保利地产EVA价值评估研究

发布时间：2018-04-22 04:24

本文选题：房地产企业 + 经济增加值　；参考：《河北师范大学》2017年硕士论文

【摘要】：随着我国经济的不断发展,无论是投资者还是管理层越来越重视对企业进行合理的价值评估。房地产行业历来是我国经济发展的支柱产业,是拉动我国经济增长的强大动力。近几年,宏观经济下行压力突出、国家去库存政策不断推进,房地产行业面临不小的挑战,房地产企业在高速发展时期积累的问题逐渐显现出来,行业内重组兼并越来越频繁。因此,对房地产企业进行客观、合理的评估显得越来越重要。对房地产企业来说,通过对自身价值进行合理评估,能够帮助管理者找到企业在经营过程中出现的问题;对房地产企业内在价值进行合理的判断,能够使广大的市场投资者作出理性投资的决策。传统的价值评估方法虽然一直被管理者和投资者广泛使用,但其存在诸多缺陷,它在进行价值评估时不考虑权益资本成本对价值的影响,不能准确反映出房地产企业的经营业绩和持续发展能力。EVA价值模型在评估房地产企业价值时,弥补了传统价值评估方法的不足,考虑了企业的全部资本成本,强调股东财富最大化的思想,在一定程度上避免了会计信息失真对企业造成的影响;其次,EVA价值评估着重强调与企业经营活动有关的收益,能够凸显出企业自身的实力;最后,EVA价值评估理念能够使管理层注重企业的长期发展,避免短视行为。本文首先从国内外相关研究综述着手,介绍了EVA价值评估体系,确立了研究内容及方法。并详细阐述了EVA理论内涵及其计算方法。其次,以保利地产为例,依据保利地产2011年至2015年的数据,利用EVA价值模型对其进行价值评估,对计算出的数据进行分析并提出建议。通过理论与案例相结合的方法,从EVA基本理论出发,对经济增加值(EVA)理论有了更深一步理解;通过对保利地产的案例分析,对房地产企业的价值评估理论和方法的发展起到了推动作用。
[Abstract]:With the development of Chinese economy, investors and managers pay more and more attention to evaluating the value of enterprises. The real estate industry has always been the pillar industry of our country's economic development and the powerful motive force of our country's economic growth. In recent years, the macroeconomic downward pressure is prominent, the national destocking policy continues to advance, the real estate industry is faced with not small challenges, real estate enterprises in the period of rapid development of the accumulation of problems gradually emerged, the industry more and more frequent reorganization and merger. Therefore, to the real estate enterprise carries on the objective, the reasonable appraisal appears to be more and more important. To the real estate enterprise, it can help the managers to find out the problems that appear in the course of management by evaluating their own value reasonably, and to make a reasonable judgment on the intrinsic value of the real estate enterprise. Can enable the broad market investor to make the rational investment decision. Although the traditional valuation method has been widely used by managers and investors, it has many defects, and it does not consider the impact of the cost of equity capital on the value. It can not accurately reflect the management performance and sustainable development ability of real estate enterprises. The EVA value model can make up for the shortcomings of traditional valuation methods and consider the total capital cost of the real estate enterprises when evaluating the value of real estate enterprises. Emphasis on the idea of shareholder wealth maximization, to a certain extent, avoid the impact of accounting information distortion on the enterprise; secondly, EVA value evaluation emphasizes the income related to business activities, can highlight the strength of the enterprise itself; Finally, EVA value evaluation can make management pay attention to the long-term development of enterprises and avoid shortsightedness. Firstly, this paper introduces the value evaluation system of EVA, and establishes the research contents and methods. The connotation of EVA theory and its calculation method are expounded in detail. Secondly, taking Poly Real Estate as an example, according to the data of Poly Real Estate from 2011 to 2015, the EVA value model is used to evaluate the value of Poly Real Estate, and the calculated data are analyzed and some suggestions are put forward. Through the combination of theory and case, starting from the basic theory of EVA, we have a deeper understanding of the theory of economic value added. To the real estate enterprise's value appraisal theory and the method development has played the promotion role.
【学位授予单位】：河北师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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