Research On Evaluation Of Enterprise Value Of Rubber And Plastic Products Industry Based On Residual Income Model

With the development requirements of promoting energy conservation and environmental protection and building a low-carbon society,the national energy conservation and emission reduction efforts are also increasing,"plastic instead of steel" and "plastic instead of wood" have become the development trend of production and consumption in China.In recent years,the rapid development trend of rubber and plastic products industry,the difference between industrial production capacity and market demand,and the further improvement of environmental protection standards have accelerated the integration trend of survival of the fittest.In this case,the market value of an enterprise is often quite different from its intrinsic value.The frequent acquisition and merger of assets transactions among enterprises has increased the demand for enterprise value evaluation.In this context,how to evaluate the enterprise value of the industry reasonably and accurately can make the internal value of the enterprise be objectively displayed and provide services for the asset transaction in the market;it can also provide reference for the investment choice of investors in the industry in the securities market.Based on the theoretical research,this paper selects the residual income model and takes Jinfa Technology Co.,Ltd.as a case to study the enterprise value of rubberand plastic products industry.At the same time,in the use of residual income model,on the basis of the traditional model formula,we introduce the ending market to net ratio to verify whether it can improve the accuracy of residual income model valuation.Firstly,this paper analyzes the research background and significance of the enterprise value evaluation of rubber and plastic products industry;secondly,it compares the enterprise value evaluation methods,and combines the development status of rubber and plastic products industry and the influencing factors of enterprise value,considers that the residual income model in the income method is more suitable for the enterprise value evaluation of rubber and plastic products industry.Thirdly,the principle of residual income model,the improvement of model and the determination of parameters are studied.In the end,the author selects the case study of the company as the research object to evaluate the internal value of the company.Comparing the two valuation results of the residual income model with the price earnings ratio method and the free cash flow method,analyzing the reasons for the differences,and combining with the stock price trend of Jingfa technology in the securities market,it is concluded that the valuation results of the residual income model with the parameter index of the final market equity ratio are more reasonable,and the model is applicable to rubber Rubber and plastic products industry.Based on the theoretical analysis and case study,this paper draws the following five conclusions:(1)there are many factors that affect the enterprise value of rubber and plastic products;(2)the development of rubber and plastic products industry depends on the upstream international crude oil price and the downstream product market demand;(3)the residual income model is applicable to the enterprise value evaluation of rubber and plastic products industry;(4)the market to net ratio at the end of the period can be Improve the accuracy of residual income model valuation;(5)the enterprise value of Jingfa technology is underestimated and has investment value.