Enterprise Value Analysis Based On Economic Value Added

At present,people have basically affirmed that the goal of enterprise management is the enterprise value maximization.To maximize the enterprise value has become the basic ideas of the entire enterprise management activities.Conducting enterprise value management is an effective way of sustainable management,therefore it is necessary to do value analysis.And EVA this financial indicators for enterprise value management provides a most effective way.Based on the perspective of economic value added,decomposition and analysis of the factors that affect enterprise value,can help enterprises to find out the problems of value growth,which could more targeted measures are proposed to improve the enterprise value.This paper uses case study method,and selectes enterprise value analysis of ZT company as the study object,does research by the thought of "background of case-analysis-ways to improve enterprise value of enterprise value".In case background section,the basic situation of ZT company,main business,the development strategy are presented.And then this paper analyzes the four main business of ZT company and the whole competitiveness.And based on the formula of EVA,combining with the actual situation of ZT company,this paper analyze the enterprise value of ZT company elements,to get a more comprehensive understanding of the enterprise value creation links and influencing factors.In enterprise value analysis part,first of all,this paper uses EVA enterprise value calculation method to understand ZT company increase in the value of 2011-2015.And from the net operating profit after tax,the total amount of capital,the weighted average cost of capital these three factors influencing the value to analyze,this paper found the shortcomings existing in the management and the creation value of ZT company.Through the analysis,this paper found ZT company has three deficiencies in the value creation,which respectively is:(1)growth of the operating income makes value creation motivation recede;(2)the capital is occupied by flow assets,making value creation vigor decrease;(3)the unreasonable capital structure makes value creation resistance increase.In promoting enterprise value part,based on the three basic elements of EVA calculation,this paper conduct sensitivity analysis,finding that EVA's of ZT company is the most sensitive to net operating profit after tax.And improving the net operating profit after tax is the most effective way to enhance value.Last,based on the problems existing in creation of enterprise value,this paper put forward the way and the suggestion of promoting the value of ZT company.