| As an innovative business model,light asset operation has its unique advantages that attracts a large number of enterprises. Especially the clothing enterprises which transform from “original equipment manufacturer” to “original brand manufacturer” gradually. Enterprises through the “Brand-type” light asset business model, limited resource can be put into the process with higher value to enhance the competitiveness and gain more benefits.I mainly introduced the conception of brand-type light asset enterprise and the evaluation methods in this thesis.Brand-type light assets enterpriserelies mainly on intangible assets. There are a lot of resourcescan’t reflected in the balance sheet. So there are lot significantlimitationsin the cost method and market method. Light asset business model can optimize the configuration of the enterprise’s resources. It can help to improve the enterprise’s ability to create value. So that light asset business model has contribution to the enterprise performance evaluation. Thus, on the basis of two-phase income discount model,I proposed EVA method use for enterprise evaluation. Combining with the enterprise’s characteristics, I selected some accounting indexes to adjust enterprise’s operating profits such like interest cost, investment income, depreciation reserves, r&dexpenses and so on. As a result, EVA can reflect the real profitability of the company. Discount rate can be calculated by WACC. I use thebank loan interest rate instead of the cost of debt capital. The risk-free rate replaced by the yield to maturity of five-yeargovernment bonds. I use wind to calculate beta. I choose nearly five years average yield of CSI 300 Index instead of market return.Iestablished the company’s financial performance evaluation system. According to enterprise performance scores to measure company-specific risk.Finally, I chose DALIAN DAYANG TRANDS CO. LTD as an example. I evaluate the enterprise’s value by EVA method to verify its effectiveness. |
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