Corporate Value Evaluation Of Listed Companies In China’s Communications Industry

The traditional enterprise value evaluation is obtained by analyzing the enterprise financial statement evaluation.Whether the cost method,the market method or the income method is through the historical financial data to carry on the appraisal to the enterprise.This method of value assessment ignores the intrinsic value of the enterprise and its core competitiveness in the future.This paper tries to build an evaluation system which combines financial value index with non-financial value index to evaluate the enterprise value.This article is divided into four parts.In the first part,on the basis of the definition of enterprise value,the classification of value assessment methods and the domestic enterprise value assessment literature,the conclusion is drawn that financial indicators should be combined with non-financial indicators to assess the internal value of enterprises.The second part mainly introduces the financial methods and non-financial indicators of value evaluation,and selects the enterprise value calculated by the free cash flow discount method as the financial evaluation index according to the definition of enterprise value.The third part introduces the communication industry,and selects six representative enterprises as the evaluation object.Through the analysis of the field composition,prosperity index and global market share of the communication equipment industry,this part believes that the communication industry has the characteristics of both traditional manufacturing and high-tech industries,and the industry belongs to the sunrise industry has a larger market prospect.The fourth part is mainly for the selected communication industry companies to carry out financial value evaluation and non-financial indicators of measurement and value evaluation,and through the experts to issue a questionnaire to weight the indicators,and finally use the fuzzy comprehensive evaluation method to evaluate the comprehensive value of listed companies in China’s communication industry and to rank the comprehensive value evaluation scores of six sample enterprises,and concluded that the comprehensive value ranking of six companies from high to low were Fiberhome Telecommunication Technologies Co.,Ltd,Kaile Science and Technology Co.,Ltd.Hubei,Beijing Xinwei Technology Group Co.,Ltd,Jiangsu Zhongtian Technology Co.,Ltd,Jiangsu Etern Co.,Ltd and Maoye Communication and Network.,Ltd.The main results of this paper are to combine financial indicators and non-financial indicators to evaluate the comprehensive value of enterprises,give a reasonable value evaluation system and analyze and answer the evaluation system that may exist in the process of practice.this paper analyzes and answers the problems that may exist in the process of practice.in addition,the evaluation system established in this paper and its applicability in other industry value evaluation is demonstrated.it is considered that the enterprise value evaluation method and system established in this paper can provide a reference for evaluators to evaluate the value of other listed companies.The applicability of the evaluation system in other industries and the feasibility of the evaluation system are analyzed.Therefore,the evaluation system of this paper can provide reference for evaluators to evaluate listed companies in other industries.