基于EVA的上市证券公司企业价值评估与应用研究

发布时间：2018-03-11 12:05

本文选题：上市证券公司　切入点：EVA　出处：《重庆理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：2015年是中国资本市场发展进程中具有重要意义的一年,而证券公司作为资本市场的重要组成部分,为各方的资金需求与融通提供了高速通道,在我国经济发展中扮演着重要角色。在国家大力推进社会主义市场经济改革,促进经济转型全面创新发展的今天,证券公司在服务实体经济、行业改革发展创新方面也面临着新的机遇与挑战。证券公司如何应用科学有效的方法评估自身企业价值和财务经营绩效以求企业更加长远发展的重要性不言而喻。因此如何引入一套科学合理的价值评估体系对证券行业未来的发展显得越发重要!本文以EVA为导向对我国上市证券公司进行企业价值评估与财务评价应用研究,一共分为六个部分:第一部分是本文的绪论部分,首先介绍了本文的研究背景与意义,接着对国内外的相关文献进行了阐述,在此基础上确定了本文的研究内容、方法以及技术路线,最后阐述了本文的创新点;第二部分为理论基础,针对企业价值评估理论和财务评价理论进行了具体阐述,为本文的后续案例分析打下理论基石;第三部分首先分析上市证券公司的行业现状与特点,接着指出上市证券公司价值评估方面存在的问题,并对其价值评估方法的选择作出具体分析,最后分析上市证券公司在财务评价方面存在的问题并提出EVA价值性财务分析的优势;第四部分对上市证券公司进行具体价值评估,构建EVA价值评估模型,并对EVA指标作出具体分析研究,在此基础上对A股17家上市证券公司作出具体价值评估;第五部分应用EVA对上市证券公司进行价值性财务评价研究,分别对17家上市证券公司的EVA进行相互对比分析研究、EVA与传统财务指标对比分析研究、EVA与市场估值法相关指标对比研究;第六部分为本文的研究结论与局限。本文首次将EVA价值评估理论应用于上市证券公司价值评估,同时创造性的将EVA价值评估与财务评价相结合,对我国上市证券公司的企业价值与经营业绩进行了评估与应用研究。研究结果证明,EVA价值评估理论可以科学有效的对上市证券公司进行价值评估,全面分析企业在财务经营过程中存在的问题。本文的研究丰富了EVA价值评估理论的应用领域,并为上市证券公司的企业价值评估提供了一种全新的研究思路和方法,具有很强的理论意义和践意义。
[Abstract]:2015 is of great importance in the development process of China capital market in a year, and the securities company as an important part of the capital market, provides a high-speed channel for all funding needs and financing, plays an important role in the economic development of our country. In the country to vigorously promote the reform of the socialist market economy, and promote economic restructuring and development of a comprehensive innovation today, the securities companies in the service of the real economy, reform and development of the industry innovation is also facing new opportunities and challenges. It is self-evident importance of securities companies how to use scientific and effective methods to assess the value of their own businesses and the financial performance of enterprises in order to more long-term development. So more and more important for the future development of the securities industry is how to introduce a set of values the evaluation system of scientific and reasonable! The EVA oriented on China's listed securities companies and enterprise value assessment Study on Application of financial evaluation, is divided into six parts: the first part is the introduction, first introduced the research background and significance, then the relevant literature at home and abroad are discussed, on the basis of the research contents of this paper are determined, methods and technical route, finally points out the innovation of this article; the second part is the theoretical basis, according to the theory of enterprise value evaluation and financial evaluation theory in detail, laid the theoretical foundation for the follow-up case analysis in this paper; the third part of the first analysis of the status quo and characteristics of listed securities companies in the industry, then points out the existing evaluation of listed securities companies value problems, and the methods of value assessment choose to make a specific analysis of the final analysis of listed securities companies exist in the financial evaluation of the problems and puts forward the analysis of the EVA value of the financial advantage; the fourth part of the Listed securities company specific value evaluation, construct EVA value assessment model, and the EVA index made specific analysis and research, on the basis of the A shares of 17 listed securities companies to make specific evaluation; the fifth part of the application of EVA of listed securities company evaluation research of financial value, respectively for the 17 Listed Securities company EVA study on comparison of EVA and compared with the traditional financial index analysis, comparative study of EVA and relevant indicators of market valuation method; the sixth part is the conclusion and limitations of this research. In this paper the first theory applied to the listed securities company value assessment value of EVA, while the creative EVA value evaluation and financial evaluation of the combination. On China's listed securities company's value and operating performance of evaluation and application. Research results show that EVA value evaluation theory can be scientific and effective To assess the value of listed securities companies, a comprehensive analysis of existing in the financial management of enterprises in the process of the problem. This paper enriches the application fields of EVA value evaluation theory, and provide a new research ideas and methods for the evaluation of the listed securities of the company's enterprise value, has a strong theoretical significance and practical significance.

【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.39

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