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基于EVA的农业上市公司企业价值评估

标题: 基于EVA的农业上市公司企业价值评估
英文标题: Enterprise Value Assessment of Agricultural Listed Companies Based on EVA
作者: 张烨
出版时间: 2012-01-01
所在大学: 河北农业大学
关键词: EVA,价值评估,农业上市公司,两阶段增长模型
英文关键词: EVA,Value assessment,Agricultural Listed Companies,Two stage growth model
论文级别: 硕士
学位: 学位论文
导师: 刘国峰
专业: 会计学
提交时间: 2012
摘要: 由于企业价值评估及其管理对企业日益重要,越来越多的学者开始对其相关理论进行深入研究.通过研究发现,企业间的并购、重组和股权资产投资等行为比仅仅通过企业内部资源的优化配置更能够实现企业快速发展.农业上市公司作为农业企业中的龙头企业,是开展农业产业化经营、调整农业产业结构、振兴农村经济、带动农业增长和农民增收的重要力量.在企业价值评估日益重要和农业上市公司发展日益重视的情况下,应关注农业上市公司价值评估,通过最新型的EVA价值评估法来对农业上市公司进行价值评估,以促进农业上市公司快速健康可持续发展.首先,介绍EVA价值评估法.第一、介绍了EVA价值评估原理,内容包括EVA的内涵、EVA调整的目的和原则、针对农业上市公司的EVA调整项目和EVA的计算.第二、构建EVA价值评估模型,介绍了三种基本的EVA价值评估模型,包括永续增长模型、两阶段增长模型和三阶段增长模型,并介绍了每种增长模型适用的企业类型.第三、从企业价值评估的基本理论入手,介绍了企业价值评估中四种主要的评估方法,包括现金流量折现法、相对价值法、期权股价法和EVA价值评估法.通过四种评估方法的比较显示出EVA价值评估法的优越性,并提出采用EVA价值评估法来评估农业上市公司价值,以便科学合理得评估出农业上市公司的价值.其次,对农业上市公司企业价值进行深入分析,在介绍农业上市公司特点的基础上,对农业上市公司的价值进行界定,其价值不仅仅体现为经济价值,还体现为社会价值和生态价值,同时还深入研究了农业上市公司企业价值的影响因素.再次,以北大荒(600598)价值评估为例进行实证分析,通过对北大荒采用EVA价值评估法进行价值评估,展示EVA价值评估法在农业上市公司企业价值评估中的应用过程,在此基础上对采用EVA价值评估法评估农业企业价值时所需的各个参数的计算及得出最后评估值的过程进行了深入分析,证实EVA价值评估模型对评估农业上市公司企业价值的可行性、有效性,从而采取有效措施提升农业上市公司的企业价值.最后,采取措施提升农业上市公司价值.
英文摘要: With the era of value management,corporate financial management theory industry set off a wave of the research of enterprise value and its assessment. The study found that the rapid development through corporate mergers and acquisitions, restructuring and equity-asset investment behavior than simply by the optimal allocation of internal resources to achieve enterprise.Agricultural listed companies as an important form of organization involved in agriculture of global competition, are the main carrier to carry out the industrialized operation of agriculture, to adjust the industrial structure of agriculture, revitalize the rural economy, promote agricultural growth and rural incomes.Based on enterprise value assessment increasingly important and urgent, and the healthy development of the agricultural listed companies imperative,This paper proposes it should be concerned about the value of agricultural listed companies, uses the latest EVA valuation method to value assessment of agricultural listed companies in order to promote agricultural listed companies, rapid and sound sustainable development.First, this article describes the basic theory of the EVA, including the EVA content, EVA adjustment purposes and principles ,Adjustments for agricultural listed companies EVA and EVA calculation. Then,this article builds the EVA valuation model ,describes the three basic EVA valuation model, including the sustainable growth model, a two-stage growth model and three-stage growth model, and describes the type of business that each growth model is applicable.In the end, this article describes the four main business valuation assessment methods and their applicability, including discounted cash flow method, the relative value of the method, options, stock method and EVA valuation.Comparison of four assessment methods show the superiority of EVA valuation method, so EVA valuation method is proposed to assess the value of agricultural listed company, to scientific and rational reflection of the value of agricultural listed companies.On this basis,Secondly, on the basis of the concept and characteristics of the introduction of agricultural listed companies, this paper in-depth analyzes the value of agricultural listed companies, and define the value of agricultural listed companies.The value of agricultural listed companies is not only reflected the economic value is also reflected social values and ecological values.At the same time,this article studies the impact factors of The value of agricultural listed companies, and discussion of these factors is how to have an impact on corporate value.Thirdly,this paper attempts an empirical analysis of the Great Northern Wilderness (600598) valuation, uses EVA valuation method to assess the Great Northern Wilderness, clearly shows the application of the EVA valuation method in the valuation of agricultural listed companies.On this basis,this article analyzes the calculation of various parameters which are required for the EVA model to assess the value of agricultural enterprises and the process of drawing the final assessed value,confirmed the feasibility and effectiveness of the EVA valuation model for the assessment of agricultural listed companies value,in order to take effective measures to enhance the enterprise value of agricultural listed companies.Finally, We take measures to enhance the value of agricultural listed companies.