【作者】 王洋；

【导师】 周颖；

【作者基本信息】 大连理工大学 ， 工商管理， 2007， 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。长期以来,传统会计指标如税后净利润、每股收益和净资产收益率等是衡量公司价值的重要指标。但随着证券市场的发展,上市公司的最终目标是实现股东价值最大化的观点得到了普遍认同,这就要求衡量公司价值的指标能反映出为股东创造的价值。EVA指标也因此应运而生。EVA指标的优越性主要体现在价值评估和激励机制两个方面。本文仅研究EVA指标在价值评估方面的应用。本文运用理论分析与实证研究相结合的方法,以“经济增加值(EVA)”驱动企业市场价值为主线,重点研究基于经济增加值估价模型对上市公司的价值评估,该文主要进行了如下研究,首先讲述了EVA在国内外的研究概况及发展趋势,介绍了本文实例中的企业—锌业股份的现状和公司价值评估对我国上市公司的意义;通过对传统的企业内在价值评估方法进行简介,总结出其应用于投资决策中的局限性;介绍了EVA相关概念、会计调整和计算过程,对EVA估价模型的优势及实用性进行了理论分析;最后进行了实证研究,对“锌业股份”进行了基于EVA的价值评估,并对评估结果进行了分析。更多还原

【Abstract】 Value assessment on the listed companies is an important issue for the security industry. And the traditional fiscal indexes including the net profit, EPS and ROE were used to assess the investment value of the listed companies for a long time. With the development of the domestic stock market, the opinion which insists that the target for companies is to maximize the shareholders’ fortune has been broadly accepted. According to this opinion, the indexes for value assessment should inflect the added value created for the shareholders. The EVA theory emerged as the time required. The advantages of EVA could be realized in the value assessment and incentive mechanism establishment. The paper would focus on the EVA model applied in value assessment.The paper would adopt the method that combines theoretic analysis and demonstration analysis to make a deep research on the value assessment on the listed companies based on the EVA assessment model. First of all, it introduces the improvement in the EVA research field, the general situation of the listed company "Zinc Industry", and the importance of the value assessment on the listed companies; after that, the conventional methods for value assessment on listed companies should be introduced, then, it would carry out a comparison between the conventional methods and the EVA model, through which the advantages and applicability of the EVA model could be concluded, at last, the paper would carry out a value assessment on the "Zinc Industry" based on the EVA model and make an analysis on the result.更多还原