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论文编号：	4696
作者编号：	2120102743
上传时间：	2012/12/10 22:51:01
中文题目：	基于EVA的家电零售企业内在价值评估—以苏宁电器为例
英文题目：	Intrinsic Value Assessment of Household Appliance Retail Companies Based on EVA—A Case Study of Suning Appliance
指导老师：	刘建
中文关键字：	价值评估；EVA；苏宁电器；
英文关键字：	Value Assessment; EVA; SUNING APPLIANCE
中文摘要：	近年来，随着中国市场经济和资本市场的发展，价值评估的缩略语-“估值”渐渐成为资本市场中运用频率最高的词汇之一。这无疑是个正面信号，人们开始逐渐关注并试图评估企业内在的投资价值了。因此，如何评估上市公司的真正价值成为人们长期探索的重要课题。但是长期以来，由于人们对权益资本成本的忽视使得传统会计下的利润并不能反映企业的真实盈利水平，EVA方法应运而生。本文主要研究基于EVA方法对苏宁电器的价值评估。 首先，介绍了题目的背景、意义及国内外关于EVA方法的研究状况。其次，介绍EVA价值评估法。第一，介绍了EVA的溯源、定义及内涵，EVA调整的目的和原则，EVA的调整项目和基本的计算方法。第二，从传统的企业价值评估基本理论入手，介绍了企业价值评估中3大类常用方法，通过几种方法的比较显示出EVA价值评估法的优越性，并提出采用EVA价值评估法来评估上市企业的价值，以便科学合理的评估上市公司的价值。第三，基于EVA原理构建企业的价值评估模型。考虑权益资本成本的影响，并通过会计调整尽量的矫正报表失真所带来的影响，使其最终的结果更能反映企业真实的价值。最后，选取我国上市企业中很有代表性的苏宁电器为例，应用修正后的经济增加值估价模型对苏宁电器进行了价值评估，并与实际证券市场上的苏宁电器的股价进行了比较。简要探讨了我国上市公司有效增加其企业EVA值的可行方法，并分析了在研究过程中的不足之处以及向后的展望。
英文摘要：	In pace with the development of market economy and capital market, “appraisement”, the abbreviation of value estimation, has gradually evolved into one of the most frequent vocabularies used in the field of capital market. This is certainly a kind of positive signal, which illustrates that people intend to pay much more attention and try to make value estimation on the value of investment for a certain enterprise. Therefore, the topic that how to estimate the true value of a listed company has become an important task for people to make long-term research. While, for quite some time, owe to the ignorance of equity capital cost, the benefits of traditional accountings could not reflect the true profit rate in a company. As a result, the means of EVA is brought into being. This paper focuses on the value estimation of Suning Appliance, based on the means of EVA. Firstly, it introduced the background, significance of this topic, as well as the research situation made by scholars at home andabroad on the meaning of EVA. Secondly, the introduction of EVA valuation method. First, it describes the source, the definition and connotation of EVA, EVA adjustment purposes and principles EVA adjustments andbasic calculation methods. Second, from the traditional enterprise value assessment of the basic theory, introduced three major categories commonly used method in the assessment of enterprise value, to show the superiority of the out of EVA valuation method through the comparison of several methods, and proposed using the the EVA valuation method to assess the value of listed companies, so that scientific and reasonable assessment of the value of the listed companies. Third, based on the principle of EVA build a valuation model. Consider the impact of the cost of equity capital, and try to correct the distortion brought statements through accounting adjustments, so that the end result to better reflect the company's real value. Select Suning very representative of the listed companies in China, for example, the economic value added valuation model using the modified the Suning value assessment, and were compared with the actual stock market share price of Suning Appliance. Brief discussion of China's listed companies’ effective feasible way to increase the value of its enterprise EVA, and inadequacies in the course of the study, as well as backward outlook. Finally, select Suning very representative of China's private listed companies, for example, economic value added valuation model using the modified value assessment of Suning Appliance, and were compared with the actual stock market share price of Suning Appliance. Brief discussion of China's listed companies’ effective feasible way to increase the value of its enterprise EVA, and inadequacies in the course of the study, as well as backward outlook.
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