基于EVA方法的上市公司价值评价

Evaluation of Listed Companies' Value Based on the EVA Method

经济增加值(EVA)作为评价公司价值的标准被越来越多的学者和业主所接受。它是由EVA指标和传统的贴现估价模型衍生的企业价值评估模型,是从股东财富增长的角度来评估企业价值。本文用在我国深证主板市场上市的A集团股份有限公司作为实证分析对象,详细列示了计算其2011-2016年每年EVA的过程,结果发现企业绩效呈不断递增趋势,除2013年因为经济环境的不稳定而造成的EVA小幅度下降外,其余有关企业绩效的指标都展现出良性发展的状态。此外,还将计算出的A集团股份有限公司6年的EVA数据与传统的财务利润进行了对比分析,论证了经济增加值价值评估模型在该企业价值评估中的应用价值。最后,利用单阶段估价模型计算了其2016年末的每股价值,对比实际的每股价值来说明本文分析的有效性。

For a long time,the use of economic value added(EVA)as the standards of evaluating the value of companies have been accepted by more and more scholars in the theoretical and industrial circles.It is another model of enterprise value evaluation derived from the EVA index and the traditional discount valuation model,which assess the value of the firm from the perspective of shareholder wealth growth.This paper cites data in the Shenzhen Stock Market listed on the Group A Co.,Ltd.as an empirical analysis of the object,detailing the calculation of its2011-2016annual EVA process.Results show that in the2011-2016stage,the enterprise performance of Group A Co.,Ltd.is on the increase.Except a small decline in EVA in2013due to the unstable economic environment,the rest of the indicators of corporate performance have shown a healthy development.In addition,through the comparison and analysis of the calculated EVA data of Group A Co.,Ltd.in a period of six years and the traditional financial profit,the application of value evaluation of the economic value added model in the enterprise value evaluation was demonstrated.Finally,this paper also uses the single-stage valuation model to calculate the value of each share at the end of2016,and compares the actual value of each share to illustrate the validity of the analysis made in this paper.