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Study on Evaluation of Enterprise Value Based on REVA

Author: RaoZhenZuo
Tutor: ZhaoBingQi
School: Ningbo University
Course: Business management
Keywords: REVA Applicability Corporate Valuation
CLC: F275
Type: Master's thesis
Year: 2009
Downloads: 136
Quote: 0
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Abstract


Accurate and reasonable assessment of the enterprise value of enterprise managers can improve the efficiency of decision-making , while at the same time to help individual investors to determine the upside potential and the risk of loss of investment projects , to make reasonable decisions . Foreign studies have shown that , compared with the traditional valuation methods , REVA can better explain the enterprise value , more relevant and enterprise value , with advantages not available in other enterprise evaluation method . However, it about REVA enterprise evaluation method used in the feasibility study of Chinese enterprises is still rare , REVA can better explain the value of Chinese enterprises is a problem to be solved . In this paper , the traditional enterprise evaluation method were reviewed and assessed that the simple use of traditional enterprise evaluation method has been unable to effectively reflect the enterprise value . In this study, the analysis on the basis of the theory of EVA REVA 's basic theory and REVA calculation accounting adjustments and parameter determination method , and in accordance with the the REVA changes in the enterprise value of the positive correlation between the enterprise value of original investment amount and future created the REVA two parts, the built REVA enterprise valuation model . On this basis , the establishment of the EVA , REVA and CMV ( market value ) of the three variables theoretical model, using the raw data of 98 listed companies in China , and Stern Stewart \u0026 Company announced the EVA data , REVA in China applicability of an empirical test results show that , EVA , REVA with CMV EVA with CMV than REVA . This paper argues that the lack of effectiveness of China's capital market and the accounting adjustments in the the REVA value assessment is not accurate enough , and data selection may affect the accuracy of the the REVA enterprise value assessment . Therefore, this study : 1, reference may be used in a limited range of non - recurring , non-financial enterprises the REVA value assessment model to measure corporate value . 2 , in the process of using the the REVA value assessment model , as much as possible the specific circumstances of the enterprise and industry , and the estimated parameters can be adjusted , in order to improve the accuracy of assessment . REVA value assessment model is the best combination with other valuation methods , in addition to non-financial factors should be taken into account .

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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