Enterprise Value Assessment With EVA As The Core

Commercial activities such as public offering,merger and reorganization are becoming more frequent in the capital market.As of December 31,2020,more than4,140 companies have successfully listed on the A-share market,with A combined market value of more than 80 trillion yuan.At the same time,there were more than9,000 mergers and acquisitions in the market.Constructing a set of reasonable and stable enterprise valuation system is of great significance to the stable operation of market economy.At present,China's enterprise valuation management system is based on the market method,revenue method and cost method,which are three mainstream evaluation methods as the core.In recent years,with the innovation of business model,many new economy enterprises have emerged.Due to the particularity of business model,this kind of enterprise brings challenges to the establishment of enterprise value evaluation management system.Returning to the field of financial accounting,international financial and accounting organizations have mentioned the word "business model" in various proposals.The impact of business model on the financial sector is mainly reflected in two aspects: the comprehensiveness of enterprise information disclosure and the measurement model of accounting elements,especially financial assets.These changes remind accountants that while paying attention to the financial data of enterprises,they should not ignore the business model of enterprises.Based on the above background,this paper believes that business model should be taken as the starting point for both financial analysis and enterprise value assessment.Therefore,this paper tries to build an evaluation system which combines traditional and new evaluation methods from the perspective of business model.The research purpose of this paper is twofold.The first is to verify the application of the business model canvas in practical operation.As a tool that can systematically deconstruct an enterprise's business model,Business Model Canvas was born in 2015.However,the adaptability of this tool in practical operation remains to be further studied.The second is to verify the adaptability of "user value method" in the evaluation of Internet enterprise value.At present,this model is still a qualitative model,most of the research methods in the academic circle are single case studies.To sum up,this paper selects Xiaomi Group as the case for verification.The research ideas of this paper are as follows: firstly,the current literature related to business model and enterprise value assessment is reviewed,and then the theoretical basis of the full text is constructed,namely Metcalfe method,business model canvas and EVA model.Before the specific evaluation,the business model canvas tool is used to logically comb the business model of Xiaomi Group.After clarifying Xiaomi Group's profit model of "taking manufacturing as the leading business and making profits based on Internet services".In this evaluation,the manufacturing business division and the Internet business division of Xiaomi Group were split and evaluated respectively by the traditional EVA method and the user value method.It is found in this paper that the enterprise valuation obtained by using the improved user value assessment model is indeed close to the market value of the enterprise on the day.However,this model is only a qualitative model at present.In this paper,only one parameter of the model,the realization factor,is improved,and the selection of other parameters continues the research of other scholars.Therefore,this model still needs further verification.Secondly,the business model canvas is a tool that can help researchers to deconstruct the business model of an enterprise more systematically.The study of business model is not systematic at present.Canvas is a tool that can help us show the business model of an enterprise more intuitively from the three aspects of "what it is,what it does and how it does it",as well as the nine components of the business model.But the canvas lacks comparability between enterprises.In other words,we can only know how the business model of the enterprise is,but how its competitiveness is and how to quantify the comparison still need to be further studied.As a financial personnel,I am also deeply aware that when conducting research on enterprises,financial statements should be taken as the research basis,but not limited to the financial statements themselves.It is meaningless to conduct financial analysis without the business model of enterprises.