The Assessment Of Enterprise Value Basing On FLLSM

Today the market economy system and capital market has gradually been perfect, market activity increasing, liquidity restructuring, property right reforming faster and larger. Evaluation of enterprise value is indispensable in the economic activity links such as enterprise listed, investment, merger and internal value management. Therefore, how to get more accurate representative enterprise value has always been evaluation hotspot.In the long-term evaluation practice, gradually formed some theoretical value evaluation method. On previous research results, the author found that the traditional value assessment theory and method is more or less insufficient, some methods are even abandoned in assessment practice. Investigating its reason, mainly are those traditional evaluation approaches fail to take all aspects of the influence factors into consideration. So the enterprise value is not suitable for the full representative of enterprise value.This paper studies the source of enterprise value, redefining the concept of enterprise value, thinking the fair market value is an enterprise integrated embodiment of various aspects strength, is the enterprise future earnings safeguard. Based on this, the article comprehensively analyzed the factors influencing the enterprise value, including the enterprise internal factors and external factors, financial factors and non-financial factors, established covers five large categories, and nine two-level index evaluation index system. Use the FAHP(fuzzy analytic hierarchy process) to calculate the established index system of enterprise value, getting a score to represent enterprise value. In empirical part, recalculate the sample company's valuation, and the result is very good proved the correctness and accuracy of used evaluation system in this paper.This paper's main points are putting the FLLSM(fuzzy logarithmic least-square method) in FAHP's applies. When the traditional FAHP in the weight of fuzzy judgment matrix, it mostly using elements and weight method. In this method, has certainly value subjectivity, in order to make more accurate weights, we use a fuzzy logarithmic least squares. At the same time, in order to make the fuzzy judgment matrix itself more accurate and science, in research samples enterprise financial position, without using traditional expert scoring method to fuzzy matrix elements assignment, but adoption binary Logistic regression model calculation. This paper's innovation points embodied in the following aspects: from the perspective of value, integrity redefining the enterprise value; take "netizens attention" as the enterprise value evaluation index; combine the fuzzy logarithmic least-square method and fuzzy analytic hierarchy process; use binary Logistic regression model calculate weight; give some advice to home appliance industry for value ascending.Through this paper's study, we can see, using the FAHP to appraise enterprise value, can take influence factors of enterprise value to fully consider. We may transform many qualitative analysis into quantitative analysis, and at the same time, through the research of home appliance industry enterprise value of listed companies, we verify the FAHP's science degree and accuracy in evaluation.