Based On The Method Of Listed Tourism Companies Cash Flow Enterprise Value Evaluation Research

The assessment of company value has decisive role in China, not only for the company outside activities, such as the financing, restructuring, mergers and acquisitions, listing, equity transfer between company or foreign investment company of our country, but also for the company’s financial management and investors.Therefore, how to assess the value of an company has become the focus in theory and reality. Although the company value assessment process has more complex, including multiple disciplines, but it has become the main content of asset evaluation industry. China’s capital market is not mature enough, theory cannot meet the actual need, evaluation system is still not perfect, our country company value assessment theory is imminent, so this study was selected as the main content, Evaluation of tourism listed companies value, both from a strategic perspective of the company’s assets, skills, ability to adapt to the environment, but also from the perspective of financial strategy of listed tourism companies to provide scientific, objective standard basis, have quite important sense.Through consulting the consolidation, summarizing a large number of enterprises value assessment literature, the author found that the tourism company value of listed companies is less studied, but along with the tourism industry in the national economy status, more and more tourism listed companies in the stock market, the tourism companies has formed a certain scale, the future of tourism listed companies will be a major development direction.Therefore,this article selects good market prospects of tourism listed companies which has rapid development, the good image and gathering more resources, as the research case, assessing the value of the enterprise.On the method of enterprise value evaluation, major general in three ways:cost approach, income approach and market approach, each method has advantages and disadvantages. Income method of discounted free cash flow model is one of the most extensively used methods; therefore, this paper uses the discounted free cash flow model to value the tourism listed company assessment.In a word, by a large number of domestic and international literature about the tourism listed companies valuation, understanding the situation the company value assessment, trying to achieve the objective:(1)Accurate the definition of tourism company value;(2)Determine the effect of tourism company value of the element, as to provide a theoretical basis for establishing the evaluation model;(3)To enrich the theory of the discounted free cash flow model steps,applicability,using significance of complete case.The study of tourism listed companies value is defined as the enterprises future profitable ability, the future profitability of enterprise based on current profitability and the potential profit opportunities. The more the tourism listed company profit opportunity, the greater its value and system analysis of tourism listed companies valuation related factors for empirical research, theoretical basis. The article also introduces the evaluation methods used in these methods including cost method, market method, income method, and analyzed the advantages and disadvantages of these methods. The final analysis from the discounted cash flow method is the most suitable for the assessment of China’s listed tourism company’s valuation method.The core of this study is selecting the Creator of high quality life as an example, using the data of OTC balance sheet and profit statement in2010-2001, using the discounted free cash flow model to value the system. Finally the overall research are summarized, using the discounted free cash flow model in the evaluation of tourism listed companies value is appropriate, selected the OTC as the case study has certain representativeness and conclusion, and the future research is discussed, the existing problems and research future direction of travel, expecting to make some contribution to the theory of company value evaluation. The free cash flow evaluation method to the listed tourism company’s listed company’s value assessment is scientific and effective.