基于EVA的中石油企业价值评估

发布时间：2018-05-28 08:41

本文选题：企业价值 + 企业价值评估方法　；参考：《安徽财经大学》2014年硕士论文

【摘要】：我国的资本市场由于起步比较晚,发展并不完善,许多传统的企业价值评估方法是围绕会计利润展开的,使得管理者没有认识到机会成本和资本成本,这样易造成企业的短期利益行为,一定程度上降低了利润,不利于我国资本市场健康发展。EVA,即经济增加值,是税后净营业利润减去包括股权和债务在内的全部投入资本成本之后所得的值。其最重要的核心是说明了资本投入是有成本的,企业盈利必须高于其资本成本,这才会为股东创造价值,它是对企业管理者有效使用资本和为股东创造价值能力的一种全面评价,这种经营业绩考核工具体现了企业最终经营目标,所以EVA是企业价值管理体系的基础和核心。2007年国务院国有资产监督管理委员会(简称国资委)就开始鼓励中央企业开始采用EVA进行企业价值评估,并于2010年将EVA考核作为整体绩效考评指标的重要组成部分,成为企业管理层薪酬奖惩、职务任免重要参考依据,越来越多的大型国有企业也认识到不考虑权益资本成本给企业带来的危害,逐渐认识基于EVA为核心的企业价值管理体系的重要性。本文选用案例进行基于EVA的企业价值评估。首先在企业价值评估理论及方法的文献研究的基础上,阐述了企业价值和EVA的有关理论,分析了EVA理论和应用在我国发展的现状,构建本文的理论框架。紧接着分析企业价值评估的各种方法及其实用性和局限性,最终本文选择企业价值评估方法—EVA法,提出EVA企业价值评估的优势：考虑资本成本,打破传统只考虑会计利润的理念,如实反映企业创造的价值,将股东的财富和企业管理决策联系在一起等。接着以制造行业的大型国有企业中国石油天然气集团上市公司的财务报告等资料为依据,预测未来企业EVA,计算企业价值,进而分析了企业价值和股票价格的相关性,说明EVA指标如何对企业管理和运营带来影响。文章的最后进行总结,提出展望,提出我国企业对于EVA估算企业价值在实际应用中应注意的问题,并且随着我国资本市场的发展和经济体制的完善,EVA估值法因其在评估企业价值上的全面性和准确性,所以文章在如何建立以EVA为核心的价值管理体系给出了两点建议,并且以EVA指标评价企业业绩在企业中实施的问题也必须亟待解决。文章在第四章的案例中具体计算了未来EVA和企业价值。EVA企业价值评估体系的出现和形成,标志着新的管理模式和价值评估体系的成立,它相较于传统的评估方法,能更准确全面的反映企业价值。EVA企业价值评估法全面考虑了公司的资产负债表、所有者权益表及利润表的管理,与传统评价指标相比,更加注重投资者的回报,真正使得企业为股东创造财富。
[Abstract]:Because the capital market of our country starts relatively late, the development is not perfect, many traditional enterprise value evaluation methods are carried out around accounting profit, which makes managers fail to realize opportunity cost and capital cost. This is easy to cause short-term benefit behavior of enterprises, to some extent reduce profits, and is not conducive to the healthy development of our capital market. EVA, that is, economic added value, Net operating profit after tax minus the total cost of investment capital, including equity and debt. Its most important core is that the capital investment is cost, and the profit of the enterprise must be higher than the cost of its capital to create value for the shareholders. It is a comprehensive evaluation of the ability of managers to use capital effectively and create value for shareholders. So EVA is the foundation and core of the enterprise value management system. In 2007, the State-owned assets Supervision and Administration Commission of the State Council (SASAC) began to encourage central enterprises to start using EVA for enterprise value evaluation. In 2010, the EVA evaluation is regarded as an important part of the overall performance evaluation index, and it becomes the important reference basis for the compensation and punishment of the management, the appointment and removal of posts. More and more large state-owned enterprises also realize the harm caused by the cost of equity capital, and gradually realize the importance of enterprise value management system based on EVA. This article selects the case to carry on the enterprise value appraisal based on EVA. Firstly, on the basis of the literature research on the theory and method of enterprise value evaluation, this paper expounds the related theories of enterprise value and EVA, analyzes the present situation of the development of EVA theory and its application in our country, and constructs the theoretical framework of this paper. After analyzing the various methods of enterprise value evaluation and their practicability and limitation, this paper chooses the enterprise value evaluation method-EVA method, and puts forward the advantages of EVA enterprise value evaluation: considering the cost of capital. Breaking the traditional idea of only considering the accounting profit, reflecting the value created by the enterprise truthfully, connecting the wealth of the shareholders with the management decision of the enterprise and so on. Then, based on the financial reports of listed companies of China National Petroleum Corporation, a large state-owned enterprise in the manufacturing industry, this paper predicts the future enterprises EVA, calculates the enterprise value, and then analyzes the correlation between the enterprise value and the stock price. Explain how the EVA index has an impact on the management and operation of the enterprise. Finally, the paper summarizes, puts forward the prospect, and points out the problems that should be paid attention to in the practical application of estimating the enterprise value of EVA in our country. With the development of China's capital market and the perfection of economic system, the paper gives two suggestions on how to establish a value management system based on EVA because of its comprehensiveness and accuracy in evaluating enterprise value. And the problem of enterprise performance evaluation based on EVA index must be solved urgently. In the fourth chapter of the case, the paper calculates the emergence and formation of the future EVA and the enterprise value evaluation system, which marks the establishment of a new management model and a value evaluation system, which is compared with the traditional evaluation methods. The EVA method can reflect the enterprise value more accurately and comprehensively considering the management of the balance sheet, owner's equity statement and profit statement, and pays more attention to the investor's return than the traditional evaluation index. Really make an enterprise create wealth for shareholders.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.22;F406.7

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