The Applied Research Of EVA Method In The Trust Industry

Finance, as the extremely valuable part of the economic system in our country, has a pivotal role on economic growth. The rapid rising trust company in 2001 to 2013 shows strong innovation ability. Which becomes the important driving force of China's economic transformation, upgrading and rapid development.The study of the intrinsic value of the trust company is beneficial to promoting the value of the company's management process, and to promoting the development of company itself. This thesis takes the Shannxi International Trust CO., Ltd.as example(hereinafter referred to "Shanguotou") which is the only two listed trust companies in domestic, by using the EVA valuation method for value valuation and in order to research the application of EVA method in trust industry.In this paper, the first part states the topic background, significance, predecessors' research results and the research content of this thesis, frame, etc..The second part reviewed the mainstream of enterprise existing valuation theories and methods. We mainly analyze the EVA valuation method's theory, calculation and classic accounting adjustments matters. The third part analyzes in detail the characteristics of Shanguotou. And we, combing particularity of Shanguotou, analyze the applicability of EVA valuation in Shanguotou and construct the EVA valuation model which fits for Shanguotou, then confirm the parameters of the model.The fourth part, according to EVA valuation process, we first make a comprehensive analysis and predict the future five years of economic added value and other parameters of Shanguotou. Then the EVA valuation model is used to calculate the intrinsic value of Shanguotou and make an empirical analysis of the intrinsic value. At the end of the forth part, this paper analyzes the differences between intrinsic value and actual share price of Shanguotou and gives an explanation. The fifth part of this thesis, by comparing the EVA valuation method and the traditional valuation method, we find that the EVA valuation has advantage to trust industry. We think that EVA evaluation method is suitable for the study of the valuation of the trust industry and deserve promotion. At the same time, this paper gives some measures to ensure EVA method more suitable for the trust industry.