中兴通讯公司价值评估案例分析.pdf

华中科技大学
倾士学位论文
中兴通试公司价值评估案例分析
姓名:罗芰
申请学位级别:硕士
专业:工商管理
指导教师:袁建国
20081026
华中科技大学硕士学位论文
摘要
资本经营在中国企业界的盛行,正是中国企业管埋从实物管理走向企业价侑管
理的一次飞跃。在这个飞跃中追求企业的价值增値,成为吏新的企业经营凵标。如
何评佔上市公司的真正价值不仅是证券界长期探索的重要课题,在当前经日趋成
熟的市场环境下,更是投资者最为关心的间题。
中兴通讯股份有限公司(以下简称中兴通讯公司)作为国内通讯设备制造业上
公司中的领头羊,于1998年在深圳交易所上市。鉴于公司的经营和发展在业内极
只代表性,笔者运用经典的价但评估理论和方法对式企业价值进行了评估。木文选
用财务绩效评价方法和经济増加值法(EVA什值法)对中兴通讯公司的价值进行了
定量的分析。本文首先对已有的公司价值评价理论和方法进行了系统的回顺,为后
文评价方法和指标的选择奠定基础;共次从行业的发展利现状分析中兴通讯公司作
为行业领先者的优势所在;再次以财务比率、杜邦比率分析为主,对中兴通试公可司
的财务绩效进行评定。研究结果表明中兴通讯公司财务状况相对艮好,公司的主营
业务收入逐年快速递增、偿債能丿良好;最后用EVA估值法对公司的价值进行评佔,
通过对公司縊利能力和盈利前景进行分析后,本文结论是中兴通讯公刊的总体发展
势态、经营和财务状况良好,是适合长期投资的口标。
关键词:企业价值管理价位评估经济增加位中兴通讯公司
华中科技大学硕士学位论文
Abstract
The popularity of capital manages is a great leap for the Chinese business circle that
make for value manages form material object. During this leap, seeking the value increase
has become the new enterprise operation objective. How to appraise public company's
actual value? Not only it is an important topic searched after long-term by securities
business. but also it is the investors,most concerned issue under the mature market
environment day by day. Providing a feasible method to solve this problem is this papers
purpose
Being one of the best telecom equipment producers, Zhongxing information and
communication company (Zhongxing Co. for short ) as listed at Shenzhen Securities
Exchange Store in 1998. Owing to the development and business of company is a certain
representative with novel, the writer analyzes and measures the value of Zhongxing Co
quoting from classic of worth valuation theories and method
This paper makes a quantitative analysis using financial performance appraisa
method and cash flow analysis. Firstly, this paper reviewed the existed corporation
evaluation theory. Secondly, this paper analyzed the advantange of Zhongxing Co based
on development of the trade. The paper also conducts the financial performance using
classic financial ratio, Du Ponts ratio quality analysis. The results show that the financial
condition of Zhongxing Co is well, the major business income increases progressively
year by year, and debt paying ability is good. From analysis of future profit ability and the
evaluation based EVA method, Finally, the article objectively makes a conclusion
generally, Zhongxing Co. will gain the increasing profit and has a good profit prospects
favorable
Key words: Enterprice value management Valuation Economic value added
Zhongxing Co