Research On China's Catering Industry A-share Listed Company Value Evaluation:Quanjude Case

With the global economic integration accelerates,capital flow has become increasingly more wide on a global scale,generally enterprise privatization,joint venture,mergers and acquisitions corporate restructuring activities which involve in enterprise value assessment have become more frequent,these herald the arrival of the era of value management.On the issue of value management,the enterprise value evaluation problem is particularly important.It is just through value assessment,investors give a scientific and reasonable valuation to corporate securities,so as to make an important decision to buy the securities or sell the held securities.In the process of enterprise value assessment,the evaluation methods play a key role,it is the important means and tools to realize the purpose of the assessment of enterprise value.At present,the enterprise value evaluation methods are many,they respectively embody the different ideas of evaluation.And the influencing factors of enterprise value are more various,and it has become more difficult to give an objective evaluation to enterprise value.Therefore,it has important significance for using a scientific enterprise value assessment method to appraise the enterprise value correctly.On the other hand,with the development of reform and opening up and the progress of social economy,China's catering industry has also taken place a great changes,and it has made a great progress.And it has become As China's service industry backbone industry.With the rapid growth of people's income,people's improving living standards and quality requirements continue to increase,this puts forward higher requirements to the operation and development of catering industry,and it promotes restaurant industry efforts to make themselves bigger and stronger.In this process,many catering enterprises manage toreduce running cost better,increase brand awareness and implement standardized operation and management through public finance.Based on the realistic background,focus on the enterprise value evaluation of the listed companies of the catering industry in our country,this paper expatiates on the theory about the enterprise value evaluation,and gives an analysis to relative valuation method and absolute valuation method.In order to test enterprise value evaluation method of the application features and effect,this article selects well-known catering a-share listed companies in China-the Quanjude for practical case,and uses the absolute valuation method to evaluate the enterprise value of the company.The research results show that in today's fierce competition under the background of market economy,the enterprise value evaluation is becoming more and more important.Under different conditions and operation mode of enterprise management,the relative valuation method and absolute valuation method have a different application respectly.And by the evaluation of the corporate market value to the Quanjude company through using the absolute valuation method of the free cash flow discount model,we find the final valuation results have a high correlation to its market value.And then we confirm the conclusion,i.e.the company's free cash flow(DCF)model is suitable for the A-share Listed food industry the enterprise value evaluation of listed companies in our country?...