The Enterprise Valuation Assessment Of SPC Environment Protection Tech Co.,Ltd Based On The Perspective Of EVA

As China’s capital market is becoming mature, research on the financial problems related to the capital market has been one of the key areas of academic circles. Among them, enterprise value assessment is widely concerned by the investors and the managers of the enterprises, due to its closely relationship with capital market investment and the acquisition decisions.The "value investment" has become a highly valued investment strategy, the view that enterprise ultimate goal is to maximize shareholders’value has been accepted widely. This requires the index of enterprise value can accurately reflect the value that created for the shareholders, under this premise, EVA enterprise valuation method appeared accordingly.In the economic life of a state, environmental protection industry is related to the economic development and the quality of life of residents in this country. With China’s environmental problems getting more and more attention, environmental protection industry got the focus support by the nation in recent years, which means they got the unprecedented development in the industrial scale and the investment by country. As an important part of the capital market, environmental protection enterprises’stock got the wide attention of investors. Both the investment of environmental protection enterprises’ stock and the development of environmental protection enterprises should be based on a reasonable valuation of the environmental protection enterprises.This paper took the research analysis for EVA valuation method applied in our country’s environmental protection enterprises based on this background. Using the EVA index as a focal point, this paper took a research on the enterprise valuation of a representative environmental enterprise of China, which is Beijing SPC Environment Protection Tech Co., Ltd, using a combination of research methods, which include standard research and case analysis. Then this paper analyzed the application of EVA enterprise value assessment in environmental protection enterprises in China.Firstly, this paper discussed the research background and research significance, then made analysis and summary on the research condition in China and other countries. Secondly, this paper described the basic theory of enterprise value assessment, and made analysis on several common methods of enterprise valuation assessment by comparison. Thirdly, this paper expounded the basic theory of EVA enterprise valuation method, include the calculation of EVA, determination of the discount rate and staged EVA enterprise valuation model. Fourthly, based on the above research, this paper applied the EVA enterprise valuation model to the SPC Environment Protection Tech Co., Ltd. After the analysis of the environmental industry and the company, this paper estimated the EVA of SPC in the future with the public data in the financial statements, and got the enterprise value from the perspective of EVA, which was compared with the market value of SPC. Finally, this paper got the conclusion that it is effective to apply the EVA enterprise valuation method to the environmental enterprises, and made some suggestion to the application of EVA enterprise value assessment to environmental protection enterprises in China.