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After the reforms, as China's rapid economic development, the rapid development of China's capital market, has made remarkable achievements. At present, the number of companies listed on stock markets in the scale of the total market capitalization in the Asia Pacific region ranks only behind Japan, emerging markets all over the country, ranking first in the global emerging markets. China's stock market after years of development, has become a corporate financing, optimize resource allocation, the conversion of market mechanisms and other aspects of important places. In this case, the value of listed companies has been more attention, and produces a number of related research. This article is unique in that the first listed company Suining selected as the research object, using the discounted cash flow method, equity Suining this six listed company's equity value of a reasonable calculation, and on this basis, the use of standardized analysis and empirical analysis, phase combination of methods, the value of listed companies on the impact analysis of the factors leading to the conclusion and recommendations. This framework and logical structure: the first chapter, Introduction; second chapter, enterprise value and equity value theory; Chapter equity valuation methods; fourth chapter, Suining City listed companies valuation; fifth chapter, Suining City equity value of listed companies influencing factors; Chapter VI, conclusions and recommendations. The first chapter is mainly about the research background, significance of the study of the characteristics and difficulties. Capital market development and improvement, making the behavior of listed companies and their investors a significant change, that corporate investors focus on the enterprise no longer confined to the production, marketing and other aspects, but more and more turning company's intrinsic value. Suining City, although listed companies compared with the national scale and quality are low, but the Suining City, located in the western of the two as a city, as of September 2009, already has six listed companies, the fact that the description of Suining City bound to have some kind of comparative advantage, otherwise difficult to achieve such results. Moreover, the existence of which six listed companies will be the development of the local economy have some impact. This study is based on valuation of the main line and evaluation results are given recommendations, so its findings on the Suining City listed company itself, the listed company's investors have important theoretical and practical significance. This study used data from Suining Suining Municipal Bureau of listed companies over the years and publicly available data, combined with the status quo and business Suining Suining City, the actual development of the equity value of listed companies in the overall evaluation of the situation and analysis of the impact of macro equity value factor. The research method in general normative analysis and empirical analysis using a combination of methods: the use of the data collection phase of the direct method, recourse to law literature search methods; valuation of listed companies in the discounted cash flow using the equity method; the inspection Factors associated with the value in terms of using statistical linear regression analysis; elaborated in the text, use a combination of quantitative and qualitative methods. In this paper, the characteristics are: ① the first listed company in Suining City as samples; ② expand use of the assessment model, each listed company to assess the value of multi-period, the outcome and conduct trend analysis. ③ using a combination of quantitative and qualitative assessment of the general method of theoretical analysis and correlation analysis to identify the impact of the equity value of listed companies and gives the key factors relevant recommendations. ④ In the correlation analysis of financial indicators for the first time will be combined with regional macroeconomic indicators were analyzed in order to identify whether they would Suining unique advantage of the equity value of listed companies may be affected and on this basis to draw conclusions and recommendations. This paper present difficulties are: ① measurement sample is too small. ② evaluate some of the parameters in the model calculations may be biased. The first chapter defines the various concepts of value and make a distinction between, on the basis of the theory describes the evolution of enterprise value, the introduction of the enterprise value of the equity value of the core, and a definition of the equity value. According to the definition of the International Valuation Standards Committee, the value is an economic concept, reflecting the tradable goods and services to its buyer, seller relationship between the quantity of money, the term refers to the market for the goods or services received can get additional benefits judge. Enterprise Value divided into fair value, intrinsic value, book value, investment value and liquidation value. Purpose of this study is to examine their own enterprises as the target level of economic and economic laws. Therefore, the value of this concept is the company's book value is not. This valuation refers to the object of the intrinsic value, which is an objective, true value, and thus the value of listed companies assess the focus falls on the final value of the equity business, which is why we want to select listed on Suining City the value of the company's equity research reason. The third chapter describes the various equity value assessment methods, through the comparison of various methods, to identify the most appropriate model. At present, there are four different options valuation methods, including discounted cash flow method, the relative value method, real options and asset-based evaluation methods. Discounted cash flow method is the most basic option valuation methods. The basic idea is to increase cash flow and time value principle, ie any assets (including corporate or equity) is the value of its future cash flows generated by the present value. Its main application model are: dividend discount model, equity cash flow model, residual income model, etc.; relative value method is also known as the market approach is based on the open market currently being evaluated with a similar price of comparable companies to determine the object being evaluated price, needs analysis and comparison of object transaction price and trading conditions, if the comparable companies are assessed Companies Department identical, differences need to make adjustments impact on value. Currently the main use of relative valuation models; Myers in 1997 first proposed the idea of ??real options, Kester peace Dick further enrich this idea; asset-based assessment methodology is based on the enterprise value of asset-based evaluation methods are above, also known as replacement cost or cost approach. The theory is that \Through the comparison of various methods can be learned: the relative value method using a simple, easy to understand, however, a single factor model, adjusted for differences in subjectivity, the lack of measurement specification; Real Option Valuation methods while having ideological nature, but value of the stock assessment from the practical application is still greater distance; asset-based evaluation methods based only on the value of assets evaluation of accounting theory, ideal for individual assessment of each individual asset, while the enterprise value assessment should be the intrinsic value of the enterprise, economic value assessment should focus on the future, rather than the liquidation value of the stock under the assumption that assessment. Discounted cash flow method for future dividends, equity cash flow or residual income to changes in various assumptions, and the assumption of strict. Through research and analysis of the literature value of equity, equity is now generally considered discounted cash flow model for valuation of shares of listed companies, this study uses a discounted cash flow model options. The fourth chapter is the focus of this article, one of the main options is to use the discounted cash flow method, Suining City, the equity value of listed companies were evaluated. This chapter mainly Tuopai Liquor, for example, described in detail the calculation of the equity value of the process, including equity cash flows, discount rates and growth rates estimated estimates. First, the equity cash flow is calculated mainly based on the formula \Then, for the discount rate is estimated using the Capital Asset Pricing major (CAPM) model according to the different circumstances of each company calculated; articles on the growth rate of the last part of the selection made a detailed description of Suining City calculated the 05 listed companies -08 years of equity value and on this basis were analyzed. The fifth chapter is another focus of this paper is mainly normative analysis and empirical analysis using a combination of methods listed companies on the equity value of Suining factors were studied. First, Suining City normative analysis of listed companies, both identify the impact of the equity value of the favorable factors, but also to identify listed companies that may hinder the further development of problems and obstacles; Then select from six companies 03-08 years 4 Finance indicators plus two macroeconomic indicators constructed regression equation regression analysis. This four financial indicators are net non-operating profit after, consolidated leverage, return on net assets and net profit growth rate, while the two macroeconomic indicators were Suining area 03-08 years of food production and the whole society of the total freight. The last chapter is the text of the main conclusions and policy recommendations. The main conclusions are: First, Suining City, the equity value of listed companies are more concentrated in low areas; Second, Suining City in front of several listed companies in the total value of equity was slowly rising trend year by year, and in 2005 reached a high point, and since then he began to decline; Third, the company is to achieve large-scale high absolute value of equity sufficient condition; Fourth, Suining City, listed companies both showed abnormal fluctuations in value, respectively, showing U-and V-type characteristics; five, six key factors the company's equity value impact. Policy recommendations are the following aspects: First, seize the opportunity to accelerate development and achieve rapid appreciation; Second, the active use of regional natural resource advantages, advantages industries, and enhance core competitiveness of enterprises; Third, expand the scale of assets at the same time to ensure that the net return on assets; Fourth, actively introduce high-quality talent, improve enterprise management level, and enhance the competitiveness of listed companies; five, local governments should establish and improve rules and regulations, the right to guide enterprises to scientific development, to avoid government intervention in business and other unfavorable factors for enterprise development adversely affected.
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