Business Valuation Applied Research

At the value management time, how to maximize the company's value is becoming the focus problem in business and theory. Value management is based on the value concept and the valuation. Aim to maximize the company's value, making and adjusting the enterprise strategy according to the change of circumstance properly, allocating the resources reasonably, which is the dynamic management procedure for the company's creation of value. And the enterprise valuation is the base and start of value management.In the process of the market economic system and capital market improvement, increasing concern of value assessment theories and methods is becoming the hot issue. With the initial stage our capital market, people investment concept is immature. So the research of enterprise valuation, is important not only in theory, but also in practice. Enterprise valuation is a necessary tool of external investor to analyze, also is an important instrument of internal manager. Because of the history reason, our valuation business is late, and valuation theories and methods study is not enough. Its research and application lag far behind the western countries like American.For above, the article researches our country's valuation theories and methods preliminarily. The article is based on the classical theory, combines the fact of our companies and capital market. After analyzing the DCF model and relative value of assessment methods, based on the real estate companies in our country, the article use DCF method to valuate Vanke Group enterprise value. Then the article combines the Lanchou real estate companies in 2008, using p/v model to valuate again. The desired contribution is to make some beneficial explorations in formulating an enterprise value assessing system with Chinese characteristics.The article includes five parts. The first part is introduction. The second part summarizes enterprise valuation methods. The third part frames a valuation system. The fourth is the application part. The fifth part is the article research conclusion and expectation.