EVA模型在房地产企业价值评估中的应用研究

发布时间：2018-05-28 09:06

本文选题：经济增加值 + 价值评估　；参考：《福州大学》2014年硕士论文

【摘要】：价值投资做为一种成熟理性的投资方式,其假设前提是证券价格是由证券的内在价值决定,价格围绕价值波动。其基本原理是根据诸如经济环境、政策走势、行业发展、产品市场情况和公司财务状况等决定投资标的的证券价值及价格的基本要素进行分析,评估证券的内在价值,判断证券合理价位,以做出相应投资策略。同时房地产做为我国国民经济的支柱产业之一,虽然对我国国民经济的重要性不言而喻,但是在我国对于房地产企业进行价值评估的研究却不多,在实务操作中,房地产企业价值评估的手段也比较落后。在估值研究方面,对于房地产行业估值研究不多,特别是2010年房地产调控以来学术界对房地产行业的估值研究少之又少。实务操作中,在兼并重组领域对于房地产行业目前较常用的估值方法是加和法；在二级市场投资中,对于房地产行业常用的公司估值方法是相对估值法,绝对估值法特别是EVA估值模型不是很常用。EVA作为一种应用最广、影响最大的以股东价值为导向的财务衡量指标,克服了传统财务指标的缺陷,能相对准确的反映公司在一定时期内为股东创造的价值。经过国内外无数专家学者实证研究EVA是可以相对准确衡量企业的合理价值,为相应的投资决策提供依据。本文首先采用规范研究法对相对估值模型、绝对估值模型及EVA估值模型进行适用性及优缺点分析；其次通过分析房地产行业的特点讨论适合房地产行业的经济增加值计算方法；最后本文采用案例研究法以房地产上市龙头企业实例说明经济增加值在房地产企业价值评估中的应用,并将经济增加值计算结果与现金股利折现模型、公司自由现金流折现模型计算结果进行对比分析,以论证经济增加值模型相对与其他估值模型的优越性及有效性。本文认为随着市场环境的成熟、上市公司诚信度的提升、信息披露的及时性和可信度的提高,经济增加值法在实务操作中的适用性更广泛、估值结果更接近企业真实价值,可以做为广大投资者投资决策时的参考依据。
[Abstract]:As a mature and rational way of investment, the assumption of value investment is that the price of securities is determined by the intrinsic value of securities, and the price fluctuates around the value. Its basic principle is to analyze and evaluate the intrinsic value of securities in terms of such factors as economic environment, policy trends, industry developments, product market conditions and company financial conditions, which determine the value and price of securities. Judge the reasonable price of the securities to make the corresponding investment strategy. At the same time, as one of the pillar industries of our national economy, although the importance of real estate to our national economy is self-evident, there are few studies on the value evaluation of real estate enterprises in our country. Real estate enterprise value evaluation means are also relatively backward. In the aspect of valuation research, there are few researches on real estate valuation, especially on real estate valuation in academic circles since real estate regulation and control in 2010. In practice, in the field of merger and reorganization, the more commonly used valuation method for the real estate industry is the summation method; in the secondary market investment, the common valuation method for the real estate industry is the relative valuation method. The absolute valuation method, especially the EVA valuation model, is not very common. Eva is a kind of financial measurement index, which is widely used and has the greatest influence on shareholder value, and overcomes the defects of traditional financial indicators. Can relatively accurately reflect the company in a certain period of time for shareholders to create value. The empirical study of EVA by numerous experts and scholars at home and abroad can measure the reasonable value of the enterprise relatively accurately and provide the basis for the corresponding investment decision. In this paper, the relative valuation model, absolute valuation model and EVA valuation model are used to analyze the applicability, advantages and disadvantages of the relative valuation model, the characteristics of the real estate industry, and the calculation method of economic added value suitable for the real estate industry by analyzing the characteristics of the real estate industry. Finally, this paper uses the case study method to illustrate the application of economic added value in the evaluation of real estate enterprise value with the example of real estate listed leading enterprises, and the calculation results of economic added value and the cash dividend discount model. In order to prove the superiority and validity of the economic added value model compared with other valuation models, the results of the discounted free cash flow model of the company are compared and analyzed. This paper holds that with the maturity of the market environment, the improvement of the integrity of listed companies, the improvement of the timeliness and credibility of information disclosure, the applicability of the economic value added method in practical operations is wider, and the valuation results are closer to the real value of the enterprises. It can be used as a reference for investors to make investment decisions.
【学位授予单位】：福州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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