锌业股份价值评价的EVA方法
|
摘要
如何评估上市公司的真正价值是证券界长期探索的重要课题。长期以来,传统会计指标如税后净利润、每股收益和净资产收益率等是衡量公司价值的重要指标。但随着证券市场的发展,上市公司的最终目标是实现股东价值最大化的观点得到了普遍认同,这就要求衡量公司价值的指标能反映出为股东创造的价值。EVA指标也因此应运而生。EVA指标的优越性主要体现在价值评估和激励机制两个方面。本文仅研究EVA指标在价值评估方面的应用。
本文运用理论分析与实证研究相结合的方法,以“经济增加值(EVA)”驱动企业市场价值为主线,重点研究基于经济增加值估价模型对上市公司的价值评估,该文主要进行了如下研究,首先讲述了EVA在国内外的研究概况及发展趋势,介绍了本文实例中的企业—锌业股份的现状和公司价值评估对我国上市公司的意义;通过对传统的企业内在价值评估方法进行简介,总结出其应用于投资决策中的局限性;介绍了EVA相关概念、会计调整和计算过程,对EVA估价模型的优势及实用性进行了理论分析;最后进行了实证研究,对“锌业股份”进行了基于EVA的价值评估,并对评估结果进行了分析。
Value assessment on the listed companies is an important issue for the security industry. And the traditional fiscal indexes including the net profit, EPS and ROE were used to assess the investment value of the listed companies for a long time. With the development of the domestic stock market, the opinion which insists that the target for companies is to maximize the shareholders' fortune has been broadly accepted. According to this opinion, the indexes for value assessment should inflect the added value created for the shareholders. The EVA theory emerged as the time required. The advantages of EVA could be realized in the value assessment and incentive mechanism establishment. The paper would focus on the EVA model applied in value assessment.
The paper would adopt the method that combines theoretic analysis and demonstration analysis to make a deep research on the value assessment on the listed companies based on the EVA assessment model. First of all, it introduces the improvement in the EVA research field, the general situation of the listed company "Zinc Industry", and the importance of the value assessment on the listed companies; after that, the conventional methods for value assessment on listed companies should be introduced, then, it would carry out a comparison between the conventional methods and the EVA model, through which the advantages and applicability of the EVA model could be concluded, at last, the paper would carry out a value assessment on the "Zinc Industry" based on the EVA model and make an analysis on the result.
本文运用理论分析与实证研究相结合的方法,以“经济增加值(EVA)”驱动企业市场价值为主线,重点研究基于经济增加值估价模型对上市公司的价值评估,该文主要进行了如下研究,首先讲述了EVA在国内外的研究概况及发展趋势,介绍了本文实例中的企业—锌业股份的现状和公司价值评估对我国上市公司的意义;通过对传统的企业内在价值评估方法进行简介,总结出其应用于投资决策中的局限性;介绍了EVA相关概念、会计调整和计算过程,对EVA估价模型的优势及实用性进行了理论分析;最后进行了实证研究,对“锌业股份”进行了基于EVA的价值评估,并对评估结果进行了分析。
Value assessment on the listed companies is an important issue for the security industry. And the traditional fiscal indexes including the net profit, EPS and ROE were used to assess the investment value of the listed companies for a long time. With the development of the domestic stock market, the opinion which insists that the target for companies is to maximize the shareholders' fortune has been broadly accepted. According to this opinion, the indexes for value assessment should inflect the added value created for the shareholders. The EVA theory emerged as the time required. The advantages of EVA could be realized in the value assessment and incentive mechanism establishment. The paper would focus on the EVA model applied in value assessment.
The paper would adopt the method that combines theoretic analysis and demonstration analysis to make a deep research on the value assessment on the listed companies based on the EVA assessment model. First of all, it introduces the improvement in the EVA research field, the general situation of the listed company "Zinc Industry", and the importance of the value assessment on the listed companies; after that, the conventional methods for value assessment on listed companies should be introduced, then, it would carry out a comparison between the conventional methods and the EVA model, through which the advantages and applicability of the EVA model could be concluded, at last, the paper would carry out a value assessment on the "Zinc Industry" based on the EVA model and make an analysis on the result.
引文
[1]大卫.格拉斯曼华彬主编.EVA革命-以价值为核心的企业战略与财务薪酬管理体系.北京:社会科学文献出版社,2003:15-20.
[2]康雁,宋风华.2002年中国上市公司价值创造与毁灭排行榜.北京:思腾斯特中国公司,2003:2-6.
[3]朱武祥,张兰.EVA理念模型方法与应用评价.北京:国泰君安证券研究所,2001:25-29.
[4]Edward V.Mclntyre.Rccounting Choices and EVA.Business Horizons,1999,(2):42-45.
[5]Stephen H.Penman.Financial Statement Analysis&Security Valuation.McGraw-Hill Education,2002:32-34.
[6]左旭,草邦国.公司价值评估指标分析及应用.上海会计,2002,(2):12-16.
[7]陈庆松.透视EVA热的深层原因.商业研究,2003,(1):43-47.
[8]张新民.企业财务报表分析案例点评.杭州:浙江人民出版社,2003:65-68.
[9]斯蒂芬.佩因曼.财务报表分析与定价.中国财政经济出版社,2002,(5):53-56.
[10]费良成.企业价值评估发展趋势.中国资产评估,2000,(4):16-18.
[11]杜智勇.企业价值确定论.经济问题探索,2000,(3):20-23.
[12](澳)彼德.斯图尔特.价值与估价.中国资产评估,1999,(3):31-33.
[13]布瑞德福特.康纳尔著,张志强等译.公司价值评估一有效评估与决策德工具.北京:华夏出版社,2001:78-79.
[14]曹庆仁等.关于企业价值的理论探析.经济问题,1999,(7):37-39.
[15]张咏平.关于价值评估的评估.中国证券期货,2001,(8):21-24.
[16]汪光胜.对公司价值评估模型的探讨.财务管理,2003,(4):45-47.
[17]汤姆.科普兰.价值评估:公司价值的衡量与管理.北京:电子工业出版社,2002:62-63.
[18]Zvi Bodie,Alex Zane,Alan J.Marcus.Investments.McGrow-Hill Education,1999:552-553.
[19]王燕妮等.企业价值评估的新方法一经济增加值(EVA).西北农林科技大学学报,2003,(3):32-34.
[20]Karen M Kroll.EVA and Creating Value.Industry Week,1997,(3):62-63.
[21]池国华,赫华锋.经济增加值计算的几个问题.现代会计,2000,(2):22-23.
[22]王炜.基于EVA的企业价值评估方法.价值工程,2003,(4):38-39.
[23]李春瑜等.EVA计算所涉及调整事项的必要性分析.北京工商大学学报,2003,(1):19-21.
[24]楼杭庆等.经济增加值估价模型在证券投资分析中的应用.金融教学与研究,2003,(3):43-44.
[25]Gressle M.How to Implement EVA and Make Share Prices Rise.Corporate Cash flow,1996,(2):16-18.
[2]康雁,宋风华.2002年中国上市公司价值创造与毁灭排行榜.北京:思腾斯特中国公司,2003:2-6.
[3]朱武祥,张兰.EVA理念模型方法与应用评价.北京:国泰君安证券研究所,2001:25-29.
[4]Edward V.Mclntyre.Rccounting Choices and EVA.Business Horizons,1999,(2):42-45.
[5]Stephen H.Penman.Financial Statement Analysis&Security Valuation.McGraw-Hill Education,2002:32-34.
[6]左旭,草邦国.公司价值评估指标分析及应用.上海会计,2002,(2):12-16.
[7]陈庆松.透视EVA热的深层原因.商业研究,2003,(1):43-47.
[8]张新民.企业财务报表分析案例点评.杭州:浙江人民出版社,2003:65-68.
[9]斯蒂芬.佩因曼.财务报表分析与定价.中国财政经济出版社,2002,(5):53-56.
[10]费良成.企业价值评估发展趋势.中国资产评估,2000,(4):16-18.
[11]杜智勇.企业价值确定论.经济问题探索,2000,(3):20-23.
[12](澳)彼德.斯图尔特.价值与估价.中国资产评估,1999,(3):31-33.
[13]布瑞德福特.康纳尔著,张志强等译.公司价值评估一有效评估与决策德工具.北京:华夏出版社,2001:78-79.
[14]曹庆仁等.关于企业价值的理论探析.经济问题,1999,(7):37-39.
[15]张咏平.关于价值评估的评估.中国证券期货,2001,(8):21-24.
[16]汪光胜.对公司价值评估模型的探讨.财务管理,2003,(4):45-47.
[17]汤姆.科普兰.价值评估:公司价值的衡量与管理.北京:电子工业出版社,2002:62-63.
[18]Zvi Bodie,Alex Zane,Alan J.Marcus.Investments.McGrow-Hill Education,1999:552-553.
[19]王燕妮等.企业价值评估的新方法一经济增加值(EVA).西北农林科技大学学报,2003,(3):32-34.
[20]Karen M Kroll.EVA and Creating Value.Industry Week,1997,(3):62-63.
[21]池国华,赫华锋.经济增加值计算的几个问题.现代会计,2000,(2):22-23.
[22]王炜.基于EVA的企业价值评估方法.价值工程,2003,(4):38-39.
[23]李春瑜等.EVA计算所涉及调整事项的必要性分析.北京工商大学学报,2003,(1):19-21.
[24]楼杭庆等.经济增加值估价模型在证券投资分析中的应用.金融教学与研究,2003,(3):43-44.
[25]Gressle M.How to Implement EVA and Make Share Prices Rise.Corporate Cash flow,1996,(2):16-18.