The Application Study Of EVA Theory Of The Listed Company Value Assessment In Our Country

Since the end of 1995, our country bond market happened the ultimate change.But a great majority of our country investors are still keen on speculating. Theinsufficiency investment idea and investment method caused investment fails. Thereare many reasons for this problem. One is that the way of marketplace speculating inspeculation is in popular; the other one is the accountant index currently as well as theinformation owing to accounting information can not reflect the inherent accuratecompany value. All of that caused the investor can not estimate a company's inherentvalue accurately, or make rational investment decision. Economy value added (EVAfor short) has been to come into being on the basis of overcoming the defect oftradition index. It has reflected the value that the company has created forshareholders within a certain period. Gradually it has been used extensively abroadafter the nineties medium term and became supplemented to tradition achievementjudging index system. This thesis established the inherent value of company appraisesa model in the basis of EVA to discuss the method of appraising inherent value of alisted company and to use to guide an investor to establish correct investment andgrasp scientific investment methodBy the fact of the research arranges to home and abroad, this thesis demonstratethe superiority of EVA. The maximal merit of EVA value is making operator's benefitand shareholder's benefit united. With analyzing the fact of the 88 listed companies inour country the conclusion has verified the EVA system is useful on the basis ofaccountant index. The main body of this article had testified that although largeamount of accounting information contains in EVA index, the accountant index is stillthe important index in appraising a listed company achievement and inherent value.And anticipate of the market can explain much of the company marketable value byadding the future growth value added (FGVPC) variable. So being appraisedabove-mentioned inherent company value it should still take the information being notaccounting into account besides accounting information, for instance, the manager,the employee,technology,industrial policy and marketplace, etc.The model sets off from primitive EVA value assessment, the main body of thisarticle makes out the EVA discounting model combining with a dividend discountingmodel. But, the forecast to future EVA is returning certain subjectivity back to existence. On the basis of empirical analyzing, in order to consider the various factorsynthetically (include accounting information and other information) and forecastfuture EVA comparatively accurately, this article joins the BSC with the outsideinformation and measure it with the fuzzy matrix model. It can forecast outcomparatively accurate future EVA ultimately by making use of the syntheticallyscore. Take the forecast EVA into the model reaching and the inherent value ofcompany can be knew. Finally, through the simulation of a list company's numericalvalue, this article obtains the exact value of its stock by using the EVA valueappraised model, and then investors may make the explicit investmentdecision-making through comparing this company's share price with its value.