Research On Value Evaluation Of Kangtai Biological Enterprise Based On EVA

In recent years,China’s vaccine industry has developed rapidly,and the total size of the vaccine market has increased from 24 billion yuan in 2016 to 51.5 billion yuan in 2021.Affected by the new crown pneumonia vaccine,China’s vaccine industry ushered in a new opportunity for development,and capital has been optimistic about the vaccine industry and accelerated the industrial layout,resulting in a soaring market share price of listed companies in the vaccine industry.In this context,it is particularly important to evaluate the value of related companies in the vaccine industry.Kangtai Biology is mainly based on the research and development,production and sales of human vaccines,which requires a lot of R & D investment,and the traditional evaluation method has certain defects in assessing its corporate value.The EVA valuation method not only considers relevant factors such as the cost of capital and intangible assets,but also makes up for the limitations of traditional value valuation methods to a certain extent.Therefore,the selection of EVA valuation method can not only help enterprises have a clear understanding of their own value,but also help investors make reasonable judgments on the market value of enterprises and promote orderly market transactions.In this paper,taking enterprise value of Kangtai Biology as the research object,using the relevant theories of enterprise value evaluation,literature research,case studies,comparative analysis and other research methods are used to evaluate the corporate value of Kangtai Biologics.Firstly,the research background,purpose,significance,research content and methods are expounded,the research results of domestic and foreign scholars are summarized,and the overall research status is analyzed.Secondly,the conceptual definition and theoretical basis of enterprise value appraisal and EVA are introduced,and the limitations of traditional value appraisal methods and the superiority of EVA valuation methods are revealed.Third,starting from the two aspects of the vaccine industry overview and company profile,a brief analysis of the financial situation of Kangtai Bio is carried out through four aspects: solvency,operational ability,profitability and development ability,and on this basis,the necessity and feasibility of Kangtai Bio’s application of EVA valuation model are elaborated.Fourth,the EVA valuation model is constructed,and through the adjustment of the accounting items of the EVA valuation model,the enterprise value assessment of Kangtai Bio is more accurate,and the appraisal results are compared and analyzed with the appraisal results under the market method,and it is found that the overall development space of Kangtai Bio is larger,the enterprise value is higher,but the operational ability and development ability are relatively weak,there are problems such as low asset utilization rate and relatively high proportion of equity capital.Finally,in view of the above problems,it is proposed to optimize the capital structure,improve asset utilization,expand sales channels,etc.to enhance the value of enterprises.