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基于EVA模型对我国上市房地产企业价值评

估的研究

【摘要】现今，如何科学合理地评估企业价值，已经成为企业健康发展中的关键环节。根据国内外相关研究经验，收益法中的EVA（Economic Value Added，经济增加值）模型逐渐成为企业价值评估的主流方法。本文将采用比较分析、理论分析和实证分析相结合的方法，从EVA的基本理论出发，阐述了EVA的思想来源、含义、计算过程，并根据EVA的计算公式对EVA进行了分解，找出企业价值的驱动因素，并分析了各个指标的计算公式；然后，阐述了房地产行业的重要经济地位、行业特点、行业现状和发展趋势；结合房地产企业的特点；比较了三种常用的企业价值评估方法，包括现金流量折现法、相对价值法和EVA价值评估法，通过比较，得出EVA价值评估法更适合于房地产企业价值评估的结论。接着以万科作为例，分析其基本情况，采用EVA价值评估法对其价值进行评估，在此基础上对价值评估的结果进行评析。最后对EVA价值评估法进行总结。 【关键词】房地产企业，价值评估，EVA，万科

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浙江大学城市学院毕业论文 Abstract

Research on Value Assessment of the Chinese Listed Real Estate Enterprises Based on EVA

——Take Vanke As An Example

【Abstract】Nowadays, the ultimate goal of enterprise financial management is to maximize profits for the maximization of enterprise value, the real estate enterprises are no exception. How to evaluate the enterprise value scientifically and reasonably, has become the key to the healthy development of enterprises. According to the domestic and foreign relevant research experience, income method in the EVA (Economic Value Added, economic value added) model has gradually become the mainstream method of enterprise value assessment. EVA model overcomes the shortcomings of traditional evaluation methods, starting from the angle of economic profit, fully consider the equity capital and debt capital, and eliminates the influence of the distortion of accounting information and accounting standards, the enterprise decision-making and increase shareholder wealth closely together, showing a new scientific enterprise values. This paper will use the methods of comparative analysis, combination of theoretical analysis and empirical analysis, from the point of view of the basic theory of EVA, expounds the EVA origin, meaning and calculation process, and according to the calculation formula of EVA is decomposed to EVA, find out the value driven factors, based on the analysis of the sensitivity of various factors, put forward improved EVA approach; then, elaborated the real estate industry is an important economic status and the characteristics of the industry, the development of the industry history and development prospects; combined with the characteristics of the real estate business, compared three commonly used evaluation methods of enterprise value, including discounted cash flow method, the relative value method and EVA value method, through comparison. The EVA evaluation method is more

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浙江大学城市学院毕业论文 Abstract

suitable for assessing the value of the real estate business. Then take Vanke as a case, analyzes its competitiveness and industry use EVA valuation method to assess its value on the basis of the evaluation results analysis, put forward to improve the value proposition of vanke.

【Key Words】Real estate enterprises，Value Assessment，EVA，Vanke

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