Study On Evaluation Of Highway Enterprise High Debt Value

With China's macro economy and capital market development and mature,in the capital market as the center of corporate restructuring,mergers and acquisitions and other external property right trading and investment and finance for internal activities such as a growing reliance on enterprise value evaluation,value evaluation has become the main tool to reveal the enterprise value creation ability and the way,its emergence strategy analysis for the enterprise,investment decision and management provides more reference value.At the same time in recent years,along with the concept of "cash is king" promoting and the perfection of related theory,free cash flow discount model and its gradually become an important basis for the measure of enterprise value,occupy the leading position in the value assessment.Therefore,from the Angle of free cash flow to discusses the issue of enterprise value evaluation is the focus of scholars attention.At present,the highway industry is closely related to the national economy and people's life,and the highway enterprises speed up corporate restructuring and transformation and upgrading,and has a good development prospect.Combining the feature of highway enterprises,correct assessment of the highway enterprise's intrinsic value,for the equity transfer,finance restructuring,equity investments,and provides the basis for enterprise development,etc.In view of this,this paper argues that choosing a highway to evaluate the enterprise value of listed companies is very meaningful.This article obtains from the related theory analysis,first of all,summarized the research achievements of scholars in this field at home and abroad,combining the theory of asset assessment,accounting,financial management,and other basic knowledge,clear the importance and necessity of highway enterprise value assessment;Secondly according to the characteristics of the highway industry,the current situation of the highway enterprise high debt management made a detailed introduction and analysis,and its reasons,to confirm the applicability of the free cash flow model and adjust accordingly,in the study of model adjustment,based on the enterprise high debt brings high financial risk as the breakthrough point,discusses the traditional capital asset pricing model on the discount rate to confirm there is not enough,and leverage analysis method is more suitable for application in this article,it will eventually identified as free cash flow model for high debt problem adjust direction,finally to Shan Dong expressway as an example,the enterprise value assessment and combined with the market to do an assessment.The following conclusions:(1)to assess the value of the highway enterprises,using the method of free cash flow is relatively scientific and effective.(2),will be more into traditional capital asset pricing methods for the use of leverage risk finally confirm the discount rate in the model,to embody the characteristics of expressway company's high debt,the results also prove that the method is effective,in line with the requirements of enterprise value evaluation.