Valuation Research According To The Theory Of Eva And Real Option

With the gradual maturation of the Chinese capital market and the gradual opening and development of the Chinese financial industry .The value investment will be predominant in the future .But now emerge the phenomenon of the price of a company deviates from its value .On such a background ,this thesis approach the factors of the enterprise value formation and the method of the evaluation .The thesis intend to establish a combined model to assess the value of the company can be closer to the true value of companies.On the base of the theory of the EVA and the real option, this thesis constructs out of the model and then applies it to the intrinsic value of listed company in China empirical study .So as to arrive with the valuation model of EVA and real option in assessing the accuracy is better than traditional valuation models.This article uses the theoretical analysis and empirical study of research methods .In the process of writing ,the article uses many financial model ,there are EVA ,Black-Scholes model ,etc .And this article adopts the method of the fuzzy calculating .These models will increase the accuracy of the valuation .Through the empirical research, this thesis reaches the following two conclusions: one is the combination of EVA and real option, it will cause the model more closer to the true value than traditional valuation .Second is affecting enterprise value analysis, taking into account not only the financial factors, but also the non-financial factors .This can be assessing from the enterprise value at two levels, so that the valuation will be more scientific.