文档介绍：经济增加值(EVA)在企业价值评估中的应用
Application of EVA to Evaluation pany
独创性说明
作者郑重声明:本毕业论文(设计)是我个人在指导教师指导下进行的研究工作及取得研究成果。尽我所知,除了文中特别加以标注和致谢的地方外,毕业论文(设计)中不包含其他人已经发表或撰写的研究成果,也不包含为获得辽东学院或其他单位的学位或证书所使用过的材料。与我一同工作的同志对本研究所做的贡献均已在论文中做了明确的说明并表示了谢意。
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摘要
随着社会和经济的发展,“价值投资”已成为一种人们比较推崇的投资策略,企业价值评估问题的重要性日益凸显。同时,伴随着财务理论的发展,企业的最终目标是实现股东价值最大化的观点得到了普遍认同,这就要求衡量企业价值的指标能准确反映为股东创造的价值,EVA企业价值评估方法应运而生。
本文正是基于这样的研究背景,对这种最新型的企业价值评估理论一经济增加值理论进行阐述。是对EVA价值评估法的进一步完善与发展,其可以将企业绩效评价与企业价值评估很好地结合在一起。不仅有利于指导投资者进行投资,使我国的证券市场从资金推动型市场向价值推动型市场转变,而且可以促进企业管理向着以开发企业潜在价值为主要目的的价值管理转变。文章首先介绍了国内外常用的价值评估方法。通过比较分析,确定了EVA企业价值价值评估方式,建立了基于经济增加值的价值评估模型,同时研究了模型中各个参数的确定方法,对各种情况下使用该模型评估企业价值做了说明,最后将EVA价值评估模型运用于实践。
关键词:经济增加值(EVA);企业价值;EVA价值评估模型
Application of EVA to Evaluation pany
Abstract
With social and economic development, “Value Investment” has e a well received investment strategy, and enterprise value assessment has e more and more important. At the same time, with the development of financial theories, it is widely recognized that the ultimate goal of an enterprise is to maximize shareholders’ value, which requires that the index of enterprise value indicate the value created for shareholders. Therefore EVA emerged as a new enterprise value assessing method.
Based on such research background, this paper illustrates this new theory of enterprise value assessment—Economic Value Added Theory. It further develops this theory and integrates enterprise performance assessment with enterprise value assessment, which will not only provide guidance for investors, promoting a transition in China’s stock market from capital motivated mode to value motivated mode, but also push enterprise management toward value management which aims at developing enterprise potentials. The paper first introduces mon foreign methods of value assessment. parison and analysis, EVA enterprise value assessment method is determined and a value assessment model based on economic added value is established. In additi