Research On The Application Of Revised EVA Evaluation Model Upon Listed Securities Companies

With the sustained rapid growth of China's national economy and the improvement of multi-level capital market construction,investors' willingness to participate in the stock market is constantly increasing,and their investment skills has also improved.As the core participant of the capital market,the intrinsic value of securities companies has gained more and more attention.The accurate analysis and evaluation of the listed securities company not only provides reference for investors,but also objectively reflects the operation performance of securities firms,thus is of high research significance.From the realistic perspective,the valuation of securities companies is fairly difficult.On the one hand,China's securities business is highly correlated with the volatility of the capital market,which has characteristics of the bull-bear cycle.On the other hand,China's securities sector is growing quickly against the background of increasing innovative capabilities.In the future,the operating mode of securities firms will be more abundant and the profit channels will be more diversified.Based on the above reasons,how to make a reasonable value assessment of brokerage stocks has attracted much attention.After reviewed mangy research results both at home and abroad,this thesis tries to analyze the intrinsic value of the listed broker's stock with Haitong Securities,a leading brokerage firm with comprehensive strength as an example.In this thesis,the author uses case quantitative analysis and qualitative analysis,empirical research and normative research methods.Firstly,it analyzes the characteristics of different valuation models,and selects the applicable valuation model for the securities company.Secondly,through the solid fundamental analysis of Haitong Securities,it uses the EVA model to evaluate its fair value,and conducts sensitivity analysis to find the main prediction indicators,providing references to enhance the company's intrinsic value.Considering the EVA valuation model has certain limitations and subject to subjective influences,this thesis introduces a correction parameter under the market method and finds the modified EVA model can give more reasonable valuation result in line with the market price.Finally,it puts forward some suggestions on the practical application and promotion process of this model.