Research On The Value Of Expanding Enterprises Based On EVA And Real Option Theory

With the increasing capital market in China, the global economic activities are becoming more and more frequent, and the enterprise value research plays an increasingly important role in the trading market. According to the characteristics of the enterprise itself, the reasonable choice of the value analysis method of the target enterprise can not only form a new value management concept, enhance the enterprise value, but also provide investors with a strong reference for mining the enterprise investment value and making investment decision. Expansion of the enterprise in the expansion period, on the one hand, the cash flow is very unstable, and even the phenomenon of profit loss. On the other hand, there are some expansion options.Leading to its assessment of the object has a certain degree of particularity and complexity. Therefore, the value of the expansion of enterprises to become the value of the field of research the biggest problem, but also the most technical and most involved in an economic activity.This article selected BJ company as the research object. First, this article introduces the basic overview of BJ. The financial status of the single index of the enterprise is analyzed from the profitability of the company, the operation ability, the solvency and the trend of the enterprise. The lack of operational capacity of enterprises, asset turnover situation need to improve. The profitability and short-term solvency of the enterprise have greatly improved after the expansion is completed.The development direction of the enterprise is clear and the development trend is good. Secondly, this paper analyzes the value of BJ company research methods.According to the purpose of investors and business managers to develop relevant strategies, and BJ cash flow fluctuations in the characteristics of the use of EVA method of the enterprise value analysis. And then the results obtained with the asset evaluation agencies using cash flow discount method to compare the results obtained.The results obtained by the EVA method are closer to the true value of the firm. And analyzes the different enterprise value evaluation methods have great influence on enterprise development and investment decision making.Thirdly, This paper analyzes the real options of BJ Company. The logistics project is a call for BJ. Its value is very impressive. It needs to receive the attention of investors and business executives.Then, this paper uses B-S option pricing model to calculate. Through the matlab software to calculate, get the project value of the project.. Finally, based on the analysis of the value of BJ company, this paper summarizes the relevant enlightenment of BJ company’s value research, and puts forward some suggestions on the research of dilutive enterprise value, and provides reference for enterprises such as investor and enterprise management personnel.In this paper, EVA and real options analysis of the expansion of the value of enterprises to study. It is found that the EVA assessment method takes into account the capital cost of the equity of the firm. The method of economic profits to replace the accounting profits, more accurate assessment of the company’s true value. This method effectively solves the problem of cash flow instability during the expansion period, and makes up the deficiency of cash flow discounting method. The biggest feature of the expansion of enterprises is the existence of a certain expansion options.Its value should receive the attention of investors and business executives. Choose the right method for the enterprise real option pricing is also an important prerequisite for accurate judgment of enterprise value.