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1、...页眉基于EVA模型对我国上市房地产企业价值评估的研究——以万科为例华东师范大学王凯【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（EconomicValueAdded，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
2、，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....页脚...页眉....页脚...页眉ResearchonValueAssessm
3、entoftheChineseListedRealEstateEnterprisesBasedonEVA——TakeVankeAsAnExample【Abstract】Nowadays,theultimategoalofenterprisefinancialmanagementistomaximizeprofitsforthemaximizationofenterprisevalue,therealestateenterprisesarenoexception.Howtoevaluatetheente
4、rprisevaluescientificallyandreasonably,hasbecomethekeytothehealthydevelopmentofenterprises.Accordingtothedomesticandforeignrelevantresearchexperience,incomemethodintheEVA(EconomicValueAdded,economicvalueadded)modelhasgraduallybecomethemainstreammethodof
5、enterprisevalueassessment.EVAmodelovercomestheshortcomingsoftraditionalevaluationmethods,startingfromtheangleofeconomicprofit,fullyconsidertheequitycapitalanddebtcapital,andeliminatestheinfluenceofthedistortionofaccountinginformationandaccountingstandar
6、ds,theenterprisedecision-makingandincreaseshareholderwealthcloselytogether,showinganewscientificenterprisevalues.Thispaperwillusethemethodsofcomparativeanalysis,combinationoftheoreticalanalysisandempiricalanalysis,fromthepointofviewofthebasictheoryofEVA
7、,expoundstheEVAorigin,meaningandcalculationprocess,andaccordingtothecalculationformulaofEVAisdecomposedtoEVA,findoutthevaluedrivenfactors,basedontheanalysisofthesensitivityofvariousfactors,putforwardimprovedEVAapproach;then,elaboratedtherealestateindust
8、ryisanimportanteconomicstatusandthecharacteristicsoftheindustry,thedevelopmentoftheindustryhistoryanddevelopmentprospects;combinedwiththecharacteristicsoftherealestatebusiness,comparedthreecommonlyusedevaluationmethodsofenterpris
