| 基于经济全球化趋向和市场竞争的请求，公司间的并购，乃至跨国界的公司并购加重，和古代公司轨制的赓续完美，由此发生的可否精确地评价企业的价值成绩，直接关系到企业吞并、收买的成败，是以，选择迷信的价值评价办法不只关系到企业的价值治理和运营决议计划的需求，在此配景下笔者选用EVA实际对并购目的公司价值评价停止摸索，以期到达洋为顶用，书本与实务相联合的目标。本文在明白研究目标和意义的基本上，采取实际与现实相联合的办法，运用EVA实际停止案例剖析，并对盘算成果停止适用性断定。笔者起首引见了三种传统估价办法，在描写它们进献的同时，分离指出了其局限性，在此基本上引入EVA估价办法，并论述了它的界说、内在、盘算企业价值的办法和步调和EVA估价模子和企业价值的相干实际，确定EVA估价办法的焦点界说，法语论文网站，即本钱本钱，法语论文范文，明白了本钱本钱不只包含权益本钱本钱，还包含债权本钱本钱的概念，而且在EVA价值评价中包括了对将来现金流折现的盘算。在EVA准则下，公司价值发明才能的评价尺度，症结在因而否跨越本钱本钱，而不是投资收益率，是以与其他估价办法比拟，EVA更具有周全性、前瞻性和公道性。笔者应用EVA估价模子对收买目的公司一苏泊尔股分无限企业停止了价值评价，重要是收集苏泊尔股分2006年到2009年的汗青财政数据，经由过程对相干管帐项目数据的调剂，运用EVA估价模子评价苏泊尔股分的企业价值，进一步盘算出2006岁首年月苏泊尔股分企业的每股价值，验证了经由过程EVA估价办法盘算的SEB企业收买苏泊尔价钱与现实价钱吻合，具有实际操作性，并经由过程一系列非财政身分剖析，得出该企业因为并购，使得国外品牌与国际著名公司强强结合，并购后的企业价钱年夜增，充足表现了共赢效应的成果。本文的进献重要在于，笔者运用EVA实际时，将其用于上市企业并购公司价值评价，并且是外资公司对中资公司的跨国并购，这在我国本钱市场投资研究中是一次年夜胆的测验考试。研究的缺乏重要表示在：一是过度依附财政数据，对非财政身分的作用估量缺乏；二是面临我国尚不成熟的本钱市场，以EVA价值估价模子估价收支较年夜，可以说实用性不强；三是公司财政信息表露存在瑕疵，招致盘算成果禁绝确；四是限于自己的理论经历和才能程度，客观断定得出的定性剖析结论不免涌现误差。 Abstract: Based on the request of the trend of economic globalization and market competition, enterprise mergers and acquisitions, and even transnational enterprise merger and acquisition (M & A) increased, and the modern enterprise system is ceaseless and perfect, resulting in the possibility of accurate evaluation the value of the company's performance, is directly related to the annexation of the company, buying the success or failure of, is to choose scientific value evaluation method is not only related to the needs of company value management and business decision, under this background the author selects EVA actual value evaluation of objective enterprise in M & as stop to explore, in order to reach ocean with, books and Practice is combined with the target. In this paper, we understand the objectives and significance of the study, to take practical and realistic approach, the use of EVA to stop the actual case analysis, and to determine the applicability of the results of the calculation. The author first introduced the three traditional valuation methods, in the description of their contribution and separation points out the limitations, on this basis, the introduction of EVA valuation method, and discusses its definition, intrinsic, and calculate the value of the company the method and the step and EVA valuation model and the value of the company related to the theory, determine the EVA valuation approach the focus of definition, is the cost of capital, understand the the money the money includes not only the rights and interests of the money the money, also contains claims the money the money concept, and in the EVA value assessment includes the future discounted cash flow calculations. Under the principle of EVA, the enterprise value creation ability evaluation scale, the crux of the problem in thus not across the money the money, and than the rate of return of investment is to compare with other valuation method, EVA is more comprehensive, forward-looking and reasonable. I use EVA to buy a business valuation model to SUPOR Stock Co. Ltd. stopped value evaluation, is an important historical financial data collected from 2006 to 2009, SUPOR shares, through the process of relevant accounting project data transfers, application of the EVA Valuation Company SUPOR stock value evaluation model, further calculate the 2006 years of SUPOR Inc.'s position at the beginning of the year share value is verified through calculating the EVA valuation method SEB company bought SUPOR price consistent with the real price, with the actual operation, and through a series of non financial status analysis, the company because of mergers and acquisitions, making foreign brands and international famous enterprises powerful combination, the company after the merger price surge, adequate performance the results of a win-win effect. The contribution of crucial, the practical application of EVA of the author, for assessing the value of an enterprise mergers and acquisitions of listed companies, and foreign companies on the Chinese enterprises transnational merger and acquisition (M & A), which in China's capital market investment seminar is a bravery of the eve of the examination. Discussion of the lack of important said: is rely too much on financial data, effects on non fiscal factors measure the lack of; second is facing in our country is still not mature capital market, to EVA valuation model valuation is the eve of the balance of payments, can say is not practical; enterprise financial information disclosure have flaws, lead to calculation result inaccurate; four is limited to their practical experience and ability level, objective judgment obtained a qualitative analysis of the conclusions inevitably emerge error. 目录: |
