The Enterprise Evaluation Of CNHTC Based On EVA

Heavy truck industry is not only the important part of vehicle system,but also an important part of our national manufacturing industry.Therefore,the safety and stability of the heavy truck industry related to the healthy development of the national manufacturing industry.The traditional enterprise valuation method are divided into three categories: cost method,market comparison approach and income method.But these three kinds of methods have ignored the corporate capital investment costs when they are assessing enterprise value,so there are obvious defects.EVA that is the economic value,which is known as the economic profits in economics,is the difference between the enterprise net profit after accounting adjustment and enterprise capital.So,the EVA index of enterprise evaluation can more truly reflect enterprise value,because of considering not only debt capital but also equity capital.Based on reading lots of domestic and foreign research results on EVA theory,and collecting financial data about the CNHTC,and analyzing and defining CNHTC enterprise value.Firstly,this paper summaries the background and significance of CNHTC value assessment,and summarizes the research status of domestic and foreign scholars on the theory of EVA,then introduces the main content and the research methods and the innovations.Secondly,after introduced the present situation and development trend of heavy truck industry this paper gives the financial analysis of CNHTC,and pave the way for EVA evaluation.Thirdly,this paper introduces cost method,market comparison approach and income method,doing a study on The applicability of the several methods for CNHTC and giving a conclusion that EVA method is more realistic and scientific.Next demonstrating the accounting adjustments and the adjustment methods of EVA valuation model according to the characteristics of CNHTC main business and capital structure;constructing a EVA valuation model which is suitable for the heavy truck industry.On this basis,the paper makes a case study of CNHTC,gets the intrinsic value by using EVA valuation model,and further gets share value by associating enterprise value with total capital of CNHTC and give investment advice.This paper analysis the applicability of mature enterprise value evaluation methods in the heavy truck industry and applies the three phase of EVA valuation model,enriching the theory of EVA enterprise value evaluation research.Through theinterests of shareholders,EVA value evaluation method show the enterprise asset appreciation ability and creativity.It is important theoretical and practical significance for managers and investors in the investment decision-making.