An Application Research On Income Approach Evaluation Of The Logistics Listed Enterprises

In recent years, the development of the logistics industry is not only affects other industries but also plays a very important role in the development of China’s economy. Accurate evaluation of logistics listed enterprises can provide basis for investors, managers and others to make better decisions. With the gradual increase of China’ evaluation level, income approach is more concerned and used by professional. Different parameter has various degree of the results, due to that this paper use sensitivity analysis to test the result and certify reliability of the evaluation.This paper takes logistics listed company as research object,mainly used literature research, theoretical statements and case analysis during the process of research. The first part of the paper introducing the theory, method, model of enterprise evaluation and relevant theory of sensitivity analysis. The second part of the paper analysis the characteristic of logistics industry and choose free cash flow model to evaluate Xing Ning logistic company. At the end of the paper use sensitivity analysis to test the result and compare with the market method thus confirms the viability and superiority of free cash flow model in the evaluation of logistic company. There are three innovative points of this paper, the first one is use model to evaluate a logistic company and it is a supplement to the theoretical research, the second one is introduce and use sensitivity analysis in the evaluation, the third one is use enterprise life cycle theory to help predicting the company’s future incomes which makes the prediction more reliable.