The Research On Valuation Of Listed Security Companies Based On EVA

Affected by the rapid development of financial industry,development road of Chinese capital market is becoming more and more open.While the value investment is playing a more and more important role.The optional range of securities market gradually expanded,more and more people accept the diversification of financing way.Securities company is indispensable to the intermediaries capital market,the birth of the capital market in China since 1990 and it has more than 30 years history.There's little doubt that the securities industry has played an important role,in the future it also has good prospects of development.How to accurately identify investment opportunities in the industry,to estimate the enterprise value more precisely,and to choose potential investment become a popular issue today.Since 1980,a new performance evaluation index rise in the west,EVA(economic value added),the index provide statistics about the benefit of the company for investors within a certain period accurately,and it can overcome the limitations of traditional profit targets.Now EVA became widely accepted in western and it has replaced the traditional indicators.It is called the most creative ideas by The Fortune.The practical application of developed countries shows that there are so many benefits to use EVA to evaluate the value of the company.First of all,EVA can accurately measure the intrinsic value of the enterprise.Secondly,the value of the managers of company will pay more and more attention to enterprise management and guide the market develop more healthier in a macro sight.Obviously,based on the methods of EVA model,we could accept reference in evaluating the value securities company.The writer has studied a lot of researches at home and abroad,and carries on the analysis and research.This paper uses the case analysis combined with system analysis,quantitative analysis and qualitative analysis,empirical research and normative research method,combining with the characteristics of the securities industry of our country,then adopts EVA evaluation method to estimate the value of research aim which is called haitong securities.Finally,the writer has carried on the value assessment.Also,through the analysis of the results,the shares of investment activity can provide good guidance to investors.In addition,the development of haitong securities has been founded through the EVA method.Finally,the paper appeared put forward some Suggestions and prospects about practical application and some problems appeared in the process ofpromoting.