Research On Valuation Of HT Securities Company Based On EVA Model

After the adjustment of market policy in recent years,the capital market has gradually expanded,and the concept of value investment has attracted wide attention.The theoretical method of value assessment is also valued by scholars.Follow the pace of our economic steady development,the capital market is booming.At present,the securities industry in our country is playing a significant role in capital market,their operating performance and stability is important to the development of China's financial industry.However,in recent years the securities industry's internal competition is increasingly fierce.It is very necessary to use a suitable value evaluation method to evaluate securities company both from the perspective of the general investors,and from the perspective of the securities firm itself.HT securities is a top-ranking company in the securities industry,it is also very representative.This article selects HT securities as the research object,use EVA model to evaluate its investment value,and helps the securities company improve their value.Firstly,this paper introduces the value assessment theory of economic added value and the relevant domestic and foreign references,introducing the research background of this paper.Secondly,detailly introduces the value assessment theory of EVA,including the theory of EVA calculation,three stage models,accounting adjustment and analysis steps.Thirdly,this paper expounds the current situation of the securities industry,taking HT securities as an example,introduces and analyzes the business circumstance of HT securities company.Then,establishes the EVA value evaluation model of HT securities,and analyzes the value of HT securities company.Finally,this paper suggests the securities firms to take actions to improve their value,and discusses the deficiencies and future prospects in this paper.Based on the case analysis in this paper,the study draws the following conclusions:(1)The estimate value is slightly higher than the actual price,this paper holds the view that the value of HT securities company is undervalued by the market and the company has broad improvement space.(2)Through the case study,in order to increase the value,securities firms should encourage business innovation to reduce their dependence on traditional businesses.They should strengthen risk control,improve their asset utilization,and reduce the capital cost rate.Therefore,this study provides a good reference for the value evaluation and improvement of the other securities firms.