基于EVA模型的徐工機械價值評估研究
發(fā)布時間：2018-08-23 20:12
【摘要】：隨著改革開放以來中國經(jīng)濟的崛起、加入WTO后金融逐步國際化，國內(nèi)資本市場不斷發(fā)展和完善，投資者越來越認同價值投資的理念，上市公司內(nèi)在價值日益成為投資者關(guān)注的焦點。在全球會計誠信危機的環(huán)境下，企業(yè)財務(wù)信息失真問題日益突出，人們已不能單純依靠傳統(tǒng)的財務(wù)會計報表和會計利潤來評價一個公司價值并據(jù)此作出投資決策。因此，如何衡量企業(yè)價值并實現(xiàn)價值增值成為更加迫切的問題，如何選擇合理的評估模型對上市公司進行科學(xué)評估以確定其內(nèi)在價值顯得尤為重要。 有鑒于傳統(tǒng)的會計利潤指標不能很好地反映企業(yè)為股東創(chuàng)造價值的情況，而且其評價指標諸如投資收益率、凈資產(chǎn)收益率等本身存在缺陷，，本文選擇能夠更加全面、真實地反映企業(yè)內(nèi)在價值的EVA(經(jīng)濟增加值）模型對目標公司作實證研究。本文以徐工集團工程機械股份有限公司為研究對象，以對徐工集團工程機械股份有限公司的基本分析為出發(fā)點，重視企業(yè)的經(jīng)濟利潤，以價值投資為指導(dǎo)思想，采用規(guī)范研究和實證分析相結(jié)合的方法，以量化的表現(xiàn)形式對徐工機械進行了實證分析和預(yù)測。通過對徐工機械2007年至2011年歷史財務(wù)報表的調(diào)整和對未來經(jīng)濟利潤的預(yù)測，資本成本的確定等定量、定性分析相結(jié)合，進行科學(xué)評估，最終確定了徐工機械的價值。 本文對徐工機械進行價值評估的整個分析過程可以作為應(yīng)用經(jīng)濟增加值估值法對企業(yè)進行價值評估的一個參考案例。其估價過程于同類中國企業(yè)對自身價值進行客觀評估有一定的理論指導(dǎo)意義，同時對投資者進行投資決策具有一定的借鑒意義。
[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.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.4
本文編號：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.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.4
【參考文獻】
相關(guān)期刊論文 前10條
1 于書寶;;企業(yè)價值評估方法DCF與EVA的比較分析[J];長春大學(xué)學(xué)報;2012年03期
2 翟華明;李莉莉;;依據(jù)新準則計算EVA的實務(wù)操作方法[J];對外經(jīng)貿(mào)實務(wù);2009年07期
3 彭韌;;中聯(lián)重科的并購式成長[J];21世紀商業(yè)評論;2009年07期
4 孫紅梅;;EVA在中國應(yīng)用的思考[J];北方經(jīng)貿(mào);2009年02期
5 李延喜;宋德武;孔憲京;;基于EVA和DCF企業(yè)價值評估方法的比較研究[J];工業(yè)技術(shù)經(jīng)濟;2011年04期
6 董書禮;;海外并購:中聯(lián)重科的國際化之路[J];創(chuàng)新科技;2010年08期
7 蘇子孟;;工程機械行業(yè)運行情況和發(fā)展趨勢預(yù)測[J];建設(shè)機械技術(shù)與管理;2011年11期
8 王煒;基于EVA的企業(yè)價值評估方法[J];價值工程;2003年04期
9 李延喜;陳景輝;欒慶偉;;基于EVA的企業(yè)價值評估模型研究[J];科技與管理;2011年01期
10 孔昊;;解讀我國工程機械行業(yè)十二五發(fā)展規(guī)劃[J];交通世界(建養(yǎng).機械);2011年10期
相關(guān)博士學(xué)位論文 前1條
1 李延喜;基于動態(tài)現(xiàn)金流量的企業(yè)價值評估模型研究[D];大連理工大學(xué);2002年
本文編號：2199796
本文鏈接：http://www.sikaile.net/kejilunwen/jixiegongcheng/2199796.html
最近更新
教材專著
