Research On The Enterprise Value Evaluation Of Chinese Airlines Based On Enterprise Social Responsibility

With the wave of merger and reorganization,there are many cases of merger and acquisition of airlines in the world.Currently,four aviation groups led by Air China,China southern airlines,China Eastern airlines and hainan airlines have been formed in China.At the same time,the state is also encouraging private capital to take stakes in state-owned enterprises.Whether it is the merger and reorganization of airlines or the investment among industries,it is necessary to evaluate the enterprise value of airlines correctly so that investors can make correct decisions.However,in the current practice of enterprise value evaluation of airlines,financial indicators such as operating profit are often attached importance to,ignoring the long-term impact of airlines' CSR on enterprise value.Existing literature shows that fulfilling CSR can positively promote corporate value.Therefore,this paper aims to evaluate the value of airline companies from the perspective of corporate social responsibility.Firstly,this paper reviews the previous theories and methods of enterprise valuation.Secondly,it discusses the relevant theories of enterprise value assessment,and defines the concepts including enterprise value assessment,analyzing the enterprise value assessment methods used in the past and the enterprise value assessment methods based on corporate social responsibility,and puts forward the enterprise value assessment methods applicable to airlines.Furthermore,it analyzes the current situation of enterprise value evaluation of domestic and foreign airlines and summarizes the experience and lessons.What's more,on the basis of stakeholder theory,the enterprise value evaluation index system of Chinese airlines based on corporate social responsibility is constructed.At the same time,this paper introduces the analytic hierarchy process(ahp)and entropy method,which are used to assign weights to enterprise value evaluation indexes,as well as the steps of ranking enterprise value evaluation by using double-base point method.Then it sorts of enterprise value assessment of the six listed airlines in China from 2014 to 2018 and analyze the results.the study found that eastern enterprise value is best,and aviation security responsibility to the airline had the greatest influence on enterprise value,at the same time it need to take into account other responsibility index,for that the seven responsibility indicators have a common effect on the corporate value of airlines.Finally,the thesis summarizes the whole text,and puts forward the corresponding macro and micro suggestions based on the previous analysis,and makes the future prospect.