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基于EVA的中石油企業(yè)價(jià)值評(píng)估

發(fā)布時(shí)間:2018-05-28 08:41

  本文選題:企業(yè)價(jià)值 + 企業(yè)價(jià)值評(píng)估方法。 參考:《安徽財(cái)經(jīng)大學(xué)》2014年碩士論文


【摘要】:我國(guó)的資本市場(chǎng)由于起步比較晚,發(fā)展并不完善,許多傳統(tǒng)的企業(yè)價(jià)值評(píng)估方法是圍繞會(huì)計(jì)利潤(rùn)展開的,使得管理者沒有認(rèn)識(shí)到機(jī)會(huì)成本和資本成本,這樣易造成企業(yè)的短期利益行為,一定程度上降低了利潤(rùn),不利于我國(guó)資本市場(chǎng)健康發(fā)展。EVA,即經(jīng)濟(jì)增加值,是稅后凈營(yíng)業(yè)利潤(rùn)減去包括股權(quán)和債務(wù)在內(nèi)的全部投入資本成本之后所得的值。其最重要的核心是說明了資本投入是有成本的,企業(yè)盈利必須高于其資本成本,這才會(huì)為股東創(chuàng)造價(jià)值,它是對(duì)企業(yè)管理者有效使用資本和為股東創(chuàng)造價(jià)值能力的一種全面評(píng)價(jià),這種經(jīng)營(yíng)業(yè)績(jī)考核工具體現(xiàn)了企業(yè)最終經(jīng)營(yíng)目標(biāo),所以EVA是企業(yè)價(jià)值管理體系的基礎(chǔ)和核心。2007年國(guó)務(wù)院國(guó)有資產(chǎn)監(jiān)督管理委員會(huì)(簡(jiǎn)稱國(guó)資委)就開始鼓勵(lì)中央企業(yè)開始采用EVA進(jìn)行企業(yè)價(jià)值評(píng)估,并于2010年將EVA考核作為整體績(jī)效考評(píng)指標(biāo)的重要組成部分,成為企業(yè)管理層薪酬獎(jiǎng)懲、職務(wù)任免重要參考依據(jù),越來越多的大型國(guó)有企業(yè)也認(rèn)識(shí)到不考慮權(quán)益資本成本給企業(yè)帶來的危害,逐漸認(rèn)識(shí)基于EVA為核心的企業(yè)價(jià)值管理體系的重要性。 本文選用案例進(jìn)行基于EVA的企業(yè)價(jià)值評(píng)估。首先在企業(yè)價(jià)值評(píng)估理論及方法的文獻(xiàn)研究的基礎(chǔ)上,闡述了企業(yè)價(jià)值和EVA的有關(guān)理論,分析了EVA理論和應(yīng)用在我國(guó)發(fā)展的現(xiàn)狀,構(gòu)建本文的理論框架。緊接著分析企業(yè)價(jià)值評(píng)估的各種方法及其實(shí)用性和局限性,最終本文選擇企業(yè)價(jià)值評(píng)估方法—EVA法,提出EVA企業(yè)價(jià)值評(píng)估的優(yōu)勢(shì):考慮資本成本,打破傳統(tǒng)只考慮會(huì)計(jì)利潤(rùn)的理念,如實(shí)反映企業(yè)創(chuàng)造的價(jià)值,將股東的財(cái)富和企業(yè)管理決策聯(lián)系在一起等。接著以制造行業(yè)的大型國(guó)有企業(yè)中國(guó)石油天然氣集團(tuán)上市公司的財(cái)務(wù)報(bào)告等資料為依據(jù),預(yù)測(cè)未來企業(yè)EVA,計(jì)算企業(yè)價(jià)值,進(jìn)而分析了企業(yè)價(jià)值和股票價(jià)格的相關(guān)性,說明EVA指標(biāo)如何對(duì)企業(yè)管理和運(yùn)營(yíng)帶來影響。文章的最后進(jìn)行總結(jié),提出展望,提出我國(guó)企業(yè)對(duì)于EVA估算企業(yè)價(jià)值在實(shí)際應(yīng)用中應(yīng)注意的問題,并且隨著我國(guó)資本市場(chǎng)的發(fā)展和經(jīng)濟(jì)體制的完善,EVA估值法因其在評(píng)估企業(yè)價(jià)值上的全面性和準(zhǔn)確性,所以文章在如何建立以EVA為核心的價(jià)值管理體系給出了兩點(diǎn)建議,并且以EVA指標(biāo)評(píng)價(jià)企業(yè)業(yè)績(jī)?cè)谄髽I(yè)中實(shí)施的問題也必須亟待解決。文章在第四章的案例中具體計(jì)算了未來EVA和企業(yè)價(jià)值。EVA企業(yè)價(jià)值評(píng)估體系的出現(xiàn)和形成,標(biāo)志著新的管理模式和價(jià)值評(píng)估體系的成立,它相較于傳統(tǒng)的評(píng)估方法,能更準(zhǔn)確全面的反映企業(yè)價(jià)值。EVA企業(yè)價(jià)值評(píng)估法全面考慮了公司的資產(chǎn)負(fù)債表、所有者權(quán)益表及利潤(rùn)表的管理,與傳統(tǒng)評(píng)價(jià)指標(biāo)相比,更加注重投資者的回報(bào),真正使得企業(yè)為股東創(chuàng)造財(cái)富。
[Abstract]:Because the capital market of our country starts relatively late, the development is not perfect, many traditional enterprise value evaluation methods are carried out around accounting profit, which makes managers fail to realize opportunity cost and capital cost. This is easy to cause short-term benefit behavior of enterprises, to some extent reduce profits, and is not conducive to the healthy development of our capital market. EVA, that is, economic added value, Net operating profit after tax minus the total cost of investment capital, including equity and debt. Its most important core is that the capital investment is cost, and the profit of the enterprise must be higher than the cost of its capital to create value for the shareholders. It is a comprehensive evaluation of the ability of managers to use capital effectively and create value for shareholders. So EVA is the foundation and core of the enterprise value management system. In 2007, the State-owned assets Supervision and Administration Commission of the State Council (SASAC) began to encourage central enterprises to start using EVA for enterprise value evaluation. In 2010, the EVA evaluation is regarded as an important part of the overall performance evaluation index, and it becomes the important reference basis for the compensation and punishment of the management, the appointment and removal of posts. More and more large state-owned enterprises also realize the harm caused by the cost of equity capital, and gradually realize the importance of enterprise value management system based on EVA. This article selects the case to carry on the enterprise value appraisal based on EVA. Firstly, on the basis of the literature research on the theory and method of enterprise value evaluation, this paper expounds the related theories of enterprise value and EVA, analyzes the present situation of the development of EVA theory and its application in our country, and constructs the theoretical framework of this paper. After analyzing the various methods of enterprise value evaluation and their practicability and limitation, this paper chooses the enterprise value evaluation method-EVA method, and puts forward the advantages of EVA enterprise value evaluation: considering the cost of capital. Breaking the traditional idea of only considering the accounting profit, reflecting the value created by the enterprise truthfully, connecting the wealth of the shareholders with the management decision of the enterprise and so on. Then, based on the financial reports of listed companies of China National Petroleum Corporation, a large state-owned enterprise in the manufacturing industry, this paper predicts the future enterprises EVA, calculates the enterprise value, and then analyzes the correlation between the enterprise value and the stock price. Explain how the EVA index has an impact on the management and operation of the enterprise. Finally, the paper summarizes, puts forward the prospect, and points out the problems that should be paid attention to in the practical application of estimating the enterprise value of EVA in our country. With the development of China's capital market and the perfection of economic system, the paper gives two suggestions on how to establish a value management system based on EVA because of its comprehensiveness and accuracy in evaluating enterprise value. And the problem of enterprise performance evaluation based on EVA index must be solved urgently. In the fourth chapter of the case, the paper calculates the emergence and formation of the future EVA and the enterprise value evaluation system, which marks the establishment of a new management model and a value evaluation system, which is compared with the traditional evaluation methods. The EVA method can reflect the enterprise value more accurately and comprehensively considering the management of the balance sheet, owner's equity statement and profit statement, and pays more attention to the investor's return than the traditional evaluation index. Really make an enterprise create wealth for shareholders.
【學(xué)位授予單位】:安徽財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2014
【分類號(hào)】:F426.22;F406.7

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