Empirical Study Of Affecting Factors On Listed Enterprise Value Of Machinery And Equipment Manufacturing Firms

With the advance of economy, business combination and reorganization can be seen frequently. Of course, common phenomenon—efficient enterprises prosper and the inefficient ones are eliminated—exists between the companies, the operational goal of which have changed from pursuing profit maximization to business value maximization during the competition. Business managements, following the same step, change from traditional to value based model. Whatever the scales and economic elements, a company is exploring appropriate way to develop as well as key factors to succeed, which easily strengthen the core company to increase its business value.This paper chooses C7 machinery and equipment manufacturing industry enter-prises which was listed as A shares before December 31,2000 in Shenzhen Stock Ex-change as the object of study. Through the screening,45 samples are researched in the empirical study of the related affecting factors of enterprise value.First of all, research significance and research status at home and abroad are summarized. On the basis, the paper proposes the research ideas, methods and content framework. In the theoretical part, this paper introduces the enterprise value and the meaning of six kinds of forms,and proposes using financial unified view:enterprise value is the essence of the enterprise's intrinsic value. Then this paper introduces several main methods to estimate the intrinsic value of the company. Compared with others, the residual income model is proved having a larger advantage, and is selected as the enterprise value estimation method in this paper.Secondly, the empirical study of this paper is divided into two parts. The first part is the enterprise value estimation. The Residual Income Model is applicated to calculate the value of the enterprises. Through the validity test, paper proves the model has high accuracy. The second part is the empirical study on the affecting factors of enterprise value. This paper selects 15 influencing factors from 8 aspects as explanatory variables, analyzes the index data in 2008-2010 by descriptive statistics, and presents the integral state of the industry. After the enterprise value data as the explanatory variable for empirical analysis, the paper gets the conclusion:company size, profitability, growth, public equity ratio are positively related with business value; Company debt ratio, the proportion of state-owned shares have negative effects on firm value; the proportion of legal person shares and operation efficiency are positively related with business value, but not remarkable. Finally, summarized the factors that influence enterprise value from the internal and external theoreticallyFinally, promotion of enterprise value are proposed from five aspects:the expansion of scale, improving profitability, optimizing capital structure, optimizing ownership structure, enhancing the growth. the paper give the conclusion, deficiencies and puts forward the prospects.