Research On The Enterprise Value Evaluation Of Shanghai At Hub Co.,Ltd Based On EVA

With the development of the Internet,applications such as "vibrato","Taobao","financial cloud",and "enterprise cloud" have emerged in the public life and brought great convenience to the people.As a background service that supports Internet applications,Internet Data Center(IDC)provides data transmission services and high-speed access services for government Internet access,corporate IT and many other background operations,and provides users with comprehensive solutions.Therefore,the development of IDC has been closely related to people's daily life.In recent years,the Internet industry has developed rapidly in China,thus companies related in the IDC areas are facing unprecedented opportunities and challenges.Under current economic environment,open and transparent company information do play a role in influencing the decisions of the investors and managers.Information related to the value of the company is an important part of the company's informatization construction.In this context,which method should the Internet data center company take to evaluate the value,and what model and steps should be used to evaluate the company,these topics are of great significance.In view of the fact that the data center industry has only appeared in the public in recent years,and the research on the value evaluation of Internet data center enterprises in China is very few,this article took Shanghai At Hub Co.,Ltd(603881.SH)as an example,according to the characteristics of this case company and the characteristics of the industry,a unique value evaluation study was conducted,which aimed at more effectively value and analysis the IDC companies through the selection,adjustment and construction of evaluation models,this is also the innovation of this paper.The key point of EVA is the origin of value.On one hand,the enterprise value assessment under the EVA model helps enterprise managers obtain a better understanding of its situation so they can timely conduct financial planning,business adjustment and strategic deployment,thereby enhance the enterprise value;On the other side,this method also helps investors reasonably evaluate the equity value and make more reasonable allocation of their resources,thereby facilitating the company's further investment decisions.In addition,traditional value evaluation methods,including book value method,discounted cash flow method,market comparison method,etc.,are not applicable to the value evaluation of IDC enterprises.Moreover,considering that At Hub had the basic feasible conditions for applying the EVA model,this article took the EVA valuation method to evaluate the enterprise value of IDC company At Hub,and by splitting the factors that affect the value of the company,adjusting relevant items in the EVA calculation method,a moresystematic and reasonable value management system was established,thereby helping managers and investors to better understand and improve the value of the enterprise,and to enrich the academic research of the EVA valuation method in the IDC industry,and to provide a reference for similar enterprises while using the EVA valuation method.This paper took the research methods of literature analysis method,case analysis method,comparative analysis method,and qualitative & quantitative analysis method.In terms of the structure of the article,first of all,this article introduced the background and meaning of the research,and summarized the relevant theories of enterprise value,enterprise value evaluation,and EVA valuation method.Then the case company At Hub was introduced,and then followed with its basic information,management situation and development prospects.A comparative analysis was made between At Hub and the other two similar companies,Beijing Sinnet Technology Co.,Ltd and Shanghai Baosight Software Co.,Ltd.According to the characteristics of the enterprises,At Hub's EVA enterprise value evaluation model was performed.In order to make the target EVA valuation method more suitable for the case company,this paper made some accounting adjustments and interest rate modifications,so that EVA value evaluation model was well constructed for At Hub;Then the valuation result was compared with the market price.The analysis showed that the calculated value of the At Hub was slightly higher than the market value;Then,based on the problems encountered in this case,several suggestions were introduced to ensure the reasonableness and effectiveness of this valuation model.One was to build a value-oriented corporate culture,the next was to improve the financial valuation system based on EVA,and the third was to build a performance evaluation and incentive mechanism based on EVA.The fourth was to pay attention to the real-time macro-environment changes of the EVA valuation model,and the fifth was to strengthen the external supervision and legal constraints of the valuation of the enterprise.Finally,this paper concluded that the EVA valuation method is suitable in carrying out a value assessment of IDC companies.The EVA valuation method can carry out a more comprehensive assessment of the corporate value,reflect a more reasonable corporate value,and facilitate corporate value management.The EVA valuation method can help decision makers better understand their capital Structure to improve the level of corporate governance in a targeted manner,the EVA valuation method can help decision makers to see the source of value creation and make achievements in corporate value.At the end of the article,some prospects for the application of the EVA valuation model were made to IDC companies.