The Application Of EVA In The Value Investment Analysis Of Listed Companies In The Liquor Industry

China's securities market is developing rapidly,but compared to the growth of the market size and maturity of the market order,market participants,especially to enhance the quality of individual investors is still a long process Investors need to establish a scientific and rational investment concept,not only based on fluctuations in stock prices as the basis of operation,we must first understand the enterprise,try to determine the value of the enterprise,as a value investors.In addition,because of the unique environment of China's capital market and the accounting system,accounting profit is difficult to reflect the real business value in many cases,so we hope that through the research on EVA,to measure the value of listed companies and analyses its application in the analysis of investment value.The paper utilizes the listed companies in the distilled spirit industry as the research object.Through the method combining both theoretical analysis and empirical analysis,the paper investigates on the application of EVA in its value investment analysis.Furthermore,through fundamental theoretical analysis,the paper also provides a more profound understandings regarding the value investment theoretical level,and comprehensions in terms of enterprise value,enterprise value evaluation and methods,moreover,items regarding Economic Value Added(EVA)that should be paid attention when in application are also illustrated for further understandings.Through comparison analysis regarding the EVA index and conventional accounting index in listed companies of the distilled spirit industry,as well as case study regarding the Luzhou Laojiao Shares,knowledge regarding the application of EVA in the value investment analysis of this industry has been enhanced.The paper firstly provides descriptions in terms of value investment theories,enterprise value theories and evaluation method,as well as the concept of EVA method,by combining relevant research outcomes from both domestic and foreign sources,concepts of related definitions have be clarified.The cognition of value investment theories in this paper basically follows the thinking of Graham,in addition,it tends more to investigate on the influences of enterprise value evaluation on value investment analysis.Through comparisons between the conventional and modern enterprise value theories,demonstrations regarding the connotation of enterprise value,as well as the definition and comparison of value evaluation methods,the paper concludes that EVA evaluation method in the income approach fits in the value evaluation for modern enterprises,and benefits the analysis regarding value investment of listed companies.Thereafter,based on the summary regarding the modification rules and projects of EVA,the paper modifies the calculation formula according to practical circumstances.Through comparisons between the EVA index and conventional accounting index,conclusions are drawn that the EVA index is suitable for the value evaluation of listed companies in the distilled spirit industry,and is closely connected with the actual income of enterprises,which provides support for the detailed analysis regarding EVA on Luzhou Laojiao Shares.At last,based on the theoretical research and data analysis,the paper has selected Luzhou Laojiao Shares as the object of case analysis.The paper has firstly introduced the basic conditions of Luzhou Laojiao Shares,followed by the confirmation,measurements,analysis and prediction regarding its EVA.Thereafter,the paper has provided explanations and descriptions on whether or not there are commonalities between stock performances of enterprises and the value fluctuation of EVA through observations,and conducted analysis on Luzhou Laojiao Shares according to the predicted results of EVA value,identified drawbacks of existing theories and practices and thereby provided strategies and recommendations.All these aspects can not only assist numerous investors to gain a clear view on their investment targets,conduct value investment in a better way,but also assist enterprise managers to clarify managerial directions and improve enterprise performances..