The Construction For The Enterprise Vaiue Evaluation Based On Haward Analysis Framework

Abstract:Eighteen Report pointed out that "the modern market system, accelerate the reform of the taxation system, deepen financial reforms, improve financial supervision, promote financial innovation, maintain financial stability," which is a further deepening of China’s financial system and pointing out the direction of reform."A multi-level capital market system","promoting the healthy development of the multi-level capital market", and "to develop the bond market," expressed in the government work report and the "Twelfth Five-Year Plan", financial reform is a great article, October8,2013, as part of a financial restructuring, mergers and acquisitions lane audit system implemented to accelerate the efficiency of merger and reorganization of enterprises.Looking for the status quo, as objectively as possible enterprise value assessment services in mergers and acquisitions, to guide the investment of investors has become very urgent. In Practicing all kinds of business valuation models up to a dozen, taking into account the current status of the development of China’s capital market, discounted cash flow model is more suitable for China, but not blindly copying Western methods and models to assess.We should gradually explore suited to China’s realities methods and systems.A meaningful enterprise value assessment, not only need to tell the predictive value of corporate parties, but also have more value for the enterprise management to provide a reference, as to commercial negotiations. Therefore requires an assessment by the use of accounting data at the same depth, focusing on the use of non-accounting data. Three Harvard scholar Krishna G. Palepu, Paul M. Healy, Victor L. Bernard presented Harvard finance analysis framework, which is formed by the strategic frame analysis, accounting analysis, financial analysis, analysis of the composition of the prospect of four parts. Strategic Analysis module Harvard analytical framework for the external environment faced by enterprises conducted a comprehensive analysis, not only to identify opportunities and threats facing the enterprise development, more pointed the direction for enterprise development from a strategic height. Accounting and financial analysis module analyzes the enterprise’s internal condition from the start, Analysis of the strengths and weaknesses of their own existence, to improve the management level to find countermeasures.The development of color TV industry in2013developed difficultly, in addition to traditional TV companies have to face the idea of change in consumer spending, but also to deal with the new products continue to emerge, upgrading of product structure to accelerate cross-border Internet companies to enter the TV industry and other new challenge.Therefore, this paper analyzes the Harvard analysis framework, to build enterprise value assessment system. And select the appliance industry leader in the implementation of Hisense Electric research system as an example. On the one hand, making contributing in evaluating our theoretical research enterprise value, on the other hand to provide strategic support and enhance the value of the policy to Hisense Electric appliance industry in the new round of "shuffle" coming the occasion. The specific structure of paper is as follows:Chapter one is about the reason I chose the title and the framework of the title. Chapter two is the starting point of financial statement analysis in Havard Analysis Framework-focuses on making strategic analysis. Chapter three’s focus is on building a business value assessment system based on the Harvard analytical framework, the system consists of strategic analysis module, the module accounting analysis, financial analysis module, prospects and business valuation analysis module composed of five modules, they seemingly independent, but interlocking, layers of depth, forming a systematic value assessment system. In chapters four and five, take Hisense Electric as an example to evaluate the enterprise value. The final chapter summarizes the full paper.