| With the rapid development of China's economy,great changes have taken place in the development of chemical industry.Nowadays,enterprise value maximization replaces profit maximization and becomes the basis of enterprise activities and management process.Enterprise value analysis is to measure the fair market value of an enterprise or its internal business units and branches,so as to help investors and managers improve investment efficiency.Therefore,how to analyze and evaluate the enterprise objectively and fairly,and put forward the countermeasures to improve the enterprise value in view of the existing problems of the enterprise has become the central problem in the enterprise value management.Based on the general trend of the times,this paper analyzes the enterprise value of HJ Co.,Ltd.,one of the listed companies in the chemical industry.In the income method,FCFF model is most frequently used in the enterprise value analysis method.In the calculation of FCFF model,it is difficult to determine the discount rate,and the establishment of an objective discount rate is very important for the analysis of the overall value of the enterprise.It considers the future discount value of the enterprise,making the analysis results more reasonable and accurate,Small changes in the discount rate will have a huge impact on the analysis of the overall value of the enterprise.Taking HJ Co.,Ltd.as the analysis object,this paper analyzes its enterprise value by FCFF model.First of all,it combs the relevant literature at home and abroad,sorts out and expounds the concept of enterprise value and its influencing factors.Based on the theory of enterprise value analysis,this paper summarizes several common basic methods of enterprise value analysis,and mainly introduces the value analysis method and evaluation process of FCFF model;Then it introduces the general situation of HJ Co.,Ltd.and the characteristics of chemical industry,and analyzes the influencing factors of company value through the company's financial status;Determine the applicability of FCFF model for value analysis of HJ Co.,Ltd.,and then predict the free cash flow and discount rate.Through the analysis of the value of HJ Co.,Ltd.,combining the theoretical method of value analysis with specific cases,the conclusion is that the share price of HJ Co.,Ltd.is higher than the closing price of HJ Co.,Ltd.on the base date of analysis.Finally,four suggestions are put forward for the promotion of enterprise value of HJ Co.,Ltd(1)Optimize the allocation of resources and reduce costs.(2)Adjust the debt structure and optimize the financing means.(3)Increase investment in R&D of enterprises.(4)Avoid internal and external environmental risks.Combined with the shortcomings of the research,the prospect is made. |
PDF Full Text Request