Analysis Of Vanke Investment Value Based On EVA And FCFF Valuation Methods

Since the reform and opening to the outside world,C hina's econo my has been increasing year by year,and the income level of residents has been greatly improved.With the increase of people's wealth and education,the demand for financial management and investment is increasing day by day.By the end of 2016,the total market value of C hina's two Shanghai and Shenzhen stock markets exceeded 50 trillion.Obviously,the stock market is one of the important channels for residents to invest.In recent years,the securities industry supervision departments have made great efforts to improve market speculation,effectively maintained the stability of the market,improved the market mechanism,and paid more attention to the concept of value investment.Therefore,the rational use of valuation methods to assess the intrinsic value of enterprises,investors have a reasonable investment significance.First of all,this paper expounds the research background and significance;the current house prices rise year by year,while the listed housing prices are not as strong as the general performance of housing prices.Reasonable evaluation of the intrinsic value of listed real estate enterprises,investors and managers have some reference value.The paper introduces the valuation theory,this study is to determine the intrinsic value of the enterprise,and the EVA valuation model and FCFF model in detail,analyzes the applicability and advantages and disadvantages of the two models.The real estate industry leading enterprises Vanke as the research object,the third chapter through to 170000 financial analysis,using scientific methods to make the prediction more cautious and reasonable for its future performance.In the fourth chapter of this article,according to the specific circumstances of Vanke,the internal value of Vanke is evaluated by EVA and FCFF valuation method.Finally,the conclusion of this paper and the problems in the application of the model are summarized.This article believes that Vanke shares are undervalued by the market,and investors to buy advice.On the whole,this paper applies the two models to a more reasonable application in practice,and the conclusions are basically reasonable and can be referred by investors.The real estate industry plays an important role in the national economy,and the steady development of the industry is of great significance.The scientific application of the enterprise value evaluation model will help improve the management decision-making level,standardize the development of the real estate industry and advocate the concept of value investment.