Research On The Value Evaluation And Promotion Strategy Of The Proposed Enterprise

Enterprises listed on the market can absorb social funds, rapidly expand the scale of enterprises, enhance their visibility and improve the market competitiveness. With the development and growth of enterprises, the realization of the listing has become the dream of many entrepreneurs. DLYM is a company with a history of more than 40 years of auto parts manufacturing company and prepared for listing in 2008.In April 2015, it has submitted to the Commission to declare the material. If company DLYM can through strict eligibility review, an important issue is how to get higher IPO issue price through the road show and inquiry. Enterprise value is the main factor affecting the stock price, this thesis through evaluating the enterprise value of company DLYM by different value assessment methods, finds out enterprise value driving factors and identifies the problems that restrict the promotion of enterprise value, so as to formulate measures and strategies.In order to help enterprise can obtain a higher IPO pricing to provide some references. The research of this thesis is helpful to enhance the enterprise value of company DLYM, and it can be used for reference by other companies to be listed.The thesis, first reviews domestic and foreign literature, expounds the features and procedures of related concepts and enterprise value evaluation, compares and selects the enterprise value assessment methods, understands the driving factors of the enterprise value; secondly from the aspects of history, business and organization structure introduces company DLYM about basic situation and listing preparations; based on it, analysis the future development of company and the industry situation, the financial status of the company and the company’s strengths, weakness, opportunities and threats. Use the price earnings ratio method, the free cash flow discount method and the EVA method to estimate the valuation of the enterprise, the results of the three methods are 418 million yuan,2,074 million yuan and 2,034 million yuan respectively. The valuation of the free cash flow discount method is closer to the assessments results of the professional assessment agency that the company hires. Based on the evaluation of the revised price earnings ratio method, calculating the price per share is 13.94 yuan, higher than the price that the company intends to issue. Through the value evaluation of enterprises, the thesis finds some problems about financial and non- financial aspects that restrict the improvement of enterprise value. The main problems such as the weak solvency, the slow receivable turnover, the low value of the total assets creation, the large scale of staff turnover and so on. In view of these problems, the thesis finally suggests that enterprise should improve from three aspects:improving the management level, enhancing the profitability and other strategies. To improve the management level, mainly include rational use of corporate financial leverage, strengthen the daily monitoring of financial indicators, strengthen the control of working capital, and credit policy adjustment; Enhance the profitability of the company mainly include expanding the size of the star products, transform traditional business to equal emphasis on mode of business and investment; other strategies, including the establishment of the concept of enterprise innovation and enhance the value of corporate culture.