EVA视角下的企业内在价值分析--以泸州老窖为例

An Analysis of Intrinsic Value in Enterprises from the Perspective of EVA--A Case Study of Lu Zhou Lao Jiao

会计利润在很多情况下不能真实反映企业的财务状况,引入经济增加值(EVA)的概念可以较好弥补这个缺陷。本文基于EVA视角探讨企业价值问题。在计算EVA的过程中,确定资本成本是非常关键的一个步骤,对于泸州老窖乃至整个白酒行业来说,资本成本几乎是由权益资本来决定的。本文将权益资本的计算作为重点,采用重要性分析法来确定企业的权益资本,并探索其他具有可操作性的计算白酒行业EVA的方法。

Accounting profit sometimes cannot truly reflect the financial status of an enterprise,and the introduction of the concept of economic added value (Eva) can make up for this defect.This paper discusses enterprise value from the perspective of EVA.In the calculation of EVA,capital cost is a crucial step.For Lu Zhou Lao Jiao and even the whole liquor industry,capital cost is almost determined by equity capital.This paper takes the calculation of equity capital as the focus,uses the importance-analysis method to determine the equity capital cost of enterprises,and explores other operable methods to calculate EVA in liquor industry.