基于EVA模型的徐工机械价值评估研究
发布时间：2018-08-23 20:12
【摘要】：随着改革开放以来中国经济的崛起、加入WTO后金融逐步国际化，国内资本市场不断发展和完善，投资者越来越认同价值投资的理念，上市公司内在价值日益成为投资者关注的焦点。在全球会计诚信危机的环境下，企业财务信息失真问题日益突出，人们已不能单纯依靠传统的财务会计报表和会计利润来评价一个公司价值并据此作出投资决策。因此，如何衡量企业价值并实现价值增值成为更加迫切的问题，如何选择合理的评估模型对上市公司进行科学评估以确定其内在价值显得尤为重要。 有鉴于传统的会计利润指标不能很好地反映企业为股东创造价值的情况，而且其评价指标诸如投资收益率、净资产收益率等本身存在缺陷，，本文选择能够更加全面、真实地反映企业内在价值的EVA(经济增加值）模型对目标公司作实证研究。本文以徐工集团工程机械股份有限公司为研究对象，以对徐工集团工程机械股份有限公司的基本分析为出发点，重视企业的经济利润，以价值投资为指导思想，采用规范研究和实证分析相结合的方法，以量化的表现形式对徐工机械进行了实证分析和预测。通过对徐工机械2007年至2011年历史财务报表的调整和对未来经济利润的预测，资本成本的确定等定量、定性分析相结合，进行科学评估，最终确定了徐工机械的价值。 本文对徐工机械进行价值评估的整个分析过程可以作为应用经济增加值估值法对企业进行价值评估的一个参考案例。其估价过程于同类中国企业对自身价值进行客观评估有一定的理论指导意义，同时对投资者进行投资决策具有一定的借鉴意义。
[Abstract]:With the rise of China's economy since the reform and opening up, the gradual internationalization of finance after China's entry into WTO, and the continuous development and improvement of the domestic capital market, investors more and more agree with the concept of value investment. The intrinsic value of listed companies has become the focus of investors' attention. In the environment of global accounting credit crisis, the problem of financial information distortion is becoming more and more prominent. People can not simply rely on traditional financial statements and accounting profits to evaluate a company's value and make investment decisions accordingly. Therefore, how to measure the enterprise value and realize the value increment becomes a more urgent problem, and how to select a reasonable evaluation model to evaluate the listed company scientifically to determine its intrinsic value is particularly important. In view of the fact that the traditional accounting profit index can not well reflect the situation that the enterprise creates value for the shareholders, and its evaluation indexes such as the return on investment and the rate of return on net assets have their own defects, this paper can choose to be more comprehensive. The EVA (Economic value added) model, which truly reflects the intrinsic value of the firm, makes an empirical study on the target firm. This paper takes Xugong Group Construction Machinery Co., Ltd. as the research object, takes the basic analysis of Xugong Group Construction Machinery Co., Ltd. as the starting point, attaches importance to the economic profit of the enterprise, and takes the value investment as the guiding ideology. By combining normative research with empirical analysis, this paper makes empirical analysis and prediction of Xugong machinery in the form of quantitative expression. Through the adjustment of the historical financial statements of Xugong machinery from 2007 to 2011, the forecast of future economic profit and the quantitative and qualitative analysis of capital cost, the value of Xugong machinery is finally determined. In this paper, the whole process of value evaluation of Xugong machinery can be used as a reference case to evaluate the value of enterprises by the method of economic value added valuation. The process of valuation is of certain theoretical significance to the objective evaluation of the value of the same kind of Chinese enterprises, and it has certain reference significance for investors to make investment decisions at the same time.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.4
本文编号：2199796
[Abstract]:With the rise of China's economy since the reform and opening up, the gradual internationalization of finance after China's entry into WTO, and the continuous development and improvement of the domestic capital market, investors more and more agree with the concept of value investment. The intrinsic value of listed companies has become the focus of investors' attention. In the environment of global accounting credit crisis, the problem of financial information distortion is becoming more and more prominent. People can not simply rely on traditional financial statements and accounting profits to evaluate a company's value and make investment decisions accordingly. Therefore, how to measure the enterprise value and realize the value increment becomes a more urgent problem, and how to select a reasonable evaluation model to evaluate the listed company scientifically to determine its intrinsic value is particularly important. In view of the fact that the traditional accounting profit index can not well reflect the situation that the enterprise creates value for the shareholders, and its evaluation indexes such as the return on investment and the rate of return on net assets have their own defects, this paper can choose to be more comprehensive. The EVA (Economic value added) model, which truly reflects the intrinsic value of the firm, makes an empirical study on the target firm. This paper takes Xugong Group Construction Machinery Co., Ltd. as the research object, takes the basic analysis of Xugong Group Construction Machinery Co., Ltd. as the starting point, attaches importance to the economic profit of the enterprise, and takes the value investment as the guiding ideology. By combining normative research with empirical analysis, this paper makes empirical analysis and prediction of Xugong machinery in the form of quantitative expression. Through the adjustment of the historical financial statements of Xugong machinery from 2007 to 2011, the forecast of future economic profit and the quantitative and qualitative analysis of capital cost, the value of Xugong machinery is finally determined. In this paper, the whole process of value evaluation of Xugong machinery can be used as a reference case to evaluate the value of enterprises by the method of economic value added valuation. The process of valuation is of certain theoretical significance to the objective evaluation of the value of the same kind of Chinese enterprises, and it has certain reference significance for investors to make investment decisions at the same time.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.4
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