Research On The Intrinsic Value Of Listed Companies Based On Valuation Model

Stock market plays an important role in the national economy with financialintermediation, optimize the allocation of resources, and promote the important role ofeconomic development is the intrinsic value of listed companies securities investmentanalysis hot topic. Correct understanding of the intrinsic value of listed companies forbusiness management, rational investment investor has important reference value, andtherefore the use of the intrinsic value of different methods and models is the focus ofresearch in the field of securities investment analysis.At the present marine economy has become a new growth point of nationaleconomy, the marine industry occupies an increasingly important role in economicdevelopment, the State Council issued the Several Opinions on Promoting thesustainable and healthy development of marine fisheries in the proposed supportqualified enterprises listed marine fisheries financing. China’s marine fisheriesenterprises will further active which means that in the future in the capital markets. Inthis context, the intrinsic value of marine fisheries enterprises has important theoreticaland practical significance for enterprises to improve the value of research investmentand promote rational investment. Is the inherent value of the shares as determined bythe company’s business fundamentals intrinsic value, while the stock price is disturbedand affected by many factors? According to economic theory, the stock price willfluctuate around the value. China’s stock market still has some validity, which theoriginal price of the stock listed companies, public information now and in the futurethe information will be a certain impact on stock prices. The current downturn of thestock market, the Shanghai Composite Index at2000points back and forth shocks, thestock price is so low in the situation, and advocate the value investment philosophy inline with international trends in mainstream investment philosophy. Focus value of theinvestment is through the analysis of income and appreciation of the prospects for individual stocks to the value of the stock valuation, the theory is based mainlycorporate stock fluctuating around the intrinsic value of a stock is impossible for anydeviation from its long-term intrinsic value.This paper can be divided into six chapters department:The first chapter is an introduction; the first section introduces the backgroundthat our country is on the marine fisheries policy to vigorously support and capitalmarket downturn, the value of the investment opportunity. Section II describes themeaning and purpose of the thesis research study is to study the theoretical assessmentof intrinsic value, use value assessment model to estimate the enterprise value to guidethe future direction of investors and corporate investment. Section III of the literaturereview, two aspects. First sort out the relevant valuation theory classic literature, fromthe origin of the theory, developed to improve this point of time to sort out. Followed bydomestic scholars comment on the value of the theory, mainly from the application andstart finishing improvements related valuation models. Section IV is a detailed study ofthe content, and gives technical route, using a combination of theoretical and empiricalapproach, qualitative and quantitative research.Second chapter is to assess the intrinsic value of the basic theories and methods.Under the premise of defining the concept of intrinsic value thesis, a detailed discussionrelated valuation theory and describes its model assumptions exist, the formula andapplication conditions. Thesis, the intrinsic value of the evaluation model, based on thepresent value of the intrinsic value of the income assessed primarily by predicting futureearnings, ways of using certain methods to estimate the enterprise value. This chapterintroduces the dividend discount model, free cash flow model and the residual incomemodel. Business valuation model on other aspects not discussed in the article.The third chapter analyzes the articles used in the case study-corporatefundamentals Zhangzidao information, the paper first introduces Zhangzidao corporateoverview, followed by analysis Zhangzidao company launched "Corporate+Government+financial institutions, research institutes+farmers ’ Observing mode,again from both research main business and financial Zhangzidao Zhangzidao currentbusiness conditions and future prospects, the financial crisis, the European debt crisis,resulting in the decline of international market demand, exports decline largerZhangzidao current poor financial situation. Finally, based on the above analysis, thecollection of empirical data needed the application model for the valuation of enterprise value. The empirical results show that the use of the intrinsic value of the assessed valueof the model is less than the stock market price, the enterprise value is overvalued.The fourth chapter based on recommendations in-depth research onmacroeconomics, marine fisheries industry analysis and competitive advantageZhangzidao Zhangzidao enterprises to invest and develop countermeasures are given,one from the perspective of valuation analysis theory, this stage is not Zhangzidaosuitable for investment, but considering the external environment for investment andcorporate competitive advantage, Zhangzidao good potential for future development ofenterprises, so investors can consider investing in order to gain value ZhangzidaoFishery future development.The fifth chapter is the conclusion. The first part consists of several mainconclusions of the paper, first, the intrinsic value using a valuation model to estimatelisted companies with a gap between the actual value of the enterprise. Second, therange of three different valuation model is applicable, the use of incorrect estimateswill affect corporate value. Third, comprehensive analysis, investors can consider thestock as an investment holding Zhangzidao. The second part shows the inadequaciesand future research directions of this research.