Study Of Value Evaluation Of Listed Enterprises Based On AHP

Nowadays, with market activity increasing, the valuation of listed companies goes important. The theories and methods of valuation has become a hot issue attracting more and more attention. The aim of the thesis is the basic research of the hot issue.Chapter 1 is the exordium. In the Chapter 1, the background and signification of this thesis are being described, and the documents about models of valuation at home and abroad are being reviewed.Chapter 2 is the summary of the theory of enterprise value evaluation. In the Chapter 2, the thesis establishes the theory framework about the enterprise evaluation and describes some classical evaluation methods. They are discounted cash flow evaluation method, economic value added evaluation method, market value method and real option evaluation method. Then based on value chain theory and BSC, it analyses the driving factors about the enterprise value. And the thesis elicits we evaluate the enterprise value not only on the financial perspective, but also considering the influence of some intangible capital, including the relationship of customers, operation flow etc, on the non-financial perspective.Chapter 3 is the construction of enterprise value evaluating model based on AHP. In the Chapter 3, the thesis constructs an enterprise value evaluation model considering financial and non-financial factors. Through AHP, it calculates the influence coefficient of both factors on enterprise. Then on the base of traditional FCFE Model, the influence coefficient shall be applied to modify the enterprise value.Chapter 4 is the design of empirical research for the enterprise value evaluating model. In the Chapter 4, the thesis chooses the listed enterprises of automobile manufacturing industry, carries out the empirical research on the model in the Chapter 3 and elicits the evaluating results about the sample enterprises.Chapter 5 is the analysis about the empirical results. In the Chapter 5, a correlative analysis is carried out between the evaluating value and the market value of the enterprises. It proves the model's applicability. And the thesis appraises and analyses the results of the research.The innovative points in the thesis: It analyses the influencing factors of the enterprise value, and introduces the non-financial driving factors into the evaluation model. It constructs the model of enterprise value evaluation considering both financial and non-financial factors, using AHP. It designs the empirical research for the enterprise value evaluating model.