The Case of Tsingtao Brewery Company Valuation Research
|School||Huazhong University of Science and Technology|
|Keywords||Discounted cash flow model (DCF) Valuation Value Management|
The company valuation of the assets of a comprehensive assessment , judgments, estimates the economic value of the company as a whole , mainly of obedience or services for sale on the company 's property rights or property rights trading . Increasingly frequent economic financialization , globalization , the rapid development of high-tech and information technology as the core of the situation , the M \u0026 A activity in the global company , it is very important to the pricing of the acquisition of the target company , company valuation application space greatly expanded . According to the modern company valuation theory , on the current use of the three main valuation model : discounted cash flow model , earnings models and option pricing model , analyze , and compare their advantages and defects , and combined with the beer listed company 's financial compared with real data , better performance , and easy financial assessment , stable cash flow , competitive environment moderate , easy - to - risk determination , characteristics , discounted cash flow model to assess the conduct of the beer listed companies - Tsingtao Brewery Company Limited value . Tsingtao Brewery Company History introduction, historical performance and value -driven business analysis , to identify the company's value - driven factors , the establishment of the strategic concept of the Tsingtao Brewery , and this idea into financial projections , and then use the capital asset pricing model (CAPM) calculated the cost of equity capital and the weighted cost of capital (WACC), which estimates the value of the company , and several major factors that affect the value of the company , such as the weighted average cost of capital , the main business income growth , investment yields reinvestment ratio sensitivity analysis was performed to find the key factors that affect the value of the company , effective management of value drivers , increase the value of the company to help the company managers .