【作者】 张素蓉；

【导师】 赵息；

【作者基本信息】 天津大学 ， 工商管理， 2004， 硕士

【摘要】 随着经济的发展，企业之间的优胜劣汰，公司并购、重组等已屡见不鲜。在竞争中，企业的经营目标发生了变化，由原来追求利润最大化转变为追求企业价值最大化。随着企业经营目标的转变，企业的各项管理活动也发生着变化。由传统的管理模式转变为价值管理模式。企业无论何种规模、何种经济成分都纷纷在追求企业价值最大化的过程中寻找适合企业发展的途径，寻找企业成功的关键因素，从而提高企业的核心竞争力，增加企业的价值。首先，本文从企业价值产生的背景入手，分析了企业理论和MM理论，提出了企业价值研究的理论基础、价值管理以及现金流量在价值管理中的重要性。并分析了企业价值研究的重要意义。其次，本文以价值管理的基础上，分析了企业价值最大化作为企业经营的最合理目标，以及企业价值最大化的内涵；从宏观（PEST分析）、中观（行业结构分析）、微观（企业生命周期、现金流量、资金成本等）角度分析了企业价值的影响因素；结合我国的实际情况，本文提出了企业价值的评估方法，分析了现金流量折现法，EVA法、重置价值替代法等。最后，针对我国的实际情况，分析了提高企业价值的途径在于优化企业业务价值链与财务价值链以及实现二者的协调。以海尔集团公司的经营活动为例，分析了其经营活动和财务活动对企业价值的影响。更多还原

【Abstract】 With the advance of economy, business combination and reorganization can be seen frequently. Of course, common phenomenon ——efficient enterprises prosper and the inefficient ones are eliminated ——exists between the companies, the operational goal of which have changed from pursuing profit maximization to business value maximization during the competition. Business managements, following the same step, change from traditional to value based model. Whatever the scales and economic elements, a company is exploring appropriate way to develop as well as key factors to succeed, which easily strengthen the core company to increase its business value.Firstly, this essay starts with the value background to analyze business theory and MM theory basis. It also put forward a theory and value management on researching business value, and much more importance has been attached to cash flow.Secondly, the essay, on the basis of value management, gives definition to maximization of business value which is taken as the most suitable operational object. From the perspective of macro PEST analysis industrial structure analysis and micro business life cycle, cash flow, cost of capital, it differentiates related aspects exerting influences on business value. According to China’s national conditions, it raises varieties of methods including the discounted cash flow, the EVA and the replacement value.Lastly, optimizing the business and financial value chain and bringing them into harmonious is an approach to increase business value. Take Group Haier’s management activities, for example, the essay illustrates that operational and financial activities affects business value.更多还原