The Research Of Vanke's Corporate Value Based On Discounted Free Cash Flow Model

Treasure energy system and Vanke's equity dispute attracted a lot of attention from the media and the public.Treasure energy as institutional investors through a large number of acquisitions in the two market Vanke shares,the shareholding ratio reached 24.99%,becoming the largest shareholder of Vanke.Rational investors in accordance with the assumption that the Department of energy can be such a way to achieve the purpose of profit,then the relative price of Vanke and its value is high or low?This question is in the hearts of the masses.But there is no specific value evaluation of specific agencies or individual are Vanke,on treasure million equity dispute more remain in the ownership structure,hostile takeover and other fields,there are few studies on the basic value of Vanke.At the same time,along with the rise in land prices and land costs continue to rise,more and more mergers between real estate enterprises,mergers and acquisitions amount is also growing,focusing on how to assess the value of the real estate enterprises will become the future assessment of the.Through comparative studies,the discounted free cash flow model as the valuation model is the most mature,has long been widely used in western developed countries,can be used for positive free cash flow of enterprise value assessment.In this paper,through the research of the model of the enterprise value of Vanke,one can find the focus and difficulty of the free cash flow model was applied to evaluate the value of real estate enterprises in China will be encountered in the process,provide a reference for future evaluation of staff;two is through the study of Vanke enterprise value,can give speculators investment Vanke reference;the three is obtained through the results and analysis of the results,the relationship can further explore the stock price and the value of the company,which has put forward some opinions and suggestions.This paper reviewed the domestic and foreign enterprise value evaluation for some aspects of the research literature,the present method for the assessment of enterprise value and used in China for the discounted free cash flow model is some research in China are consistent with the environment;secondly this paper introduces the concept of enterprise value and a variety of evaluation methods in the introduction(including market method and income method two),through the two kinds of methods,choose the most widely used is the most suitable for the evaluation of the discounted free cash flow model of Vanke this kind of real estate enterprises to assess the Vanke,through the construction of the evaluation results and the application of discounted free cash flow model;thirdly,according to the evaluation results that 170000 enterprise value is much higher than its stock price,through the study found that Vanke's stock price and its price On the one hand,there is a greater impact on public opinion on the one hand,the impact of market characteristics,on the other hand there are some internal factors;finally,according to the results given to institutional investors and Vanke to recommend.