Dissertation > Economic > Industrial economy > China Industrial Economy > Industrial sector economy

The Case of Tsingtao Brewery Company Valuation Research

Author ZhangJianJun
Tutor GongPu
School Huazhong University of Science and Technology
Course Business Administration
Keywords Discounted cash flow model (DCF) Valuation Value Management
CLC F426.82
Type Master's thesis
Year 2006
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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 .

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