基于EVA的中石化企业价值评估摘要近年来，随着资本市场的发展，投资变得越来越受欢迎。在日益成熟的市场环境下，如何准确地评估企业的内在价值，不仅仅是资本市场研究的重要问题，还是投资者最为关心的问题。同时，随着财务管理目标的发展，增加股东财富最大化的目标受学术界的普遍认同。这样的目标来衡量企业的真实价值，就必须要求它是能准确地反映出为股东创造的价值，EVA企业价值评估的方法正是考虑到这个目标。计算EVA指标需要对利润及损益表和资产负债表进行所有适当的调整，以避免不同的会计处理方法对税后净营业利润和投入资本造成一定的失真影响，同时降低一些心有邪念的人进行盈余管理。EVA值的变化，每年都相对比较平坦，即使当年投资造成自由现金流量下降也不会影响EVA指标。通过统计过去各年的EVA已达到预测公司未来每年EVA的发展趋势是非常有利的。基于这种方法，本文以中石化为研究对象，运用了企业价值评估模型来计算该企业未来的内在价值。关键词：企业价值评估EVA价值评估模型基于EVA的中石化企业价值评估AbstractAlongwiththedevelopmentofChinesecapitalmarket,theinvestmentbecomesmorepopular.Intheincreasinglymaturemarketenvironment,howtoevaluatetheenterprisevalue,notonlybecomeanimportanttopicresearchincapitalmarket,butitalsoconcerninvestors.Atthesametime,withthedevelopmentoffinancialmanagementobjectives,increaseshareholderwealthmaximizationgoalhasbeengenerallyacceptedinacademiccircles.Thismeasureofenterprisevalueindexmustbemustbeabletoaccuratelyreflectthevaluecreatedforshareholders,thebusinessvaluationmethodsofEVAenterpriseisconsideringthistarget.Basedonthisapproach,thepaperusedthecorporatevaluationmodeltocalculatetheintrinsicvalueofthebusiness,mainlybecauseitisbelievedtoconsidertheinterestsofcapital,thusincreasingshareholderwealth.EVAindexneedstoadjustprofitsandincomestatementandbalancesheet,toavoidadifferentaccountingtreatmentcausesomedistortioneffectontheafter-taxnetoperatingprofitandinvestedcapital,whilereducingthenumberofpeoplewhocarryoutevilheartearningsmanagement.EVAvaluechangeseveryyear,butitrelativelyflat,eventhentheinvestmentresultedinfreecashflow,itisnotaffectthedeclineinEVAindicator.Keywords:EVABusinessvaluationValueEvaluationModel目录摘要...........................................................................................................................................................4Abstract......................................................................................................................................................5一、前言...........................................................................................................................................7（一）选题背景……………………………………………………………………………….7（二）研究意义……………………………………………………………………………….7（三）研究内容……………………………………………………………………………….8二、企业价值评估的相关理论概述................................................................................................9（一）企业价值评估的概念………………………………………………………………….9（二）企业价值评估的方法………………………………………………………………….91、成本法............................................................................................................................92、市场法............................................................................................................................93、收益法.............................................................
