【作者】 何玮玮；

【导师】 杨喜月；

【作者基本信息】 哈尔滨工业大学 ， 金融学， 2006， 硕士

【摘要】 如何评估上市公司的真正价值是证券界长期探索的重要课题,也是投资者最为关心的问题。长期以来,利润指标能够在财务报表中反映出来,而且简单明了,因此目前绝大多数投资者都将其作为评估上市公司价值的标准,并且成为绝大多数上市公司管理者的经营目标和激励基准。事实上,利润等传统指标不能反映企业的真正价值。本文运用理论分析与实证研究相结合,定量分析与定性分析相结合的方法,主要研究基于经济增加值评估模型对上市公司的价值评估。本文首先指出选题目的和意义,国内外的研究现状及研究内容和研究方法;其次,介绍EVA的溯源、定义及计算企业价值的方法和步骤;再次,将EVA估价模型与现存主要企业价值评估模型的对比分析,得出EVA估价模型考虑权益资本成本,通过会计调整尽量剔除会计失真影响,着眼于企业的长远发展,能够真实地反映企业价值;最后,应用经济增加值估价模型对上市公司青岛啤酒股份有限公司进行了价值评估,得出折现率对价值评估值影响很大,降低权益资本成本可以大幅度提高企业价值。本文的特点在于展示了用经济增加值估计模型评估青岛啤酒的全部过程,这在国内是相对比较少的。本文希望通过探讨经济增加值估价模型的具体分析计算,为广大投资者提供有益借鉴。更多还原

【Abstract】 How to evaluate the real value of the listed companies is not only the important thesis in securities market but also the best concerned problem of investors. Some profit indexes have acted as the scaled standard of the listed companies for a long time. Most investors also make profit indexes as the scaled standard of the listed companies now, because it can be reflected in financial forms and have the characteristics of simple and clear, In fact, it can’t reflect the real value of the company.This thesis uses the method that not only the theories research and the substantial evidence researches but also quantitative analysis and qualitative analysis combine together. The author firstly introduces why to choose the topic, the purpose and the content. Secondly, takes an introduction to the theory foundation of the way of evaluation in brief. Thirdly, contrastively analyzes EVA model and the other evaluation models in the highest flight, elicits it can reflects the true value and real performances of the companies, in view of equity capital, eliminating accountant distortion through accounting adjustment, considering the future of companies. Finanly, the substantial evidence research, applying the EVA model to calculate the evaluation of Qingdaopijiu co.ltd, figures that equity capital is important factor to corporation evaluation, and we can increase the corporation value by reducing the equity capital.The characteristics of this thesis lie in to display all the valuation process in detail, and study of this aspect is relatively less in the domestic. The purpose lies in inquiry into the concrete calculation for investors.更多还原