基于EVA方法下万科企业股份有限公司价值评估研究
发布时间：2018-09-04 18:25
【摘要】：现代企业管理的核心和根本目标是追求企业价值最大化，企业管理者通过企业价值评估来了解企业的真实价值，各种决策对企业内在价值的影响，从而正确的进行价值创造活动。投资者通过企业价值评估了解公司的真正价值，从而进行理性的投资买卖决策。随着我国市场经济的日益成熟,企业价值评估的应用领域不断扩大，对不同类型的企业采取合适的价值评估方法就尤为重要。 本文主要是通过对企业价值评估的研究背景进行分析，归纳出企业价值评估的目的和意义，同时概述了国内外对EVA价值评估的理论研究成果。介绍EVA的基本理论、计算过程、EVA的主要调整项目以及几种不同的EVA价值评估模型。在理论研究的基础上，本文采取了万科企业股份有限公司进行案例分析，，对万科企业股份有限公司进行介绍，财务分析的基础上EVA价值评估模型对其企业价值进行评估，比较企业现实状况和评估结果，得出产生差异的原因。最后，对于EVA在实际使用过程中的优缺点进行分析，找出存在的理论和实践的问题，并提出对策和建议。本文是对于目前企业价值评估主流方法——EVA评估方法的进一步完善和发展，可以将价值评估和企业绩效评价结合在一起。不仅仅可以帮助广大投资者进行投资，还可以有效的促进企业管理。
[Abstract]:The core and fundamental goal of modern enterprise management is to pursue the maximization of enterprise value. The managers understand the real value of the enterprise through the evaluation of enterprise value, and the influence of various decisions on the intrinsic value of the enterprise. In order to correctly carry out value creation activities. Investors know the real value of the company through the evaluation of enterprise value, and then make rational investment decisions. With the maturation of market economy in our country, the application field of enterprise value evaluation is expanding, so it is very important to adopt appropriate value evaluation methods for different types of enterprises. In this paper, the purpose and significance of enterprise value evaluation are summarized by analyzing the research background of enterprise value evaluation, and the theoretical research results of EVA value evaluation are summarized at home and abroad. This paper introduces the basic theory of EVA, the main adjustment items and several different evaluation models of EVA. On the basis of theoretical research, this paper adopts Vanke Enterprise Co., Ltd. to carry out case study, introduces Vanke Enterprise Co., Ltd., and evaluates its enterprise value by EVA model based on financial analysis. Compare the actual situation of the enterprise and the evaluation results, and get the reasons for the difference. Finally, this paper analyzes the advantages and disadvantages of EVA in practical use, finds out the existing problems in theory and practice, and puts forward some countermeasures and suggestions. This paper is about the further improvement and development of EVA evaluation method, which is the mainstream method of enterprise value evaluation at present, which can combine value evaluation with enterprise performance evaluation. Not only can help the majority of investors to invest, but also can effectively promote business management.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4
本文编号：2222984
[Abstract]:The core and fundamental goal of modern enterprise management is to pursue the maximization of enterprise value. The managers understand the real value of the enterprise through the evaluation of enterprise value, and the influence of various decisions on the intrinsic value of the enterprise. In order to correctly carry out value creation activities. Investors know the real value of the company through the evaluation of enterprise value, and then make rational investment decisions. With the maturation of market economy in our country, the application field of enterprise value evaluation is expanding, so it is very important to adopt appropriate value evaluation methods for different types of enterprises. In this paper, the purpose and significance of enterprise value evaluation are summarized by analyzing the research background of enterprise value evaluation, and the theoretical research results of EVA value evaluation are summarized at home and abroad. This paper introduces the basic theory of EVA, the main adjustment items and several different evaluation models of EVA. On the basis of theoretical research, this paper adopts Vanke Enterprise Co., Ltd. to carry out case study, introduces Vanke Enterprise Co., Ltd., and evaluates its enterprise value by EVA model based on financial analysis. Compare the actual situation of the enterprise and the evaluation results, and get the reasons for the difference. Finally, this paper analyzes the advantages and disadvantages of EVA in practical use, finds out the existing problems in theory and practice, and puts forward some countermeasures and suggestions. This paper is about the further improvement and development of EVA evaluation method, which is the mainstream method of enterprise value evaluation at present, which can combine value evaluation with enterprise performance evaluation. Not only can help the majority of investors to invest, but also can effectively promote business management.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4
【参考文献】
相关期刊论文 前10条
1 杨宏;;试论经济增加值(EVA)方法的应用及其局限性[J];商业研究;2005年23期
2 李焰;期权定价理论在企业价值评估中的应用──财务困境上市公司的股东权益价值分析[J];财贸经济;2001年05期
3 王国顺,彭宏;EVA方法有效性的实证研究[J];系统工程;2004年01期
4 董直庆,赵振全;考虑破产风险的M-M模型与公司价值评估[J];吉林大学社会科学学报;1999年06期
5 李延喜 ,郭晓扬 ,张启銮 ,孔祥泉;基于EVA的企业业绩评价方法研究[J];科学学与科学技术管理;2002年09期
6 李延喜,张启銮,李宁;基于动态现金流量的企业价值评估模型研究[J];科研管理;2003年02期
7 张先治;论以现金流量为基础的价值评估[J];求是学刊;2000年06期
8 王燕妮;我国国有企业应用EVA管理系统的必要性及现实意义[J];生产力研究;2005年02期
9 梅良勇;经济增加值(EVA)估价模型在企业并购价值评估中的应用[J];统计与决策;2005年12期
10 王建辉;;论灰色系统理论在评估预测中的应用[J];中国资产评估;2007年03期
本文编号：2222984
本文链接：https://www.wllwen.com/jingjilunwen/zbyz/2222984.html
