Research On The Value-added Of Shenyang Wellhope Company

With the development of the world economy,management objectives have been changed.The enterprise's value-maximizing becomes the new management core.The content of the enterprise value is mainly with the business valuation.With the increasing research range,research on the enterprise value-added gradually focuses on the a series of researches,which are enterprise value evaluated research,driving factors research and enterprise value creation research.Internal and external situation can be combined to analyze driving factors of enterprise value.Then it can optimize enterprise resources,invest scientifically,finance and make management decision to increase enterprise value constantly.Shenyang Wellhope Company,as domestic feed trade leading enterprises,has the typical features of traditional feed trade.In this thesis,discounted cash flow method and value chain method are used to evaluate enterprise value.The driving factors of enterprise value can be analyzed by the two results of enterprise value evaluated of Shenyang Wellhope Company.Financial factors can be analyzed with the help of the enterprise value calculated by the discounted cash flow method and key value driving factors tree.By systematically analyzing value driving factors,Shenyang Wellhope Company can increase enterprise value constantly by increasing sales growth rate constantly,increasing asset turnover rate,decreasing tax burden,decreasing WACC and extending excess earning period,which are five financial methods.In this thesis,value chain method is used to evaluate enterprise value of Shenyang Wellhope Company.The basic value-chain and auxiliary value-chain of Shenyang Wellhope Company are built.By analyzing the result of evaluating enterprise value calculated by value chain method,it concludes that seven non-financial driving factors for increasing enterprise value of Shenyang Wellhope Company are found.The seven non-financial driving factors are production link,marketing link,service link,procurement link,research and development link,human resources and enterprise infrastructure link.Combining analyzed financial driving factors and non-financial driving factors,some measures are put forward to increase enterprise value in this paper.This paper is helpful for companies to recognize the value creation process,and analyze the driving factors of enterprise's value-added,promote optimal allocation of corporate resources.It can put forward some measures in the future for development.This paper can also provide a reference for analyzing the driving factors of enterprise value added for other companies in the industry.