Research On The Valuation Of Listed Companies In Snack Food Industry Based On The Comparative Analysis Of EVA And DCF Model

With the increase of consumption level,in addition to the different degrees of policy support provided by provinces and municipalities to the casual food industry since 2021,there are not many existing studies on the valuation of the casual food industry,especially for the domestic casual food industry,which does not match the booming development of the domestic casual food industry,so it helps to enrich the existing research results on the valuation of enterprises in the casual food industry.Therefore,it will help to enrich the existing research results on the valuation of enterprises in the casual food industry and provide investors and operators in the casual food industry with reasonable and appropriate valuation ideas when doing enterprise valuation analysis.This paper is based on the DCF model and EVA model to evaluate the enterprise value of the casual food industry.Through the analysis of the casual food industry’s own industry characteristics,combined with China’s national conditions,relying on the existing domestic and foreign researchers related research results,using the industry can be evaluated all 14 A-share listed casual food enterprises to carry out industry-wide,multi-period rolling valuation.Firstly,the DCF model valuation and EVA model valuation were conducted by matlab for 50 rolling valuation periods of the 14 valued enterprises respectively.The valuation results were further analyzed in three dimensions.The first dimension is to calculate the valuation offset ratio for the 50 rolling valuation results compared with the actual enterprise market value in the valuation year of the corresponding cycle.The overall EVA model valuation offset ratio is significantly smaller than that of the DCF model.The second dimension is the comparative analysis of multi-enterprise valuation based on a single period,using the single-period multi-enterprise DCF and EVA model valuation data to regress with the actual market value of enterprises in the corresponding period,respectively,the results show that the EVA model valuation and market value fit for each period from2017 to 2020 are 0.9648,0.9935,0.9864,0.7345,and the p value of 0,and the regression results are significant;DCF model is: 0.9461,0.9640,0.9800,and 0.6863,and the p-value is 0,and the regression results are also significant.It shows that the EVA model is better than the DCF model from the perspective of multiple firms in a single period.The third dimension is the multi-period comparison of a single firm,except for two firms,Jie Wei Food and Tao Li Bread,for which the R-squared values obtained from the EVA model are smaller than those from the DCF model,all the firms show that the EVA valuation results are higher than those from the DCF model.model and the applicability of EVA model for companies in the casual food industry is seen.Therefore,it can be concluded that all three dimensions lead to the consistent conclusion that the EVA model is more applicable than the DCF model for companies in the casual food industry.