Research On The Value Evaluation Of Baijiu Enterprises Based On EVA

Baijiu is a traditional drink in China with a long history of development.The Baijiu industry has made great contributions to the development of national industries and is an integral part of the economic market in China.According to the data,Maotai,Wuliangye and other leading enterprises accounted for 80% of the market share of Baijiu,indicating that with the continuous development of Baijiu industry,the competition among leading enterprises is becoming increasingly fierce.Therefore,it is very important to accurately evaluate the value of the enterprise itself and make strategic adjustments in time with the changes of market development,so that its market share will not be divided up in the fierce competition and ensure the steady development of the enterprise.EVA refers to the residual value of the after-tax net operating profit of an enterprise minus the total cost of capital.The EVA valuation method believes that an enterprise can create value only when the income exceeds the total capital invested.This paper expounds the concept,calculation method and valuation model of EVA valuation method,and expounds the development process of Baijiu industry,analyzes it with PEST analysis method,summarizes the characteristics of Baijiu industry and the applicability of EVA valuation method.This paper takes Wuliangye Company as the research object,discusses the background and financial indicators of Wuliangye Company,and then selects its financial data from 2017-2021,uses EVA valuation method to conduct empirical research on it,obtains its historical EVA value,and forecasts its data built from 2022-2028,and obtains the EVA forecast value for the next five years.The final valuation result of Wuliangye Company is calculated using the two-stage model,and finds that its share price is underestimated.It also compares its EVA indicators with traditional indicators,and finds that EVA indicators are more sensitive than financial indicators and can more timely reflect the development of enterprises,which further proves the necessity of EVA valuation method for enterprise value assessment in Baijiu industry.Most of EVA research focuses on the performance evaluation of enterprises,while this paper focuses on the calculation of the EVA value of the case enterprises and the analysis of their EVA indicators,so that enterprise managers and investors can more accurately grasp the intrinsic value of enterprises and can timely find and correct the management problems existing in the process of enterprise development,which is conducive to the stable and long-term development of enterprises,It is hoped that the results of this study can provide certain reference value for other enterprises in the Baijiu industry in China.