The Value Assess Research Based On Residual Income Model-As T Company For Example

Along with our country economy healthy and stable development, the level of capital market system construction related work also gradually improve, ensued, investment has increasingly become the financing way of enterprises and individuals focus on, it is also an important strategic choice in the process of enterprise growth. Value investment is a scientific and rational investment philosophy, now the investment philosophy has become a mainstream investment guide enterprises and individuals, its essence is the enterprise investors, individual investors themselves or with the aid of professionals, through scientific and effective evaluation method to evaluate want to invest in the intrinsic value of the enterprise or individual assets. Will assess the results compared with the market value of the enterprise disclosure, so as to determine their own investment decisions are correct. In this new situation, the research for the present situation of China's economic development is the enterprise value evaluation methods to guide the investors to invest, as far as possible to objectively assess the intrinsic value of an enterprise gradually becomes a problem demanding prompt study in its theory with practice.Based on the above background, this paper adopts literature research, model analysis and case analysis method of combining the enterprise value evaluation method based on the residual income model to do some discussion. This article is divided into five chapters:the first chapter is introduction, mainly introduced the research background, research significance of this article, on the basis of combing theory put forward in this paper, the research ideas and methods of the special features and innovation. The second chapter summary of basic theory and main model for value assessment. Including the definition of enterprise value and the description of the basic theory of enterprise value, and the analysis on the advantages and disadvantages of the main model of the current enterprise value assessment, based on this, advances the residual income model effectiveness compared to other model more scientific. The third chapter to build the evaluation model based on residual income. First puts forward the assumptions underlying the residual income valuation model, and then is derived on the basis of the enterprise value evaluation model based on the residual income model, finally describes the concrete application of the model in different types of development enterprise. The fourth chapter is based on the residual income model T company value evaluation. This chapter uses the case study method,the selection of tongling nonferrous metals group co., LTD (hereinafter referred to as the tongling nonferrous) as an example, based on the residual income model of the improved evaluation method for actual operation to verify that the valuation method is scientific and effective. The fifth chapter is the full text conclusion and prospect.Through the analysis this paper argues that:based on the accounting data to predict the enterprise value has a positive meaning to the change of the actual price, accounting data of the considerable explanatory power to the enterprise value is, direct use of accounting data residual income model can effectively assess science enterprise intrinsic value; Secondly, residual income in the application of model, further illustrate determinants of value creation is the intrinsic value of the enterprise. Investors and managers should pay more attention to enterprise's value creation, only create a residual income of enterprises is developing well. Only create higher than the cost of capital earnings, is truly protect the enterprise shareholder value. The main contribution of this paper is to:in this paper, the research can further improve the enterprise value assessment theory, and for other companies to provide a certain degree of reference value evaluation practice.