Highway Business Investment Value Study

With the gradually developing of the reform of the highway administration system and the financing organizational system, the road capital market unceasingly develops , the investment main body multiplication saw the clue. Activities carried on stock investment, purchase annexation, property reorganization to the road management enterprise are more and more many, so the road management enterprise taken as the special transaction commodity is bringing to people's attention day by day. How determine the road management enterprise value and provides the basis for the road management enterprise's transaction, becomes the capital market the hot spot and the difficulty. Therefore this article studies the investment value of the road management enterprise, carries on the reasonable appraisal to its intrinsic value, and analyzes its intrinsic value whether deviates the price (here, we suppose road management enterprise which does not go on the market also to have price which is regarded as the deal price of enterprise annexation or the quoted price of annexes bilateral), thus determined the suitable opportunities for investment, speaking of the investor has the important theory and the practical significance,.Firstly, embarked from our country highway development present situation and the long term planning, this article has analyzed the historical background which the road management enterprise produced, elaborated the paper research goal and the research significance, and briefed the domestic and foreign research present situation in this foundation.Next, according to the stipulation of "the People's Republic of China Company Law" , this article has given the definition of the road listed company and the road management enterprise, and analyzed the road management enterprise's unique characteristic compared with other enterprises.Thirdly, this article has conducted the research to the road management enterprise's investment value from three stratification planes of the macroscopic, center view and microscopic. Through the analysis to the correlation affecting factors of macroscopic, center view and the microscopic, this paper has thought that the investor may carry on the investment to the road management enterprise in situation which the macroscopic economy of our country continues to good, the low inflation and the political situation is stable, and our country carries on the positive monetary policy.Fourthly, through the research to the intrinsic value appraisal target system and the appraisal method of the domestic and foreign enterprises, unifying the characteristics of the road management enterprise, from the profit ability, the ability to pay off a debt, the property transport...