Z百货公司企业价值测评及驱动因素研究

发布时间：2018-01-04 02:16

本文关键词：Z百货公司企业价值测评及驱动因素研究　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：现阶段我国经济处于结构化调整和发展转型的新常态时期,经济增速不断放缓,零售行业受经济低迷、市场竞争加剧等因素的影响,所面临的形势非常严峻。与此同时,电子商务的蓬勃发展对传统营销模式和销售渠道形成了强烈冲击,2015年全国网上销售额占社会消费品零售总额的12.9%,实体经济面临着消费方式与技术进步的改变与挑战。另外,随着我国经济的发展,企业的经营管理体系发生改变,企业管理者将更多的目光放在企业价值管理上,如何提升企业价值则成为企业财务管理和战略管理所关注的重点。Z百货公司是传统零售百货公司,在经济萧条的大环境下,又面临着新型消费方式与商业模式的变革,其经营业绩不尽如人意。企业管理者如何做出合理的决策,帮助企业在萧条经济下获得更大的价值,就需要借助企业价值评估这一方法。评估Z百货公司的企业价值、找到影响其企业价值的关键驱动因素、为其企业价值提升提出相关建议是当前帮助Z百货公司走出困境的有效方式。本文以企业价值相关理论为基础。首先,对目标企业Z百货公司企业概况与行业发展状况进行分析,从整体上了解目标企业发展状况及其行业发展特点。然后,采用自由现金流量法对Z百货公司企业价值进行评估,同时选取同行业其他两家公司南京新百和广州友谊作为对比企业,运用相同方法对其企业价值进行评估。得出三家企业企业价值由高到低依次是:南京新百、Z百货公司和广州友谊。接着,以企业价值评估结果为依据,对三家企业历史数据进行对比分析并与行业相关数据进行对比,分析各驱动因素给企业价值带来的影响,找出关键驱动因素为销售收入、销售成本和资本成本三项。最后,对这三项关键驱动因素进行深入分析,并提出企业价值提升策略。对Z百货公司企业价值进行评估并研究其影响价值的关键驱动因素,不仅可以为零售百货行业其他企业在企业价值提升方面提供了很好的借鉴,同时也能使企业价值评估理论能够更好的为我国市场经济的发展服务。
[Abstract]:At the present stage of China's economic structural adjustment and development in the transformation of the new normal period, slowing economic growth, the retail industry affected by the economic downturn, market competition and other factors, the situation is very serious. At the same time, the rapid development of electronic commerce has formed a strong impact on the traditional mode of marketing and sales channels nationwide in 2015 online sales accounted for 12.9% of total retail sales, the real economy is facing the changes and challenges of consumption and technology progress. In addition, with the development of China's economy, the management system of enterprise change, enterprise managers will be more focus on enterprise value management, how to enhance the enterprise value has become the focus of.Z department store enterprise financial management and strategic management is concerned with the traditional retail stores, in the economic recession, and facing the new consumer With the change in the business model, its operating performance is not satisfactory. The enterprise managers to make rational decisions, help enterprises get more value in the economic recession, needs the enterprise value assessment method. The evaluation of Z department store to find the key to influence the enterprise value, enterprise value driving factors for the the enterprise value promotion suggestions is an effective way to help the Z department store to get out of the dilemma. Based on the enterprise value theory. Firstly, to analyze the situation and development of industry enterprise Z department store business, understand the development characteristics of the development status of the target enterprise and the industry as a whole. Then, the free cash flow to evaluate the Z department store business value, and select the same industry in other two companies in Guangzhou and Nanjing new friendship as compared with the same enterprise, Party To evaluate the value of the enterprise. The three enterprise value from high to low is: Nanjing, Z department store and Guangzhou friendship. Then, the enterprise value evaluation based on the results of the comparative analysis of the historical data of three companies and compared with related data, analyzing the effect of various driving factors bring to the value of the enterprise, find out the key driving factors for sales, cost of sales and the cost of capital of three. Finally, the paper analyzes the three key driving factors, and puts forward the strategy to enhance enterprise value. The Z department store enterprise value evaluation and the key driving factors to study the effect of value, not only for retail other companies in the industry to provide a good reference in improving the enterprise value, but also better able to make the enterprise value evaluation theory for development of market economy in our country.

【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F721;F715.5

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