饮料行业EVA价值评估与股价相关性研究

发布时间：2018-12-16 20:43

【摘要】：作为投资者,无论在什么历史阶段,什么发展阶段,最有效的投资始终都是价值投资,也符合逻辑并且有理论指导,当然也就是所谓的,真正的理性的投资。作为一个较为成熟的投资者,价值投资是一种需要判断企业价值的一种投资方法。这种价值投资的核心理念即是评估企业的内在的价值。若是能够较为合理的确定企业的内在价值,那么,投资者就可以将企业的内在价值去与其市场价值去作比较,来决定,是否做投资。由此可以看到,企业价值评估相当重要,并且还需要进行更深入研究。本文主要通过对经济增加值(EVA)的研究和分析,并与传统的价值评估的一些指标作比较,来论证EVA在企业价值评估中的有效性。EVA模型考虑到了股东权益的资本成本,并将其在税后净营业利润中减去,改善了传统盈利能力指标的瑕疵。在一定程度上,EVA模型更全面,准确的反映了企业在一定期间内为股东真正创造的价值的大小,同时,也相应要求企业的经营管理者需要更多关注股东的投资的成本,要求管理者把企业价值的创造提到更为重要的议程上。到目前为止,EVA价值评估模型在国外市场已经开始得到广泛的应用,并且已经被作为一种价值投资分析中的一个重要工具。本文在对EVA模型进行理论研究后,将通过对饮料行业两个公司进行实证研究,将EVA模型的理论根据饮料行业特征,建立适合的EVA模型,并比较讨论了与其他相对估值模型的比较,同时讨论论证EVA模型所估计的企业价值与股价相关性。本文两个实证研究对象,分别通过是美国上市公司和中国A股上市公司,通过两个市场公司代表来研究模型与股价相关性的程度与各自市场的提点。最后通过分析中国上市公司中饮料行业的实际情况来判断EVA模型在中国上市公司的推广的可能性。
[Abstract]:As an investor, the most effective investment is always the value investment, which is logical and theoretical guidance, which is, of course, the so-called, real rational investment. As a mature investor, value investment is a kind of investment method which needs to judge the enterprise value. The core idea of this value investment is to evaluate the intrinsic value of the enterprise. If we can reasonably determine the intrinsic value of the enterprise, then investors can compare the intrinsic value of the enterprise with its market value to decide whether to invest or not. From this, we can see that enterprise value evaluation is very important and needs more in-depth study. This paper demonstrates the effectiveness of (EVA) in enterprise value assessment through the research and analysis of (EVA), and compares it with some indexes of traditional value assessment. EVA model takes the capital cost of shareholders' equity into account. And subtract it from net operating profit after tax, which improves the defect of traditional profitability index. To a certain extent, the EVA model is more comprehensive, accurately reflects the value that the enterprise really creates for shareholders in a certain period, at the same time, it also requires the managers of the enterprise to pay more attention to the cost of shareholders' investment. Managers are required to put the creation of business value on a more important agenda. Up to now, EVA valuation model has been widely used in foreign markets, and has been used as an important tool in value investment analysis. After the theoretical study of EVA model, this paper will make an empirical study on the two companies in beverage industry, and establish a suitable EVA model according to the characteristics of beverage industry, and the theory of EVA model will be established according to the characteristics of beverage industry. The comparison with other relative valuation models is also discussed, and the correlation between the enterprise value and the stock price estimated by EVA model is also discussed. The two empirical research objects in this paper are American listed companies and Chinese A-share listed companies, and through the representatives of the two market companies to study the correlation between the model and the stock price and the points raised in their respective markets. Finally, by analyzing the actual situation of beverage industry in Chinese listed companies, the possibility of popularizing EVA model in Chinese listed companies is judged.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.82;F406.7

【共引文献】