair market value of the enterprise or its internal management units and branches.In order to help investors and managers to improve decision-making, enterprise value evaluation has been paid more and more attention.This paper takes Xinjiang Tianye Co., Ltd. as an object, based on public data, objectively reflects the operating strategy and financial situation of Tianye Co., Ltd., and evaluates its value.The first part: the research background, research significance, research content, research ideas, and domestic and foreign research status.The second part: systematically combing the domestic and foreign literature on the theory and method of enterprise value evaluation, and then summarizing and commenting on it.This paper compares and studies various models and methods of value evaluation, analyzes the advantages and limitations of various evaluation methods, and selects the value models used in this paper, combined with the management status and financial indicators of the enterprises.It focuses on the future earning ability of the enterprise, reflects the intrinsic value of the enterprise, and provides useful information for the managers and investors.The third part: based on the case of the chemical industry of the enterprise, this paper makes a more detailed description of the situation of the chemical industry, first of all, briefly introduces the basic situation of the chemical industry, and the current situation of the industry, related characteristics,The development of future trends and macro-economic environment and national policies are analyzed in detail.The fourth part: this section analyzes the target enterprise from the aspects of finance and management, combining with DuPont analysis and the four aspects of profitability, solvency, growth ability, operational ability to analyze the target enterprise.Part V: evaluation and analysis of the value of Xinjiang Tianye Co., Ltd.Using several basic enterprise value evaluation methods, such as discounted cash flow of equity and relative value method to evaluate the value of Tianye Co., Ltd., and then get the reasonable evaluation value of the enterprise.The conclusions of the two methods are analyzed and compared respectively.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.72

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