本文選題：經(jīng)濟增加值 + 價值評估��； 參考：《福州大學(xué)》2014年碩士論文

【摘要】：價值投資做為一種成熟理性的投資方式,其假設(shè)前提是證券價格是由證券的內(nèi)在價值決定,價格圍繞價值波動。其基本原理是根據(jù)諸如經(jīng)濟環(huán)境、政策走勢、行業(yè)發(fā)展、產(chǎn)品市場情況和公司財務(wù)狀況等決定投資標(biāo)的的證券價值及價格的基本要素進行分析,評估證券的內(nèi)在價值,判斷證券合理價位,以做出相應(yīng)投資策略。同時房地產(chǎn)做為我國國民經(jīng)濟的支柱產(chǎn)業(yè)之一,雖然對我國國民經(jīng)濟的重要性不言而喻,但是在我國對于房地產(chǎn)企業(yè)進行價值評估的研究卻不多,在實務(wù)操作中,房地產(chǎn)企業(yè)價值評估的手段也比較落后。在估值研究方面,對于房地產(chǎn)行業(yè)估值研究不多,特別是2010年房地產(chǎn)調(diào)控以來學(xué)術(shù)界對房地產(chǎn)行業(yè)的估值研究少之又少。實務(wù)操作中,在兼并重組領(lǐng)域?qū)τ诜康禺a(chǎn)行業(yè)目前較常用的估值方法是加和法；在二級市場投資中,對于房地產(chǎn)行業(yè)常用的公司估值方法是相對估值法,絕對估值法特別是EVA估值模型不是很常用。EVA作為一種應(yīng)用最廣、影響最大的以股東價值為導(dǎo)向的財務(wù)衡量指標(biāo),克服了傳統(tǒng)財務(wù)指標(biāo)的缺陷,能相對準(zhǔn)確的反映公司在一定時期內(nèi)為股東創(chuàng)造的價值。經(jīng)過國內(nèi)外無數(shù)專家學(xué)者實證研究EVA是可以相對準(zhǔn)確衡量企業(yè)的合理價值,為相應(yīng)的投資決策提供依據(jù)。本文首先采用規(guī)范研究法對相對估值模型、絕對估值模型及EVA估值模型進行適用性及優(yōu)缺點分析；其次通過分析房地產(chǎn)行業(yè)的特點討論適合房地產(chǎn)行業(yè)的經(jīng)濟增加值計算方法；最后本文采用案例研究法以房地產(chǎn)上市龍頭企業(yè)實例說明經(jīng)濟增加值在房地產(chǎn)企業(yè)價值評估中的應(yīng)用,并將經(jīng)濟增加值計算結(jié)果與現(xiàn)金股利折現(xiàn)模型、公司自由現(xiàn)金流折現(xiàn)模型計算結(jié)果進行對比分析,以論證經(jīng)濟增加值模型相對與其他估值模型的優(yōu)越性及有效性。本文認(rèn)為隨著市場環(huán)境的成熟、上市公司誠信度的提升、信息披露的及時性和可信度的提高,經(jīng)濟增加值法在實務(wù)操作中的適用性更廣泛、估值結(jié)果更接近企業(yè)真實價值,可以做為廣大投資者投資決策時的參考依據(jù)。
[Abstract]:As a mature and rational way of investment, the assumption of value investment is that the price of securities is determined by the intrinsic value of securities, and the price fluctuates around the value. Its basic principle is to analyze and evaluate the intrinsic value of securities in terms of such factors as economic environment, policy trends, industry developments, product market conditions and company financial conditions, which determine the value and price of securities. Judge the reasonable price of the securities to make the corresponding investment strategy. At the same time, as one of the pillar industries of our national economy, although the importance of real estate to our national economy is self-evident, there are few studies on the value evaluation of real estate enterprises in our country. Real estate enterprise value evaluation means are also relatively backward. In the aspect of valuation research, there are few researches on real estate valuation, especially on real estate valuation in academic circles since real estate regulation and control in 2010. In practice, in the field of merger and reorganization, the more commonly used valuation method for the real estate industry is the summation method; in the secondary market investment, the common valuation method for the real estate industry is the relative valuation method. The absolute valuation method, especially the EVA valuation model, is not very common. Eva is a kind of financial measurement index, which is widely used and has the greatest influence on shareholder value, and overcomes the defects of traditional financial indicators. Can relatively accurately reflect the company in a certain period of time for shareholders to create value. The empirical study of EVA by numerous experts and scholars at home and abroad can measure the reasonable value of the enterprise relatively accurately and provide the basis for the corresponding investment decision. In this paper, the relative valuation model, absolute valuation model and EVA valuation model are used to analyze the applicability, advantages and disadvantages of the relative valuation model, the characteristics of the real estate industry, and the calculation method of economic added value suitable for the real estate industry by analyzing the characteristics of the real estate industry. Finally, this paper uses the case study method to illustrate the application of economic added value in the evaluation of real estate enterprise value with the example of real estate listed leading enterprises, and the calculation results of economic added value and the cash dividend discount model. In order to prove the superiority and validity of the economic added value model compared with other valuation models, the results of the discounted free cash flow model of the company are compared and analyzed. This paper holds that with the maturity of the market environment, the improvement of the integrity of listed companies, the improvement of the timeliness and credibility of information disclosure, the applicability of the economic value added method in practical operations is wider, and the valuation results are closer to the real value of the enterprises. It can be used as a reference for investors to make investment decisions.
【學(xué)位授予單位】：福州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42

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本文編號：1946113