Research on Valuation in Equity Investment——A Case Study of ZYHB Co.,Ltd.

• Main Authors: Xiu-Cheng Xu, 徐修成
• Other Authors: 李賢源
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/828xr6

碩士 === 國立臺灣大學 === 臺大-復旦EMBA境外專班 === 107 === With the gradual development of the world capital market, enterprise value assessment has become the focus of common concern of economists and economic experts. Whether it is for investors or regulators, it is very important to comprehensively understand the value of the enterprise, grasp the connotation of the value of the enterprise, and clarify the important influencing factors and ways of the value of the enterprise. With the gradual development of the world''s capital market, the phenomenon of investors investing at will is reduced. It is through understanding the enterprise''s development strategy, core competitiveness, operation and financial situation to clarify the value of the enterprise, in order to make relevant decisions. In the past 40 years of reform and opening up, the income of residents has greatly increased. Supported by the policies of "creating both sides", "getting rid of the void and turning to the reality" and "supporting the entity", the overall valuation of China''s capital market is still one of the highest in the world. In this context, equity investment as the top of the pyramid of investment segmentation, resulting in huge investors irrational expectations. In recent years, the number of mergers and acquisitions of environmental protection enterprises has increased dramatically. With the continuous development of the environmental protection industry, environmental protection stocks have become an important object of concern in the stock market. Long-term equity investment evaluation is not only the evaluation of a single or several assets, but also the use of enterprise value evaluation method to do the overall evaluation of the enterprise. As a leading enterprise in the field of environmental protection in China, the value of ZYHB has been closely concerned by many investors. The current EVA concept has been widely applied in investment analysis and enterprise management. This paper uses EVA value evaluation model to evaluate the value of enterprises, and objectively reflects the fair value and intrinsic value of the market. Firstly, the advantages and disadvantages of traditional enterprise valuation methods and EVA valuation methods are compared and analyzed theoretically, and the applicability of each method in environmental protection enterprise valuation is analyzed. Secondly, taking ZYHB as a case, on the basis of the analysis of its value factors, the applicability of EVA valuation method is further elaborated, and the EVA valuation model is constructed combining with the Central Plains environmental protection management situation and financial indicators. Finally, the paper evaluates the value of ZYHB through two-stage EVA growth model, and gives investment suggestions by comparing with the market value, and analyzes and evaluates the rationality of the valuation results. Through the study of this paper, it is considered that EVA valuation model is suitable for the evaluation of environmental protection and environmental protection enterprises in Central Plains. The evaluation results can provide a price reference for investors and equity purchasers who are about to buy the company''s shares. At the same time, the analysis of valuation process can be used as a reference and research for other environmental protection enterprises to conduct enterprise valuation. It makes sense.