Study On Appraisal Of Listed Company Value Based On EVA

With the EVA concept promotion and application in the management and analysis of investment, EVA valuation model emerged. EVA valuation model is discounted by the EVA and traditional valuation models. It has the advantage of being able to make full use of all public companies to provide information so that can have a more comprehensive evaluation. With discounting the risk factors, the results reflect a true. Enterprises with different risks have the same basis for comparison, reflecting the company's intrinsic value and fair market value.Company stock price fluctuates on the value of the company and will gradually converge to the value of the company. Because the price is known, if we can determine the value of any one company, we will be able to provide a clear basis for formulating investment strategy. So we need to assess the value of the company to carry out in-depth study of the topic.We should strengthen research of EVA valuation model to Chinese enterprises as soon as possible. This not only helps improve our theoretical value assessment system, but also helps improve the decision-making ability of investors and managers, therefore, so the study of EVA valuation model is of great theoretical and practical significance.The main contents include:First introduce to the basic theory to assess the value of listed companies, which is the theoretical groundwork of the full text. The part defines the concept of the value of listed companies. Then it describes "intrinsic value" of the listed companies: According to an effective capital market theory, in an efficient market, stock prices are estimated value of the company. Any deviation from the larger value of the company stock price is rare. But this balance is an ideal situation. The relationship between stock price and the company value will always be a dynamic process, but sooner or later stock price will be adjusted to its intrinsic value. Finally, introduces the valuation method used at home and abroad: Discounted Cash Flow (DCF),the Market Comparison Approach,Option Pricing and analysis the shortcomings of these three methods.Establish EVA valuation model, which is bridging role in the full text. It begins with a detailed account of the EVA. Then, as the article points out, Evaluation and performance evaluation are two different concepts. As enterprise performance evaluation indicators, the EVA can not be applied directly to enterprises valuation. On this basis, EVA valuation model is set up. The last is the further EVA valuation model: EVA zero-growth model, EVA fixed growth model, EVA two-stage growth model, EVA three-stage growth model.Effectiveness study of application of EVA valuation model in the listed companies. Based on empirical data and statistical analysis, we prove the feasibility of EVA in China's securities market. Empirical studies demonstrate that EVA valuation model can assess the value of China's Listed Companies. EVA in application is effective, which provide a factual basis that EVA model can be used to assess the value of China's listed companies.Designs the process of assess the value of listed companies used EVA valuation model. Based on the characteristics of EVA valuation model, the part designs four steps: Analysis of company development, Analysis of the Management Company, EVA forecast and company valuation.In this paper, combines theoretical analysis and empirical study, combines qualitative and quantitative analysis and refers to the domestic and foreign experts and scholars on the latest research results. From theory to practice, we explore the EVA model for China's listed companies, so that it has a strong theoretical and practical basis. The major innovations in this paper:According to the distribution of future EVA, EVA valuation model have some special forms: EVA zero-growth model, EVA fixed growth model, EVA two-stage growth model, EVA three-stage growth model. Gives complete mathematical deduction of special forms.Effectiveness study of application of EVA valuation model. Based on empirical data and statistical analysis, we prove the feasibility of EVA in China's securities market. Empirical studies demonstrate that EVA valuation model can assess the value of China's Listed Companies. Designs the process of assess the value of listed companies used EVA valuation model. Based on the characteristics of EVA valuation model, the part designs four steps: Analysis of company development, Analysis of the Management Company, EVA forecast and company valuation. And specifically describe every step. At last, Tongrentang Co., Ltd. as an example, explain the evaluation process to assess the value of the company.