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Research On The Appraisal Process Of Enterprise Value

Posted on:2005-03-25Degree:MasterType:Thesis
Country:ChinaCandidate:G Y YanFull Text:PDF
GTID:2156360122995784Subject:Agricultural Economics and Management
Abstract/Summary:PDF Full Text Request
Enterprise is an profit-orienting unit composing a variety of assets, which enable it make a continuous management and assume sole responsibility for its profits and losses. Being the ability of profiting constantly, enterprise value can be considered as Fair Value in the markets. Therefore, Enterprise Value Appraisal (EVA) is the behavior or process of judgment and assessment to the value of both a enterprise and a single interest. In the developed country as the U.S., theories about EVA have become mature and been used in almost all the sectors of the economy.Integrating theoretical and experiential research, at each stage of analysis, this paper formulates a reasonable process of EVA by the detailed comparison of differences between EVA processes at home and abroad. Furthermore, it draws the conclusion by systematic analysis the foregoing researches. To make a contract in detail, the analyses and conclusions can be summarized as follows. Firstly, it briefly introduces the primary concepts concerning EVA, it demonstrates the characteristics of several western EVA modes in turn, including the Markesan model, P-B-X model, etc. In the fourth part of the paper, some domestic researches, such as the status in quo, authoritative regulations, and case studies, are made. Meanwhile, in the last section, according to the statistical analysis based on questionnaire, it ranks some relevant points according to their importance. Hereby, based on the modern appraisal theories, referencing the relevant scientific ideologies, integrating the domestic regulations and practices, a practical EVA process is proposed, the main points of which including identifying the objection and scope, analyzing the strategies and competitive edge of entrepreneurs, financial conditions, interpreting the calculation and conclusions enterprise returning rate and discount. In addict, the paper lists some important suggestions, including make the objections and scope clear, put great importance on operational strategies and value-driven factors, strengthen the test of accounting data and financial risks, testing the application of all the EVA methods and forecasting values and some EVA standards. In the conclusion remarks, the paper summarizes its fundamental writing plots and puts forward the issues open to further researches within the filed of enterprise value appraisal.
Keywords/Search Tags:Assets appraisal, Value, enterprise value, enterprise value appraisal, Process
PDF Full Text Request
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