XL特钢公司价值评估及提升策略研究

发布时间：2018-05-03 03:21

本文选题：价值评估 + 企业价值　；参考：《长沙理工大学》2015年硕士论文

【摘要】：我国钢铁行业自1996年成为世界第三个粗钢产量过亿吨的国家起,其钢铁产量急剧增加。至2010年,中国以6.72亿吨的钢铁产量、占世界总产量的44.3%成为世界第一。虽然在产量上中国位居世界第一,为生产钢铁的大国,但并非钢铁强国。资源的短缺、落后的管理水平及生产技术等导致中国的钢铁产品结构发展不平衡、钢铁业发展受到限制。随着经济环境的变幻莫测以及全球化,为了更好地适应市场的形势,企业比以往更注重对其自身的管理,而基于企业价值的管理成为了企业最为有效的管理方式。而对企业的价值进行评估是找寻价值驱动因素、研究如何提升企业价值的基础。本文首先采用企业自由现金流折现模型对XL进行了价值评估,得出了企业的内在价值。之后出于如下目的来探讨XL价值提升策略：(1)将评估的价值与企业的股价进行比较发现目前企业市值低于其内在价值。通常企业价值被低估的原因除了受市场整体表现低迷的影响及投资者掌握企业信息不完全等原因之外主要是企业管理者目前的管理水平及方式并未使企业充分展现其价值。因此,为了防止由于这一原因造成的企业价值被低估,故对XL的价值提升进行探讨；(2)XL作为特钢行业的龙头企业之一,随着特钢市场日益激烈的竞争形势,如果不积极地提升自己的管理水平、最大化的挖掘企业的潜在价值,即使目前企业具有较高的内在价值,但在未来的经营发展中必然会由于无法适应未来市场的形势而逐渐被其他同类型的企业取代。因此,基于此目的对XL进行价值提升非常必要。最后对价值构成要素进行分解,并分析了部分要素的变动对企业价值的影响程度,发现营业收入、成本费用、资本结构、营运资本等因素对企业价值的影响较大,从而根据这些因素探讨了相关的提升措施供管理者参考。
[Abstract]:Since China's iron and steel industry became the third country in the world to produce more than 100 million tons of crude steel in 1996, its steel output has increased sharply. By 2010, China had produced 672 million tons of steel, accounting for 44.3 percent of the world's total output. Although China is the world's largest producer of steel by output, it is not a steel power. The shortage of resources, the backward management level and the production technology lead to the unbalanced development of iron and steel products in China, which limits the development of steel industry. With the unpredictable economic environment and globalization, in order to better adapt to the market situation, enterprises pay more attention to their own management than ever before, and the management based on enterprise value has become the most effective management mode. The evaluation of enterprise value is to find the driving factor of value and study the basis of how to improve the enterprise value. In this paper, the enterprise free cash flow discount model is used to evaluate the value of XL, and the intrinsic value of the enterprise is obtained. Then for the following purposes to explore the XL value promotion strategy: 1) compare the evaluated value with the stock price of the enterprise and find that market value is lower than its intrinsic value at present. Usually, the reason why the enterprise value is undervalued is that the current management level and mode of the enterprise managers do not make the enterprise fully display its value, except for the influence of the market overall performance and the incomplete information of the investors. Therefore, in order to prevent the undervaluation of the enterprises caused by this reason, this paper discusses the promotion of XL value, as one of the leading enterprises in the special steel industry, with the increasingly fierce competition situation in the special steel market. If you do not actively improve your management level, maximize the potential value of the enterprise, even if the current enterprise has a higher intrinsic value, But in the future business development will be gradually replaced by other similar enterprises because they can not adapt to the future market situation. Therefore, it is necessary to enhance the value of XL for this purpose. Finally, it decomposes the elements of value, and analyzes the influence of the change of some elements on the enterprise value, and finds that the factors such as operating income, cost cost, capital structure, working capital and so on have great influence on the enterprise value. According to these factors, the relevant promotion measures are discussed for managers' reference.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F426.31;F406.7

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