The Study On Evaluation Model Of Investment Value Of Securities Companies

In recent years,with the development of our national economy and the increase of wealth, the investment concept gradually deepening, the scale of investors in securities market and the total amount of investment have been expanding. Value Investment, as a kind of scientific investment system, has been appreciated by more and more investors. The basis of Value Investment is evaluation, the reasonable evaluation of a security could effectively guide the behavior of value investor. With the development of our securities market, securities business, as an important part of it, has made fairly rapid progress, the number of listed securities companies is sustained increasing, more and more investors focus on this Well Developed industry. Accurate analysis of investing value of the securities firm becomes an urgent look forward to many value investors.This paper analyzes the research results of domestic and foreign investment value. On the basis of this, take CITIC Securities for an example, the emphasis of study is using an EVA valuation model to value securities companies. Project research combines the theory with practice method. First, Valuation models and characteristics of the model are introduced,Valuation models are compared,after studying the operating characteristics of the securities firm, the Valuation models which are applicable to securities firms has been chosen. Next, the financial situation of CITIC Securities has been analyzed. Then, combining with the fundamentals of CITIC Securities,an application of EVA valuation model and an application of relative valuation model have been studied, then two valuation results have been gotten and compared. According to the analyzing the result of valuations,EVA valuation model is better than the relative valuation model. The result of EVA valuation reflected the behavior in the past stock market well.