Evaluation Of Vocational Education Enterprise Value Based On EVA Mode

On October 12,2021,the “ Double-Reduction” policy was issued.This policy eliminates the doubts of previous investors and the repressive factors of valuation,and clearly states that listed companies and industries are encouraged to be encouraged,leading enterprises and social capital hold vocational education;encouraging vocational education groups and groups to run schools;allowing social forces to deeply participate in vocational education.At the same time,with the implementation of the double reduction policy,K12 education companies are facing a major impact,and companies have started transformation one after another.Vocational training is one of the main paths for transformation.A series of policy releases have given vocational education and training enterprises more opportunities.Under the encouragement of the policy,enterprises will actively participate in the capital market in order to seek more development.Investment,financing,and transaction activities are becoming more and more frequent.The evaluation requirements are also higher.The overall trend of financing from the education industry shows a downward trend.In this situation,the capital attention obtained by vocational education shows an upward trend.In 2021,there will be 61 financings in the primary market of vocational education,accounting for 25.3% of the total investment and financing in the education industry,a new high in the past five years.The number of 61 financings even exceeds that of K12 and quality education in the previous two years.A total of more than 7.8 billion yuan.Value evaluation is the premise of investment and financing decisions.Therefore,the value evaluation of vocational education and training enterprises has attracted much attention.Under the policy changes,there are certain risks in valuation;at the same time,with the development of Internet technology,traditional vocational education enterprises have also expanded their online business models,and the industry presents a trend of more complex formats.At present,there are few theories and practices on such valuation.Starting from the basic valuation theory,this paper explores the applicability and superiority of the EVA model in the valuation of vocational education based on the characteristics of the industry and enterprises.This paper first analyzes the relevant changes in the current education policy,from the favorable orientation of the education policy to the vocational education and training industry and the subsequent concentration of financing activities in the education industry to the industry,and draws out the importance of reasonable value evaluation of vocational education enterprises.After analyzing the characteristics of the industry and enterprises,this paper further explores whether the EVA valuation method is more suitable than the traditional valuation method in the application of vocational education enterprises with the guidance of theory.After discovering that the EVA valuation method has certain advantages,the article starts from the essence of the EVA adjustment item,continues to explore the accounting adjustment items related to the characteristics of the industry,and establishes an EVA valuation model.Secondly,this paper applies the valuation model to the case practice of Beijing Offcn Education& Technology Co.,Ltd,hoping to provide the value evaluation ideas of enterprises in this industry in the analysis ideas.Beijing Offcn Education & Technology Co.,Ltd is the first vocational education stock listed on A-shares market,and it is in the period of the gambling agreement from 2018 to 2020.Due to this particularity,the valuation may face more risks.In this context,this paper discusses the possible problems and corresponding improvement methods of the intrinsic value of enterprises reflected in the use of EVA for valuation during and after the completion of the gambling agreement,and provides theoretical support and practice for enterprises or industries that may experience similar stages.Finally,the article makes a sensitivity analysis on the EVA valuation results,compares it with the stock price,and analyzes the rationality of the difference;and compares it with the relative valuation method valuation results to prove the applicability and superiority of EVA valuation.