基于EVA的电子商务企业价值评估

发布时间：2018-04-26 11:06

本文选题：电子商务企业 + EVA价值评估模型　；参考：《华北电力大学》2017年硕士论文

【摘要】：随着网络在全世界的不断普及,通过网络和手机购物的用户越来越多。作为网络经济的主要参与主体,电子商务企业借助互联网这一平台,突破了时间和空间对旧时交易的限制,吸引了众多消费者的眼球,又以其高速的增长速度和无限的发展前景吸引了投资人的目光。近年来,随着电商企业数量的飞速增加,电子商务企业行业的竞争越来越激烈,又由于电商信誉的参差不齐,导致电商企业的倒闭也变得频繁。从电商企业自身的角度,对自身价值进行科学合理的评估,并以此找到经营中存在的问题和改善提高的途径甚为重要;从市场投资者的角度,只有对目标企业的内在价值有相对准确的判断,才能降低投资的风险。目前,常用的电子商务企业价值评估方法忽视了权益资本成本的作用,无法真实反映电子商务企业的经营业绩和价值创造能力。EVA估价模型考虑了企业的全部资本成本,减少会计信息失真对于企业价值的影响。因此,本文采用EVA评估模型法对电子商务企业价值进行研究。本文首先通过文献分析法,分析了市场法、成本法、收益法以及实物期权法在评估电子商务企业价值时存在的不足,考虑到EVA方法能够全面反映企业全部资本创造价值的能力,提出了基于EVA的电子商务企业价值评估方法。其次,本文结合电子商务企业自身的发展特点,得出电子商务企业发展的两阶段理论。认为处于不同发展阶段的电子商务企业具有不同的EVA增长率,在评估企业价值时,应具体考虑企业所处的发展阶段,选择合适的企业价值评估模型。最后,本文使用案例分析方法,选取S公司2012年-2015年的财务报表为分析依据,预测2016-2020年S公司的资产负债表和利润表,通过调整相关项目计算出每年的EVA值,将EVA值代入两阶段模型中得出S公司的企业价值,根据结果来判断模型的适用性。评估结果表明,EVA价值评估模型能够合理地评估出企业的内在价值,对企业的经营和投资者的投资具有一定的指导意义。
[Abstract]:With the popularity of the Internet in the world, more and more users shop through the Internet and mobile phone. As the main participants in the network economy, E-commerce enterprises break through the restrictions of time and space on the old transactions, and attract the attention of many consumers, with the help of the Internet platform. With its high-speed growth and unlimited prospects for development attracted the attention of investors. In recent years, with the rapid increase in the number of e-commerce enterprises, the competition of e-commerce enterprises is becoming more and more fierce, and due to the uneven reputation of e-commerce businesses, the closure of e-commerce enterprises has become more and more frequent. From the perspective of e-commerce enterprises, it is very important to evaluate their own value scientifically and reasonably, and to find out the problems existing in the operation and the ways to improve and improve, and from the perspective of market investors, The risk of investment can be reduced only by a relatively accurate judgment on the intrinsic value of the target enterprise. At present, the commonly used valuation methods of e-commerce enterprises ignore the role of equity capital cost, and can not truly reflect the operating performance and value creation ability of e-commerce enterprises. The EVA valuation model takes into account the total capital cost of the enterprises. Reduce the impact of accounting information distortion on enterprise value. Therefore, this paper uses EVA evaluation model to study the value of e-commerce enterprises. First of all, this paper analyzes the shortcomings of market method, cost method, income approach and real option method in evaluating the value of electronic commerce enterprises through literature analysis, considering that EVA method can fully reflect the ability of the whole enterprise capital to create value. This paper puts forward the value evaluation method of e-commerce enterprises based on EVA. Secondly, according to the development characteristics of e-commerce enterprises, the two-stage theory of e-business development is obtained. It is believed that e-commerce enterprises in different development stages have different EVA growth rates. When evaluating the enterprise value, we should consider the development stage of the enterprise and choose the appropriate enterprise value evaluation model. Finally, this paper uses the case analysis method, selects S company's financial statements from 2012 to 2015 as the analysis basis, forecasts the S company's balance sheet and income statement from 2016 to 2020, calculates the annual EVA value by adjusting the related items. The EVA value is substituted into the two-stage model to obtain the enterprise value of S Company, and the applicability of the model is judged according to the results. The evaluation results show that EVA valuation model can reasonably evaluate the intrinsic value of the enterprise and has certain guiding significance for the management of the enterprise and the investment of the investor.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F715.5

【参考文献】