The Analysis Of Corporate Value Based On PS And EVA

By looking at the related listed companies in the food industry,we can find that there are typical listed companies with Chinese characteristics like Moutai,or Yili dairy companies like Yili,but the seasoning food additive industry is particularly special.In the daily diet,he has no higher proportion than the traditional food.It is also not as important as alcohol,but not as significant as Zhou Heiya and others.However,its role is very important.In the condiment and food additives industry,the yeast industry is in a very special position.With the improvement of health awareness in recent years,the young generation is more inclined to choose the yeast which is more advantageous in the fermentation effect,the nutritional value and the convenience to replace the traditional chemical bentonite fermentation and the old fermentation.In 2014,the policy of prohibiting the use of aluminum containing chemical fluffing agent in the field of fermentation will further expand the yeast in 2014.At the same time,people's lifestyles gradually westernized,making consumption of Western food such as bread and pizza grow rapidly.From 1998 to 2014,the compound growth rate of industry revenue has reached 16.7%,especially in the recent three years,and has been growing at a rate of 10%.These two factors make the yeast industry show a distinctive growth and stability in the condiment and food additive industry.The value analysis of the yeast industry shows unique significance in combination with the characteristics of condiments and food additives.This paper first combs the theoretical research results of the authoritative experts and scholars in the market rate and EVA research field,analyzes the latest theoretical results of the two methods,the mainstream application fields and so on,and explains the application of the two methods in China.Second,summarize the history,chain structure and competition pattern of yeast industry.Third choose Angel yeast,the leading company of the 1/3 low position of the yeast industry,which has obvious advantage and account for the 1/3 low market position of the market.First,the company value is evaluated by the relative valuation method,and the second is based on the company's channel and sales,the production management model and the company strategy based on the absolute valuation method EVA method.After the corresponding adjustment,the application of the modified model to evaluate the price in the two level market shows that the intrinsic value of Angel yeast is underestimated.The theoretical significance of this study is that,first of all,by combing the domestic and foreign research literature,I found that the analysis of the valuation of the yeast industry in China is less,mainly for the analysis of condiments and food additives industry,mostly concentrated in the industry of soy sauce and monosodium glutamate.This may be related to the smaller market space of the yeast industry and the lack of academic attention.But it is important to note that in recent years,with the improvement of people's living standards and the acceleration of urbanization,more and more people have begun to accept bread as the staple of daily life,and the traditional way of using the old face is gradually replaced by yeast,with the increasing market share of Angel Yeast.The business value of the division is becoming more and more prominent,so it is of academic significance to further study the yeast industry.The innovation of this paper is that,after reviewing the study on the industry of liquor and flavoring,it is found that in the use of the relative valuation method,the academic circles are more valued by the index of the price earnings ratio.The author believes that the valuation method is not applicable to the food and beverage industry.The main characteristics of the food and beverage industry are the growth of sales as a result of their brand and sales.In the environment of consumption upgrading,the new taste and new packaging size are updated.Therefore,when the company constantly adjusts its strategy,it can timely reflect that the company's strategic change should be reflected in sales volume.Compared with the commonly used price earnings ratio in academic circles,the selling rate reflects the market value of the company more accurately.Therefore,when using the relative valuation method,this paper does not use the previous price earnings ratio method,and the method of market rate is used to estimate the business of different parts of the company.Secondly,after nearly 18 years in the central government,compared with the traditional cash flow discount method,the method of economic value added is better suited to the actual situation of the company,which can reflect the strategic value of the company,and also reflect the strategy of the company management in implementing the company's strategy.On the basis of the above two considerations,the author tries to combine the absolute valuation method and the relative valuation method,which is adjusted by the EVA model and the relative valuation method,to analyze the industry giants and evaluate their investment mechanism,so as to provide a reference for the evaluation of flavoring products and food additives industry Value.