| The integration of the global capital market makes Hong Kong the Offshore Financial Center of China and the desirable choice for the domestic enterprises to be listed. Because the fixed price analysis needs to be conducted for the enterprises before the listing, and the value appraisal analysis needs to be carried out for the institutional and individual investors before the investment, the application of investment value theories to evaluate those overseas listed enterprises becomes remarkably urgent. The aim of this thesis is to search and locate the suitable evaluation methods and processes to assess the domestic enterprises listed in Hong Kong for the investors as the reference in their decision-making.This thesis is composed of four chapters. Chapter I proposes the question, introduces the present situation of domestic and abroad studies, and defines the research method of the thesis. Chapter II elaborates the Cash Flows Discount module, the evaluation methods, and emphasizes the analysis of the parameters like the capital cost and the increment rate. Chapter III briefs the general background of China Netcom, carries on the financial analysis, illustrates the characteristics of the evaluation of the similar listed companies in HKEX, and analysis the problems in evaluation process. Chapter IV solves the problems mentioned in Chapter III, applies the Free Cash Flows Discount module in the value assessment of China Netcom in details, and appraises the results.The main innovations and characteristics of the thesis are manifested in the followings:(1) The evaluation analysis of the domestic enterprises listed in Hong Kong is conducted, in which the evaluation standards are very close to those in the international capital market. By employing the correlative data of international markets to analyze, the differences of public companies between Hong Kong and the domestic market are concerned.(2) The accuracy of the evaluation is enhanced by the calculation of WACC (Weighted Average Capital Cost), the reasonable analysis of historical data, and the differentiation of various Securities markets.(3) Provided American stock market is the matured stock market, the basic risk compensation amount of the matured stock market is obtained by using VIX as the future standard deviation. Then, the risk compensation amount of the subject company is obtained by using the ratio of the deviation of the monthly ROI of HengSeng Index to the deviation of S&P 500 Index to justify the basic risk compensation amount of the matured stock market. |
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