| With the development of china's capital market and corporate value management, value evaluation has become basic criterion for valuation and management in companies' all kinds of financial activities. Cyclical industries account for the most of china's industries and play a key role in resource allocation both for nation and market. As a result, the evaluation for cyclical industries comes to front. However, china's cyclical industries have their own characteristics. Evaluation theory must be adjusted to china's situation.On this acknowledge, the thesis started from the classical evaluation theory, Discounted Cash Flow model and Relative Valuation model, analyzed their theories, condition of application respectively and compared with each other in detail, reaching the conclusion that different valuation models should be used according to the different industries or corporate.Next, the thesis studied china's cyclical industries, analyzed their characteristics and made the empirical analysis on two listed corporate, G Zhongjin and G Hongda. Finally, the thesis gave the difference on evaluation of china's cyclical industries and made some constructive suggestions on evaluation in china's cyclical industries. |
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