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The Enterprise Value Assessment Of Longping High-tech

Posted on:2019-06-13Degree:MasterType:Thesis
Country:ChinaCandidate:M ZhangFull Text:PDF
GTID:2439330596466516Subject:Accounting
Abstract/Summary:PDF Full Text Request
Under the current market economy,how to maximize the value of enterprises has become the focus of attention of investors and managers,and the importance of enterprise value assessment has become increasingly obvious.The main methods of enterprise value assessment are market method,cost method and income method,which are applicable to different types of enterprise value assessment.After several decades of development,the theoretical research of enterprise value assessment in China has been relatively mature.In practical application,scholars have conducted in-depth study on the applicability of enterprise value assessment methods in different industries,but the focus of application research is mainly concentrated on the whole industry or some enterprise value assessment process.There is a lack of research on the practical guiding significance of evaluation results to enterprise value management.Agriculture,as a pillar industry of the country,plays an important role.Under the background of agricultural structural reform,it is very meaningful to study how to improve agricultural enterprises and improve their value.In this case study,firstly,we analyze and summarize the achievements of the scholars on the theory and application of enterprise value assessment,and compare the advantages and disadvantages of the three evaluation methods.We think that the free cash flow discount model is more suitable for the evaluation of enterprise value of agricultural listed companies;secondly,we choose the agricultural listed companies Long.Based on the open data from 2013 to 2017,this paper analyzes the historical performance of the company,forecasts the future free cash flow,and calculates the value of the company.Finally,we use the single factor analysis method to analyze the case of the enterprise unit based on the driving factors of the free cash flow discount model.The effect of change ratio and unit change amount on enterprise value is concluded,and suggestions are put forward.The results show that the value of Longping Hi-tech enterprises is significantly affected by the net fixed assets,inventory,monetary funds and inventory,and other factors.Through further data,we put forward the following suggestions:(1)Rationally adjust the management strategy of working capital to reduce the cost of capital holding;(2)Improve the overall budget management of enterprises,do a good job.Market forecast,avoid the loss caused by inventory overstock;(3)Strengthen capital management of investment projects,improve resource utilization.
Keywords/Search Tags:Enterprise Value Assessment, Free Cash Flow Discount Model, Driving Factors
PDF Full Text Request
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