Value Evaluation Of Automobile Manufacturing Enterprises Based On Improved EVA Method

In recent years,China’s economic growth has slowed down,the automobile manufacturing industry has been affected by the market economy,and the market demand for automobiles has shown a downward trend.In addition,in order to alleviate environmental problems,China regards new energy vehicles as a strategic measure to promote the long-term and healthy development of the ecological environment and economy,which leads to a decline in the production and sales of traditional fuel vehicle.In this situation,if traditional automobile manufacturing enterprises can’t make reasonable strategic planning,it is likely to lead to the difficulty of sustainable operation of enterprises,and investors will also bear the risk of wrong decision-making.Therefore,it is particularly important to evaluate the value of automobile manufacturing enterprises.Accurate evaluation results can not only help enterprise managers make reasonable strategic planning in time,but also help investors make right investment decisions.This thesis uses the case study method,takes Jiangling Motors as the research object,then uses the improved EVA two-stage model to evaluate the enterprise value of Jiangling Motors.On the basis of reading a large number of documents,this thesis expounds the connotation,characteristics and development of automobile manufacturing industry,and summarizes the relevant theories.Then it analyzes the current situation and influencing factors of value evaluation of automobile manufacturing enterprises.Next,it analyzes the advantages and disadvantages of traditional evaluation methods to evaluate the value of automobile manufacturing enterprises,and explains the rationality of EVA two-stage model.Considering the high risk of automobile manufacturing industry and the characteristics of being affected by macro-economy,this thesis uses the exit multiple method to improve the second stage of EVA two-stage model and construct a new model.Finally,the improved model is applied to the value evaluation of Jiangling Motors Enterprise.The research found that: Firstly,the enterprise value calculated by the improved EVA valuation model is closer to the market value of the enterprise than that calculated by the traditional EVA method.This is because the automobile manufacturing industry is highly cyclical and will be affected by the macro-economy.The growth rate used by the traditional EVA method in predicting the economic growth in the second stage is very uncertain.Secondly,compared with the market method and the cost method,the use of EVA method to evaluate enterprise value can better reflect the ability of future value creation in automobile enterprises,and enable enterprise managers to make more accurate decisions.In conclusion,based on the analysis of the limitations of traditional evaluation methods,this thesis uses the improved EVA method to evaluate the enterprise value of Jiangling Motors,so as to provide reference for the value evaluation of automobile manufacturing enterprises.