Research On Enterprise Value Evaluation Of Sports Industry Based On EVA Valuation Method

In the practice of valuation,three main common valuation methods for enterprise value are asset-based method,market comparison method and cash discount method.When selecting evaluation methods,it is generally necessary to consider the characteristics of the evaluation objects and the market environment to select the relative evaluation methods.In recent years,with the rapid development of China's sports industry,enterprise management,enterprise property rights trading activities and external investors will pay more attention to the evaluation and management of enterprise value.The sports service industry has its unique characteristics not only in enterprise management,but also in asset type and asset structure.In China,the case of sports industry value assessment is relatively rare.Aiming at the analysis of the relevant characteristics of the case and the market conditions of the sports industry,this paper chooses EVA valuation method for analysis and evaluation research.Among them,relative indexes of EVA valuation method can more objectively reflect the enterprise's profitability and the economic value created for shareholders compared with other methods.EVA is an important reference index in some aspects such as merger and acquisition,financing or enterprise's going concern.The characteristics of the evaluated objects were analyzed from the two aspects of the company's operating mode and financial status.Some accounting items in the financial statements were eliminated and adjusted,and the after-tax net operating profit,total capital and debt capital cost were calculated.Then,the wind system was used to query and screen the relevant parameter data,and the capital cost of equity was calculated by capital asset Pricing model(CAPM).Then,the historical EVA valuation and predictive EVA valuation of the evaluation object were calculated on the premise of the enterprise's going concern.Through the correlation analysis of the evaluation object,the two-stage model was used to calculate the value of growth period and stability period,and finally the evaluation result was obtained.The author adjusted and selected the accounting items of the financial statements and the weighted average capital calculation parameter items in the evaluation method,analyzed the reasons and put forward relevant Suggestions.