Research On The Value Evaluation Of Fine Phosphorus Chemical Enterprises Based On FCFF

With the development of world economics,the high-tech economic conflict between China and United States has aroused great influences on China's high-tech economy.For example,chip manufacturing,medicine,chemical materials and so on all need phosphorus resources,and fine phosphorus chemical enterprises play an important role as the manufacturers of their upstream products.Up to now,research on enterprise value evaluation of fine phosphorus chemical industry is insufficient.While under the background of high-tech and green economy,it is very meaningful to study the enterprise value evaluation of fine phosphorus chemical industry.This paper firstly analyzes and summarizes the development process of DCF;secondly,it analyzes the methods of enterprise value evaluation;thirdly,it analyzes the development status and characteristics of fine phosphorus chemical industry,preliminarily selects the suitability of income method,and finally determines the two-stage FCFF model;finally,it evaluates and analyzes the internal value of Chengxing company.After summarizing,summarizing and analyzing,this paper draws the following conclusions: 1)China still needs to inherit the idea of DCF and continue to develop the value evaluation model and framework of free cash flow suitable for its own economic development,so as to guide the strategic research and development of Chinese enterprises;2)the enterprise value characteristics and enterprise life cycle analysis of fine phosphorus chemical industry are applicable.The FCFF model is suitable to measure the value of Chengxing company;3)the evaluation value of the second stage FCFF model is slightly higher than the stock market value.Through the transaction price of the secondary stock market,we can judge whether the value of Chengxing company is overestimated or undervalued.The evaluation value and its fluctuation range are higher than the market value,indicating that the stock market slightly underestimated the total market value of the company.