The Study of Business Value Maximization and the Way to Increase it
|Keywords||Enterprise value maximization Discounted cash flow model Weighted average cost of capital Business value chain Financial Value Chain|
With economic development , survival of the fittest among enterprises , mergers and acquisitions , restructuring , have been common. In the competition, the business objectives changed from the original into the pursuit of profit-maximizing enterprise value maximization. With the change in business objectives , corporate management activities also changing. From the traditional management model into value management mode. No matter what size enterprises , which have been in the pursuit of economic components are in the process to maximize enterprise value for enterprise development to find ways to find key factor in business success , thereby enhancing the enterprise's core competitiveness, and increase enterprise value . Firstly, from the enterprise value of the background , analyzes the theory of the firm and MM theory, the enterprise value of the theoretical basis of the value of cash flow management, and the importance of the value management . And analyzes the significance of the research enterprise value . Secondly , the paper value management , based on the analysis of the enterprise value maximization as the most reasonable business objectives and maximize enterprise value connotation ; From a macro (PEST analysis ) , meso ( industry structure analysis ) and micro ( enterprise life cycle , cash flow, capital costs, etc. ) perspective of the enterprise value of the influencing factors ; combined with China's actual situation , this paper proposes a method for the assessment of enterprise value , discounted cash flow analysis , EVA method, replacement value replacement method and so on. Finally, China's actual situation , analyze ways to improve corporate value is to optimize enterprise business value chain and value chain and achieve both financial coordination . Haier Group, the company's business activities, for example , an analysis of its business activities and financial activities impact on corporate value .