The Research On Approach Of Enterprise's Value Evaluating And Its Application Based On Revised Economic Value Added

Based on the previous research, the thesis made an analysis and example research on enterprise's value evaluating. Taking revised economic value added (REVA) as the enterprise's value driving line, the emphasis is how to use REVA value evaluating model to evaluate listed companies' value.The thesis first summarized the internal and external research achievements on enterprise's value evaluating. The external research focused on the discounted cash flow method, surplus income method, the option pricing model and EVA value evaluating. The internal research mainly is based on the external research. It has not formed the system theory. The value evaluating method that suits to our country enterprises is still at the fuzzy stage. Through the analysis of previous researches, the method and content of the thesis were determined. That is, the thesis will use theory analysis and example research method to evaluate listed companies' value in China.Then, the thesis introduced related theory of enterprise's value evaluating and REVA. Based on the theory research of REVA, the REVA was brought to the enterprise's value evaluating model. Combining with balanced theory and the future development of enterprise, this thesis inferred single stage, two stages and three stages REVA value evaluating model. In the example research, the thesis took the listed company of Zhongxing Tongxun as the objective company and used the REVA value evaluating model to caculate its value. It analyzed Zhongxing Tongxun's present situation and the future development tendency, and took the exterior condition into account. It found that the three stages REVA value-evaluating model was suitable to evaluate Zhongxing Tongxun's value. Then, in the foundation of nearly five years financial data of Zhongxing Tongxun, used the tendency forecasts and the ratio analysis method, the future financial data were forecasted. Based on the future financial data, the value of Zhongxing Tongxun was calculated. This thesis also anlyzed and appraised the appraisal result. The appraisal result indicated that the appraisal value was quite contiguous to its market value. The REVA value-evaluating model can accurately evaluate the enterprises'...