Research On Value Appraisal Of YL Company Based On Free Cash Flow Discount Model

Get preliminary development,in the middle of the twentieth century property market at the same time to get to know people,for the capital market,in addition to the company's products can as sales of goods,the company itself is a commodity.Under the background of economic finance,the liquidity of China's market economy has been greatly improved,and the economic environment is gradually complicated.On the one hand,mergers,acquisitions,decentralization,reorganization and a series of complex economic activity occur frequently,bring a lot of companies and investors of wealth at the same time,also may be wiped out in overnight.As an investor's institution or individual,it is imperative to understand the real value and risks of the company purchased,so as to avoid making wrong decisions.Therefore,the company value evaluation comes into being;,on the other hand,for the company,as a member of the important in China's capital market,to seek its own survival and development,must be clear its fair market value,make real conform to their own development decisions.In recent years,tourism has rapidly developed into a pillar industry in China,and tourism companies face more uncertainty than traditional manufacturing companies.Therefore,the author further studies the value of tourism resources and explores the overall value of tourism companies.This paper mainly focuses on the value evaluation of the tourism listed company,YL,and USES the free cash flow discount model to evaluate the real market value of YL company.The research content has five parts.The first part is introduction,in the company at the beginning of the value evaluation,this paper expounds the choice of the subject research background and research purpose,the research status at home and abroad were reviewed and a large number of relevant literature were reviewed,indicates that the research significance and proposes the text of the unique innovation.The second part,this article first introduces in detail the company involved in the evaluation of important concepts and the classical theory,then through the study of the applicability of commonly used valuation model analysis,summed up the free cash flow discount model is the advantage of the value assessment of target company.The third part,according to the selected target companies implement industry environment,competition environment and internal advantages such as comprehensive analysis,makes the prediction of future operating conditions more reasonable,YL company's value evaluation more scientific and accurate.The fourth part based on the above content,on the basis of the understanding of current level of business,for the future development trend and to predict the company's prospects and the qualitative analysis YL company risks and benefits,and then choose a two-stage growth model to evaluate the entity value of YL company,and then to the final evaluation results make reasonable evaluation.The fifth part is the research conclusion and the prospect,this paper combines the analysis to arrive at the research conclusion,points out the deficiency in the research process and the prospect and indicates the future research direction of the company value evaluation.This article innovation lies in realizing the value evaluation of tourism listed companies,the result has a certain practical verification,enrich the tourism companies value assessment methods of case study,at the same time has a certain guiding significance for stock investors.This paper can make the value assessment process adhere to the concept of value creation,which is more in line with the management strategy of YL company,and put the value management idea into practice.