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1、ᐵḄẆὃTHERESEARCHANDSTUDYOFTHEVALUATIONOFYONGHUI᪥ᜧ▾ᳮ▾!"ᖪᳮ(MBA)ltlV■=!=■.=I=1%ὅ'(ᵪ*+,ᜩ./111120956301M11120972345:2013712ᨴ224ᜧ9:ᦻ᱐ᩗ>ᵨᣴᩗAᦻὅᐰ᪥ᨵᐵᶇ、ᵨᦻḄ"#,%S᪥ᶇ&ᔣM(ᨵᐵ)*ᡂ,᪀〈/ᦻḄ0ᓺ23ᵯY•᱐,ᐕ7ᦻ89▅3;▅。=ᣴᩗ@•.B/CᜧEFGᩈᦻḄᐰ)ᡈ)ᑖᑁLMᐭᨵᐵᦪPQRSTU,EFVᵨWᓺ
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5、¶·,¸¹ºᱯ¼p½¾Sº¿Rᐭ¯ḄÀÁ▤^。F(ÃÄ、ÅÆÇ、ᜧÈ[ÉÊ⊤Ḅ▭ÌḄᜧᓬÎᙠᡃᔜᜧоÑÒÓÔ。ᑁÕ½¾Öᯠ¿ᨵØÙḄ¯,Úᙠ"Ûf、~⃩ÝÞF°ÌßàfáÕâᨵãä。åæ½¾Éç(2010èéf¾Ḅ,FêëìÉí⌕ᱯ⁐Ḅ²ïðñḄ½¾,òóôõ,Cö÷ù,}ᙠᐰúà250û(*ü,2012èᙠᐰÀÁýþÿ┝。ᦻ¥ᔠᳮ3Ḅᳮ,ᡊᶍᑖ᪆ᐭ],F~⃩⊤°ᦪPÉẠ,ᳮåæ½¾Ḅ!。ᑭᵨ#ᵫ$%Û&,åæ½¾ḄRSᑖ᪆áẆw。'(°)ᩗ,á*+)ἠ-./,0ᢗ
6、ÕḄß2。ᨬ4,¶5ᨵ¾Î,¶·78ᦈᐭ,¶·_9ᕜ7᳛、<=>?@ᳮ[ß2,FAɶ·åæ½¾ḄBᩭ¶DEF°ß2。ᐵGH:ᳮ,ᡊᶍ,#ᵫ$%ITHERESEARCHANDSTUDYOFTHEVALUATIONOFYONGHUIABSTRACTWiththedevelopmentofeconomicanddisposableincomeofresidentsofChina,retailsandsupermarkethasalsoexperiencedbloominginthepastdecades.RepresentedbyCar
7、refour,Wal-MartandRT-Mart,foreignsupermarketshaveexpandedtheiroperationalloverofChina.Althoughdomesticsupermarketshavealsobeendevelopingwithhighspeed,thescale,operationperformance,andbrandingarestillbehindtheforeignbrands.Yonghui,whichwaspreviouslyaprivatecompany,wenttolistingin
8、2010,withcompetivenessoffreshfoodandproducts.Yonghuihasexpandeditsoperationnationallywith250shopsacrossChina.YonghuiistheNo.7brandinthetop100ranksoffastconsuminggoodsofChinain2012.Basedonthetheoryofvaluebasedmanagementandcorporationvaluation,westartedfromtheanalysisofstrategy,fo
9、cusontheoperationandfinancialperformance,maketheanalysisofthestrategyandvaluationofYonghui.Basedontheviewofvaluedriverindicator,calculatethepresentvalueoffreecashflowandgettheimpliedvalueofshareholderandtheimpliedstockprice,withthemodeloffreecashflow.Comparetheimpliedstockpricew
10、iththepriceinmarketandtrytoprovidetheadvicefori