| With the rapid development of China’s capital market,corporate valuation has attracted more and more attention of government,enterprise management,shareholders and investors as well as other stakeholders.However,due to various reasons,especially investors lack of professional knowledge and DCF based enterprise value assessment methods to value evaluation is subjective in operation,resulting in the majority of investors in the investment,little investment decision-making from the perspective of the financial management,the core competitiveness of enterprises and the development strategy of the enterprise value,free investment is a common phenomenon.For a long time,the promoting effect of liquor making industry on the development of national economy is very obvious.In 2016,the added value of liquor making industry in China accounted for 1.8% of the national GDP;among which,the proportion of liquor added to the national liquor industry increased by 75.6%.As China’s high-end liquor industry leader and flagship enterprises,over the years Kweichow Moutai of China’s traditional manufacturing industry and liquor industry development has made important contributions,especially in August 15,2017 Kweichow Moutai the share price has exceeded 500 yuan,becoming the first price of shares in A stock market in China exceeded500 of the shares,is fully deserve "king".As a typical representative of our country,Kweichow Moutai product line is very rich,the price from several hundred yuan to 10000 yuan,taking into account the current stock price has more than Kweichow Moutai to the market price of the low-end products to this reality,naturally aroused the attention of Kweichow Moutai evaluation of enterprise value and investment value,this paper it is based on this background,the problem of evaluating system of enterprise value Kweichow Moutai.In order to improve the scientific and systematic research on the comprehensive evaluation of the Kweichow Moutai enterprise value,and effectively improve the income of value rationality and investment decision of investors,based on the study of the following enterprise management,investment management,financial management,statistics and other related disciplines of knowledge,using the method of literature,financial the analysis method and logical analysis method,comparative analysis,using EVA model,FCFF model,FCFE model and other evaluation methods for Kweichow Moutai enterprise value evaluation and comparative analysis.Generally speaking,the main content of this paper consists of six parts:the first part is the introduction,it is the premise of this study;the second part is the enterprise value evaluation theory and literature review,it is ready for the study of the theory;the third part is the financial analysis and forecast of Kweichow Moutai,it is the realistic starting point of this research;fourth part is the specific process of evaluation Kweichow Moutai enterprise value,it is the focus of this research;the fifth chapter is the comparison and analysis of the evaluation results,it is the key to the research of this paper;the sixth chapter is the conclusion,it is the summary of this study.Overall,the evaluation method in this paper by using a variety of Kweichow Moutai value,enterprise value of comprehensive assessment,system analysis of each kind of difference value evaluation method and results of the science of Kweichow Moutai enterprise value,provide a reference for government supervision and management of the company,shareholders and investors and other stakeholders of the investment the decision model,tries to find out the method for Chinese liquor enterprise value assessment,provide a useful reference and inspiration for China’s liquor enterprise value assessment. |
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