基于EVA模型的PBS企业价值评估研究

发布时间：2018-05-27 18:10

本文选题：EVA + 企业价值评估　；参考：《安徽大学》2017年硕士论文

【摘要】：近年来,我国互联网技术飞速发展。政府近期倡导的"互联网+"计划使我国互联网企业快速发展并吸引了大量投资者。但是,互联网企业为高新技术产业,它们发展快,并具有高风险、规模小、创新性等特点,因而投资的不确定性较大,投资者难以对其风险进行有效的测量,其企业估值难度也高于传统行业。因此,如何科学合理的对互联网企业进行企业价值评估,并得到投资者和管理者的认可是目前急需解决的问题。目前,研究常用的传统企业价值评估方法由于理论基础不同,有着各自的特点和不同的使用范围,同时,也存在一些缺陷。基于EVA模型的企业价值评估方法最大的特点就在于不仅仅考虑了企业的债务成本,还考虑了企业的权益成本。EVA指标不只是关注企业目前的运营价值,而是更加重视对企业未来盈利能力的衡量。因此,基于EVA模型的企业价值评估方法更加适用于互联网企业这类权益成本比重较大,未来发展潜力巨大的企业。本文分为四个部分。第一部分首先对本文的研究背景及意义进行陈述,然后回顾国内外学者对EVA理论的研究现状,最后简单介绍本文的研究思路和研究方法以及本文的创新与不足。第二部分首先介绍了企业价值评估概念和理论、几种传统的企业价值评估方法。然后介绍了 EVA模型的理论和方法,最后将几种方法进行对比分析,总结出EVA模型相对于其他方法的优势和局限性。第三部分是EVA模型的构建。根据PBS公司的状况选择会计调整项目,确定各项参数以及选择合适的模型种类。第四部分是使用EVA模型对PBS公司进行企业价值评估。首先,计算PBS公司历史EVA。然后,对PBS公司的内外环境进行分析从而估计未来财务指标,然后预测未来的EVA数值。最后,评估PBS公司的企业价值,并对结果进行有效性分析,并发现运用当中存在的问题,提出建议。第五部分是研究结论与展望。通过上述理论研究和应用分析的过程,得出研究结论,并对未来EVA模型在互联网企业价值评估领域的应用做出展望。本文的创新在于国内学者往往选择传统行业作为EVA模型的研究对象,对互联网企业则较多地选择传统评估方法,而本文通过对EVA评估方法的研究,发现其更加适合互联网企业这类权益成本比重较大,未来发展潜力巨大的企业。本文采用理论研究与应用分析相结合的方法、定性分析与定量分析相结合的方法对EVA模型在互联网企业价值评估中的应用进行研究,得出结论:传统的价值评估方法不适用于互联网企业的价值评估,EVA模型在互联网企业的价值评估中更加具有可行性,运用EVA模型对PBS公司进行价值评估的结果具有有效性。
[Abstract]:In recent years, China's Internet technology rapid development. The "Internet" program advocated recently by the government has made Chinese Internet enterprises develop rapidly and attracted a large number of investors. However, Internet enterprises are high-tech industries, they develop rapidly, and they have the characteristics of high risk, small scale, innovation and so on. Therefore, the uncertainty of investment is greater, and it is difficult for investors to measure their risks effectively. Its corporate valuation is also more difficult than traditional industries. Therefore, how to scientifically and reasonably evaluate the value of Internet enterprises and get the recognition of investors and managers is an urgent problem to be solved. At present, the traditional evaluation methods of enterprise value in common use have their own characteristics and different scope of use because of their different theoretical basis. At the same time, there are also some defects. The biggest characteristic of the enterprise value evaluation method based on EVA model is that it not only considers the debt cost of the enterprise, but also considers the equity cost of the enterprise. The EVA index is not only concerned about the current operating value of the enterprise. But more attention to the future profitability of the enterprise measurement. Therefore, the enterprise value evaluation method based on EVA model is more suitable for Internet enterprises, which have a large proportion of equity cost and great potential for future development. This paper is divided into four parts. In the first part, the research background and significance of this paper are stated, and then the current research situation of EVA theory is reviewed. Finally, the research ideas and research methods of this paper are briefly introduced, as well as the innovations and shortcomings of this paper. The second part first introduces the concept and theory of enterprise value evaluation, several traditional methods of enterprise value evaluation. Then the theory and method of EVA model are introduced. Finally, the advantages and limitations of EVA model compared with other methods are summarized. The third part is the construction of EVA model. According to the condition of PBS, select the accounting adjustment items, determine the parameters and select the appropriate model types. The fourth part is to use EVA model to evaluate the enterprise value of PBS Company. First, calculate the history of PBS. Then, the internal and external environment of PBS Company is analyzed to estimate the future financial indicators, and then predict the future EVA value. Finally, the enterprise value of PBS company is evaluated, the validity of the results is analyzed, and the problems in the application are found, and some suggestions are put forward. The fifth part is the conclusion and prospect of the research. Through the process of theoretical research and application analysis, the conclusion is drawn, and the future application of EVA model in the field of Internet enterprise value evaluation is prospected. The innovation of this paper is that domestic scholars often choose the traditional industry as the research object of the EVA model, and the Internet enterprises choose the traditional evaluation method more often. It is found that it is more suitable for Internet enterprises, such as large proportion of rights and interests cost, huge development potential in the future. In this paper, the application of EVA model in Internet enterprise value evaluation is studied by combining theoretical research with application analysis, qualitative analysis and quantitative analysis. The conclusion is that the traditional value evaluation method is not suitable for the value evaluation of Internet enterprises. It is more feasible to use EVA model to evaluate the value of Internet enterprises, and it is effective to use EVA model to evaluate the value of PBS Company.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F626.115

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