经济增加值在企业价值评估中的改进—与现金流量法对比

发布时间：2019-03-16 17:24

【摘要】：随着我国资产评估行业的不断发展，企业价值评估理论体系也日趋完善。如何客观、合理地评价目标公司企业价值成为当前评估理论与实务界探讨的核心问题。EVA这一全新业绩评价指标，一定程度上克服了传统指标存在的缺陷，EVA模型以股东财富最大化的价值考量也与企业价值评估目标相呼应。基于EVA的企业价值评估方法为我们分析判断企业价值提供了新的途径。针对基于DCF的企业价值评估模型在实务中广泛应用、而基于EVA的企业价值评估模型却无人问津的现状，本文先对企业价值评估的三大基本方法作简要评述，重点针对EVA模型和DCF模型的优缺点、应用现状和局限性进行详细梳理。通过对EVA模型和DCF模型共通点和差异性进行对比分析两者的可比性，并结合EVA模型自身的局限性，，提出EVA模型改进方法的三点建议：（1）简化EVA模型数据调整；（2）研究EVA模型的适用性；（3）将EVA模型和DCF模型组合应用。在理论研究的基础上，本文选取“华海药业”作为目标公司，利用该公司2008年-2012年财务报表的相关数据对其历史绩效进行分析，结合该公司当前所处的宏观和行业环境，对该公司作出合理的会计调整和财务预测，并分别运用基于EVA和DCF的企业价值评估模型对其进行价值评估。将两种方法的评估结果与上市公司市值对比，分析基于EVA的企业价值评估模型与基于DCF的企业价值评估模型相比的优势和存在的缺陷，最后得出结论为基于EVA的企业价值评估模型相比基于DCFF的企业价值评估模型更适合目标公司。最后针对案例分析的结论，提出EVA模型在评估应用中的对策建议，进一步完善我国资产评估理论体系，丰富我国资产评估实务方法。
[Abstract]:With the development of asset evaluation industry in China, the theory system of enterprise value evaluation is becoming more and more perfect. How to objectively and reasonably evaluate the enterprise value of the target company has become the core issue discussed in the current evaluation theory and practice circles. EVA, a brand-new performance evaluation index, has overcome the shortcomings of the traditional indicators to a certain extent. The EVA model also corresponds with the goal of enterprise value evaluation in terms of the value consideration of the maximization of shareholders' wealth. The evaluation method of enterprise value based on EVA provides a new way for us to analyze and judge the enterprise value. In view of the fact that DCF-based enterprise value evaluation model is widely used in practice, but EVA-based enterprise value evaluation model has not been paid attention to, this paper makes a brief comment on the three basic methods of enterprise value evaluation. Focus on the advantages and disadvantages of the EVA model and the DCF model, the application status and limitations of a detailed comb. By comparing the similarities and differences between the EVA model and the DCF model, and considering the limitations of the EVA model, three suggestions are put forward to improve the EVA model: (1) simplifying the data adjustment of the EVA model; (2) the applicability of EVA model is studied; (3) the combination of EVA model and DCF model is applied. On the basis of theoretical research, this paper chooses "Hua Hai Pharmaceutical Industry" as the target company, uses the relevant data of the company's financial statements from 2008 to 2012 to analyze its historical performance, and combines the macro-environment and industry environment of the company at present, and makes use of the relevant data of the company's financial statements from 2008 to 2012 to analyze its historical performance. Make reasonable accounting adjustment and financial forecast to the company, and use the enterprise value evaluation model based on EVA and DCF respectively to evaluate its value. Comparing the evaluation results of the two methods with the market capitalization of listed companies, the advantages and disadvantages of the EVA-based enterprise value evaluation model and the DCF-based enterprise value evaluation model are analyzed. Finally, it is concluded that the EVA-based enterprise value evaluation model is more suitable for the target company than the DCFF-based enterprise value evaluation model. Finally, according to the conclusion of the case analysis, this paper puts forward the countermeasures and suggestions on the application of EVA model in the evaluation, and further improves the theoretical system of asset evaluation in our country, and enriches the practical methods of asset evaluation in our country.
【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F224;F233;F275

【共引文献】