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Assessment study based on an enterprise value of catastrophe progression method

Author: PengShuangNi
Tutor: LuJiaYou
School: Central South University
Course: Accounting
Keywords: Cash Flow progression law of sudden change enterprise value enterprise valuation
CLC: F224
Type: Master's thesis
Year: 2010
Downloads: 89
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Abstract


With the development of economic globalization, some market participants can survive in the fierce competition in the market. "Or acquisition, or takeover" has become the rules of survival in the market. With the wider flowing of capital, the number of occurrences of merger and acquisition in the capital markets is rising, enterprise valuation has become a hot issue. Because of the history reason, our valuation business is late, and valuation theories and methods study is not enough. Its research and application lag far behind the western countries like American. But with the economic growing and the capital market sophisticating in china, enterprise valuation will become a powerful tool for enterprises’management and investment. Therefore, based on the previous studies on the theory, this thesis dedicates to analyses the enterprise valuation.First of all, the thesis elaborates the definition of enterprise value and the theory of enterprise valuation, and after describes some classical evaluation methods, the thesis choose the FCFE Model to evaluate the companies’valuation. Secondly, on the base of FCFE Model the thesis introduces the progression law of sudden change, combines the two theories in the logic and builds the enterprise valuation model on the progression law of sudden change; Taking all account of factors that reflect and influence enterprise value, the thesis builds the financial driving factors and non-financial driving factors index system of enterprise valuation. Thirdly, the thesis chooses the listed enterprises in the electric household industry to carry out the empirical research and analysis on the enterprise valuation model. And the results of enterprise valuation model had been tested. The results showed that using the enterprise valuation model on the progression law of sudden change to evaluate companies’valuation will have a scientific and effective result. Finally, the thesis put forward the deficiency, defect and research direction in the future that should appraise the model.The innovative points in the thesis:On the base of FCFE Model it has introduced the progression law of sudden change, combined the two theories in the logic and built the enterprise valuation model on the progression law of sudden change. It has built the financial driving factors and non-financial driving factors index system of enterprise valuation. It has chosen the listed enterprises in the electric household industry to carry out the empirical research and analysis on the enterprise valuation model to find a feasible way to evaluate the non-listed companies.

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