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1、华中科技大学硕士学位论文AbstractCompanyvaluationisanimportantsubjectinthestudyofCorporateFinance.Itisalsothecriticalfoundationforvariousfinancialdecisions.Alongwiththeeconomicglobalization,thecompanyacquisitionactivitiesareraisingrapidly,whichmakesitessencetomaketh
2、erightpriceforthetargetcompany.Also,thosemanagers,whoareaimingtomaximizetheircompanyvalue,maketheirdailyoperatingdecisionsaccordingtocompanyvaluationandthosevalue-drivingfactorstoachievecompanygrowth.Inthisthesis,inordertoapplycompanyvaluationtheoriesan
3、dmodelsintopracticeundercurrentcapitalmarketcircumstance,webalancedtheorywithpracticeandcombinedquantitativeresearchwithcasestudy.Andweintroducethedevelopmentstatusofhomeapplianceretailindustryininternationalandhomedevelopment,madeaconclusionthatthehome
4、applianceretailindustrylocatedinahighgrowthstage.weexplainedhowthiscompanyefficientlyexploredcompanyvaluationandallthevalue-drivingfactorstogrowupfromalocalsmallbusinesstoaleadingenterpriseinthehomeapplianceretailindustry.Afterthat,therigorousFreeCashFl
5、ow(FCFF)modelwasusedasaprimarytooltoestimatethecompany’sinnervalue,andTheEconomicValueAddedmodelwasusedtostudytheyearlyearningandthosevalue-drivingfactors,therelativevaluationmethodP/Ewasusedtocomparethecompanyvaluetoitscompetitorstofurtherverifyourstud
6、yresults.Actually,inordertohaveanobjectiveandscientificallysoundconclusion,weneedtakemanypracticalconsiderationsintoaccount,usedifferentvaluationmethodsaccordingtodifferentkindsoftargetcompanies,discoveranyaccountingexaggerationbycarryingoutin-depthrese
7、archoncompany’seconomicfundamentalsandtheprospectforthewholeindustry,evaluatetheeffectivenessofthecompany’scompetitionstrategy,andproperlychooseeveryindexvariable.KeyWords:Valuation；FreeCashFlowtotheFirmModel；EconomicValueAddedII独创性声明个人声明所呈交的该学位论文是我本人在导
8、师指导下进行的分析工作及取得的分析成果。尽我所知，除文中已经标明引用的内容外，本论文不包含任何其他个人或集体已经发表或撰写过的分析成果。对本文的分析做出贡献的个人和集体，均已在文中以明确方式标明。本人完全意识到本声明的法律后果由本人承担。学位论文作者签名：日期：年月日学位论文版权使用授权书本学位论文作者完全了解学校有关保留、使用学位论文的规定，即：学校有权保留并向国家有关部门或机构送交论文的复印件和电子版，允许论文被查阅和借阅。本文授权华中科技大学可以将
