Based On The EVA Model Of AVIC Real Estate Value Evaluation

With the development of capital market,Mergers,Recombination and Investment and so on have turned up.Before making the decision,the investors or the managements should take the reasonable evaluation of the target company.For the sake of this purpose,we should take the suitable way because the fair assessment will provide the reliable standard for market dealing or management decision.As the important part of the national economy,the development of real estate has received a lot of concern.With the change of macro environment,the business environment is more and more complex.The investors want to completely understand the actual value of the enterprise so as to make the right and effective investment strategy.As the traditional industry,the real estate has the inevitable industry characteristics of large investment,capital chain length,high risk.Although the traditional enterprise value evaluation methods can study the investment value of enterprises from different levels,they do not consider the rights and interests of enterprise investment.Eva value evaluation method tries to eliminate the influence of accounting distortion information factors,and better help investors and managements to understand the real value of enterprise.As a result,Eva value evaluation method is deemed to a new,scientific and effective enterprise value evaluation way.AVIC Real Estate has a strong parent company—AVIC.However,the AVIC Real Estate has not sold more than tens of billions up to now.In Dec.2016,Poly Real Estate made the acquisition of ten real estate projects of AVIC Real Estate.Why Poly Real Estate acquired the AVIC Real Estate? In addition to the reasons for the reform of state-owned enterprises,are there other factors? With the above questions,this article will take AVIC Real Estate as the research subject,evaluating the enterprise value through EVA model.As a result,it provides more objective,effective and reliable reference for business practitioners in daily business activities and major decision.The article will divided into the following five parts.The first chapter is introduction.This article introduces the research background,purpose and significance of this paper,relevant literature research,research content and methods of domestic and foreign scholars.The second chapter introduces the common four valuation methods.Combined with the industry and enterprise characteristics,determine the EVA value evaluation method to estimate the value of AVIC Real Estate.The third chapter is with the basement of the meaning of EVA formula,expounds the principle and content of the adjustment of EVA calculation.Meanwhile,combining with the reality of AVIC Real Estate,analyzes the subject of relevant accounting report,and clarifies the EVA formulae.The fourth chapter carries on value analysis to AVIC Real Estate.By the basement of the enterprise situation and the financial statement data of 2012-2016,conduct the growth value analysis.On this basis,further estimate its enterprise value.Meanwhile,test and analysis the assessment result.The fifth chapter is conducting the value analysis with the result of EVA calculation and providing the reference opinion for the daily operation.