Research On The Aier Ophthalmology Company’s Value From The Enterprise Value Management Perspective

Small and Medium Enterprises（SMEs） play a pivotal role in promoting the country’seconomic and social development，but life cycle of most SMEs is Relatively short，therefore，how to maintain the healthy and sustainable development by SMEs in the key period ofrapid growth become the focus of the study of theory and practice. Value-based managementis now widely recognized in the field of management and the enterprise value maximizationbegan to become the ultimate goal of the modern enterprise financial management byreplacing the profit maximization.Value assessment is one of the basic work to carry out valuemanagement，therefore，this article wishes to provide some useful lessons from the view of theenterprise value management for SMEs in growth stage to improve and optimize their valuemanagement strategies.In this paper, it firstly starts from the theories of enterprise value management andenterprise value assessment and Focuses on the content and meaning of the value managementand free cash flow evaluation model method for determining key parameters—cash flows,discount rates and forecast period.Then this article selected a typical representative of SMEs in the growth stage——AierOphthalmology group company limited for empirical research.It focused on analysis of acompany’s competitive advantage, risk and financial position and carried out a detailedassessment of the value of aier using the discounted free cash flow model. Then based on theprocess and results of the value assessment, the value of the company wasanalyzed——including the analysis of the difference between the company’s assessed valueand market value、phase composition analysis of the company’s assessed value and sensitivityanalysis of the key value drivers.Finally, based on the above analysis, this paper summarizesthe problems in the Aier Ophthalmology Value Management and reasonably practicableoptimization tips——including five areas of investment decisions、financing decisions、profitallocation decisions、working capital management and marketing decisions.And it wishes toprovide a useful reference for the health and high—speed development of Aier Ophthalmologyin growth stage.Finally，this paper, results of the case study in Aier Ophthalmology as a reference, carriedout a detailed analysis of the applicability of the DCF model for the management of enterprisevalue and some feasible suggestions to strengthen the Value Management work of SMEs ingrowth stage,in order to provide some useful lessons for the healthy development of China’sSMEs in growth stage.