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Research on the Evaluation of Steel Enterprises in China

Author: ChenKang
Tutor: LuZuo
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Corporate Valuation Residual income model Iron and steel industry
CLC: F224
Type: Master's thesis
Year: 2010
Downloads: 270
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Abstract


In the era of value management, how to maximize enterprise value to become the focus of attention of the business community and theoretical circles. Value Management is a value and value assessment based on enterprise value maximization strategy formulation and strategy adjustment according to environmental changes in a timely manner, the rational allocation of resources, and a dynamic management process is continuing to create value for the enterprise. Enterprise value assessment is the starting point and basis of value management. Corporate Valuation enterprise as a business overall evaluation of its exchange value transactions, and to maximize the value of the principle of significant transactions and business strategic choice, it has gradually become an important development direction of the asset appraisal industry. China's capital market is in the early stages of development, public investment philosophy is quite immature, so the modern enterprise value assessment, not only significant theoretical and practical significance. Corporate Valuation is not only the external investors to invest the necessary tools, is also a kind of internal managers commonly used management tool. Due to the special circumstances of our country, in the western developed capital market based on the established theory of value assessment is not entirely suitable for the Chinese enterprises in the development process of China's enterprise value assessment, assessment theory behind the assessment practice, practice is usually based on the replacement value of the replacement cost method, net profit based on the income approach for verification, and foreign market approach, income capitalization method for the mainstream enterprise value assessment of a larger difference . Iron and steel industry as the basic industry of the national economy, the relationship between sustained and coordinated development of the national economy as a whole, especially the value of listed companies has become the focus of attention of investors, consumers, businesses, government and other parties. Especially with the approaching of the steel industry merger and reorganization Ordinance introduced, China's steel industry restructuring and efforts to adjust industrial layout is gradually increased, bigger, stronger and become the primary objective in the development strategy of the iron and steel enterprises, in such a background, which method to use to iron and steel enterprise value assessment analysis has special significance. This paper attempts to be more popular abroad residual income model to the introduction of China's iron and steel enterprise value assessment system, as investors to invest in stocks of steel companies and steel mergers and acquisitions in the M \u0026 A business pricing a helper method. Residual income follow the going concern assumption inherent flaws of the income approach. View of this, the residual income assessment model has been improved. First of all, the introduction of variables to reflect the characteristics of the steel industry, the model applied in the steel industry more relevance and applicability. Second, the original model improved linear model, the enterprise value variable regression analysis, do not need to follow the going concern assumption, solve the the infinite forecast period of the original model inoperability, effectively overcome the income approach and residual income assessment model the drawbacks of long-term gains capitalized. Through empirical analysis results show that the improved model to enhance the explanatory power of the enterprise value of the original model, and better operability. In this paper, a comparative analysis and a combination of theoretical and empirical research methods. The text is divided into five parts: The first part is an introduction, including the first chapter introduces the research background and significance. The second part is a literature review, including the second chapter, the enterprise value assessment of the residual income model at Home and Abroad. The third part is model specific description, including Chapters III and IV. Chapter review enterprise evaluation method based on the fourth chapter focuses describes the contents of the residual income model, and gives the evaluation of the model, and pointed out its limitations where. The fourth part is the empirical analysis and application testing, including Chapter. Iron and steel enterprises to six representative example, the combination of residual income for the characteristics of the steel industry improved model for empirical research and analysis results are given, based on two main purposes for the model example to verify. The fifth part is the conclusion of the study, including the sixth chapter. On the basis of summing up the content of this article, highlighting the innovation of research in this article, and the limitations and problems that exist in the study are described in detail.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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