Research On Value Evaluation Of Yuantong Express Enterprise Based On EVA

With the continuous development and improvement of China’s capital market and the more rationalization of investors,value investment has become an emerging topic explored by Everbright investors,How to reasonably and effectively assess the true value of enterprises and promote the maximization of investment income becomes the key to influence investors’ investment decision-making.The enterprise value evaluation method based on Economic added value(EVA)perspective is the new enterprise value evaluation method in China in recent years.Value provides a path to learn from.At present,the merger and integration of the domestic express delivery industry has not formed on a large scale,and the express delivery industry has not yet formed a solid monopoly competition situation.In this situation,if Yuantong Express can have a more complete capital chain and expand its business scope,it means that it can fully occupy overseas markets and other untapped markets and obtain the prerequisite for monopoly competition.Therefore,accurately assessing the corporate value of Yuantong Express and enhancing the corporate value of Yuantong Express and attracting more investors are particularly important for the expansion and subsequent development of Yuantong Express’ business territory.Yuantong Express is one of the most representative enterprises in domestic express industry,which has typical characteristics of express enterprises.First of all,the paper describes the research background and significance,collates and summarizes the domestic and foreign research results on the EVA value evaluation system,and introduces the relevant theory of enterprise value evaluation,explains the meaning,advantages and disadvantages of the three traditional enterprise value evaluation methods It focuses on the meaning of the EVA research method and its application in the capital market,which lays a theoretical foundation for the subsequent calculation and analysis of the value of Yuantong Express.Secondly,analyze the target company’s Yuantong Express and its financial status,understand the development status of the target company as a whole,propose the applicability and necessity of Yuantong Express’ s enterprise value assessment,and briefly introduce the EVA value of three different stages The basic characteristics of the evaluation model,expounding the rationality of choosing a two-stage model to evaluate the value of Yuantong Express.Then,the detailed analysis of the accounting adjustment items and the determination of the discountrate in the EVA value assessment method,combined with public data and related literature,adjusted the six accounting items according to the actual situation of the enterprise.At the same time,to ensure the accuracy of the weighted average cost of capital,the thesis determines the interest rates for short-term and long-term borrowings according to the benchmark interest rates issued by the People’s Bank of China.Then use the calculation formula of EVA value evaluation to calculate its historical EVA,and use the two-stage model of EVA to predict the future EVA of Yuantong Express.Finally,the analysis of the process and results of enterprise value assessment,through optimizing the capital structure,accelerating the speed of receivables repayment and strengthening fixed asset management and other financial perspectives can improve the value of Yuan Tong Express and provide management for Yuan Tong Express And investors in the express delivery industry.