The Relationship Between Corporate Behavior In Factor Market And Intrinsic Value

Factor market prices always fluctuate.However,in order to ensure that they can stand on the factor market,listed companies often take coercive actions,reduce the risk caused by price fluctuations,reduce profit loss,or increase the income generated by price fluctuations.In turn,the intrinsic value of the listed company is stopped or increased.The article first sorts out related literature on factors and factor markets,the transfer value of production materials and value appreciation,and corporate behavior at home and abroad,explores the clear definition and current development of factors and factor markets,and the contribution of production factors to product value,and The classification and role of corporate behavior lay the foundation for the development of the article.Subsequently,the article divides the important impact of factor price fluctuations into two aspects,one is the impact on sensitive industries,and the other is the impact on the intrinsic value of sensitive enterprises.At the same time,it analyzes the motivations of enterprises to cope with behaviors,the classification of behaviors in the factor market,and the results of coping behaviors.Among them,the behaviors of related companies in the factor market to deal with factor price fluctuations are divided into long-term contractual contracts,futures hedging mechanism,price transfer mechanism and cross-shareholding,and introduced the definition,type and advantages of each behavior,in order to in order to clarify the mechanism of its role.Taking the Shenhua Group,a leading coal company,as an example,the FCFF model is used to estimate and compare the intrinsic value of the 2012-2018 implied price volatility response behavior and the intrinsic value of the above-mentioned corporate behavior contribution to the enterprise.To seek the relationship between the two,and then determine the contribution of the company's response behavior to the intrinsic value.And,then,the article establishes the intrinsic value evaluation index system including the above four behaviors,and uses principal component analysis to explore the relative importance of these four behaviors to intrinsic value,and conduct quantitative analysis to draw intrinsic value.The index change graph more intuitively reflects that the intrinsic value index of the firm is similar to the trend of the four behaviors,indicating that these four behaviors have an important impact on the intrinsic value.In the end,compared with the intrinsic value valuation of the previous article,it is found that the two basically converge,so that theintrinsic value evaluation index system is verified again with actual data.This paper draws on the method of determining the financial stability index and the evaluation experience of the FCFF model,and links the definition of the intrinsic value of the intrinsic value to the intrinsic value of the intrinsic value,and discusses the importance of the impact of the relevant behavior adopted by the enterprise on the intrinsic value on the intrinsic value.Exploring the development trend of the path suitable for analyzing the factors and trends of the intrinsic value change of the price-sensitive enterprises,and then providing the basis for professional judgment and the method of measuring the completion of the business for the performance evaluation of the above-mentioned enterprises and the price warning of the capital market.It is expected to have certain guiding significance for asset evaluation practice and performance evaluation of listed companies.