Valuation Of Expressway Enterprises Under The Background Of State-Owned Enterprise Reform

At present,under the background that the State advocates the reform of state-owned enterprises,optimizes the layout of state-owned capital and adjusts the enterprise structure,and creates state-owned enterprises to become market subjects with core competitiveness,enterprises in the expressway industry,as typical state-owned enterprises or state-owned enterprise holding enterprises,are also facing enterprise reform.With the strong support of the state and the continuous influx of market players,the overall Expressway Construction in China has reached a certain level,and expressway enterprises continue to emerge.With the increasing number of Expressway enterprises,economic behaviors such as merger,acquisition,listing and reorganization among companies are also common.When these economic behaviors occur,in order to ensure the fairness and justice of the transaction,it is necessary to truly reflect the value of the enterprise.With the increasing popularity of M & A and capital increase of Expressway enterprises,asset transactions have become very frequent.In this context,it is very important to accurately evaluate the value of Expressway enterprises in order to improve the speed and efficiency of asset transactions.This paper analyzes the expressway industry and finds that it has the following three characteristics: 1 Prior period liabilities are high.2.The operating efficiency of the enterprise is stable.3.Diversified business development.It also analyzes the future development trend of the industry from three aspects: policy,traffic demand and fixed asset investment.In terms of policy,expressway,as an important part of transportation infrastructure,the "14th Five-Year Plan" and the proposal of deeply enabled transportation infrastructure by information technology will bring new development opportunities to the expressway industry.In terms of travel intention and travel capacity,it is expected that China’s road passenger transport volume will continue to maintain the repair trend,and the traffic of passenger cars will continue to recover.In addition,the growth rate of domestic industrial production continues to repair,and the demand expansion of express and express transportation of light and small pieces will form a strong support for the volume of highway freight transportation.Novel coronavirus pneumonia is a new type of infrastructure construction.The new two infrastructure projects will play a good role in boosting the social and economic recovery.The construction and investment of expressway mileage will continue to grow well in the next few years.This paper selects Jiangsu Expressway,a leading enterprise in the highway industry,as the research object,hoping to explore the valuation characteristics of the industry through case study.By analyzing the characteristics of expressway industry and the influencing factors of enterprise value,the income method is determined as the method of evaluating expressway enterprise,and finally the FCFF model is determined as the model of evaluating expressway enterprise.Finally,taking Jiangsu Expressway as an example,this paper analyzes the impact of state-owned enterprise reform on Jiangsu Expressway.According to the financial status,asset status,operation status and future development strategy of Jiangsu Expressway,the FCFF model is used to evaluate the overall value of Jiangsu Expressway,and the market method is used to verify the evaluation results of this method.Through the comparison between the evaluation results of FCFF model and the evaluation results of market method,after analyzing the causes of the differences,this paper believes that the enterprise value of Jiangsu Expressway evaluated by FCFF model is reasonable,and this method is suitable for the evaluation of Expressway enterprise value.The results show that: on the one hand,using the income method to evaluate the value of Expressway enterprises is more accurate and reasonable.On the other hand,when using the income method to evaluate the value of Expressway enterprises,there are many factors to be considered in the prediction period of enterprise free cash flow.