【作者】 张勇；

【导师】 李燕燕；

【作者基本信息】 郑州大学 ， 工商管理， 2012， 硕士

【摘要】 近年来,中国证券市场的格局发生了巨大变化,上市公司的规模和数量都取得了显著地增长。随着资本市场的不断发展和完善,公司管理实践目标也逐渐从利润最大化向价值最大化转变,管理实践与企业价值的最大化需要更进一步的协调和统一。公司价值管理正是这个趋势的产物,强调公司管理行为的终极目标是企业价值最大化,价值管理的落脚点正是通过建立企业价值评估模型,有效的评价和指导业务战略、投融资决策、并购重组、绩效考核等经营行为。正是基于上述的实践需要,本文运用国际上普遍应用的企业价值评估方法——自由现金流量折现估值法,通过对宇通客车公司的内外部环境进行分析,选择三阶段增长模型对其进行了价值评估,详细的展示企业价值评估的公式运用、参数选择、数据筛选、计算过程等流程。在对宇通客车价值评估的基础之上,进一步分析了驱动公司价值的关键驱动因素——增长率、投入资本回报率和加权平均资本成本,构建了宇通客车公司的简单价值树,使得资本市场的价值目标与公司经营的控制指标实现了有机的统一。最后,本文从价值管理的角度,针对公司价值的三个关键驱动因素,提出了相应的管理措施。本文用完整的论证过程阐述了基于自由现金流量的公司价值管理流程,以期为企业的管理实践提供参考。更多还原

【Abstract】 In recent years, Great changes have taken place in China’s securities market. The listed companys’size and quantity is achieved significant growth. Along with the development of the capital market, the company management practice and the maximization of enterprise value goal need further coordination and unity. The value management is the product of this trend, emphasized that the maximization of enterprise value is the ultimate goal of the company management behavior. The footholds of the value management are the enterprise value evaluation model, the effective evaluation and the business strategy, investment and financing decision, mergers and acquisitions, performance evaluation, management behavior and so on.This thesis is based on the need of the practice, use the common international enterprise value appraisal method—Discounted Free Cash Flow Technique, in the case of internal and external environment of YTCO, choose three stage growth model for its value evaluation, detailed showing the assessment of the formula, the parameters selection, the data screening, and the calculating process. Based on further analysis, we analysis the three key drivers of the corporate value—growth rates, return on invested capital and weighted average cost of capital. Through constructing the YTCO’s simple value tree, we make capital market value goal and company management control realize the organic unity. Finally, this thesis put forward the corresponding management measures according to the three key driving factors from the angle of management. This article with the complete reasoning process is presented the company value management processes based on free cash flow, so as to provide reference for the enterprise management practice.更多还原