公司價(jià)值評估方法應(yīng)用研究

15400字
自己的原創(chuàng)畢業(yè)論文，僅在本站獨(dú)家提交，大家放心使用

摘要
企業(yè)價(jià)值評估是對目標(biāo)企業(yè)的資產(chǎn)、盈利能力和未來發(fā)展前景以幫助投資者和其他利益相關(guān)者進(jìn)行經(jīng)濟(jì)決策的一種經(jīng)濟(jì)評估方法。主要可以用于有關(guān)投資分析和戰(zhàn)略分析的管理需要。隨著市場的全球化，企業(yè)資產(chǎn)、業(yè)務(wù)的多樣化的發(fā)展，投資者對公司的價(jià)值評估提出了更高的要求。以會(huì)計(jì)利潤為核心的傳統(tǒng)公司價(jià)值評估，自20世紀(jì)90年代以來就收到眾多學(xué)者和投資者的質(zhì)疑。美國的Stem Stew art公司在20世紀(jì)80年代提出的EVA企業(yè)價(jià)值評估方法被認(rèn)為是最為有效的公司價(jià)值評估工具之一,被廣泛的應(yīng)用。在此衡量指標(biāo)中將股東的投資資本考慮在內(nèi)，以權(quán)益市場的增加值作為衡量標(biāo)準(zhǔn)。傳統(tǒng)的公司價(jià)值評價(jià)方法并沒有很全面的反映出公司為股東創(chuàng)造出的價(jià)值。因?yàn)閭鹘y(tǒng)的企業(yè)價(jià)值評估方法沒有考慮到權(quán)益資本的成本，使得計(jì)算出來的企業(yè)價(jià)值容易被高估或是被低估。
本文在研讀大量相關(guān)文獻(xiàn)的基礎(chǔ)上，以企業(yè)價(jià)值評估和EVA企業(yè)價(jià)值評估理論為指導(dǎo)，研究EVA價(jià)值評估模型的特點(diǎn)，并對基于經(jīng)濟(jì)增加值公司價(jià)值評估方法進(jìn)行應(yīng)用研究。對EVA公司價(jià)值評估方法的研究和完善有助于推動(dòng)EVA公司價(jià)值評估方法在我國的應(yīng)用，使得我國的公司價(jià)值評估理論體系更加完善，提高投資者經(jīng)濟(jì)決策的決策能力。

關(guān)鍵詞：企業(yè)價(jià)值評估經(jīng)濟(jì)增加值（EVA）應(yīng)用研究


ABSTRACT

Business Valuation is the target company's assets, profitability and future prospects in order to help investors and other stakeholders to conduct an economic assessment of economic decision-making.Mainly be used for the investment analysis and strategic analysis of management needs.With the globalization of markets, corporate assets, diversified business development, investor's assessment of the value of the company has put forward higher requirements.raditional valuation of the company to the accounting profit as the core, since the 1990s, many scholars and investors questioned received.EVA enterprise eva luation method American Stem Stew art in the 1980s, is considered to be made ​​one of the most effective company value assessment tool has been widely used.In this measure indicators of investment capital to shareholders will be taken into account, the added value of equity markets as a measure.The traditional value of the company is not very comprehensive eva luation method reflects the company to create value for shareholders.Because the traditional business valuation methods do not take into account the cost of equity capital, making the enterprise value calculated easily be overvalued or undervalued.
Based on the study on the basis of a large number of relevant literature to assess the value of the enterprise and EVA business valuation theory, Characteristics of EVA valuation model, and applied research to increase the value of the company based on economic valuation methods.EVA company valuation methods for the study and improvement of the company will help promote the EVA valuation methods applied in our country, so that the value of the theoretical system more complete assessment of the company, improve the decision making ability of investors in the economy.

Keywords: enterprise value to assess the economic value added (EVA) applied research目錄

1.EVA與企業(yè)價(jià)值評估理論綜述 2
1．1EVA價(jià)值評估理論 2
1.1.1EVA的產(chǎn)生背景 2
1.1.2EVA的內(nèi)涵 2
1．2企業(yè)價(jià)值評估理論 2
1.2.1企業(yè)價(jià)值評估理論的背景 2
1.2.2企業(yè)價(jià)值評估理論的基本方法 3
2．企業(yè)價(jià)值評估法的應(yīng)用缺陷分析 5
2．1現(xiàn)金流量折現(xiàn)法 5
2．2相對估價(jià)法 6
2．3期權(quán)估價(jià)法 6
3.基于經(jīng)濟(jì)增加值（EVA）的企業(yè)價(jià)值評估模型的構(gòu)建 7
3.1EVA計(jì)算的會(huì)計(jì)調(diào)整 7
3.1.1會(huì)計(jì)調(diào)整原則 7
3.1.2會(huì)計(jì)調(diào)整項(xiàng)目 7
3．2從EVA到企業(yè)價(jià)值估值 9
3．3基于經(jīng)濟(jì)增加值（EVA）的企業(yè)價(jià)值評估模型的構(gòu)建 9
3.3.1加權(quán)平均資本成本的計(jì)算 9
3.3.2 EVA模型 11
4． EVA價(jià)值評估方法應(yīng)用 12
4．1公司簡介 12
4．2計(jì)算公司EVA 12
4.2.1計(jì)算NOPAT 12
4.2.2計(jì)算資本總額 13
4.2.3計(jì)算資本成本 13
4.2.4計(jì)算2009-2013年的EVA值 15
4.3預(yù)測未來幾年的EVA 15
4.3.1對利潤表的預(yù)測 15
4.3.2預(yù)測資產(chǎn)負(fù)債表 18
4.3.3 2014-2018年的EVA 22
4.3.4計(jì)算公司價(jià)值并分析結(jié)果 22
結(jié)束語 23
致謝 24
參考文獻(xiàn): 25