Evaluation Of Listed Spirit Companies Based On EVA Methord

In the Chinese capital market and accounting context, accounting profit usually does not reflect the true inner value of a company. The author aims to cast light on inner values by evaluating listed companies using EVA methords.After giving a broad view of existing valuation methods and their applications, this thesis introduces the development and application of EVA. Before applying any financial calculation to sprit companies, I analyzed the demand structure, upper and lower stream eco-system, and competition in the sprit industry from an economics and management prospective, unveiling the underlying driving factors that effects the growth of sprit companies and to forecast the growth of the companies concerned.After that, I calculated the EVA that all 11 listed sprit companies created over the years, based on which an analysis was made. Valuation of 6 selected companies is made based on the Three Stage Growth Model.In general, this thesis believes that by the end of 2011, most of these 6 companies are slightly under-estimated by the market. Also evident to the author is that the listed sprit companies will slow down their growing speed(but still relatively fast), in the coming 10 years. But in the longer run, it will eventually stabilize at a low growth rate.