毕业设计（论文）-基于EVA的中石化企业价值评估精选.doc

基于EVA的中石化企业价值评估 摘要 近年来，随着资本市场的发展，投资变得越来越受欢迎。在日益成熟的市场环境下，如何准确地评估企业的内在价值，不仅仅是资本市场研究的重要问题，还是投资者最为关心的问题。同时，随着财务管理目标的发展，增加股东财富最大化的目标受学术界的普遍认同。这样的目标来衡量企业的真实价值，就必须要求它是能准确地反映出为股东创造的价值，EVA 企业价值评估的方法正是考虑到这个目标。 计算 EVA 指标需要对利润及损益表和资产负债表进行所有适当的调整，以避免不同的会计处理方法对税后净营业利润和投入资本造成一定的失真影响，同时降低一些心有邪念的人进行盈余管理。EVA 值的变化，每年都相对比较平坦，即使当年投资造成自由现金流量下降也不会影响EVA 指标。通过统计过去各年的 EVA 已达到预测公司未来每年 EVA 的发展趋势是非常有利的。基于这种方法，本文以中石化为研究对象，运用了企业价值评估模型来计算该企业未来的内在价值。 关键词： 企业价值评估 EVA 价值评估模型  Abstract Along with the development of Chinese capital market, the investment becomes more popular. In the increasingly mature market environment, how to evaluate the enterprise value, not only become an important topic research in capital market, but it also concern investors. At the same time, with the development of financial management objectives, increase shareholder wealth maximization goal has been generally accepted in academic circles. This measure of enterprise value index must be must be able to accurately reflect the value created for shareholders, the business valuation methods of EVA enterprise is considering this target. Based on this approach, the paper used the corporate valuation model to calculate the intrinsic value of the business, mainly because it is believed to consider the interests of capital, thus increasing shareholder wealth. EVA index needs to adjust profits and income statement and balance sheet, to avoid a different accounting treatment cause some distortion effect on the after-tax net operating profit and invested capital, while reducing the number of people who carry out evil heart earnings management. EVA value changes every year, but it relatively flat, even then the investment resulted in free cash flow, it is not affect the decline in EVA indicator. Keywords: EVA Business valuation Value Evaluation Model 目 录 摘要 4 Abstract 5 一、 前言 7 （一） 选题背景 ……………………………………………………………………………….7 （二） 研究意义 ……………………………………………………………………………….7 （三） 研究内容 ……………………………………………………………………………….8 二、 企业价值评估的相关理论概述 9 （一）