Research On The Value Evaluation Of Z Breeding Enterprises Based On Improving FCFF Model

As trade friction and growing competition between economies,part of our country breeding products due to the risk of import problems,through the reasonable evaluation of aquaculture enterprise value,breeding enterprises to develop long-term strategic planning,merger and reorganization and other important trading activities,promote capacity,enhance product competitiveness,so as to drive the long-term healthy development.However,there are few studies on the value evaluation of breeding enterprises in China,and whether a scientific and reasonable value evaluation method to accurately evaluate the value of breeding enterprises has become a practical concern of many enterprise managers and investors.With the joint efforts of scholars at home and abroad,the method of enterprise value evaluation has been relatively mature.There are various existing value evaluation models in the market,among which the enterprise free cash flow model（FCFF model）under the income method is the most widely used.However,the traditional FCFF model also has obvious deficiencies,and cannot not accurately value the value of breeding enterprises.Therefore,combining with the industry environment and business development status of breeding enterprises,it is of great significance to strengthen the improvement research of the enterprise value evaluation model,and to further improve the value evaluation level of breeding enterprises.This paper combines the literature investigation method,comparative analysis method,quantitative analysis method and case analysis method,and the value evaluation study of Z breeding enterprises as the cases.After the comparative analysis of different evaluation models,the FCFF model is more suitable for the company,analyzes the defects of traditional FCFF model in the value evaluation process of Z company,including strict evaluation and assessment assumptions,inaccurate static treatment of forecast discount rate of perpetual cash flow.In view of the above deficiencies,this paper adopts discount rate dynamic treatment,effectively analyzes the factors affecting perpetual free cash flow,then determines the probability distribution of key factors,and uses Monte Carlo simulation method to deal with the possible uncertainties of perpetual cash flow.Overall,the FCFF to evaluate the value of Z breeding enterprises based on the improved FCFF model has strong applicability and feasibility.In addition,in order to further promote and test the rationality of the improved model,this paper combines the evaluation results analysis,from the value of the value of the Z company,and the evaluation link and the professional ability based on the evaluation model,convenient to provide reference for the enterprise value evaluation in the same industry.