A Research On The Enterprise Value Of Aoke Shares Based On The EVA Model

EVA value evaluation system originated in the United States,because of its novel evaluation concept,since its emergence has been widely used in Europe and the United States and other developed countries.Unlike traditional accounting evaluation indicators,EVA value evaluation system pays more attention to the long-term healthy development of enterprises,providing a more comprehensive reference for business managers and investors.Since the State Council SASAC included it in the performance appraisal index of state-owned enterprises,more and more domestic enterprises began to use EVA indicators for enterprise value management,improve the enterprise’s own performance appraisal methods.However,at present,the application of EVA model is not wide enough,the research is not deep enough,most enterprises only use it as an economic indicator to evaluate,and not establish an effective value management system on the EVA model.In this paper,Liaoning Oak Chemical Co.,Ltd.for EVA value assessment and analysis,the chemical industry is China’s pillar industry,and the National 14 th Five-Year Plan proposed to vigorously promote the transformation and upgrading of the petrochemical industry,to promote China’s transformation to a petrochemical power.Firstly,the paper combs through the research background,research methods and content,and the current situation of EVA model research at home and abroad.Then it introduces the traditional enterprise value evaluation method and application scope,the concept,calculation method,model establishment,etc.of the EVA value analysis model,and compares and analyzes the advantages of the EVA model in evaluating the practical application of enterprise value.Next,we begin to introduce the case of our article,introducing Oak AG’s overview,main products and development direction,through the analysis of value factors to understand Oak shares financial position and operating results.Combined with the core evaluation method of the article,that is,using the EVA value analysis model to calculate the historical EVA value of enterprises from2015 to 2019,according to its development status to determine the growth rate of operating income,forecast the future EVA value,and calculate the value of Oak shares in 2019,according to the number of shares issued to calculate the actual share price.Comparing the valuation results with the closing price of Oak shares at the end of 2019,the conclusion is that Oak shares are undervalued.Then,by selecting ten enterprises with similar operating conditions to calculate the industry price-earnings ratio and price-to-earnings ratio,the reasonableness of EVA calculation results is tested.Finally,the paper points out the shortcomings in the calculation process of the EVA model and the operation process of Oak shares found in the financial statements,and puts forward some feasible suggestions to use the advantages of subsidiaries to set up differentiated services,strengthen the control of business costs of enterprises,and increase the strength of the lithium battery market and improve the recovery speed of accounts receivable.By using the EVA value system to analyze the problems existing in the course of operation of Oak shares,we can provide effective management and investment advice to the relevant stakeholders of enterprises from a new perspective,and also hope to provide new ideas for enterprise value analysis for other enterprises in the same industry with similar operating conditions.