股權投資中的估值問題研究 ——以ZYHB為例

Abstract

由於全球經濟的不斷發展，企業價值估測演變成為了經濟領域內的專家一致關注的重點。不論是對投資人來說或者監督人，全方位理解企業價值，瞭解集團價值的深層含義，理解集團價值的主要作用要素和方法，這都是非常重要的。正因為全球資本市場的升級發展，投資人衝動投資的情況已經不多了，反而都是深刻地學習集團的發展計畫、主要競爭力、經營和財務現狀等來熟悉集團價值，進一步來實施有關計畫。我國改革開放40年，居民的收入大幅提升，在“雙創”，“脫虛向實”，“扶持實體”等政策支援下，我國資本市場的總體估值仍然是全球最高的之一。在此背景下，股權投資作為投資領域的金字塔頂端細分，造成投資者巨大的非理性預期。 近些年環保行業的集團並購量迅速提高，正因為環保業的發展創新，環保股也漸漸成為股票行業關心的主要對象。長期股權投資評估，不單是對單一或者某些資產的估測。更多的是運用企業價值評估方法對企業做整體的評估。ZYHB作為我國環保領域中的領先企業，它的企業價值也因此備受眾多投資方的密切關心。當前EVA理念在投資分析和企業管理中得到廣泛應用。本論文使用經濟增加值EVA的價值評估模型對企業進行價值評估，客觀反映企業的市場公允價值和內在價值。本篇文章先是在學術的角度研究了傳統業價值評測方法以及EVA估值理論的優劣勢，還有不同的方法在環保業估值時的適合性。接著，將中關環保作為範例，在基於其作用價值研究的前提上，進而分析了EVA價值評估方案的合適性，同時結合ZYHB經營狀況以及財務指標,構建EVA估值模型。最後，通過兩段EVA增長模型對ZYHB公司進行價值評估，並通過與市值的比照給予了投資意見，還有對價值評估結果的適當性實施了研究和評估。 經過對本篇文章的分析，覺得EVA價值評估理論適用於ZYHB及環保行業集團實施估值，估值結果可以為將要買進該集團股票的投資人和股權認購方提供借鑒意義，另外價值估測的環節對其他有關環保行業進行估值都有很大的研究和參考意義。

With the gradual development of the world capital market, enterprise value assessment has become the focus of common concern of economists and economic experts. Whether it is for investors or regulators, it is very important to comprehensively understand the value of the enterprise, grasp the connotation of the value of the enterprise, and clarify the important influencing factors and ways of the value of the enterprise. With the gradual development of the world's capital market, the phenomenon of investors investing at will is reduced. It is through understanding the enterprise's development strategy, core competitiveness, operation and financial situation to clarify the value of the enterprise, in order to make relevant decisions. In the past 40 years of reform and opening up, the income of residents has greatly increased. Supported by the policies of 'creating both sides', 'getting rid of the void and turning to the reality' and 'supporting the entity', the overall valuation of China's capital market is still one of the highest in the world. In this context, equity investment as the top of the pyramid of investment segmentation, resulting in huge investors irrational expectations. In recent years, the number of mergers and acquisitions of environmental protection enterprises has increased dramatically. With the continuous development of the environmental protection industry, environmental protection stocks have become an important object of concern in the stock market. Long-term equity investment evaluation is not only the evaluation of a single or several assets, but also the use of enterprise value evaluation method to do the overall evaluation of the enterprise. As a leading enterprise in the field of environmental protection in China, the value of ZYHB has been closely concerned by many investors. The current EVA concept has been widely applied in investment analysis and enterprise management. This paper uses EVA value evaluation model to evaluate the value of enterprises, and objectively reflects the fair value and intrinsic value of the market. Firstly, the advantages and disadvantages of traditional enterprise valuation methods and EVA valuation methods are compared and analyzed theoretically, and the applicability of each method in environmental protection enterprise valuation is analyzed. Secondly, taking ZYHB as a case, on the basis of the analysis of its value factors, the applicability of EVA valuation method is further elaborated, and the EVA valuation model is constructed combining with the Central Plains environmental protection management situation and financial indicators. Finally, the paper evaluates the value of ZYHB through two-stage EVA growth model, and gives investment suggestions by comparing with the market value, and analyzes and evaluates the rationality of the valuation results. Through the study of this paper, it is considered that EVA valuation model is suitable for the evaluation of environmental protection and environmental protection enterprises in Central Plains. The evaluation results can provide a price reference for investors and equity purchasers who are about to buy the company's shares. At the same time, the analysis of valuation process can be used as a reference and research for other environmental protection enterprises to conduct enterprise valuation. It makes sense.