Research On The Evaluation Of Expressway Enterprise Based On FCFF Model Illustrated By The Example Of D Expressway Co.Ltd

In recent years,China’s economic development has been rapid,accompanied by a large number of mergers and reorganizations of enterprises,public issuance of shares and additional shares for financing,in order to seek greater development.In these economic behaviors,the transaction of assets is involved,and the pricing of traded assets is often an important link in the whole process.To ensure the smooth implementation of these economic behaviors,asset pricing is quite critical.With the increase of merger and reorganization of expressway enterprises and the heat of capital and stock expansion,asset transactions become very frequent.Under this background,it becomes very important to accurately evaluate the value of expressway enterprises in order to improve the speed and efficiency of asset transactions.Based on the field research,this paper uses the theoretical knowledge of enterprise value assessment to analyze and study the value of expressway enterprises,and combines the actual situation with D Expressway Co.,Ltd.as an example for in-depth analysis.The paper begins with the enterprise value assessment theory and the characteristics of the expressway enterprise and the influencing factors of the value assessment,and then links with the actual research.Firstly,this paper firstly analyzes the background and significance of enterprise value assessment of expressway enterprises,and studies the enterprise value evaluation and related literatures of highway enterprise value evaluation.Secondly,it introduces the relevant theory of enterprise value assessment.This paper introduces three basic methods of highway enterprise value assessment and analyzes its applicability.Thirdly,by analyzing the characteristics of expressway enterprises and the influencing factors of enterprise value,the method of determining income method for highway enterprise value evaluation is compared and compared.Analyze the four evaluation models of the income method,and finally determine the FCFF(Free Cash Flow for the Firm)model as the model for the value evaluation of expressway enterprises.Finally,take D Expressway Co.,Ltd.as an example to analyze FCFF in depth.Model characteristics and parameter determination methods,evaluate the overall value of D company,and use the market method to evaluate the value of expressway enterprises to verify the evaluation results of the method.By comparing the FCFF model evaluation results with the market law evaluation results,the differences are generated.After the reason,this article considers FCFF Assess the type of highway D enterprise value is reasonable,the method for assessment of enterprise value highway.Through theoretical analysis and case analysis,this paper draws the following four conclusions:(1)There are many factors affecting the value of expressway enterprises;(2)Using the income method to evaluate expressway enterprises can better reflect their intrinsic value;(3)Expressway enterprises It meets the application premise of the FCFF model;(4)It can indirectly provide the value basis for the equity transfer of expressway enterprises.