| After China joined the WTO,the Chinese stock market will be gradually matruing,the value based investment will occupy the predominant position in the future. but now in our stock market, the listed company is uneven, and speculation widely accepted.This thesis study at the listed company in the Chinese stock market how to apply EVA valuation model to look out the growth type enterprise of having the investment value to provide the investor to make decision. EVA evaluation model which based on Economic Value Added(EVA) theories,is just widely accepted within the scope of global in recent years, it evaluate the value of companies by calculating its EVA of each year.As a index, EVA was first founded by Stern Stewart consultation company of the United States in 80's in 20 centuries. There are two advantages: first, in evaluating the management accomplishment of companies,not only to deducte the obligation capital cost, but also to deduct the rights capital cost, for reflecting all of cost to obtain the profit;second, to carry on some adjustments to the balance sheet and income statement ,in order to remove the distortion of NOPAT and total capital which was caused by different accountancy the processing procedure and processing methods. This thesis use the method that the theories research and the substantial evidence researches combine together.The author firstly introduce why to choose the topic,the purpose and method,also the article structure;secondly,takes an introduction to the theory foundation of the way of evaluation in brief,and compare with other methods;the third part is the substantial evidence research, applying the EVA model to calculate the evaluation of Qingdaohaier co.ltd, and at last,analysis the calculation result. The characteristics of this thesis lie in to display all the valuation process in detail, and study of this aspect is relatively less in the domestic , because in the domestic most of this kind of research just introduced the model from the theories angle, or give result directly.The prupose lie in inquiry into the concrete calculation step. |
