Dissertation > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management

Study on Evaluation of enterprise value

Author ZhuAiMin
Tutor LiuLei
School Shaanxi Normal University
Course Business Administration
Keywords enterprise valuation equity value discounted cash flow model
CLC F275
Type Master's thesis
Year 2012
Downloads 2312
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With the growing prosperity of Chinese socialist market economy, the enterprise is willing to be stronger in order to obtain more market share so that people can create the largest value for their enterprise. The decision-maker in enterprise takes some management measures like company mergers, acquisitions, equity transfer and financing will be considered to the most indispensable factor that influence corporate decision-making. Nowadays, business valuation plays an increasingly critical role in the field of economic, financial and management; I would like to explore and analyze some issues about enterprise valuation at the following passage.Based on the reference of enterprise valuation research at home and abroad, this paper systematically analysis some concepts of enterprise value assessment, assessment methods and assessment model and combine with the quantitative and qualitative analysis, specification analysis and empirical analysis, investigating the problem of the valuation of China’s enterprises. Furthermore, taking many factors into consideration, such as the integration of the current Chinese enterprise value evaluation criteria. This paper conducted a detailed analysis and evaluation about all the equity value of the shareholders of the DC Company to verify whether or not is reasonable for its quity value.This paper included six chapters to elaborate the argument. Chapter1:a brief introduction, which include the background, meaning, main research contents, structures, research methods, and the innovation. Chapter2:the literature review, based on the abstained materials; the article analyzes the studies of enterprise value appraisal theory and method to evaluate from both home and abroad. Chapter3: the overview of enterprise value assessment. Not only define the relevant concepts of corporate valuation theory and methods, but also summarize several important valuation models in the assessment of enterprise value and selection of brief assessment methods. Chapter4:give a general introduction about DC Company and the company’s industry development, the current situation in the heading of this chapter. The last part proves more specifically details about the main financial indicators and the description of the technical operations of the path of DC shareholders equity valuation method. Chapter5:respectively use the income approach, cost approach objectively and reasonably to estimate the total equity value of the DC Company obtained. Draw the conclusion of the assessment and proper analysis to determine the conclusions of the assessment.Based on this conclusion, compute the share transfer and price proposals of the DC Company. Chapter6:conclusions and recommendations. Summarize the main contents of this article and give the research proposals.Throughout this paper, I draw two important conclusions.1) Discounted cash flow model is most suitable for SMEs’equity valuation of Chinese technological innovation;2) Throughout the objective and reasonable assessment of DC Company’s equity, the equity value of DC Company is seriously underestimated by its investors.

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