Valuation Study Of Sanan Optoelectronics Based On EVA Model

With the rapid development of the capital market,value assessment has gradually attracted the attention of economists and various stakeholders.Accurate enterprise value assessment is the basis for business operators to make corporate strategic development plans correctly,and it enables investors to undertake rational investment activities.In recent years,our government has strongly supported the development of electronic enterprises,and established a number of state-level semiconductor development funds to promote enterprises in the electronics field to form their own core competitiveness.As a result,electronic stocks have become the focus of attention from investors.In the past,the research put more emphasis on enterprises of Internet and real estate fields.There is no systematic and complete value assessment method for business in the electronic field,case studies for specific companies of electronic field are rare.This paper takes the case study of Sanan Optoelectronics,(a leading enterprise in the LED industry in the electronic subdivision field)as an example and studies the problems while EVA value evaluation method was applied to China's electronic business.In the end,the paper will give an adjusted model suitable for electronic enterprise based on a series of data analysis and model exploration.Based on the characteristics of Sanan Optoelectronics,this paper selects five accounting subjects including R&D expenses,financial expenses,non-recurring gains and losses,construction in progress and deferred income tax to revise the traditional EVA model.Then I will compare the outcome of EVA model with true value from the market,it turns out that the rate of deviation is less than 20%.So the validity and applicability of the adjusted EVA valuation model when applied to an electronic enterprise is verified.